What happens if my tenant loses their job and stops paying the rent?
Evictions can be a painful experience for any landlord. You must take action quickly and ensure that your managing agent knows the necessary procedures so that your tenant is not in a position to counter claim. A series of notices must be served. Each notice gives landlords different rights over the property and the correct notice must be served each time in order for the courts to uphold the eviction. It is important that certified letters are sent to the tenant, notifying them that rent has not been paid and explaining what action will be taken if they persist in not paying. You must also check that the agent is calling the tenant and inspecting the property at the earliest opportunity to ensure it’s not empty and that there is no malicious damage. A solution might also be reached by talking to the tenant and formulating a payment plan. Eviction procedures can take up to 4 months to process and it is wise to take out a rental guarantee for any loss of income during this period. PPM L
