Court closures could have knock on effects for landlordsMake Text Bigger
With buy to let landlords experiencing total rent arrears of £284million from tenants not paying each month, the closure of 140 courts all over the country could see even more properties being repossessed by lenders.
The decision, aimed at saving £37million, has been met with dismay from landlords and eviction specialists. Despite the current court process already being laboured, landlords have still found success in evicting tenants, but many fear more repossessions could be on the way.
Miles Turner of eviction specialists Turner and Howard commented, saying “Landlords already face a long wait to gain possession of a property due to the slow procedures applied by courts. The closures will only exacerbate the problem as landlords will have to join the queue and wait longer for a hearing date at courts elsewhere”.
“If the tenants refuse to pay rent, landlords could very well lose a substantial amount of money in the process running into thousands of pounds. It could even result in repossessions from buy-to-let lenders if landlords fail to meet mortgage payments”, he continued.
Bad tenant database TenantID director Lorna Rose offered similar sentiments, “The court closures will have a serious effect on those who make a living from renting properties – especially those for whom it is their only source of income. Rent arrears could rise dramatically before a landlord can gain possession of a property.”
A full list of court closures is available here
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