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Are Your Rent & Legal Expenses Covered?
A recent study by the National Landlords Association has shown that a staggering 90% of landlords do not make allowances for non payment of rent! 17% of these landlords compensate for this using their own savings!
Belvoir Lettings Mansfield now offer specialist rent guarantees and legal expense cover for Belvoir Landlords based on partly or fully managed properties. These products are subject to satisfactory references for the tenant.
In December 2015, debt advice charity the Money Advice Trust warned that rent arrears is the fastest-growing problem it is seeing. The charity previously received 20,000 calls between January 2015 and October 2015 from tenants behind with their rent. In 2008, the figure was 8,000.
It has been estimated that in excess of 2.2% of privately renting tenants are currently in arrears with rent payments, a figure set to rise.
What can a non-paying tenant cost you?
Costs associated with this issue can be significant. With some insurance policies a tenant needs to be 2 months in arrears before any claim may even be started. Legal fees, court-costs, bailiff fees and lost rent can easily amount to the equivalent of 6 months rent. With all the other financial pressures currently being exerted on private landlords, it can take a number of years for an investment to fully recover from a blow of this magnitude.
How Belvoir can protect you?
Belvoir Lettings Mansfield are in partnership with Let Alliance who proivde specialist insurance. They have designed a solution specifically for our landlords offering comprehensive peace of mind. The guarantee is an annual NIL EXCESS £216 incl. VAT policy that covers the property even if the tenancy changes.
The Belvoir Rent & Legal Expense Guarantee includes:
- Nil excess with rent paid from the point of first arrears
- Legal costs to obtain possession of the property if the tenant fails to pay the rent
- Full rent protection, for up to 4 tenants
- Total claims up to £50,000
- Breaches of the tenancy agreement by the tenant, in respect of non-payment of rent and expired section 21 notices
- Court attendance where required
- Continuous cover even when the tenants change
For more details, or to discuss your specific requirements, please call 01623 427 777 or email email@example.com