Unfortunately, during their role as a landlord, property investors may face an issue with tenants failing behind on their rent payments.
For buy-to-let investors unpaid rent can lead quickly to problems, resulting on defaults on mortgage repayments.
Therefore, it is crucial that landlords are aware of how to deal with rent arrears and how to seek legal redress.
Address any issues straightaway
The best way to resolve any potential problem is to make sure tenants feel they can discuss issues with their landlord or letting agency.
Approachable landlords are more likely to be alerted by their tenants if the rent is going to be late, so may allow for alternative arrangements to be put in place.
It can be tempting for landlords to react badly if a tenant misses a rent payment, but sometimes it can be more helpful to be flexible.
For example, sometimes renters will genuinely struggle in a certain month of the year - perhaps their car has just gone through a costly MOT for example. So landlords could offer to put a repayment plan in place, so the arrears are cleared by monthly payments, as it is better to get paid late than never get paid.
The legal route
Tenants who prove difficult to negotiate with can be dealt with via the court system. While using the legal system can be the last resort, it should not be something landlords are afraid to do.