The rise of the ‘grandlord’
The number of retirees-come-landlords, affectionately known as ‘grandlords’, has increased by 33 per cent since 2009, according to a recent study by Simply Business.
Poor pension provisions, depleted savings and falling annuity rates are believed to be the primary contributing factors to this significant rise as GW LET solicitor, Rob Denman, comments:
“With many people approaching retirement with a far smaller pension pot to draw upon, there is a growing need to raise additional funds. For some that solution might be equity release or downsizing.
“However, as the demand for rental properties continues to exceed supply, older landlords are spotting a potential opportunity to bridge that financial gap and boost their retirement fund by turning to the buy to let market.
“It is essential though that anyone considering such a venture is fully aware of the associated risks and work involved in letting property as well as their legal responsibilities. That is where we can help.
“If you are a ‘grandlord’ GW LET can be an invaluable resource. We specialise in the legalities of letting property so should you ever encounter a problem with your tenants – be it excessive noise, a breach in your tenancy agreement, rent arrears or even tenant eviction – we have the experience to resolve the issue, leaving you to get on and enjoy your retirement.”
Content correct at time of publication