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.
Guild Members make great letting agents to help with any rental issues. Find your closest Member and find out more about lettings services today.