One of the biggest concerns to landlords is whether the rent is going to be paid by new tenants in their properties.
You may have heard horror stories about tenants refusing to pay, and landlords having to shell out hundreds of pounds in legal expenses to evict an unsuitable tenant. Although quite rare, these situations do happen, and can leave the landlord in arrears with their mortgages, and in debt when finding the legal costs.
A great way to ensure this situation doesn’t arise is to choose a letting agent that offers ‘ Rent Guarantee & Legal Protection’ policies.
Quite simply, these policies are underwritten by the referencing companies used when checking the suitability of the tenants.
Once the referencing company are happy with their suitability checks, they then issue a policy guaranteeing the payment of the rent to the landlord if the tenants are unable/unwilling to pay.
These payments will usually last up to 6 months, or until the referencing company have legally evicted the tenants from the property. Also built in to the policy is the legal protection side. The policy will also pay towards the expensive legal costs incurred when going through the eviction process.
In a nutshell, the policies offer complete peace of mind for landlords.
Merrick Binch Lettings offer a FREE ‘Rent Guarantee & Legal Protection’ policy for all of our fully managed properties. For further information, call the Merrick Binch Lettings Team on 02476 578888.