Rent Guarantee
With the ever-changing world of residential lettings and with the tenant reform act due to commence April 2025 (On new tenancies to start), we feel given the additional rights to tenants, that the time of protecting you as a landlord and your investment is even more imperative than ever before.
Some of the changes that the reform act imposes will impact you as a landlord. These range from the removal of fixed term tenancies to rolling contracts, the abolishing of section 21 notices, landlords being obligated to be part of an OMBUDSMAN and Property portal scheme etc. We have attached a fact sheet which highlights these in more detail from Rightmove, who we work with closely.
Considering this reform act, we would like to offer our exclusive rent and legal protection insurance which will give that added protection to your rental income during these unprecedented times.
The policy summary is noted below, and we can offer this product for an additional 3% on top of the current management fee in place.
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Nil excess policy.
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Pays 100% of the monthly rent (capped at £8000pcm).
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In the event of a claim, the policy will pay rent for an indefinite period until vacant possession is obtained. There is no limit to the number of months of missed rent that the policy will pay out, except where the tenant provides a valid defence to the eviction, in which case the payments are capped at 12 months.
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The total payment for any one claim is capped at £100,000.
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If the property has been damaged, the policy will pay 75% of the monthly rent for up to 3 months after vacant possession has been obtained to get it back to a re-lettable state.
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All legal costs associated with eviction (mediation, serving of notices, bailiffs, locksmiths, court costs etc.) are covered up to £100,000.
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For new tenancies, an acceptable reference is required for each tenant named in the tenancy agreement.
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For existing tenancies, the policy can be put in place at any time during the tenancy provided the tenant is not currently in arrears, the tenant has not been in arrears for more than 14 days in the last 90 days, you are not aware of any existing circumstances which could give rise to a claim and there is a detailed inventory in place.
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There is no ‘no claims period’ meaning you can add a policy to any existing tenancy and claim straight away (subject to the eligibility criteria being met, and you not being aware of any circumstance that could have given rise to a claim when you took the policy out).
Reach out to us today if you have any questions!
*Terms and Conditions Apply - All fees subject to VAT.