As many as two in five landlords claim to have had troublesome tenants, while two-thirds said they had experienced tenants defaulting on rent or not paying on time.
A study carried out by Total Landlord Insurance revealed many buy-to-let owners feel they are being exploited by irresponsible tenants.
Signing up to a letting agency may be a wise decision for first-time landlords, as almost a third admitted they are unaware of their legal requirements.
The research found property owners are not the only ones with complaints, as 25 per cent of tenants claim it takes their landlord more than five days to respond to reported problems.
Eddie Hooker, chief executive officer of Total Landlord Insurance, said…
“Landlords need to put in place standard operating procedures so that each party knows where they stand when issues arise.”
Spokesman for the Tenancy Deposit Scheme Malcolm Harrison recently urged buy-to-let property owners to carry out inventories and register deposits with a protection service to ensure they meet legal requirements.
Let us know your thoughts…
The system encourages tenants to pay late and default on their rent. A tenant has to be 2 months in arrears for example before Housing Benefit will pay housing benefit directly to the landlord! The tenants know this and do ‘guess what?’