When tenants can’t or won’t pay, you are protected, not only from rent arrears but also from any tenancy breach.
What is the current situation we find ourselves in?
- Back log for possession hearings with the courts and continuing lengthy delays
- Tenants who fail to pay rent cannot be evicted
- Approximately 9,400,000 of the UK workforce were on furlough
- The Bank of England has warned the UK is facing the worst financial recession for 300 years
- Global Covid-19 pandemic
- Job losses are forecast to be at a record high, with the worst expected to be once the furlough scheme ends
What is the cost of this valuable rent protection service?
The cost to you as a landlord is 3.5%+VAT.
Benefits of the Smart Estates Rent Protection
- 100% of the rent protected
- Full legal costs for all tenancy breaches resulting in grounds for possession
- We work on your behalf to deal with possession proceedings
- Attendance at court included as part of the service
- Rent paid even if the tenant fails to do so
- Average lost rent and legal fees to evict a tenant totals over £9000
What does our Nil Excess Rent Protection cover?
- Full rent protection for the total monthly rent, for up to 4 tenants, as named on the Tenancy Agreement
- Rent paid for 15 months or until vacant possession is gained, whichever is sooner
- No excess, rent chased on your behalf
- Pay monthly or annually at 3.5%+ VAT cost
- Legal costs to obtain possession of the property if the tenant fails to pay the rent. Court attendance included as part of the service
- Government mandated pre-action protocols are required in the event that the tenant offers a payment plan
- Covers breaches of the tenancy agreement by the tenant, including non-payment of rent and expired notices seeking possession
Relax in the knowledge that your rent is protected, and you will not be out of pocket.
Our obligation to you is that in the event that there are any defaults in the payment of the Rent (as set out in the tenancy agreement) by the Tenant(s)/Guarantor(s) within the tenancy, we will pay Rent monthly, as per the rent amount on the tenancy agreement, until vacant possession is gained or 15months from the start of the arrears, whichever is sooner. Paymentswill be made subject to any deductions agreed in the agency agreement. Deductions will also be made for any outstanding charges due from you.
In the event of payments being made under this warranty, all of your rights as Landlord to recover such sums shall be subrogated to the Agent or their insurer in order to affect recovery of sums paid (in the name of the Landlord if necessary or expedient). By choosing this service you confirm and agree to the same. Recovery of rents paid out shall be at our sole discretion.
Should you receive any funds from any Tenant(s)/ Guarantor(s) after any date of default which results in us having to pay any monies to you under the terms of this guarantee, you shall immediately notify us of such receipt and shall forward such funds to us immediately on receipt.
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Working in partnership with LetAlliance