Non paying tenant.

[ams]

Finally got rid of the non paying tenant. Hard to believe they wanted their two months caution returned. 

 

 

ams

[Evianers]

Our sympathies. Hasn't happened [yet] to us but it must be awful!

Did you not have the 3% additional monthly insurance payment for just such an eventuality?

[ams]

At the time we thought it was very expensive, ie the estate agent wanted to charge 19% of the annual rent to include insurance. We also thought and expected that if we used the services of an estate agent and paid them to find a good tenent then they would protect us. however that was not the case. Since then we have learned a great deal.

 

We still have no insurance as we looked into obtaining cover, however whilst the cost was not excessive, the terms were unacceptable. on the two policies that we looked at, the terms relating to the cover in the event of non payment were the same. the cover only commences after one obtains an order for expulsion. Generally it takes a minimum of 12 months to a maximum of never to obtain such an order, with the average of between 18 and 24 months, according to our bailiff. Usually the non paying tenant will be gone well before the cover commences.

 

be aware when some estate agents tell you that the prospective tenent will have loca pass that guarantees the rental and caution payment.

 

We now do all of our advertising, and do our own checking and verification of all prospective tenants. have a look at the NUPI site.

 

ams

[Panda]

Hello

Our policy kicks in when the tenant misses 3 payments, action is then initialised and we get the rent paid, including the back rent, we did have a non payer and ended up losing less than one months charge.  The bailiff was engaged and paid for by the insurance too so there are some good ones out there.  We pay 2.2 % for non payment cover.  We use a natioanl agency so I assume their rates are good and the cover good as it's their business, renting is all they do.  I don't have the time to research tenants myself and certainly don't want to be involved in rent collection so this works for me.

Panda