15:04 PM, 18th May 2012, About 9 years ago
Possession orders have been on the rise again, hitting a four year high back in March. Landlords appear to be changing tack though as possession without obtaining a money order claims have shot up by over 30%.
The change is nationwide, with significant rises in Chelmsford (67%) and Luton (56%) to name but two.
Michael Portman, Managing Director of LetRisks commented: “In a recent survey we conducted amongst private landlords, we found that nonpayment, late or partial payment of rent is the biggest worry for them. With the continuing rise in possession cases, it is vital that landlords and agents deal with potential problems with tenants early, to prevent court action later on.
“It is also wise for agents and landlords to ensure they have insurance cover for their legal costs, as a court cases can be expensive and cost up to £5,000 and beyond.”
The property insurance specialist has also called on the government to settle its differences with the insurance industry over flood defences, especially in light of the recent flash flooding in some areas.
Mr Portman said: “The effects of flooding and managing flood risk, cost the UK around £2.2 billion each year. We currently spend around £800 million per annum on flood and coastal defences and even with the present flood defences in place, we experience an average of £1.4 million of damages.
“This is a very worrying time for landlords with properties at risk. The government has a responsibility to help protect properties by investing in flood defences and let’s hope the Housing Minister makes the right decision later this year.”
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