LETTINGSnews
AUSTERITY MEASURES Cuts bite in unexpected places
Government cuts could hit landlords and their agents in more ways than one and, according to Let
Insurance Services, they are going to hit in some unexpected places. Tunbridge Wells, in Kent, a
bastion of well-heeled England, leafy Buckinghamshire and picture postcard Stratford-on-Avon have all seen sharp rises in possession claims coming to court, with cases up by as much as 52 per cent across the public and private rental sectors. If that is not enough, cuts by
the Justice Ministry will lead to the closure of 54 County Courts. The simple lack of places to hear civil disputes is bound to lengthen already long waiting times for a hearing. Now landlords and their agents should allow five months or more to get possession if they have to go to court. Exacerbating the possible
effects of the government cuts on the rental market, costs, too, are
often shaved on some of the lower-priced rent guarantee and legal expenses insurance policies, with potential dangers. “While we have yet to see
the full effect of government cuts, there is no point in making life more difficult by opting for cut price insurance cover. If ever there was time to double check the small print of an insurance policy, this is it,” warned Michael Portman, MD. “Some policies restrict the length of cover to the initial tenancy but this ignores indicators that tenants are staying on in rental property for well over the period originally specified in their tenancy agreements. “These extended tenancy periods and the possibility of a long wait for a court hearing if things go wrong, underline the need for policies that allow for longer periods of cover. Long eviction times often result in a badly treated property being not fit for purpose. This is when
Even smart country towns aren’t immune to repossession.
landlords need as much insurance cover as they can get. Landlords and agents should also check the small print for notification limits. Some policies only give 30 days to claim. Specialist insurers allow for a 45-day notification period. This gives enough time to prepare the paperwork and time to work with the tenant for late payment to
avoid the trials of court action and the strain of waiting for the hearing. At Let Insurance Services we have investment landlords and letting agency experience as well as insurance expertise.” “This is how we are able to fully
understand the risks that must be covered, particularly in times like these.” added Michael Portman.
• Hassle-free quotes • Wide policy coverage
• Fully compliant with professional body
• Competitively priced requirements
• 45 years of combined experience protecting
property professionals
Kerry London also specialises in Directors & Officers Liability Insurance and Office Combined including Public and Employers Liability Insurance.
One mistake could cost you everything
Cover against it – Kerry London specialises in Professional Indemnity insurance for Estate Agents, Leting and Managing Agents, protecting your business at a competitive price.
Talk to one of our specialists now on: 020 7623 4957 or email:
pi@kerrylondon.co.uk website:
www.kerrylondongroup.co.uk Kerry London Ltd, 2nd Floor, John Stow House, 18 Bevis Marks, London, EC3A 7JB. Authorised and regulated by the FSA.
48 NOVEMBER 2010 PROPERTYdrum Professional Risks Insurance Specialists
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