Landlords given advice on dealing with tenants

Posted: 29 Apr 2009 12:06:15 GMT

Those who own buy-to-let property have been given some advice on how to deal with tenants who are struggling to pay their rent.

Letting, sales and management agent Young London has claimed that financial trouble among those residing in rental property may become a more frequent scenario due to the current credit crisis.

According to the company, there are a number of options for property owners if they find themselves in a difficult situation with their customers.

In a statement, Young London said: "If the rent isn't being paid and [the] local letting market is fairly buoyant it may be worth allowing your tenant to leave so that you can let the property to a paying tenant."

Although this may result in missing out on some rent in the short term, it is likely to be beneficial in the long run, the firm added.

There are various insurance options that landlords can also consider.

This advice comes after many property commentators have reported an increase in so-called accidental landlords, who have joined the market as result of being unable to sell their homes.


© Houseladder Ltd