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This
is an Insurance article by an independent author and jml
Insurance takes no responsibility for its accuracy or content
Legal
Protection Insurance is essential when you are letting out
your property
By Philip Suter
In
the UK there are now numerous let properties and although
tenants can be properly referenced, sometimes they stop paying
their rent and Legal expenses insurance is required. Even
if you don't think you will need it, you never know when you
tenant might have a rental problem.
Ever
since we have been involved in letting out property, we have
always made sure that we have Legal expenses insurance. Initially
we took out policies offered by Letsure and more recently
by HomeLet. This even applied if the tenant happened to be
a company, instead of an individual or individuals
The
tenants have to be properly vetted using a credit search process
that is acceptable to the insurance company's underwriters
and up till December 2008 had not experienced personally how
the system worked. As a letting agent I had seen these types
of policies in action, but not for a long time.
One
of our tenants was not paying rent and depite contacting them
about the situation, there was still no money forthcoming.
Soon
a second month's rent would be due, so HomeLet
was contacted and immediately they started the ball rolling.
To speed up the process they used a mixture of phone, email,
fax and post and even though it was only a few days before
the Christmas break (and they only closed for Christmas Day
and Boxing Day) they had their smooth operation up an running
well.
They
would have to wait till a tenant was two months in arrears
before serving the appropriate legal notice and fortunately
the rent was all paid up on time so no further action was
required.
If
that problems occurs again or another it is ceertainly most
reassuring that they will act quickly and with the size of
the UK's rental market that is so important today.
Appropriate
Landlord's insurance is one essential you can't afford to
be without today.
The
information supplied on this page is by a third party and
jml Property Services do not take any responsibility to its
accuracy ©jmlpropertyservices01/09
Buy
To Let - UK & Housing Act 2004
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Here for further Information
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To Let - Europe
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Here for further Information
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in France
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Here for further Information
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