Buy to Let & Residential News
High rent charges 'should ring alarm bells'
2009-01-16
Buy to let mortgage holders who demand high amounts of rent from tenants upfront could give prospective tenants a bad impression of their financial outlook, it has been suggested.
According to Serena Cowdy, writing in a guide for prospective tenants at money advice website Fool.co.uk, rent charges of more than a month could indicate that a landlord is struggling financially.
She advised tenants that renting has recently become the new buying, because of the crisis currently facing mortgage availability.
However, tenants should make sure they understand their rights under the Tenancy Deposit Scheme and make sure they know exactly how much rent the landlord is requesting before they sign on the dotted line.
"Remember, with everyone trying to let the houses they can't sell, it's currently a renter’s market. Be polite but firm and hammer down that rent," Ms Cowdy said.
Buy to let mortgage holders will be aware that some tenants might also struggle financially in 2009, as redundancies are expected to increase this year.
Some 71 per cent of landlords in a National Landlords Association poll published last month said they expect more tenants to fall behind on their rent payments this year.
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