Being a landlord can sometimes be a real hassle. Here are 5 rental hassles our Guaranteed Rent landlords can forget about:
1. Rental arrears
The Guardian reported this week that the number of private tenants seriously behind with their rent has risen sharply to reach the highest since early 2013, according to new data.
At the end of September 2015 there were 84,200 tenants owing more than two months’ rent, compared with 74,000 at the end of June. That amounts to a 13.8% increase in three months.
Our Guaranteed Rent landlords can sleep soundly at night knowing that their rent is paid, even if the tenant stops paying.
2. Void periods
A void is when a property is empty and the landlord is faced with paying the mortgage (unless the property was a cash purchase).
Empty properties attract other costs such as council tax, standing utilities, and higher insurance premiums and may also be subject to damage (such as an undiscovered leak) or asset theft.
Our Guaranteed Rent landlords can scrub the word “void” from their vocabulary. We pay the rent, even if there is no tenant in situ.
3. Tenants being advised by the Council to remain until evicted
The Telegraph reported this week that councils are advising tenants to stay put in buy-to-let properties when landlords ask them to leave as they attempt to deal with Britain’s housing crisis.
Even owners who try to return to their homes after living abroad are finding that tenants have been told to sit tight until they are evicted.
Going through the eviction process typically takes around four months, although we have heard of a recent eviction case that took ten months to get to court.
Legal costs associated with an eviction can amount up to £1500 to £2,000.
Courts are suffering from an increasing backlog, and while a tenant is waiting to be evicted to be re-housed by the council, they will not pay any rent, leaving the landlord with no rental income to cover the mortgage. It will also be very challenging for the landlord to recover the lost rent, even after the tenant has left the property.
Our Guaranteed Rent landlords do not have to worry about the costs or loss of rent.
4. Not being able to forward plan
There are many unpredictable costs associated with renting out a property including the ones mentioned above. This can make it challenging for landlords to manage their cash flow and forward plan.
Our Guaranteed Rent landlords know EXACTLY how much money they will receive each month, and the day of the month it will arrive in their bank account.
This means that landlords can therefore plan their finances accurately with this knowledge.
5. Property management
Our Guaranteed Rent service includes full property management coordination for your investment. Although you will have to pay for repairs, we get all the quotes for your consideration and arrange for repairs and maintenance to be undertaken. No call on a Sunday evening from a tenant saying their toilet is blocked!
Some landlords dread the phone ringing with the next problem to be solved. Our Guaranteed Rent service landlords never worry about phone calls or dealing with tenants, because we are your tenant.
Our Guaranteed Rent service has been running for 20 years now and we are proud of the testimonials we have received for it:
So if you want to simply “let and forget”, then our Guaranteed Rent service might be just what you are looking for. It is particularly popular with ex-pat landlords, amateur landlords, and “accidental” landlords or those landlords who have busy working lives and do not have time to deal with rental property problems.
Northwood has over 85 offices around the U.K. and your local office will be able to give you a personalised quote, based on your property and its location.
Find your nearest Northwood Office >>> here.
See also – 5 guaranteed rent myths – BUSTED!
Northwood is one of the largest and most recognised lettings agents in the U.K. and the leading supplier of Guaranteed Rent to give landlords complete peace of mind.
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