Lincoln Residential Lettings
Lincoln Residential Lettings

Protecting your rental income

 

 

We are able to offer two rent protection options:

1. Rent Guarantee & Legal Expenses Cover: Rent payment protection.

2. Guaranteed Rent On Time & Legal Cover: Get paid on time regardless.

1.  RENT GUARANTEE & LEGAL EXPENSES PROTECTION

This option protects landlords against the loss of rent and covers legal expenses. So if your tenant becomes unable to pay then this policy can protect you, paying your rent one month rent in arrears. The legal process (and costs) of removing tenants who don't fulfil their obligations under the tenancy agreement are also included.

 

 

This service costs £15 per month and would be deducted from your rent each month.

 

Features:
Designed to offer a superior level of protection compared to comparable products.

The main features include:

  • No excess.
  • Monthly rents up to the maximum AST limit of £8,333 per month and legal expenses for the purpose of eviction up to the policy limit of £50,000.
  • Covers the property, not the tenants, so if tenants change during the policy term the cover still stands, so long as the new tenants have been referenced and passed.
  • Claims for rent arrears will be paid up until vacant possession is gained.
  • Following vacant possession payment of 50% monthly rent for a max of 3 months following a claim for damage if your property cannot be re-let.
  • You wouldn't need to chase the rent payments.
  • If the tenant breaches the tenancy agreement then the eviction process is carried out for you free of charge.

2.  GUARANTEED RENT ON TIME COLLECTION & LEGAL EXPENSES SERVICE

You might choose this option if you prefer to manage your own tenancy but still want the assurance of your rent being paid on time. We would pay the rent to you when it's due, regardless whether the tenant is late paying the rent or fails to pay. The tenant would pay our provider, who will also chase the tenant in the event of late or non payment and deal with the legal process if necessary. 


We would deduct 8% + vat (9.6%) from the monthly rent for this service.

 

Features:

  • No excess.
  • You receive your rent when it's due, even if tenant is late or doesn't pay the rent.
  • You wouldn't need to chase the rent payments.
  • You wouldn't need to make any claims if rent wasn't paid on time.
  • If the tenant breaches the tenancy agreement then the eviction process is carried out for you free of charge.
  • Legal Expenses of up to £50,000 for eviction of a tenant and recovery of the cost of any repairs to the property.
  • Up to £8,333 of rent cover per month, up until vacant possession.
  • Should the tenant damage the property then 50% of the rent will be paid for two months after vacant possession whilst the property is being repaired so it can be re-let.
  • If the tenant damages the property to the extent that the deposit does not cover the cost of repair then the legal team will pursue the tenant through the court system to reclaim the cost of repairs for you, at no extra cost to you.

 

These enhanced levels of protection are provided by our partner Van Mildert and underwritten by International InsuranceCompany of Hanover SE

If you might be interested, or would like to know more about our Rent Guarantee product the please don't hesitate to contact us.

Contact

Tel: 01522 569389

or contact us

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