Buying property to let has for some time been considered a viable long term investment with the potential of significant long term rewards. Keeping an eye on how the property market is faring is only one aspect that requires close scrutiny. It is also essential to manage your property correctly, with or without a managing agent, which includes finding a good tenant.
Ok, you have found a good tenant and you have entered into an Assured Shorthold Tenancy Agreement with the tenant providing for the tenant’s obligations and the landlord’s obligations and the consequences should you default. You have received the deposit and placed it into one of the three designated tenancy deposit schemes, namely Deposit Protection Scheme, Tenancy Deposit Solutions and The Tenancy Deposit Scheme as required by the Housing Act 2004. You have received the first instalment of the rent and you are confident everything is in place.
Unfortunately, the tenant stops paying the rent, sometimes deliberately or sometimes due to events outside of the tenant's control for instance, they are made redundant from their job or suffer long term sickness. Regrettably due to the present economic climate there are a number of reasons why a tenant maybe experiencing financial difficulties.
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