Did you know that in 2015, 84,200 UK tenants owed more than two months’ rent to their landlords? This issue doesn’t come up often, but it can indicate serious repercussions for your finances as a property owner.
If you have tenants who have not been paying or have been late with their rent, you may have to apply for a comprehensive rent recovery program to improve your rent collection.
There are still ways to collect rent, however, and it all boils down to how you exercise authority as the property owner.
Invoke the Tenancy Agreement
Your tenancy agreement lays down the ground rules for your clients to remember. Remind them of the late payment section of your tenancy agreement to ensure that they never miss their monthly obligations.
But even with reminders, some of your tenants may still miss out on a payment; they may forget to pay or they may not have the funds. One way to ensure that your tenants pay quickly is to charge them for the delay in payment. You can add a late rent penalty clause in the tenancy agreement, but you have to make sure the interest is fair and reasonable.
Communicate Effectively
One amicable way to resolve a rent-related issue is by speaking directly with your tenant. After all, late rental payments are sometimes a product of miscommunication.
Talking with your tenant regarding the situation will result in a more peaceful outcome. What’s more, you don’t run the risk of straining the relationship with your tenant. It pays to have a healthy relationship with your tenant because he or she may even ask other people to consider renting another flat in your property, too.
Finally, An Eviction
When every other method fails, eviction may be your final recourse. But the process has to adhere to current laws; the procedure will depend on your agreement and its terms. If you have an assured shorthold tenancy, you also need to follow a set of procedures.
Unless there is some complication with the eviction, you need not go to court to enforce it. But you do need to provide reasonable notice. Reasonable notice means giving your tenants a month’s notice to leave the flat, if they pay a monthly rent. If they pay a weekly rent, then reasonable notice would be a week.
Reliable Bailiffs for Quick Rent Recovery
Overdue rent should never be a problem for you. That’s why we resolve each case in a peaceable manner that aims to protect your assets and business interests without affecting the tenant-landlord relationship.
We have experienced certificated bailiffs. We offer commercial rent arrears recovery, notice of enforcement, controlled goods agreements and inventory control to ensure that you receive outstanding rent payments. Our services also ensure that your tenants pay on-time every payment period.
We also have a flexible fee structure, in-house information sources and 24-hour service response to aid you consistently.
The best part about our service is that we execute the entire process from beginning to end, providing only results. We are your partners in rent recovery, and we look forward to doing business with you.