{"id":8741,"date":"2021-02-19T15:00:12","date_gmt":"2021-02-19T15:00:12","guid":{"rendered":"https:\/\/dev.withcreative.co.uk\/lforl\/?p=8741"},"modified":"2021-02-26T13:43:53","modified_gmt":"2021-02-26T13:43:53","slug":"facing-facts-could-save-you-a-five-figure-sum","status":"publish","type":"post","link":"https:\/\/dev.withcreative.co.uk\/lforl\/facing-facts-could-save-you-a-five-figure-sum\/","title":{"rendered":"Facing facts could save you a five-figure sum"},"content":{"rendered":"

\"\"<\/a>
\nHave you ever thought about what might happen if your tenants stopped paying their rent? How much do you rely on that income? How many months of arrears could you stand before you would be in trouble?<\/p>\n

If you\u2019ve avoided thinking about it, you\u2019re not alone. It\u2019s not pleasant to think about potential losses and their consequences. Besides, we\u2019d all like to believe that we\u2019ve got the necessary judgement to spot a reliable, financially secure tenant. But while it\u2019s true that for some landlords, non-payment will never be an issue, they are the lucky ones.<\/p>\n

The five-figure risk<\/h4>\n

We live in a very uncertain world.\u00a0 Even a wonderful tenant could fall ill, face redundancy or split with a partner. One month the payment into your bank account \u2013 the money you rely on to pay the mortgage \u2013 is late. The following month it doesn\u2019t arrive at all. You\u2019re still facing the same costs on a depleted income level and if the problem persists, it can affect everything from your current lifestyle and ability to settle your debts to your long-term financial security.<\/p>\n

Let\u2019s put some figures on this. The average rent is \u00a3850 per calendar month. The average tenancy duration is 30 months. That\u2019s rental income of \u00a325,000. If you ignore the risks, you risk losing that much. While that\u2019s a worst-case scenario, when you can protect yourself for a relatively small sum, it\u2019s worth asking why more landlords don\u2019t take out rent protection cover.<\/p>\n

Most likely, it\u2019s a combination of factors. They don\u2019t want to think about the risk, don\u2019t know they can insure against it or believe that the cost will be prohibitive. It\u2019s also likely they don\u2019t realise that cover can also be included for associated legal costs.<\/p>\n

The essential option<\/h4>\n

At Legalfor<\/em>Landlords we don\u2019t just consider rent protection insurance as an optional extra. We consider it an essential. Why? Well, simply because we\u2019ve seen the devastation caused when rental income isn\u2019t on track or dries up altogether. We\u2019ve helped people through the legal process of regaining control of their property, but without insurance, once that income\u2019s gone, it\u2019s gone. Only a tiny proportion of rent arrears are made good once a tenant has been evicted.<\/p>\n

For a very modest premium, you get something unbeatable: peace of mind. We use Markel, a top-class underwriter with high standards and a range of policies with options to suit. Add to that our Legal Services Team with all their experience and understanding of ever-changing property law and you\u2019ve got a winning combination.<\/p>\n

If you\u2019ve been avoiding thinking about what would happen if your tenant stopped paying, we urge you to take five and give it some thought. Nasty, isn\u2019t it? But remember this: the reassurance of simple, affordable Rent and Legal Protection is only a phone call away.<\/p>\n

Find out more here<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

Have you ever thought about what might happen if your tenants stopped paying their rent? How much do you rely on that income? How many months of arrears could you stand before you would be in trouble? If you\u2019ve avoided thinking about it, you\u2019re not alone. It\u2019s not pleasant to think about potential losses and […]<\/p>\n","protected":false},"author":2,"featured_media":8744,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[1],"tags":[63,39,2081,2153,2183,2206,21],"yoast_head":"\nFacing facts could save you a five-figure sum - Legal For Landlords<\/title>\n<meta name=\"description\" content=\"Ever thought about what might happen if your tenants stopped paying rent? 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