A Norwich letting agent has been sentenced to 21 months for stealing £137,000 from his landlord clients and their tenants. He had been receiving rents on behalf of landlords and not paying them over. In addition when he received deposits from tenants he failed to pay them to an appropriate protection scheme.
Something like 65 people have lost out as a result of this breach of trust but most of the money has disappeared and so any recovery is likely to be minimal.
Whoever manages your let property for you it makes sense to keep a careful eye on the finances. Are rents finding their way through to your bank account promptly for example? Are property insurance payments being made if arranged for you? Your contract with the agent will set out how much should be deducted (and for what) and if the tenant is paying on time there is no reason why you should not see a steady flow of rents into your own account. If not, find out what is gong wrong before the problem escalates.
Make sure your let property insurance is in force and you are covered as if you are left uninsured you run the risk of losing your whole investment rather than just one or two months rent. If you require cover contact Click4quote property insurance or get a quote online.