It has been well documented in the last couple of days, the problems that tenants face when the property they are renting is repossessed by the mortgage company.
Often tenants are only given two weeks notice, by the mortgage company and can be made homeless.
One of the advantages of using a reputable letting agency is the support they can offer if you are in this situation. If you rent directly with a private landlord, and you are given notice from the mortgage company of a repossession order, then you won’t have the support of professional advice.
What can a letting agent do to help in this situation?<BR>At the forefront of your mind, will be finding new accommodation. How well a letting agent can help, will depend on the size of the property stock. With four branches within Cardiff, and a huge property stock, CPS Homes will be able to find you alternative accommodation.
With a private landlord, they will not be able to offer you this support. It will be your responsibility to find alternative accommodation, and if you cannot do so you will be made homeless.
CPS Homes guarantee to give you full support in finding new accommodation, and will not charge you any fees!
Other issues you will have to contend with, is the return of your deposit. Even though the property is being re-possessed, you will still need to leave the property is a good and clean condition, as the mortgage company will sell the property on to the cover their losses. In addition to this, you will need to pay your utility bills up to when you leave the property, or the utility companies will chase you for the outstanding payments.
Where CPS Home manages the property, we are able to transfer the deposit to a new property, as long as there are no damages. You will be required to make up any shortfall with the new deposit, and may have to pay an amount to cover any potential damages which will be refunded once the check out process in completed.
Where the landlord has been collecting the rent directly, we will offer advice on how to request the return of your deposit, and as long as there are no damages, then your refund will be successful. As it is not held within our deposit protection account, we would not be able to transfer your deposit directly.
Not all letting agents will help tenants in this situation. There is no legal obligation for letting agents to assist tenants, so speak to your letting agent about their procedure if the property you are renting is repossessed.
There has been recent renewed interest in ensuring that tenants get a longer period in the property before being made homeless, but until such a change in legislation it is important that tenants protect themselves as best as possible.<BR>