It’s great once you’ve found what appear to be good tenants and you can finally breath a sigh of relief that at last you’ll be getting rent in to cover your own expenses. And if you let the property yourself you will be saving a lot of money by not employing a letting agent.
The problem for landlords letting property themselves, though, is that they can sometimes be a bit too trusting. That young couple who turned up at the flat seemed so nice and they both appeared to be friendly and have good jobs…don’t they? The thing is that rogue tenants are more likely to go for property that’s being let direct by the landlord rather than going via letting agencies. This is because agents are VERY strict and always rigidly reference tenants and they tend not to be as easy going as the landlords themselves.
And of course, that nice couple may actually be nice but they might lose their jobs…or split up.
So, if you’re letting your valuable property yourself it really is advisable to get some form of rent protection insurance. Not only will this insurance kick in and pay your rent if the tenants default but it will also arrange and cover the cost of expert legal help to evict the tenants. The other aspect is that practically all Landlord Rent Guarantee policies require that the tenants are scrupulously referenced and their identity firmly verified. This aspect alone tends to scare of dodgy tenants.
It usually costs only around £100 a year for up to several tenants and given that you’re likely to be saving many £100s by not using a letting agent, it really does make good sense to take it out!
LandlordsandLetting offers Landlord Rent Guarantee and Legal Expenses Insurance from as little as £53.00 for six months’ cover or £99.00 for 12 months.