The importance of rent and legal protection

The number 1 concern of Landlords is whether the rent is going to be paid on time each month. We take out protection against our homes, our cars and even our pets, so it only makes sense that as a Landlord you protect your investment.

We’ve highlighted some reasons why Rent and Legal Protection is so important, and why if you don’t currently have it, you should:

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.

The perfection combination

In our experience, Landlords who opt to have a fully managed service, combined with taking out Rent and Legal Protection have a more successful tenancy.

At The Letting Quarter we are proud to be able to offer comprehensive Rent and Legal cover which has helped a number of our Landlords overcome challenging circumstances in recent times. If you are interested, or what more information on the cover we can provide, please do not hesitate to call us on 01462 441288 or email hello@thelettingquarter.co.uk