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| 1st May 2008 |
| Salisbury solicitor launches top tips for landlords |
Buy-to-let may seem like a great financial investment, but a rogue tenant can quickly turn your dreams into a nightmare, says Salisbury Solicitor David Ridley.
 In the five years ending in 2005, the number of buy-to-let mortgages rose by a staggering 483%, according to the Council of Mortgage Lenders.
That has meant a rise in the number of new landlords in South Wiltshire, and a big increase in the number of legal disputes involving them.
David Ridley, who works for Whitehead Vizard, says he has seen a big increase in local tenant and landlord disputes.
"One of the problems is that lots of people are landlords," he says, "Sometimes they cut corners to find a tenant. Any tenant. That can result in problems."
In South Wiltshire, as elsewhere, typical disputes include non payment of rent, damage to the property, disputes over deposits and re-decoration, loss of rent and the costs of legal action for evictions and debt recovery.
All of this can lead to months of stress and anxiety for a buy-to-let landlord.
David Ridley says the problems faced by buy-to-let landlords are only set to get worse.
"Once tenants move in anything can happen. The secret is to find the right tenant in the first place."
Experienced landlords, and letting agents, will usually vet prospective tenants quite carefully.
To help buy-to-let landlords, Whitehead Vizard has now issued a 12 point checklist for finding the right tenant.
Tips include:
1. Choose your tenants very carefully;
2. Before signing up a new tenant, always use a legally drawn-up Tenancy Agreement;
3. Check with their boss whether your prospective tenant is employed on a permanent contract;
4. Check whether they can afford to rent your property. Is their salary sufficient to pay your rent and all of their other living expenses?
5. Check the credit worthiness of the prospective tenant. If they are already renting, ask to see proof that they have a solid on-time payment history, like a rent book;
6. If they are self-employed, ask to see their accounts for the last three years;
7. If their accounts are not available, ask them to supply an accountant's reference;
8. Ask them to sign something, and then check whether their signature matches the signature on their passport or driving license;
9. Check their last address by asking to see utility bills from the last three years;
10. Ask them to supply a reference from any previous landlords (but remember that their current landlord may be desperate to get rid of them and may provide an excellent reference);
11. If the prospective tenant is from overseas, can you see their work permits?
12. If you are still dissatisfied, insist on a lengthy period of rent in advance (6 months or longer).
Click here for the checklist: "Securing the right Tenant" to find the right tenants.
For further information about how Whitehead Vizard can help buy-to-let landlords, please contact David Ridley or Jean Hendry,
Whitehead Vizard Solicitors, Close Gate Chambers, 60 High Street, Salisbury, Wiltshire, SP1 2PQ.
Tel: 01722 412141 or e-mail him
at: dr@whitehead-vizard.co.uk or jh@whitehead-vizard.co.uk
and we will be happy to discuss how a Whitehead Vizard HIP can benefit you.
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