Missed rent payments worrying struggling landlords

According to the Residential Landlord Association (RLA) many landlords have been in contact with them about the risk to their businesses caused by tenants missing rent payments.

With the current financial conditions landlords are even more dependent on rental income to meet mortgage payments, property maintenance costs and pay taxes. This coupled with regulations such as energy performance certificates and gas and electric safety certificates all contribute to the costs that landlords face regardless of whether their tenants pay rent on time.

The downsides for landlords in tenants missing payments are the financial implications to themselves as they then fail to meet their own commitments. This can lead to adverse credit ratings making it difficult to remortgage or make any further purchases.

Tenants themselves have lost money, as new research from mydeposits.co.uk shows, with an average of over £15,000 a month being lost due to tenants breaking conditions of their tenancy agreement.

Landlords can protect themselves by getting rent guarantee cover from insuremyletproperty.co.uk, as an extra to their landlord insurance policy, which allows the landlord to claim back lost rent due to legal action.

October 29^th 2008

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