Protect yourself with our rent guarantee packages. There’s a lot of unknowns at the moment, but we’re here to give you peace of mind. You might have concerns about empty properties, rent voids, or tenants breaching their contracts, but there’s good news! Our additional rent guarantee package is here to offer you protection, this means that we’re able to ensure your income is secure during these trying times.
What is Rent Guarantee?
Rent Guarantee is a service we offer that covers your rental property arrears. This means that you will receive your regular income if something were to happen between you and your tenants.
Whilst issues aren’t the norm, they can happen from time to time. You can have peace of mind knowing that we can cover up to £2,500 of the rent from your property with zero excess, freeing up your time to enjoy the good things in life.
An example of Rent Guarantee
Without the legal and rent guarantee cover, the eviction process can be very costly, stressful, and time-consuming. Fees can start between £1000-£1500 to hire a solicitor who will draft section notices, apply to the courts for eviction and bailiff costs to remove the tenant.
Taking into account missed rental payments, which can be upwards of six months (due to the current eviction restrictions) a landlord can lose £10,000 should a tenant lose their employment and be unable to meet their rental obligations.
However, with a legal and rent protection guarantee in place, the worry is taken away as legal costs will be covered up to £100,000. This includes the issue of a section notice, court costs, and evictions, as well as rental payments covered up to £2500 per month, for a maximum of six months.
In the current climate, where jobs are at risk more than ever before, many landlords have opted to take this protection to protect themselves so they are still able to meet their financial commitments.
A claim can be submitted upon a tenant missing their rental payments and a claim becomes valid upon the second payment being missed, with rental payments then being made monthly in arrears until eviction or the policy limit of six months.
What Rent Guarantee means for you?
Rent guarantee means that if you have tenants in your property that cannot cover their payments, you won’t miss out on income. It also covers:
- Any breach of tenancy, including anti-social behaviour
- The eviction of squatters
- Legal costs to pursue the tenant for property damage
- Legal costs to pursue the tenant for rent arrears
- Legal Defence for the Landlord
- No Covid-19 restrictions
- Mediation service
The majority of our rentals are trouble-free, but every now and then problems can arise. We use our experience to resolve issues as fairly and quickly as possible, and where this isn’t feasible, our rent and legal protection package gives you that peace of mind that it’s in safe hands.
While this protection is optional and isn’t a legal requirement, it’s been designed to provide added protection to landlords who are renting properties to tenants.
For more details about our packages, terms & conditions and to hear from a member of the team, head over to our landlord services page.