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Stormy weather ahead for Landlords in UK June 2010 Budget
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Stormy weather ahead for Landlords in June Budget

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20th June 2010

Summary: The new UK coalition government's budget takes place on the 22nd June and its outcome could mean a lot of job losses and problems for landlord with tenant's ability to pay rent.

Owners of investment properties could suffer in a number of ways in the Budget on Tuesday. The prospect of higher capital gains tax on second homes and rental properties is one concern and the NLA - National Landlords Association has been running a campaign asking members to write to their local MP objecting to this. Naturally if there is an increase probably a high percentage of landlords will retain their properties as investment landlords should be in the business as a long time prospect and CGT levels of course go down in the future.

VAT levels could increase which means that the costs of repairs, letting and inventory agents fees, the renewal of equipment and putting in a new bathroom or kitchen will be higher as rental income is exempt under VAT regulations in the UK.

Finally there is the knock on effect from job losses as a result of the budget. A major concern for landlords has been rising unemployment and the tenants having problem being able to pay their rent.

Many landlords have been taking out Rent Guarantee Insurance. Rent Guarantee Insurance will protect the landlord in the event that their tenant fails to pay the rent. As a tax deductible premium this will guarantee the property owner receives the rental income they are expecting from the property regardless of the tenants personal circumstances, ability or willingness to pay the rent.

If a tenant falls behind on their rental payments it could have serious financial implications for the landlord especially if they have mortgage commitments or are depending on the income as part of a their retirement pension. Insurance policies will usually guarantee the rental for a fixed period, typically 6 or 12 months. Some policies will provide additional cover once the landlord has obtained vacant possession until they are able to re-let your policy. Naturally anyone considering buying one must check with the individual insurance provider for the precise terms and conditions.

Philip Suter who runs the www.jml-property-insurance.co.uk property insurance advertising website said " We advertise several Landlord insurance companies who offer Rent guarantee insurance products - HomeLet, Letsure, Endsleigh, Rentguard and Simple. We have set up a specialist page on the site for landlords as more and more landlords are concerned about their tenants being able to pay.

"If the effect of the budget is going to cause higher unemployment, even in the short term then property owners need to protect themselves. As we have been saying for the past couple of years is insurance is one essential you can't afford to be without today and rental guarantee insurance is now vitally important."

More information can be found at http://www.jml-property-insurance.co.uk/landlords_Rent_Guarantee_insurance.htm

Ends...

Company Information

jml property-insurance.co.uk is part of jml Property Services, the trading name of Jeffrey Milner Ltd. The company is an UK based company that was established in 1979. jml insurance acts as a promoter for insurance companies selling property insurance including landlord and tenant rental products, pet insurance, wedding insurance, motor insurance, car hire excess insurance )via insurance4carrental.com ) travel insurance and non standard insurance products. They also operate jmlvillas.com an online low cost villa advertising service marketing service for owners of holiday home property to advertise and are part of the jml Group that includes jml Training and Consultancy.

jml Property Services June 2010

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See Also

Insurance Industry News Press Releases 2010

Insurance Industry Press Releases 2009

Insurance Industry Press Releases -2008

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Independent insurance Articles

jml villas.com Press Releases

jml villas.com / euro-rentavilla.com Media Coverage

jml Training and Consultancy Press Releases



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