Accidental Landlords warned to take care in the recession
Those accidental landlords who have rented out their property due to the poor housing market have been warned not to get into more strife as the recession deepens.
Accidental landlords should be wary of using accidental lettings agents, those estate agents who have made the switch from sales to letting property, as they may not be giving out the correct advice to their clients.
Ensuring that the correct safety checks have been done and relevant certificates issued such as an Energy Performance Certificate and gas installations certificate. Also any electrical appliances and fire detecting equipment needs to be checked.
Ensuring your mortgage lender knows of the change of occupancy otherwise it would be regarded as a breach of the mortgage agreement and could result in the lender taking possession of the property.
Also informing their insurance company is a must as any claim made by the landlord could be repudiated and the insurance cancelled due to non disclosure of a material fact. Also the landlord is only responsible for the buildings insurance of the property
At Insuremyletproperty.co.uk landlords can get a quote for specialist landlord insurance from a panel of UK let property insurance companies for professional, student, dss, asylum seekers and holiday lets.
February 09th 2009
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- Wear a badge and thrive
- Reminder to check for toxic gas leaks
- Credit Crunch doesnt faze landlords
- Company found guilty in Buy to let fraud
- Is there such a perfect tenant
- Accidental landlord, not the easy option
- Letting agents do deals with potential customers
- Interest rate cut good news for landlords
- Residential property not being sold in 2009
- Landlords to get much needed support