Landlord Insurance Hazards
I'm on my third property right now. I've been a landlord for a bit and I've managed to keep away from sticky situations, just from being more aware than I have any right to be, maybe it's a misspent youth, I don't know?
The last near miss I had, I couldn't accommodate. He was a guy from Uganda, wanting a house in south west London for him, and his large family. He had full deposit he said, in cash ready to go. Unfortunately I had just let the house out not an hour earlier, and I'd discounted it for six months to a smug couple working down here. Now I'm known for my extremely short hands and deep pockets, so, whilst holding the phone away from my ear I pondered calling the smug couple up, and telling them I didn't like the referees I'd just (not) called. Even though it hurt, I didn't, and I looked the gift horse in the mouth and sent him to a mate called Clive.
Much later, about a year and a half later, I found the full story out. For the time being, let me tell you that Clive had an unoccupied house that needed work, but was still habitable. He called me to say thanks a lot. The guy had paid a huge deposit, and six months rent up front.
I put down the phone and had that dread feeling whenever I make a rare blunder.
As it turns out I was correct, the next week keys were handed over by Clive and to his astonishment the guy said he was moving in the next weekend then was back off to Nigeria to do business, and could be gone a while. Clive said he would stop by the house and Mr Balogun said his student cousin would stay there and look after it. He asked Clive to drop him at the airport, and in return he could use Mr Baloguns Mercedes Coupe for the foreseeable future until his return. Clive said OK so fast it came out as "akay" apparently, he boasted about it in the pub later to me and I felt like I could kick myself.
What happens is this, as an officer of the serious, organised, crime squad later said. They find a landlord who can be coerced into an agreement, ideally they are the perfect tenant, way above any other the landlord may have dreamt about. Whole agreement terms are paid in a day, some even express the need for complete privacy, intimating, an ill family member needing treatment at a nearby hospital, possibly even a mistress kept there. Then they move in an hydroponics lab, so that they can grow marijuana fast and strong, high powered lights, irrigation trays, tables, fertilizer, etc. Apparently it grows faster, and has a better stronger potency grown this way. The police said that the Mercedes that Clive was loaned, had a tracker fitted in it so anyone in Mr Baloguns gang knew where he was at anytime, they didn't have to worry though as Clive wasn't interested checking on the house as he'd asked for privacy, and since he was driving a car valued at £50,000 he wasn't worried about damage. In short he trusted the man.
It took nearly six weeks for the police to clear the site, as apparently it was evidence. Me, personally, I would've charged them the rent for the time there, or thrown it all out after seven days. I mean, they tell you its important evidence, then can't be bothered to catalogue it.. that's real important! In the meanwhile it costing you. Clive didn't have the heart to tell anyone else about it, and I don't think his landlord insurance would've covered him for that use either!
Contact yinsurance.co.uk for the best deals for residential landlords insurance! We are expert in non standard household insurance. We have arranged specialist deals that are available throughout insurers panel, all are leaders in there field and have the best cover and rates available
Regards David D'Monte
Article Source: http://EzineArticles.com/?expert=David_D'Monte
Article Source: http://EzineArticles.com/7909984
I'm on my third property right now. I've been a landlord for a bit and I've managed to keep away from sticky situations, just from being more aware than I have any right to be, maybe it's a misspent youth, I don't know?
The last near miss I had, I couldn't accommodate. He was a guy from Uganda, wanting a house in south west London for him, and his large family. He had full deposit he said, in cash ready to go. Unfortunately I had just let the house out not an hour earlier, and I'd discounted it for six months to a smug couple working down here. Now I'm known for my extremely short hands and deep pockets, so, whilst holding the phone away from my ear I pondered calling the smug couple up, and telling them I didn't like the referees I'd just (not) called. Even though it hurt, I didn't, and I looked the gift horse in the mouth and sent him to a mate called Clive.
Much later, about a year and a half later, I found the full story out. For the time being, let me tell you that Clive had an unoccupied house that needed work, but was still habitable. He called me to say thanks a lot. The guy had paid a huge deposit, and six months rent up front.
I put down the phone and had that dread feeling whenever I make a rare blunder.
As it turns out I was correct, the next week keys were handed over by Clive and to his astonishment the guy said he was moving in the next weekend then was back off to Nigeria to do business, and could be gone a while. Clive said he would stop by the house and Mr Balogun said his student cousin would stay there and look after it. He asked Clive to drop him at the airport, and in return he could use Mr Baloguns Mercedes Coupe for the foreseeable future until his return. Clive said OK so fast it came out as "akay" apparently, he boasted about it in the pub later to me and I felt like I could kick myself.
What happens is this, as an officer of the serious, organised, crime squad later said. They find a landlord who can be coerced into an agreement, ideally they are the perfect tenant, way above any other the landlord may have dreamt about. Whole agreement terms are paid in a day, some even express the need for complete privacy, intimating, an ill family member needing treatment at a nearby hospital, possibly even a mistress kept there. Then they move in an hydroponics lab, so that they can grow marijuana fast and strong, high powered lights, irrigation trays, tables, fertilizer, etc. Apparently it grows faster, and has a better stronger potency grown this way. The police said that the Mercedes that Clive was loaned, had a tracker fitted in it so anyone in Mr Baloguns gang knew where he was at anytime, they didn't have to worry though as Clive wasn't interested checking on the house as he'd asked for privacy, and since he was driving a car valued at £50,000 he wasn't worried about damage. In short he trusted the man.
It took nearly six weeks for the police to clear the site, as apparently it was evidence. Me, personally, I would've charged them the rent for the time there, or thrown it all out after seven days. I mean, they tell you its important evidence, then can't be bothered to catalogue it.. that's real important! In the meanwhile it costing you. Clive didn't have the heart to tell anyone else about it, and I don't think his landlord insurance would've covered him for that use either!
Contact yinsurance.co.uk for the best deals for residential landlords insurance! We are expert in non standard household insurance. We have arranged specialist deals that are available throughout insurers panel, all are leaders in there field and have the best cover and rates available
Regards David D'Monte
Article Source: http://EzineArticles.com/?expert=David_D'Monte
Article Source: http://EzineArticles.com/7909984
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