Landlord Help
Posted on March 11, 2008 - Filed Under Landlord Help
If you wish to secure your property against any damage then this is the time to purchase landlord insurance. Landlord insurance is the best way to protect your property against any damage. Purchasing landlord insurance in the UK isn’t compulsory but still it is wise to have some.
There are many different types of landlord insurance policies available in the market. These available policies range from the individual who is renting out their second apartment, to the ambitious property tycoon with an ever-increasing portfolio of trendy dockside apartments. In short it is wise to purchase landlord insurance. Many people tend to use landlord insurance as a medium of investment.
The main aim of any landlord is to use its property as an extra source of income. Therefore, it becomes obvious to protect that extra source. This extra source can only be secured if you purchase landlord insurance. You can find various types of home insurance policies but they are not fruitful when you are taking an income from the property. This is when a residential landlord policy marks its presence. Purchasing the correct landlord insurance ensures that your property is protected by any kind of damage. In other words, you will be getting peace of mind in place.
If you purchase landlord insurance then your property is protected by the loss occurred due to fire. For instance, your property catches a massive fire wherein everything turns into ash. But luckily your tenants are not hurt. However, the damage is so bad that they have to move out as it will be taking three months to repair the damage. This is when your landlord insurance bails you out.
With the help of landlord insurance policy you do not just pay for all of the repair work to the property but also pay you the rent that you are missing out. This means all the months wherein your property is under construction, you will be getting the compensation for that too. If you wish to purchase landlord insurance but don’t know from where to begin then IPS Landlord Insurance is there for you.
Evict Tenant
When a landlord wants a tenant to move out, certain procedures must be followed. There are four types of evictions under the law, each requiring a certain type of notice:
For not paying rent. If the tenant is even one day behind in rent, the landlord can issue a three day notice to pay or move out. If the tenant pays all the rent due within three days, the landlord must accept it and cannot evict the tenant. A landlord is not required to accept a partial payment.
For not complying with the terms of the rental agreement. If a tenant is not complying with the rental agreement (for example, keeping a cat when the agreement specifies “no pets”), the landlord can give a ten-day notice to comply or move out. If the tenant remedies the situation within that time, the landlord cannot continue the eviction process.
For creating a “waste or nuisance.” If a tenant destroys the landlord’s property; uses the premises for unlawful activity including gang or drug-related activities; damages the value of the property; interferes with other tenant’s use of the property; the landlord can issue a three-day notice to move out. The tenant must move out after receiving this type of notice. There is no option to stay and correct the problem.
For no cause. Except in the city of Seattle, landlords can evict month-to-month tenants without having or stating a particular reason, as long as the eviction is not discriminatory or retaliatory.
If the landlord wants a tenant to move out and does not give a reason, the tenant must be given a 20-day notice to leave. The tenant must receive the notice at least 20 days before the next rent is due.
The tenant can only be required to move out only at the end of a rental period (the day before a rental payment is due.) Usually, a 20-day notice cannot be used if the tenant has signed a lease. Check the specific rental document to determine if a lease can be ended this way.
If the rental is being converted to a condominium, the tenant must be given a 90-day notice under state law.
How must a landlord notify the tenant of eviction proceedings? For a landlord to take legal action against a tenant who does not move out, the landlord must first give written notice to the tenant in accordance with the law the landlord’s options include personal service, service by mail, and service by placing in a prominent place on the premises. See the statute to ensure strict compliance.
What if a tenant continues to live in a rental unit after receiving notice? If the tenant continues to occupy the rental in violation of a notice to leave, the landlord must then go to court to begin what is called an “unlawful detainer” action. If the court rules in favor of the landlord, the sheriff will be instructed to move the tenant out of the rental if the tenant does not leave voluntarily. The only legal way for a landlord to physically move a tenant out is by going through the courts and the sheriff’s office.
Tenancy
Free tenancy agreement
Many landlords look to minimise their costs. By a landlord saving on their overheads this will help a landlord to maximise their net revenue. One way that a landlord can potentially save money is by obtaining a free assured shorthold tenancy agreement. Ostensibly there should be no difference for a landlord in securing a free tenancy agreement than one that they have to pay for.
Cost savings by Downloading Free Tenancy Agreements
The cost savings for a landlord obtaining a free tenancy agreement are not huge. For instance it is possible to obtain a tenancy agreement for as little as £5; most landlords will pay nearer £10 for a tenancy agreement. However, these costs mount up if a tenancy form has to be purchased each time a landlord creates a new tenancy. For a landlord that potentially creates 3 tenancies a year this would amount to a potential saving of £30.
Where to get a free tenancy agreement
There are a number of websites that allow landlords to obtain a free tenancy agreement. To my knowledge there are at least four. The best way for landlord to find a free tenancy agreement is to Google the term. This will bring up a number of opportunities for landlords to secure a free copy of a tenancy agreement.
Most websites that provide a free tenancy agreement require the landlord to sign up for a tenancy agreement and then they will send or enable the landlord to download a blank tenancy agreement that has to be filled out using pen and ink. The details in this tenancy agreement have to be filled in several times as a landlord requires a tenancy agreement for themselves and each of the tenants they are letting to.
There is one website that provides free tenancy agreement in a slightly different way in that the landlords’ sign up details are used to pre-populate the tenancy agreement. This tenancy is then stored on the landlords unique user account as a record and can be down loaded and printed as a PDF any time by the landlord before being given to the tenant. There are advantages for the landlord of this mode of operation in that the landlords tenancy agreements are accessible anywhere the landlord has internet access. The landlord also has no fear of loosing their tenancy agreement should they suffer a hardware failure or loss.
Things a landlord should look out for in getting a free tenancy agreement
A tenancy agreement needs to set out the landlords and tenants’ rights and responsibilities. Therefore, it’s important that any solicitor that prepares this tenancy agreement is suitably experienced and qualified. A landlord should make sure that they can check out the source of their free tenancy agreement and that the tenancy agreement has not just been ‘cobbled together’ by an unscrupulous website operator. Otherwise a landlord might find that the free tenancy agreement is not worth the paper the tenancy agreement is printed on!
If their is no mention or link to the solicitor who has prepared the free tenancy agreement or to the nature of it’s source then I would advise landlords to move on, or at least contact the website to obtain this information.
Eviction
Tenant eviction is something that no landlord wants to have to go through, but sometimes it is the only option. Although most disputes can be sorted out through negotiation, there are times when eviction is absolutely necessary. If you are a landlord, then it is important to know the process of tenant eviction in case you need to use it. If you do not follow the proper steps, then you could end up losing money or not being able to get the tenant to leave. You could even end up being sued by the tenant for poor treatment. Therefore, getting the process of tenant eviction right is crucial.
Reasons for tenant eviction
Although there can be any number of reasons why tenant eviction needs to occur, some of the most common reasons include rent arrears, complaints about tenant behaviour or other breaches of the tenancy agreement. Of these, rent arrears is the most common reason for tenant eviction. If a tenant cannot pay you the rent that is due after a number of warnings, then eviction may be the only option left. However, before going ahead with eviction you should seek advice. A great place to get advice about eviction and other property investment issues is the investment property forum www.singingpig.co.uk. However, if eviction looks like the only option then here are some steps you need to follow before eviction can occur.
Getting paperwork in order
Before evicting someone, you need to make sure that all paperwork regarding the property and the reasons for tenant eviction are in place. This will include the tenant’s original rental application, the tenancy contract, and evidence of tenancy violations. For example, if the tenant has stopped paying rent then documentation showing this will be necessary.
Clearly stating reasons in the eviction notice
When you serve the eviction notice, you need to make sure that you clearly state the reasons why you are seeking eviction. Make copies of this notice both for the tenant and for your own records. It is important that the exact reasons for eviction are known to the tenant so that there can be no chance of a misunderstanding.
Check the property
Some tenants will damage or destroy property in order to get back at you for eviction. Before the tenant leaves you should inspect the property, making a checklist and taking pictures to prove the condition of the property. You will need to give the tenant at least 24 hours’ notice before conducting an inspection. This inspection will help you to withhold a security deposit in case anything gets damaged.
Giving the correct notice
You need to make sure you give the correct amount of notice after serving the eviction papers for the tenant to leave. This is usually between 30 and 60 days, although it can be much quicker if there are sufficient grounds, such as violence or serious criminal behaviour. If you require this, then you will probably need to go to court and get an order for fast eviction. Although tenant eviction is something that no landlord wants to do, if you follow these steps then you will find the process easier and less painful for both you and the tenant being evicted.
Bad Tenant
Tenants do not own property to take loan against it. The situation worsens when a tenant is labeled as bad credit. Such tenants can go for bad credit tenant loans. The loan is especially tailored for tenants having gone through or currently has bad credit status.
Bad credit tenant loan is offered to all sorts of tenants like council tenants, MOD tenants, housing executives, PGs, living with parents and so on. The amount of bad credit tenant loan varies from £1000 to £25,000. The repayment period varies from 3 to 10 years or more depending on loan amount. The loan amount of bad credit tenant loan can be used for paying off debts, consolidating debts, buying of car, making holidays and many more.
Being unsecured loan, the tenant is not needed to place collateral against the loan amount. Instead of collateral, the tenant is asked to provide proofs and documents that help him getting bad credit tenant loan. Documents and proofs provided are employment proof, income proof, financial status, credit worthiness etc.
Bad credit happens to those who are repeatedly defaulted on repayment of loans. As a result, the tenant can face CCJs, bankruptcy, arrears, IVA etc. The best way to offset the impact of bad credit for a tenant is to plan repayment and present it to the lender to convince him safe return of loan.
The borrower searching on internet gets a lender who offers competitive interest rate and terms - conditions available in market easily. Applying for bad credit tenant loan the borrower needs to fill an online application. The application form includes the information pertaining to loan amount, repayment duration, purpose of the loan, his name, occupation etc.
Bad credit tenant loan is a wider option for the tenants who want to improve their credit score history. Bad credit tenant loan is an opportunity for the tenants to enhance their credibility in the loan market.
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