Feb
Are you concerned about missed rental payments and the stress of obtaining vacant possession of your property?
As the living crisis in the UK worsens, tenants are understandably worried about how they can afford to meet their financial obligations. The following are just some of the factors that landlords and tenants alike need to be mindful of as we move into 2023 and beyond:
- 500,000 tenants are now behind on their rent
- Energy prices have risen by 80%
- 100% of costs while waiting for possession of your property sit with the landlord
- The average cost of a rouge tenant to a landlord is £37k inclusive of missed rent and legal fees
- It is taking on average eight months to gain vacant possession of a property
- Inflation has hit a 30-year high
These factors place extra strain on household budgets and are justifiably concerning landlords. With Philip James’ rent guarantee service, those who have taken it out can rest assured that they are covered in the following ways:
- We will ensure all rent arrears are paid until vacant possession of the property is obtained with no monthly limit up to the value of £75,000.
- We will cover 75% of the after vacant possession if the property is damaged. This will be for up to 2 months to ensure the landlord is covered until the property is ready to market.
- We will liaise with solicitors who will help to mediate before pursuing eviction, which in the current climate of court delays leads to a quicker process.
- No excess to pay on this policy in the event of a claim.
This is a service that we are offering to all our managed landlords and is an extension of our managed service that we strongly recommend all of them to take full advantage of to protect themselves and their investments. Our policy is billed annually on a very affordable tiered basis, and we will guide you every step of the way.
Want to find out more? Our Head of Business Improvement, Chloe Hay covers all the key facts and figures relating to our rent guarantee service in the following video. If you want to speak to Chloe about your options when it comes to protecting your rental income, call 0161 448 1111 or email chloehay@philipjames.co.uk.