It’s not all plain sailing in the world of Landlords you know
Posted on 15th March 2018 at 21:09
At Strawberry we obviously have many clients who are Landlords so we are only too aware of how difficult life as a Landlord can be. Aside from the work involved in getting a property ‘rental ready’ there are the on-going maintenance tasks and calls from tenants (and maybe also contractors) with questions relating to many different aspects of the property and terms of the let.
But perhaps the most difficult thing to manage is the risk of losing money due to a bad tenancy. In every other business there are mechanisms in place to minimise debt, including simple withdrawal of services/ termination of contract. When that contract relates to someone else’s home it is of course right that the contract cannot be instantly terminated however, whilst disputes are investigated and legal proceedings take place, it is the Landlord who is left very much out of pocket.
Should a tenant refuse to leave, the Landlord has to resort to the courts and this is by no means a quick or inexpensive process. Whilst the case is being considered there is no rent coming from the property (and sadly perhaps more costly damage being caused to the property if that was the case for tenant removal in the first case) and the Landlord is potentially racking up thousands of pounds for the privilege.
Whilst we are pleased to say that our tenants are generally very well behaved (thanks to some very rigorous checks) we too have heard of Landlords being financially crippled by repossession. As part of our duty of care to our clients we have Rent Guarantee protection available via our partners LetAlliance. We are able to open this to both existing and new Landlords - even within existing tenancies which is very unusual - covering both legal costs and lost rental; two things which together could total something close to £4,500 (the current average cost of achieving vacant possession).
So, yes Strawberry do have the greatest sympathy for the burden placed on Landlords but we also have sourced a method of protecting against the risk which we think might lighten that load quite significantly!
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