Property experts tell of landlord 'panic'

29/04/2009

Young Group has offered tips for landlords on problem tenants.

According to the property specialists, maintaining a good relationship with tenants, checking to see if they are eligible for Local Housing Allowance and allowing the tenant to break their contract and leave if they can't pay as an alternative to legal action were all recommended for landlords.

The advice comes as the economic downturn and recession - and rising unemployment among landlords and tenants alike - threatens to cause serious problems in the rental sector.

Figures from the National Landlords Association revealed recently that up to a third of tenants were in arrears on their payments.

Meanwhile, almost 50 per cent more homeowners - landlords included - are expected to lose their homes this year after falling behind on mortgage payments, compared to 2008.

"Legal action can be expensive, time consuming and should always only be the last resort," Young Group said in a statement.

"However, you need to be prepared for all eventualities. As soon as your tenant goes into arrears (14 days after the due date) make sure you speak to your local landlords' association or seek specialist legal advice to explore all the options available."

Tags; Housing Debt and Bills, Young Family Finances, Credit Card Lifestyle, Recent Graduate Debt,

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