Posts Tagged: landlords

UK Landlord deposit rules change

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New rules that, from October 2010, requires  landlords to formally protect tenants deposits on tenancies worth between £25,000 and £100,000 a year have been warmly welcomed by the Deposit Protection Service (DPS)…

According to the DPS the change in the law will bring protect a further 15,000 new tenancies under the umbrella of deposit protection.

The original tenancy deposit legislation covered Assured Short hold Tenancies of up to £25,000 because tenancies valued above this were seen as contractual tenancies, where deposits did not need to be protected.

Who are the DPS?
The Deposit Protection Service (The DPS) is open to all landlords and letting agents, and is the only scheme that is free to use.

The DPS is secured with UK approved banks, so for safe, secure and straightforward deposit protection and provides landlords. The DPS is the only Government-authorised custodial scheme that is free to use.

However, the DPS believes this left some groups vulnerable as director, Kevin Firth, explains: “While it is natural to think of a high value tenancy and conclude that we are in the realms of the rich and successful, often the opposite is true.”

He adds: “Students, for example, often group up and move into large houses, paying a combined rent that could easily exceeds £25,000 PA.

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Landlord has identity stolen by tenant

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A tenant living ina landlords own home booked hotel holidays using his landlord’s identity and also withdrew cash with his bank cards.
The tenant entered the landlords private office at the home in South Shields they shared  stealing chequebooks and bank cards. Using the landlords identity to book and stay in hotels in Scarborough.
Police later discovered that the tenant who admitted the offences had previous convictions for similar offences.

A spokesman urged landlord’s to be security aware. Simple steps can protect landlords form the distress and possible financial headaches associated with tenant fraud and identity theft.

Landlords who are victims of identity fraud often go through a difficult and time-consuming ordeal to convince lenders and credit reporting agencies that they have been the victim of identity theft, have incorrect information removed from credit agency records.

So how can a landlord protect themselves?

Even the most basic apparently innocuous correspondence sent to your rental property can be often be used by fraudsters. To combat identity theft landlords should consider the following:

  • Landlords should regularly obtaining a copy of your personal credit file from one of the three credit reference agencies to see which financial organisations have accessed your details.
  • Landlords should be extra careful if you live in a property where other people could have access to your mail.
  • Landlords should contacting the Royal Mail Customer Enquiry Line on 08457 740 740 if they suspect their mail is being stolen. Check whether a mail redirection order has been made in your name without your knowledge.

Many landlord legal protection policies as well as providing insurance against the legal cost of taking action against a tenant for breach of the tenancy agreement or  the cost of defending a legal action brought by a tenant under a tenancy agreement.  Provides a legal helpline for landlords to advise you on any personal legal problems, ideal when dealing with the aftermath ofiIdentity theft.

If you are a landlord looking to protect yourself and their properties against a wide range of risks compare landlord insurance to find out just how cost effective and valuable landlord legal protection insurance.

Cheap Landlords Insurance

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Compare Cheap Landlords Insurance

Compare Crazy has brought together some of the UK’s best known landlord Insurance brokers so you can get cheap landlord insurance quotes in minutes.

Use the Compare Crazy guide to cheap landlords insurance below to find hints and tips to save you money.

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The right level of Landlords Insurance

To ensure you are paying the correct premium, make sure that you have the correct sum insured. House rebuild costs are generally lower than the property value. To obtain an accurate price it’s essential to ensure you have the correct sum insured. The best way to find out is from a professional survey of the property.

One landlord insurance policy for you property portfolio

If you have a portfolio of properties, instead of insuring your properties individually you can add them to one policy with one common renewal date. The savings made on your landlords insurance can be huge with no difference in the cover you will receive.

Voluntary Excess to your policy means cheaper landlords insurance

By adding a voluntary excess to your policy which is in addition to your policies compulsory excess you can make substantial savings on your landlords insurance premiums

Good security helping you get cheap landlords insurance
As with normal household insurance property insurance substantial savings can be made to you premiums with the addition of intruder alarms and insurance rated locks.

Shop around with Compare Crazy for cheap landlords insurance
Insurance companies specialise in different area of the market and their rates alter accordingly, by comparing different insurers online you can save both time and money and get yourself cheap landlords insurance.

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