Insurance News Archive

Landlords 'need good rapport with tenants in recession'

Buy-to-let owners need to make sure they have a good relationship with their tenants right from the start of the contract so that both parties feel able to discuss any potential financial difficulties, according to an expert.

Simon Gordon, head of communications at the National Landlords Association, says this is the primary piece of advice that the organisation would offer to proprietors so that they are able to effectively deal with problems such as impending repossession or job losses.

"If either you or the tenant get into any difficulties [and] you are already in communication, you have a good relationship, [then] you can talk," he states.

Renters need to keep their landlords informed if they are made redundant or are claiming local housing allowance, while buy-to-let owners should speak to both their mortgage lender and their tenant if they run into trouble.

The Association of Residential Letting Agents recently reported that the average value of properties to rent was £400,000 in December.

25 Feb 2009