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PRESS RELEASE
Tuesday, 13 October 2009
LANDLORDS URGED TO PROTECT THEIR RENT
With unemployment and illegal evictions rising residential landlords are being advised by Chamberlains Lettings to protect their property investments by insuring their rental income.
This follows figures that were recently released by the Office for National Statistics which show that the level of unemployment in the UK has now risen to its highest level since 1995. In the three months to July the number of people out of work rose by 210,000 bringing the UK jobless total to over 2.47 million.
Official statistics show that in the last six months alone over 1 million people have been made unemployed in the UK. Some economists believe that there are already signs that the UK economy is growing again. However, the British Chambers of Commerce predicts that unemployment could reach 3.2 million by the second half of 2010 and the TUC believe that unemployment could well reach over four million.
Stuart Fellows, Lettings Director from Chamberlains Lettings said: “Many landlords are simply unaware of the protection that’s available to them. At Chamberlains we work in partnership with HomeLet, the UK’s leading insurance providers to the lettings industry, to supply a range of insurances that protect the rental income of our landlords”.
“With unemployment rising the recession has inevitably had an impact on some tenants’ ability to pay the rent and an increasing number of landlords are facing the prospect of rental arrears. But it’s not only the cost of missed rent that landlords need to consider, we know from experience that evicting a tenant through the courts can be an extremely stressful and time consuming process”
A recent report from housing agency Threshold, revealed a huge rise in the number of tenants being illegally evicted from their homes by landlords. The organisation said it had received reports of more than 1,000 threatened or actual cases of illegal eviction this year, compared to 674 throughout all of 2008.
Stuart continues: “The illegal eviction of tenants is a real problem but the majority of landlords simply can’t afford to lose their rental income, even if missed payments are due to circumstances out of the tenants’ control, such as redundancy. That’s why we offer Rent Guarantee and Legal Expenses, which not only covers missed rental payments but also provides Legal Expenses cover. This means that if a tenant defaults on the rent, HomeLet’s property legal experts will handle the eviction process from start to finish on behalf of the landlord. This allows the tenant time to move out in accordance with current legislation whilst the landlord receives their rent”
HomeLet is a trading name of Barbon Insurance Group Limited which is authorised and regulated by the Financial Services Authority. Registered in England number 3135797. Registered office address: 4-9 Highview, High Street, Bordon, Hampshire GU35 0AX.
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