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Monday, March 28, 2011

Worried about Tenant Arrears?

Reports are saying that the average rent increase in England and Wales rose by 0.2% this February, with rents now 3.9% higher than this time last year.

Unfortunately for most tenants their finances aren't increasing as the same rate, and in many cases tenants are struggling to pay rent.

There is very little you can do with regard to the tenant's financial situation, however as a Landlord you need to remember that you are a business not a charity, keep a close eye on rent payments, and if there is a default act sooner rather than later. Liase with your tenant and work out a manageable payment plan for the arrears.

However, if your tenant is ignoring your calls and failing to make payments act as soon as possible to bring the tenancy to an end. Reports are also saying that there is an increase in demand for rental properties, cut your losses and get a tenant who can pay the rent.

Rebecca Brough is a Solicitor at Fidler and Pepper who deals with Residential Landlords on a daily basis. Rebecca offers landlords requiring legal help a Free initial consultation.

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