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Rent Guarantee Scheme
Landlord Rent and Legal Expenses Guarantee
What does the service provide?
Our Landlord Rent and Legal Expenses Guarantee provides the following peace of mind -
1. Rent – Loss of rental income if:-
a) The tenants or their guarantors fail to pay you the rent when it is due, under the Terms and Conditions of the tenancy agreement and any supporting guarantor’s written guarantees:
i) For up to twelve (12) months or until you have obtained vacant possession of the property, whichever is sooner; and
ii) For up to two (2) months after you have obtained vacant possession or the property has been re-let, whichever is the sooner.
Please note the following terms, conditions and restrictions apply:-
1. The rent guarantee does not apply to the first month’s rent.
2. The maximum amount that can be claimed from the guarantee fund is £60,000 from any one (1) valid event during a 12 month tenancy period.
3. The maximum amount the rent guarantee fund will pay is twelve (12) monthly rent payments, before you have obtained vacant possession of the property.
4. You cannot claim any amount which exceeds the monthly rent figure stated in the tenancy agreement.
5. You cannot claim any amount for any disputes for circumstances that you knew about or should have known about, before the period of insurance begins which result in a claim.
6. You cannot claim any amount if the tenants are not held equally and jointly responsible for all the commitments that are required by them under the terms of the tenancy agreement.
7. You cannot claim any interest amount which may be payable to you by the tenants under the terms of the tenancy agreement for late payment of rent.
8. You cannot claim for the cost of defending a dispute that arises from or relates to actual or alleged dishonesty, fraud or malicious conduct by you, unless the legal action is successfully defended.
2. Legal Expenses
Our Legal Expenses Guarantee provides the following peace of mind -
Your legal costs and expenses that may be incurred within the territorial limits to secure an eviction of the tenant; or to recover amounts owed to you by tenants; or to take legal action following the occurrence of any of the events below:
1. A dispute between you and the tenants under the terms and conditions of the tenancy agreement including disputes that arise when:
2. The tenants depart from the property before the end of the term of the tenancy agreement, without having given you or your agent proper notice;
3. The tenants or their guarantors fail to pay you the monthly rent when it is due;
4. The tenants refuse to allow you to have access to the property at the end of the tenancy agreement or following non payment of monthly rent, even though you have acted in accordance with all legal requirements;
5. The tenants have damaged the property by carrying out malicious and/or and intentional acts;
6. There is a dispute over the tenancy deposit at the end of the tenancy if there is not a legal requirement for the tenancy deposit to be held in accordance with the requirements of the tenancy deposit scheme.
7. The property is occupied by unauthorised occupants and you are required to take legal action to evict them.
8. Your tenants alleges that you have not met your obligations under the terms tenancy agreement and take legal action against you.