Even the most reliable tenants can default on their rent due to situations that can sometimes be out of their control. With the Belvoir Rent Guarantee service you are protected from rent arrears and tenancy breaches.
Rent Guarantee for Landlords in Bingham
Why Choose the Belvoir Legal and Rent Guarantee?
As your letting agent we aim to put high quality tenants into your property. We seek to ensure all tenants have sound financial records and references.
However, in this unstable economic environment, tenants who passed these references at the start of the tenancy may well find themselves in difficulty in the future.
The increasing demand for rental properties, providing landlords with strong rental yields, can lead to an increase in exposure to ever changing market risks.
If disaster strikes and your tenant stops paying the rent, it can often take up to four months to gain vacant possession of the property. This could leave you out of pocket of several months’ rent and hundreds of pounds in legal fees.
Working with our supplier Let Alliance, we can provide a Legal and Rent Guarantee service to give you peace of mind. This Legal and Rent Guarantee service is offered as part of our services at an additional fee as per our standard fee structure, available from us at any time on request and, in respect of the first fee, as set out in the Schedule.
What the Legal and Rent Guarantee Provides for
Subject to satisfactory referencing results, the comprehensive backed protection afforded by this Legal and Rent Guarantee includes provision of services for:
- Cover the total monthly rent, no matter how many tenants are on the tenancy agreement – upper limits do apply.
- Missed rental payments until vacant possession of the property or for up to 15 months, whichever comes first.
- Up to three months’ rental payments at 75% following vacant possession (where applicable).
- Legal expenses up to £100,000 to cover eviction costs of the tenant for certain breaches of their tenancy agreement.
- Covers breaches of the tenancy agreement by the tenant, including non-payment of rent and other scenarios.
- We could also continue to assist if the tenant defends the action taken to help find the best solution.
- Rent Guarantee covers the whole property meaning the policy continues even when/if the tenants change (subject to referencing criteria).
- 12 Months policy term.
- No policy excess – your rental payments are covered straight away.
- Payments continue beyond the end of the policy term.
Subject to Policy terms and conditions. The above features are provided subject to the Landlord adhering to its legal obligations under the Housing Act and other applicable legislation. The Landlord must also adhere to terms and conditions of this Legal and Rent Guarantee and the Belvoir Documentation.
Summary Terms of the Legal and Rent Guarantee
If during a tenancy or an extension of a tenancy where the applicable fee has been paid by the Landlord, then the following will happen:
- As soon as the Tenant falls into arrears (usually 30 days after the rent due date) the process of taking legal action for possession of the Property will be started.
- Upon acceptance by Belvoir of a claim under the Legal and Rent Guarantee, rent will be paid to the Landlord monthly in arrears for up to 15 months or until vacant possession is obtained, whichever is the soonest.
- The Landlord’s legal costs incurred in evicting a tenant, as a result of non-payment of rent are included in accordance with the terms of this Legal and Rent Guarantee.
- All rental payments will have the agreed deductions as set out in the Belvoir Documentation for the management fee and rent protection charge. Deductions may also be made for any outstanding charges.
The terms of this Legal and Rent Guarantee Service are to be read in conjunction with the terms of the Belvoir Documentation. If there is an inconsistency between any of the provisions in the Belvoir Documentation but excluding this Legal and Rent Guarantee and the Legal and Rent Guarantee, the provisions in the Belvoir Documentation shall prevail.
