LETTINGSnews
SQUATTERS Squatter risk increases
An increase in the number of squatters, with vacant rental properties being the most vulnerable to
invasion by unwanted tenants, has led PropertyRisks to warn landlords to check that they have legal expenses cover in place and that this extends to squatters. National Business Development
Manager Nigel Atkinson says, “Legal expenses cover caters for the costs involved in gaining vacant possession of a property where a tenant defaults. Cover should also apply to evicting squatters but some policies may specifically exclude this, so landlords should
“Some policies may specifically exclude cover for evicting squatters.”
check to make sure that their cover extends to such an eventuality.” He also points out that there can also be situations where a legitimate tenant becomes a squatter simply by refusing to vacate the premises or pay rental. Atkinson says, “There was a recent press story about a woman in Brighton who had rented her home whilst living away for a period. When she returned, the tenant refused to move on and the property owner was reduced to living in a tent in a friend’s garden. We don’t know what sort of tenancy agreement was in place in this situation, but essentially, any property owner could face the risk of a tenant refusing to vacate which can lead to considerable legal costs being incurred.” According to PropertyRisks, the cost of regaining a property can run to between £1000 and £2000, rising to around £5000 if a court hearing is involved, costs which come on top of lost rental income.
STUDENTS Endsleigh’s student sharer policy
As the new University term begins, Endsleigh has launched a new insurance for groups of students living together. Students in shared, private
rented accommodation find it difficult to organise home insurance because it normally means one person has to take responsibility for it and it can be an arduous task. Endsleigh has designed a house sharer policy to encourage groups of students living together to organise cover together. The cover, which Endsleigh say is the only product of its
Xperience and Lettingsearch join FastTrak New opportunities appeal to agents
C
ompanies from across the lettings industry are coming together as they identify new business opportunities in the
social housing sector. The movement represents a clear departure from the dismissive views of old as companies and landlords recognise the benefits that tenants from this sector can offer. FastTrak developed the first solution that
qualifies social tenants and provides protection to participating landlords. Now, Xperience, the estate agency franchisor and lettings portal
Lettingsearch.co.uk have confirmed arrangements with FastTrak. Claire Kingsford, Field Manager at Xperience says, “The
property market isn’t moving quite as we’d all hoped. But we’ve come to realise that there is a real business opportunity in placing social housing tenants in empty properties.” Seventy-nine per cent of social housing tenants take tenancies of
more than three years, whilst 60 per cent take more than five years; an attractive proposition. “The longer term tenancies are certainly a draw for our landlords, as are the enhanced rent values. Now landlords are coming to us for social tenants solely on this basis.”
Damon Thomas MD, FastTrak
type in the market, allows students in shared accommodation to insure general contents throughout the house under one policy. It protects £3,000 worth of possessions for each student who each have a unique login to choose from a range of top- ups for their situation. Up to ten people can be included. Vicki O’Connell, Endsleigh
spokesperson said, “Moving into shared housing can be stressful. Insurance isn’t the first thing you think of. However, it is important for sharers to have adequate cover, particularly in multiple occupancy accommodation, as it is can often be a target for thieves because of the higher number of valuables inside. The house sharer policy to
be a quick and easy way for students to arrange for their possessions to be protected throughout the house”.
RESIDENTIALlettings
Before joining FastTrak, their branches were reluctant to venture
into this area as the process is often fraught with obstacles such as the means tested Local Housing Allowance. However, these obstacles are being addressed.
Lettingsearch.co.uk, with approximately 300,000 unique users
a month, will power the search function on FastTrak’s site, generating more leads not only from social housing tenants but also the increasing number of private tenants visiting FastTrak. Martyn Sellick, Commercial Director at
lettingsearch.co.uk said,
“By expanding our offering, we are allowing landlords to market their properties more widely with the assurance that they would have the same experience as with any other tenant.” Damon Thomas, MD of FastTrak said, “We are delighted to be
working with Xperience and
Lettingsearch.co.uk. Many agents are now surviving on their lettings business and it is even more imperative that they investigate alternative schemes.
www.fasttrak.co.uk
www.propertydrum.com/articles/fasttrakoct This feature is online and you can comment. Log on and share your views.
PROPERTYdrum OCTOBER 2010 41
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