Landlords and tenants must research
A recent report has warned tenants to check their leasehold bills from their landlords as some may contain hidden charges that they are unaware of. It is also important for a tenant to check all small print as it may contain certain clauses that could leave the tenant out of pocket.
This warning has come to tenants days after a similar warning was issued to landlords regarding problem tenants and their likelihood of lost rent.
The buy-to-let market has seen mixed fortunes during the recession with veteran landlords reaping the benefits of the slump in house prices and increasing their portfolios. While property owners who have been unable to sell a property have been forced into letting, which in some cases has lead to loss of rent or problem tenants. While there have been many cases where both the landlord and the tenant have had a good relationship and encountered no problems during the time of occupation some cases have lead to court appeals. It is for this reason that both the landlord and the tenant should try to get a better understanding of letting before renting and to also obtain references and clear, understandable documentation.
News brought to you by Insure My Let Property providing UK landlords with a high standard of let property insurance with the option to include rent guarantee cover.
March 19th 2010