Protecting your asset against payment default by the Tenant
Belvoir Lettings is able to protect your rental income in the event that the tenant stops paying the rent for whatever reason, whether it be job loss, accident, sickness or relationship breakdown to name some examples. You may have seen the TV programmes where tenants have owed landlords thousands in unpaid rent and then decide to leave unexpectedly. This can and does happen in reality but thankfully this product guards against this scenario.
Rent arrears can bring misery for landlords in terms of the financial implications and emotional stress but with this product the worry is completely taken away.
With cover starting from as little as £150 + VAT for 12 months it really is a small price to pay for total peace of mind.
Here's some frequently asked questions:
Q: What does it actually cover?
A: It covers rent arrears and all associated legal costs and court fees to gain repossession of the property should the tenant default
Q: Is there an excess to pay?
A: No, usually there is with cover like this but not with this product
Q: Do I have to wait a while until the policy starts paying my rent?
A: The policy will start paying your rent after 15 days of falling into arrears. With some products out there you have to wait anything up to 2 months to start seeing that lost income being replaced
Q: How long does it take to evict a tenant should it be necessary?
A: The process can take anything up to 6 months depending on how busy the Courts are. The policy will continue to pay the rent up to the point of getting vacant possession of the property. If you didn't have any cover in place this is how long you could expect to be without rent, plus the hefty legal fees that solicitors will charge. With Belvoir's policy this is all taken care of
Q: If the tenant is properly referenced then why is this product necessary?
A: Although Belvoir conducts comprehensive checks on all tenants there's no crystal ball to determine what will happen in the future. Job redundancies are still commonplace and can happen to anyone, people can have accidents rendering them unable to work (with no income coming in to the household) and unfortunately relationships can break down. Mental health of tenants is a factor as well; they could seem the perfect tenant and be looking after the property really well but life's stresses and strains can incapacitate them meaning they have to take time off work and potentially get themselves into financial difficulty...suddenly paying the rent becomes less of a priority. With this product in place it helps to deal with the situation sensitively so there is no disruption to what was a good relationship