You thought you’d found the perfect tenants, but then you realise that they haven’t paid their rent. What should you do?
• First, communication is key. Always check the day after rent is due to make sure it is in your account. If it’s not there, contact them straight away. There could be a simple answer, like a transfer issue. Keep clear records of all communications.
• Generally, give up to seven days as a grace period, then give a formal letter, and then give 24 hours’ notice to visit the property.
• Does your tenant have a guarantor to pay their rent if they are unable to? Get in touch with them as they may be able to settle the bill.
• Have you got landlord insurance? A ‘rent guarantee’ will provide rental arrears and financial help.
• Problem still not solved? It’s time to get the courts involved. Talk to a legal advisor like a solicitor and bodies like the National Landlord Association to help you.
If you want to talk through your selling, buying or renting options, then please get in touch.