FHP HAS DOUBLE DISTRAINT SUCCESS

Property Management News

Using a combination of their credit risk monitoring systems and close contacts with their tenants; the Property Management department at FHP were able to secure recovery of debts from two tenants prior to Xmas who were in the process of winding up their companies.

By being aware in advance of what was happening with both tenants, and by monitoring their actions FHP were able to identify within two tight timescales, opportunities to swiftly instruct bailiffs to distrain on goods within a substantial gym premises and medical consultant who had recently closed trading.

Whilst the landlord’s of both respective properties still had to ultimately deal with the loss of both tenant’s, the positive action taken by FHP at least softened the blow by securing in respect of one of the properties a full quarters rent liability, and in the other essential equipment to enable an alternative gym user to re-occupy with minimal set up costs.

Rob Spencer; Head of the Property Management team at FHP commented “Whilst it is always disappointing when a  tenant’s business fails, with recent case law and current legislation, it is becoming increasingly harder for landlords to recover debts due under the lease. It was therefore only by getting an early warning of the companies proposals through our company monitoring systems, and  using  our close connections with neighbouring tenant’s and contacts that we were able to take action after premises closure, but before the tenant had become protected from any recovery proceedings instigated by the landlord”.

If you would like to find out more about how the FHP Property Management service may be able to improve your current property arrangements then please contact Rob spencer on 0115 8411143.