Among the most common causes of stress for landlords who took part in a recent study by PropertyLetByUS.com were 'tenants from hell', with 20% feeling that this caused them the most stress, property damage (18%), disputes over deposits (13%) and dealing with evictions (7%).
However, the number one cause for an unhappy landlord was late rent payments with 25% of those polled citing this as their number one gripe.
As landlords ourselves, we know that there is nothing worse than checking the bank account and finding that the rent has not been paid, or getting an email from the lettings agent informing us that the tenant has gone into arrears!
For smaller/amateur landlords, the strain of paying a mortgage without receiving any rent, can quickly take its financial toll.
This stress is only going to get worse if new plans by Government to reform Court prices come into affect!
Solicitor, David Smith, of Anthony Gold in London comments:
Less than a year ago, in April 2014, the government made a dramatic increase in the fees charged for issuing possession proceedings with increases of 60% and more. This brought the fee to £280 for traditional proceedings in the County Court and £250 for claims begun using the online PCOL service.
Not satisfied with this a further consultation has been launched in which another increase is proposed. This is on the back of the large increases in fees already announced for claims of over £10,000.
The fee for possession proceedings in the County Court is proposed to be increased by a further £75 to £355 and £325 for PCOL claims. This will represent a total increase for traditional proceedings of £180 since the start of 2014.
Read David's blog in full >>> here.
A tenant has to be two month's in arrears before a landlord can go for repossesion of the property. Add that to long Court waiting times and higher Court fees, and this could quite easily cripple a landlord financially, and ruin their credit worthiness for the future.
One option for a landlord suffering from rent arrears is to sell the property quickly and dispose of the financial - not to mention emotional and hassle - worries.
However, with delinquent tenants, this may be a challenge as the tenants may block viewings or prove obstructive in various ways, including not keeping the property clean and tidy for when when prospective buyers are shown round.
This is where Open Property Group's cash home buying service may provide a lifeline to remove the hassle and stress of trying to evict the tenants.
With our combined 30 years of experience, we can literally make instant decisions without even being granted access to the property. We will take over the existing tenancy and tenants, regardless of the rent arrears or any other property problems.
We will consider buying any property in England and Wales no matter the condition of the property or the status of the tenancy.
Our no obligation service is fast and discrete, and, unlike many companies, it is us who will purchase your property, not pass your details on third parties, such as agents or brokers.
Open Property Group is a new name in the "quick sale of houses" sector with the mission to raise standards and improve customer experience. Give us a call on 0800 990 3939 to receive a no-nonsense cash offer for your property or send us an email at email@example.com
If you would like to receive regular email updates containing news stories, case studies, reports and guides from Open Property Group, please provide your email below.
We buy property directly and you won't pay any agent's fees.