The Olympics will see a wave of first time landlords as people rush to rent their properties to visitors.
(1888PressRelease) January 12, 2012 - Many first-time landlords are likely to be tempted by the prospects created in the East End of London by the 2012 Olympic Games. A combination of strong rental yields, location, and excellent local regeneration work is proving irresistible to many investors. However, would-be landlords are being warned to take legal advice to ensure they have a suitably robust tenancy agreement before they start to let. National research midway through 2011 showed 9% rise in court orders for tenant eviction, and a 13% rise in national rent arrears.
The Olympics have brought an impressive transformation to many areas of the East End. Long after the games have gone, there will be new sports facilities, improved transport, and local amenities. Easy access to London's City and Docklands districts is a driving factor behind the demand from buy to let landlords. For those who already own property in the area, the Olympics also may seem the ideal opportunity to become landlords for the first time. Many are looking to rent out properties for the Games, yet not all will be aware of the intricacies of Housing Law. Lee Daniels, Managing Director of specialist tenant eviction service Helpland says:
"The best advice is always to seek professional support. And although there's a lot of information on the Internet, we cannot stress enough the importance of good quality advice when it comes to drafting the initial tenancy agreement. Nobody likes to think that things could go wrong. However we routinely work with landlords facing escalating rent arrears, nuisance tenants and so on. For example, should you ever need to evict tenants, by law you cannot simply tell them to leave on the telephone, or in person. You must follow the correct tenant eviction procedures, or run the risk of facing legal action yourself."
In September 2011, BBC News London reported it had conducted research into local authority attitudes towards 'amateur landlords' hoping to rent out their properties for the Olympic Games. Their team found that local council's responses varied tremendously, with some prohibiting lets of less than 90 days accompanied by serious fines and even perhaps criminal proceedings. And as well as carefully checking local restrictions, landlords must have correctly drafted letting agreements in place.
"Before anything else, you need reliable advice on all aspects of drafting suitable legally binding tenancy agreements. You need to know rights and obligations in the event of problems such as non-payment of rent, nuisance behaviour, and damage to property and so on. You need to be told of your options in the event of serious problems, such as the difference between a section 8 eviction and the other types of legal action aiming to gain a court possession order. Once you have the right advice, you are in a vastly improved position to protect both yourself and your investment".
Helpland support landlords to draft tenancy agreements and advise on all aspects of tenant eviction and tracing debtors after vacation. For a free initial consultation, call the team on 0845 450 0536 or contact them via their website at: http://www.helpland.co.uk/
The Olympics will see a wave of first time landlords as people rush to rent their properties to visitors. 
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