Letting Property

Pitfalls associated with letting your property are well publicised but include:-

The landlord may have trouble renting the property and under such circumstances it is the sole responsibility the landlord to pay his/her mortgage.

It becomes common that tenants delay rent payments and in a few circumstances this leads to payments being missed. All too often landlords do not read the warning signs and end up with tenants fleeing with sizeable rent arrears.

Even the most experienced landlords and Letting Agents cannot accurately characterise a tenant who is likely to vandalise the let property. Such vandalism inevitably leads to expensive repairs/replacement to the property or its furnishings.

So just to recap, the suggested way to avoid these types of problems is to arrange suitable landlord insurance that contains rent cover or dedicated rent insurance. This type of coverage is offered by Landlord Mortgages who are regulated and authorised by the Financial Services Authority.