Philip Suter is a Director of jml Property Services; http://www.jmlproperty.co.uk a UK based company offering Insurance products on line at http://www.jml-insurance.co.uk and a holiday home advertising service and management training within the UK. He is a very experienced property consultant with over 30 years work in the Residential letting business in the UK and served on the National Council of ARLA. He is a Fellow of the National Association of Estate Agents (NAEA) and a Member of The association of Residential Letting Agents (ARLA)
Ever since we have been involved in letting out property, we have always made sure that we have Legal expenses insurance. Initially we took out policies offered by Letsure and more recently by HomeLet. This even applied if the tenant happened to be a company, instead of an individual or individuals.
The tenants have to be properly vetted using a credit search process that is acceptable to the insurance company's underwriters and up till December 2008 had not experienced personally how the system worked. As a letting agent I had seen these types of policies in action, but not for a long time.One of our tenants was not paying rent and depite contacting them about the situation, there was still no money forthcoming.
Soon a second month's rent would be due, so HomeLet was contacted and immediately they started the ball rolling. To speed up the process they used a mixture of phone, email, fax and post and even though it was only a few days before the Christmas break (and they only closed for Christmas Day and Boxing Day) they had their smooth operation up an running well.
They would have to wait till a tenant was two months in arrears before serving the appropriate legal notice and fortunately the rent was all paid up on time so no further action was required.
If that problems occurs again or another it is ceertainly most reassuring that they will act quickly and with the size of the UK's rental market that is so important today.
Appropriate Landlord's insurance is one essential you can't afford to be without today.
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