According to new research by AA Legal Services, half of those renting a home do not have a written tenancy agreement from their landlord before moving into a property, despite this being a legal requirement. With a significant number of consumers are being priced out of the home-owning market, the company reported that a quarter of these people "being forced to rent". However, with more tenants revealed to be concerned about the size of their bedrooms rather than how they would be able to reclaim their deposit, it was suggested that many Britons could be leaving themselves open to unnecessary financial pressure upon signing a rent agreement.
Commenting on the figures, James Molloy, head of AA Legal Services, said: "These findings demonstrate how poorly people protect themselves when moving into a rented home. It is vital that you agree your tenancy agreement and check everything, including inventory and utility meter readings, before you accept the keys to your rented home. Yet thousands of people are just not doing so and are putting themselves and their home at risk."
The study also revealed that more than half (55 per cent) of consumers do not take electricity, gas or water meter readings before moving into a property. As a result, the financial services firm claimed that this could lead to them facing "unexpected bills", which in turn may see them develop problems meeting other demands on their spending such as credit cards, overdrafts and tenant loans. In addition, a "shocking" 59 per cent of renters are unaware as to their notice period, a move AA suggested could leave people in "the lurch with unbudgeted months of rent to pay". Findings from the financial services firm also indicated that 55 per cent of respondents do not take the time to make sure that their rental payments are clearly set out and agreed upon, which may see them paying more money than they should each month.
Meanwhile, the financial services firm reported that just over one in five (22 per cent) claim that they have taken steps to ensure their finances will be able to cope with the demands that moving into a rented house or flat can bring. As a result, Mr Molloy advised those consumers who are concerned about a property they wish to rent to seek out advice from a solicitor or some other "reputable organisation".
Should people renting a home find that they are coming under surging financial pressure, for whatever reason, the taking out a personal loan could help them relieve such stress by merging numerous demands on spending into a single low-rate loan. Speaking earlier this month, Moneyfacts analyst Lisa Taylor reported that borrowers need to take the time to make sure that they are getting a competitive rate of interest on a personal loan, as a number of lenders have increased their rates over the last nine months. She stated that choosing the "wrong" loan could see consumers paying double the amount of interest then is necessary.
Many superstitions fall into a different category where they affect other people and cause difficulties for them. For example, the millions of husbands who are superstitious about estate planning and, therefore, refuse to do it. Or do it partway but won't complete the process.
Ed and his wife Cynthia, worked with an attorney to set up their estate plan. Ed signed all the documents except for one - the durable powers of attorney. The papers have been sitting on his desk for over a month.
Cynthia is very frustrated by Ed's stalling. She feels like a hostage to Ed's superstition that if he signs the durable powers of attorney papers, which are necessary to complete the process, God is watching and will snuff him out.
If Ed can't make medical or financial decisions for himself, Cynthia won't be authorized to act on his behalf. His adult children from his first marriage will be making those decisions unless he signs the papers giving Cynthia those powers.
?Ed signed the other papers but won't sign the durable powers of attorney" Cynthia says. "He assures me he will, but when I remind him that the planning isn't complete unless he does sign, he accuses me of nagging. He knows it's not rational, but he says it makes him feel better.?
Is there any difference between that kind of thinking and not walking under a ladder, wearing garlic around your neck to protect you from vampires or crossing the street when you see a black cat?
When I was researching my book, I discovered in interviews that many men intentionally leave loose ends in their estate planning. Some men procrastinate; others have great intentions, but 'forget' to fund the trust. Most eventually get around to completing the process, but usually cause themselves and their wife unnecessary anxiety and frustration.
For example, William just kept ?forgetting? to fill out the papers to fund the revocable trust he and his wife Lila had set up. Their lawyer explained that, until their financial assets were actually transferred into the trust, It wasn't considered a legal entity. Consequently, if something happened to William, the trust couldn't provide Lila with the legal or financial authority to act as the trustee.
When I interviewed William, he said he'd been busy, had other things on his mind and just never got around to it. He intended to make the transfers as soon as he had a minute. Yes, the lawyer had offered to take care of it, but he preferred to do it himself.
Meanwhile, Lila's hands are tied because he doesn't want her to take care of it either. ?My husband's friend had a fatal heart attack on the tennis court the day after he and his wife signed their living trust,? she said. ?You try convincing my husband that the same won't happen to him.?
Superstition is a powerful, if irrational and usually subconscious, belief that keeps many men from taking action to protect their wife in case they die. It presumes a causal relationship between something we do or don't do and the outcome of some future event.
If only we had that kind of power. If only we were the center of the universe, where what we do matters on a cosmic scale. It's comforting to think that a higher power is watching and rewarding or punishing, waiting until all the papers are in order and everything is signed before taking us away.
It sounds so simple and silly, but this kind of thinking is real and widespread. Unfortunately, superstition impacts the lives of too many wives whose husbands won't follow through with the necessary arrangements to protect them in case they die.
Both Steve Smith & Helga Hayse are contributors for EditorialToday. The above articles have been edited for relevancy and timeliness. All write-ups, reviews, tips and guides published by EditorialToday.com and its partners or affiliates are for informational purposes only. They should not be used for any legal or any other type of advice. We do not endorse any author, contributor, writer or article posted by our team.
Steve Smith has sinced written about articles on various topics from Fitness, Disease & illness and Finances. Steve Smith writes for 1 Stop Finance Shop. A one stop shop for all your loan requirements, from , to. Steve Smith's top article generates over 90500 views. to your Favourites.
Helga Hayse has sinced written about articles on various topics from Health, Personal Finance and Health. Helga Hayse is author of "Don't Worry about a Thing, Dear" - Why Women Need Financial intimacy. She teaches women about participating and understanding their marital finances. She teaches financial and legal professionals how to stimulate legacy planning. Helga Hayse's top article generates over 9900 views. to your Favourites.