22nd July 2008
Buy-to-let property investors have been warned of the dangers of failing to carry out appropriate checks on prospective tenants.

According to the National Landlords Association (NLA), landlords risk losing up to £6,000 if they get embroiled in a situation where a tenant fails to pay rent, which could take six months to resolve.

As a result, the body, which is the UK's leading trade association for landlords, has launched a new scheme known as NLA Tenant Check, to enable property owners access information on prospective clients.

David Salusbury, chairman, NLA, said: "NLA Tenant Check is a simple and affordable tool which allows landlords to reduce the risk of possible future problems with rent arrears and gives them the opportunity to paint a clearer picture of their prospective tenants.

"By simply entering a few details about a new tenant into the system, the landlord will be given a profile of that person's credit history."

This, he said would make it easier for property owners to make an informed decision about their prospective tenant's ability to keep up with rental payments.

According to the Paragon Buy-To-Let Index for June, the average annual rental income is £11,952.

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Daily News Brought to You by The SimpliGroup – Experts in the UK Property Investment Market



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