Every landlord wants to make a profit from their buy-to-let property, so a tenant who is unreliable, unwilling or unable to pay their rent can be a nightmare. It can be difficult to know what to do in the event of unpaid rent, but there are several possible steps you can take.
The first thing to do is immediately get in touch with the tenant and ask them about it. It may just be a mistake, in which case they can hopefully pay you straight away. If they have a financial issue which means they are temporarily unable to pay, you may be able to negotiate an alternative solution, such as reducing rent for a few months and making up the difference later on. If it seems that they will be unable to pay the rent from now on, it may be in everyone’s best interests to simply let them break their contract and leave so you can look for another tenant. If the tenant is unresponsive, try getting in touch with their guarantor.
If all of these routes fail and the tenant refuses to leave or is still unresponsive, you may have to take legal action. If they are still in the fixed term of their contract, you will need to issue a Section 8 Notice, while a Section 21 Notice will be needed if the fixed tenancy period is over. Section 21 is the easier route as you will not need to specify why you wish to reclaim your property, but it does mean that you will not have the right to reclaim the unpaid rent that you are owed.
If you wish to avoid the problem entirely and make sure you are never left without the rent money you are owed, guaranteed rent could be the ideal solution. We specialise in providing the highest rates of guaranteed rent in Wandsworth and throughout the rest of the country, ensuring that you continue to be paid no matter what the circumstances may be. We will also provide full management and vet all tenants to optimise your chances of finding reliable, trustworthy occupants who will be able to keep up with their payments.