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Lords and ladies

Tuesday, November 11, 2008

Source: Catherine Deshayes

A new website has been launched designed specifically for the protection of private landlords...

A recent survey of 1,389 private landlords, commissioned by the Letting Protection Service (LPS) revealed that 24 per cent of UK landlords allow tenants to move into their property after just one face-to-face meeting.

The Letting Protection Service offers protection and support for landlords from the first interview of the prospective tenant. The rent guarantee service available from LPS will be able to supply a quick tenant check or a more in-depth full tenant reference.

The range of services provided by the LPS have traditionally only been available through letting agents. Landlords can access a first online quick tenant reference to offer an instant rent guarantee, comprehensive reports on a tenant's suitability, gas safety inspections and emergency breakdown insurance cover.

The LPS survey found that 63 per cent of landlords are happy to entrust their home to tenants based on little more than a hunch. This is despite the fact that two thirds have had a bad experience with tenants who, on first impressions, seemed fine.

Amongst those with bad experiences, 71 per cent have been left out of pocket. Other negative tenant experiences include the 38 per cent of private landlords have had to involve the police or seek legal counsel at some point, and the 11 per cent who received threats to themselves or their family as a result of a rogue tenant.

Astonishingly, only 13 per cent of those questioned in the survey cited using a reference or credit search package as their usual method of vetting prospective tenants.

Kevin Firth of the LPS comments that it is absolutely critical to take as many precautions as possible before handing over keys to tenants.

The survey identified the UK landlord's ideal tenants as middle-aged couples. Students and pet owners top the list of the least-preferred tenants, and landlords would generally rather have women than men renting their properties.

More landlords in the North West - 82 per cent of those surveyed - had had bad experiences at one time or another. Landlords in the West Midlands had the least trouble, although 63 per cent still reported having experienced problems.

Landlords in the South verified more than three references when placing a new tenant, but even so 71 per cent of those questioned had been left out of pocket.

The Letting Protection Service can be found at www.lettingprotection.com, with charges for its various services starting at £14.99.

Source: www.homemove.co.uk