Analysis by Rightmove suggests almost 74,000 home-movers in England are currently going through the legal completion process and will just miss the 31 March deadline before thresholds drop.
The total number of homes currently going through the legal completion process is much higher, however most were never likely to make the 31 March deadline, the portal said.
Financial Safeguarding
Rent protection is a crucial safety net for Landlords, ensuring consistent income in the event that Tenants fall into rental arrears. Life is unpredictable, and Tenants may encounter financial difficulties. With rent protection in place, Landlords are shielded from the financial strain caused by missed or delayed rent payments. This financial safeguarding allows Landlords to maintain their property investment without the stress of uncertainty.
Covering Legal Expense
Legal disputes can arise in any Landlord-Tenant relationship, ranging from eviction proceedings to property damage disputes. Legal protection provides coverage for the expenses incurred during legal proceedings such as court orders and solicitors’ costs. On average, these costs can exceed £3000.00, and this isn’t taking into consideration whether the Tenant is also in rent arrears. Legal cover provides Landlords with the peace of mind that they can pursue necessary legal actions without shouldering exorbitant costs.
Mitigating Risks in Uncertain Times
The economic landscape is subject to fluctuations, and unforeseen events, such as global pandemics or economic downturns which can impact tenants’ financial stability. Rent protection is a proactive measure that becomes particularly relevant during challenging times, providing Landlords with a buffer against the uncertainties that may affect tenant’s ability to meet their financial obligations.
Maintaining a positive relationship with your Tenants
Rent arrears and legal disputes can strain the relationship between Landlords and Tenants. By having Rent and Legal protection in place, Landlords can address such issues with peace of mind that they are not going to be out of pocket, minimising the potential for escalated tensions.
Hindsight
We’ve all been there… “in hindsight, I would have done this differently…”, the same goes for Rent and Legal Protection, we often hear stories of Landlords with Tenants who are in arrears, wishing that they had taken Rent and Legal Protection out, but of course, by this time it’s too late. The best time to take Rent and Legal Protection out is at the start of the tenancy.
