Director, Michael covers some frequently asked questions about the rent guarantee scheme that we provide to our Landlords in Mansfield and North Nottinghamshire.
Director, Michael covers some Frequently Asked Questions about the Rent Guarantee Scheme that we provide to our Landlords. Have a question about our Rent Guarantee that's not answered on here? Get in touch with us! We'll help you out.
So what is the Rent Guarantee?
Our rent & legal expense guarantee ensures that you receive the rent regardless of the tenant’s ability to pay, and you will continue to do so until vacant possession has been obtained! Not only that, you need not worry about the legal costs associated with getting a non-paying tenant out of your property as these are all covered too.
How is it possible that I am guaranteed my rent?
We have a special relationship with our referencing company Let Alliance who back our rent & legal expense guarantees; the only condition is that the tenants must have satisfactory tenancy reference! The various products we have to protect you are underwritten by UK General Insurance on behalf of Great Lakes Insurance Limited.
What makes Belvoir’s rent guarantee better than that with another agent?
There are many products out there that will provide similar cover, and many agents will simply be referring their clients to the insurer in order for the product to be purchased from them. Our rent & legal expense guarantee is processed by ourselves and we follow a strict late rent procedure to comply with the conditions of the guarantee. You can feel far more at ease knowing your trusted agent is handling any potential claim.
The majority of insurance based policies attract an excess which can at times be a month’s rent, exacerbating the effect of not getting your rental payments. Our rent & legal expense guarantee carries a NIL EXCESS and pays your guaranteed rent within a 10 day timeframe from the time of the claim. The rent is paid until vacant possession is obtained with no time limit and regardless of when the fixed term tenancy ends, plus the legal costs to obtain possession of the property if the tenant fails to pay the rent is all covered too!
How quickly can I get the rent if my tenant is unable to pay?
We stick where possible to a 10 day timeframe from the time of the claim.
Will the rent guarantee cover me for every single time a tenant doesn’t pay?
The rent & legal expense guarantee provides annual cover for the property providing tenants provide satisfactory references, even if the tenancy changes in the same year. It would not be tolerated if a tenant was to be persistently be in arrears or paying late, but if a tenant actually paid the arrears after initiating the claim we would have a discussion with you as to what the next steps could be with their tenancy - there may be better commercial decisions available.
Is there a limit on the amount of money I am guaranteed to get back if my tenant can’t or won’t pay?
There is a £50,000 limit to the claim so you are more than adequately covered for the expenses involved in the claim.
Do I have to let Belvoir know within a specific time frame of my tenants not paying in order to get my rent?
The beauty of our guarantee is we process the claim for you so you do not have to deal with the administration work involved. We follow a strict late rent protocol requiring a keen eye to be on the rental accounts so we can ensure arrears are dealt with in a timely manner!
Do I have to pay for the rent guarantee?
The annual premium for the rent & legal expense guarantee is £216 incl. VAT.