Asians parents tend to invest in three things — gold, property and children. While gold tends to be passed down generations, property is something if not inherited every person tries their level best to acquire in their lifetime. And even if one has inherited, there is never harm in trying to buy another one! Usually what happens in such a situation is that one property is rented out. I have also heard of people who are lonely and rent a room out to a lodger or those who have sub-let their property and moved back in with their parents due to the recession a few years ago.

With the growing house bubble showing no signs of bursting, house prices are booming in today’s time and have almost tripled since 1996. What’s more, this sharp increase has far superseded incomes leading to fewer people being able to afford to buy a home.

Statistically, more and more people are renting and owner occupation has decreased in the UK due to rising house prices and the cost of living which seems to be on the rise too. According to the ONS (Office of National Statistics) “Of the 23.4 million homes (or households) in England and Wales on census day in March 2011, 15 million (64 per cent) were owner occupied and 8.3 million (36 per cent) were rented.”

Due to people renting and laws changing many landlords argue that their rights and property are not being protected appropriately by the law.

I have heard of so many incidents where tenants have moved into a property and literally destroyed it — I’m taking about faeces all over the walls, garbage all over the place and often unmentionable things left for the Landlord to discover.

My Parents used to have a few properties and would often sublet them.  Once, my birth home was sublet to an apparently decent family. Once their lease was over we were shocked to discover that they had stolen our old, traditional and very expensive copper pipes as well as taken an antique piano that was literally drilled to the floorboards.

Since that terrible experience I must say I have been put off sub letting anything to anyone.

However, this is not the case always and one must just be careful when renting it out to another person. For this, it is vital that both Landlords and tenants know their rights and are able to protect themselves and their assets in the best way possible.