If you end up with a tenant that won't leave, you'll need to evict them. If they aren't paying any rent, you'll most probably lose this whilst you're waiting for the eviction to happen.
It would be nice if you could go in and simply kick them out. You can't though - it's not legal - the law is on the tenants side. To get the property back you have to go through a legal process which will probably take 3-5 months assuming you get the paperwork right.
The simple way out of this problem is to take Belvoir's Rental Insurance. £140 per annum if we're managing and it pays all your lost rent and all the costs of eviction. I'm not on a sales pitch, but it's not hard to see why over 80% of our landlords take this cover.
But if you don't have this cover, what's the cost to the landlord of recovering the property? The experts in this area (and to be fair they are pretty good) are Landlord Action who specialise in helping out landlords who have got themselves in a pickle. They give good, clear advice and operate a recovery process for properties that's actually quite cost effective compared to using a solicitor. However the costs are still over £1000 per property, in addition to the 3-5 months rent that you may or may not have received. Further details on the costs can be found HERE.
The simple way out of this problem is to take Belvoir's Rental Insurance. £140 per annum if we're managing and it pays all your lost rent and all the costs of eviction. I'm not on a sales pitch, but it's not hard to see why over 80% of our landlords take this cover.
But if you don't have this cover, what's the cost to the landlord of recovering the property? The experts in this area (and to be fair they are pretty good) are Landlord Action who specialise in helping out landlords who have got themselves in a pickle. They give good, clear advice and operate a recovery process for properties that's actually quite cost effective compared to using a solicitor. However the costs are still over £1000 per property, in addition to the 3-5 months rent that you may or may not have received. Further details on the costs can be found HERE.
