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Hemel Hempstead | Rent/Legal Cover

Why Rent & Legal Cover? A Landlord’s Journey


Our example is based on a rent of £500 per calendar month
 

Landlord A does not have Rent & Legal Cover

  • On 1st August the tenant stops paying rent
  • You/your letting agent chase the tenant for the rent but no rent is paid
  • No rent is received, but your monthly commission is still due to your letting agent.
  • On 1st September a Section 8 (or appropriate regional legal notice) is served to evict the tenant – there is a fee for doing this.
  • You/your letting agent will inspect the property to check if the tenant has gone, the tenant didn’t leave when requested.
  • You/your letting agent now need to appoint solicitors to evict the tenant
  • You/your letting agent will attend the court with your solicitors to get the tenant evicted - there is also a fee for doing this.
  • You/your letting agent will check the property – the tenant still hasn’t left, you/your letting agent now need to contact the solicitors to request bailiffs.
  • You/your letting agent will need to meet with bailiffs at the property.
  • You/your letting agent will complete a check-out report but cannot deduct any damage caused by the tenant from the deposit, as it has all been used for rent arrears
  • You will need to ensure the property is in good repair for the property to be re-let.

 

Total cost of eviction (including bailiffs) = £1500

Total loss of rent while property is occupied = £3500 (average 6-8 months)

Landlord B has Rent & Legal Cover                             

  • On 1st August the tenant stops paying rent.
  • We chase the tenant for the rent, but no rent is paid.
  • We will continue to pay your rent once the rent is outstanding for 1 month and continue to pay your rent monthly in arrears until vacant possession is obtained.
  • On 1st September a Section 8 (or appropriate regional legal notice) is served to evict the tenant.
  • We will inspect the property to check if the tenant has gone. If the tenant didn’t leave when requested, we will work with the rent guarantee solicitor partners to get a court date.
  • We will attend the court with the solicitor to get the tenant evicted.
  • We then check the property for vacant possession – if the tenant still hasn’t left, we will contact the solicitor partner to request bailiffs.
  • We will meet with bailiffs at the property and complete a check-out report and deducts any damage caused by the tenant from the deposit.
  • We will now re advertise the property and re let it for no additional cost.

 

Which Landlord are you?!