Tenants who are, for whatever reason, unable to pay their rent on time, often place accidental landlords in danger.
People who have bought a home to live in, or have inherited one, often find themselves renting the property out if circumstances change. But, without having an in depth knowledge of the housing market, and the risks that come with it, these accidental landlords often find themselves in difficulty.
Be it deliberately or accidentally, these landlords often fail to take out adequate insurance, and do the right, mandatory checks. And so if the tenant doesn’t keep up their payments or causes damage, they can end up thousands of pounds worse off.
Accidental landlords are an excellent addition to the housing market, but without adequate education, their numbers will start to dwindle in number, being as unprotected as they are.
Some companies offer rent time packages to new landlords, so that if a payment is missed, the insurance company takes care of it. Some also offer to take care of any legal processes that would be required if the tenant needs to be evicted.