Tips on Rent Recovery If the Tenant Stops Paying

Undoubtedly the condition is irritating and undesired

. If the tenant stops paying rent all of a sudden, as a landlord you can do the followings. Checking of bank account A landlord should be vigilant in tracking the monthly rents that are paid by the tenants. Checking of bank statements physically or through the internet would help you in tracking the same. If there is a shortfall, then one could take steps immediately to recover them. Instant enquiry to be made The moment a failure in rent payment is noticed, the landlord should verify the reasons instantly. This could be done by meeting the tenant directly or engaging a property consultant to look into the matter. By this a major loss or damage to the property could be avoided. Getting to the actual reason for rent payment failure The landlord should by all means find out the actual reason. He should access the situation as to why the rent has not been paid. Only then a decision could be made by him. Whatever is the call, the landlord should get all in pen and paper with the signatures of the tenant. The payment recovery should be mentioned clearly and mutually agreed upon. Decision to be taken fast The landlord should take the decision fast and not linger the talks with the tenant. Various legal notices could be served to support the decision. Section 21 stats that the tenancy period will end after 2 month. Section 8 stats that the tenant is at fault. However, in both these sections, the matter would be in the supervision of the court and this is the advantage the landlord gets. Till six months the court would possess the property and this would give enough time to the tenant to pay back all the dues. Therefore by acting immediately, the landlord restores his property safely. Maintain a cordial relation with the tenant It is important to help the tenant if he is in crisis. The landlord should build up a relation with the landlord so that in times of financial crisis, advice could be given to him. There are also various government authorities who help people in times of their crisis. The tenant should be able to avail those help. No matter what the state is with the tenant, the landlord should always try to get the up-to-date information about the tenant. Getting the correct and detailed information would not only help the landlord to track the tenant but also help the legal proceedings. Information about the National insurance number, job details, date of birth and permanent address should be of great help.. Getting back what is lost If the tenant faces a major financial crisis, then the landlord should be able to understand that getting back all the dues is not possible. So getting back the property and also letting it out at the earliest is the best option.

Tips on Rent Recovery If the Tenant Stops Paying

By: Adam Labno

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