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Legal Expense Insurance is no longer an option it’s a MUST
September saw the launch of the NEW Landlord’s Legal Expenses policy underwritten by Norwich Union.
There are ways of reducing the financial risks of being a landlord, the provision of a legal fees insurance policy being one of them.
At Commercial Express, we regularly see claims from property owners where the tenant has breached the tenancy agreement (e.g. the parking of inappropriate vehicles on the driveway against the terms of the owner’s covenants which can bring complaints from neighbours), those that cause damage (e.g. wilful damage to either the building or contents) and then there are those who do not pay the rent and ‘sit tight’ waiting for the landlord to do something about it.
When faced with a tenant who refuses or is unable to pay their rent, the important factor is to act swiftly to commence the legal process to evict that tenant to enable you to re-let the property to someone who will pay.
Dealing with these issues is an expensive process with little chance of recovering the legal costs that have to be incurred.
For a small premium, £63.00 Including Insurance Premium Tax, all of these circumstances would be covered under a Commercial Express Legal Expenses insurance policy that will pay for legal assistance to represent the property owner’s interests.
It is also vital to understand the potential consequences if the correct procedures or agreements at the beginning of a tenancy have not been handled properly.
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