Having a valuable property unoccupied for weeks, or even months is a key concern for many landlords. You might have experienced it yourself, the dread of entering your empty property to find it broken into vandalised or even worse, receiving a call that your investment has gone up in smoke.
The Social Impact of Live-In-Guardians in the midst of a Housing Crisis
The UK housing crisis has caused suffering, poverty and anger in our major cities for years. Various economic factors such as inflated land values, ‘prospective investors’, sometimes based overseas, leaving residential properties deliberately empty so that they can wait for land values to rise and then sell on, making a profit without lifting a finger.
A lot of people think landlords have it pretty easy – we know different. From rates and council tax and how that affects your rent and tenancy needs, to getting the right people in the right properties, and of course dealing with everything that seems to go wrong.
How to Maintain your Empty Property and Protect Your Investment
There are an awful lot of things to consider when facing the prospect of your property becoming empty. A hike in council tax, increased risk of vandalism, fire and squatting – and of course the potentially enormous financial costs of putting things right and making repairs should the worst happen.
It is a little-known fact that most standard building insurance policies only continue to cover your building when it is empty for a certain amount of time – for example, 30 – 60 days. This is the case for commercial properties as well as residential properties.
If, for any reason, your commercial property becomes vacant you may need to enlist the services of vacant property specialists, but let’s take a journey to Whitehall in this article and see what the law says.
House of Lords welcomes Property Guardian firms’ launch of industry association
Seven of the UK’s leading property guardian firms have come together to form the sector’s first trade association to lead on safety and standards, to represent and promote the industry, and to foster best practice.