MANCHESTER, UNITED KINGDOM--(Marketwire - July 13, 2012) - Swinton Commercial is warning landlords about the dangers of tenants illegally subletting properties, which could seriously affect insurance policies.
The 2012 Olympic Games, which run from July 27 - August 12 will see a predicted 11m people visiting London and the surrounding areas, which Swinton Commercial points out could see many tenants looking to cash in by subletting rooms or full properties to Olympic visitors.
If a property is sublet illegally, the landlords insurance - as well as the tenant's contents insurance - could be invalidated, says Swinton Commercial. On top of this, if single rooms are sublet, the property may become a multiple occupancy home and the landlord could face a fine of up to £20,000 if they do not have the correct license.
Swinton Commercial also points out that should anything happen to illegal subletters, the landlord could find themselves liable and financially unprotected.
To help protect against illegal subletting during the Olympic Games, Swinton Commercial is urging landlords to do the following:
- Make sure your tenants are aware of the implications of illegally subletting properties. Having a clear tenancy agreement in place outlining this will be essential
- Perform internet searches to make sure that your property isn't being advertised to any potential illegal tenants
- Thoroughly check references of tenants renting your property during the 2012 Olympics
- Let your neighbours know how many people are moving into your property and their names. Neighbours can be fundamental in bringing anything suspicious to your attention
- If you find that your tenant is subletting your property, make sure to inform your insurance company immediately
- In order to make sure you have the right cover in place, check your landlord insurance policies carefully
Brian Greenfield, Chartered Insurance Broker at Swinton Commercial, said: "Illegal subletting by tenants has serious implications for landlords and with a predicted influx of over 11m people during July and August for the 2012 Olympic Games, we expect many people to try and take advantage of what might seem like easy money. It is imperative therefore, that landlords take every necessary precaution to make sure they don't get into hot water from illegal subletting by tenants this summer."
Notes to Editors:
About Swinton Commercial:
As one of the UK's leading commercial insurance brokers, Swinton Commercial has the expertise and industry knowledge to provide you with highly competitive business insurance that's tailored to your needs.
With 34 branches across the UK, including 19 regional centres, Swinton Commercial has quickly established itself as the UK's local broker, offering a dedicated team of advisors with specialist industry knowledge in many sectors.
Your local Commercial Account Executive has an in-depth understanding of the insurance market in your area and will arrange a face-to-face appointment with you, taking the time to thoroughly understand your business and its specific requirements.
We cater for most types of business - from small start-ups to well-established organisations, comparing quotes from leading UK insurers to find you the right level of insurance, at the right price.
What's more, our award-winning offering has over 80,000 business customers - and we're growing fast.
Visit www.swintoncommercial.co.uk for more information or call 0800 954 3802.