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Posted by Laura Hart on May 10, 2016
Rent arrears are infamously becoming the fastest growing debt problem in the UK. Did you know, at the end of September 2015 there were more than 84,200 tenants in serious rent arrears of more than 2 months in the UK? The figures from Reed Rains and Your Move revealed an increase of 13.8% over the previous quarter.
The increased media coverage around the problem of rent arrears has understandably led to growing concerns from landlords. As a letting agent, you can benefit from protecting both your landlord and yourself from the risks associated with rent arrears. When tenants are in rent arrears, it not only affects the landlord’s financial circumstances but it could also hinder the landlord from paying your management fees, which to a smaller agency, could be detrimental.
Let Alliance’s Rent Guarantee service covers up to £2,500 in rent per calendar month to protect you and your landlords. Upon accepting a claim, the insurers will seek repossession of the property at their own expense and we also offer legal cover in respect of the repossession. By protecting your landlords, you are not only providing an added value service, you are also providing a solution to a highly concerning problem for landlords in the PRS.