Friday, 5 March 2010

Private landlords hit by rent arrears

Nearly 75% of landlords have been hit by rent arrears as tenants struggle in the recession, a new report reveals. Figures recently released by The National Landlords Association (NLA) show that more than 40% of the landlord’s lobbied have experienced problems with non payment of rent within the last twelve months.

With the credit-crunch hitting last year, the property market was sent into disarray and unemployment figures soared. Inevitably this has affected the ability of many tenants to meet their rent obligations. As a result many landlords, who are themselves financially reliant upon the receipt of rent payments, simply cannot allow their tenants a prolonged period of leniency before taking action to regain possession.

Steven Holt, a litigation solicitor in Mayo Wynne Baxter’s Eastbourne office, has seen a marked increase in the number of landlords requiring advice on rent arrears and tenancy repossessions. “The problem of rent arrears and regaining possession of a property from a tenant can be a real headache, both in the procedure involved in the eviction process, and the costs involved in taking action,” he said. “Many landlords are naturally nervous of starting legal proceedings against their tenants for fear of incurring a large bill which adds insult to an already injured bank balance!”

“The decision of what to do is a bit easier to make if landlords know in advance what their overall financial commitment will be. We have a fixed price scheme for residential landlords where the total cost of obtaining possession and rent arrears is a maximum of £600 plus court costs. We hope this will help landlords recover lost revenue and keep in the black.”

For further details on the scheme or to speak to one of the Mayo Wynne Baxter team, please email ast@mayowynnebaxter.co.uk or telephone Steven Holt or Carolyn Olive on (01323) 730543 or (01273) 775533. Remember you can call any of our expert and friendly solicitors in Sussex with your legal issues at anytime.

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