UPDATE 19TH MARCH 2020 @ 17:45. UNFORTUNATELY WITH IMMEDIATE AFFECT, OUR INSURANCE PARTNER HAVE TEMPORARILY SUSPENDED ALL NEW RENT GUARANTEE SERVICES UNTIL FURTHER NOTICE.
- Guaranteed rent in full on the date it is due, regardless of whether the tenants pays or not.
- Should the tenant fail to pay the rent, Van Mildert will take care of the eviction process and costs.
- If the tenant has damaged the property, you will receive 50% of the rent for up to 3 months after eviction whilst the property is being refurbished.
- If the tenant has caused damage to the property which exceeds the value of the deposit, Van Mildert will pursue the tenant in court for these additional costs.
- Zero setup fees.
- Free bespoke contract, eSigning and deposit lodging.
How it Works
Working with our referencing and insurance partner Van Mildert, we guarantee to pay you the rent in full on the date it is due, regardless of whether the tenant pays the rent or not.
Our Guaranteed Rent Collection Service is available on our Rent Collection and all our Managed Services as an optional extra.
- In order for a tenancy to be eligible for the Guaranteed Rent Collection Service, all the tenants must complete the referencing process with an “accept” recommendation first.
- To ensure contractual eligibility, you must use our Bespoke Contract, eSigning and Deposit Lodging Service.
- Rental payments will be made to the landlord on the agreed rental payment date (we usually set this 2 days later than the move date as banks take 2 days to process the direct debit). We’ll agree this with you at the time of contract creation.
- Should the tenant fail to pay the rent, Van Mildert will take care of the eviction process (should this be necessary).
- If the tenant has damaged the property, Van Mildert will pay 50% of the rent for up to 3 months after eviction whilst the property is being refurbished.
- If the tenant has caused damage to the property which exceeds the value of the deposit, Van Mildert will pursue the tenant in court for these additional costs, regardless of the reason the tenant has left the property.
Can I add Guaranteed Rent Collection to my Existing Contract?
- Van Mildert will consider each tenancy on a case-by-case basis, please let us know if you wish to enable this service on your existing tenancy.
- Simply give us a call if you’d like to discuss switching
Why use the Guaranteed Rent Collection Service?
- You are guaranteed to receive the rent on time and in full every month, regardless of whether the tenant pays or not.
- A recent study has found that 26% of landlords cannot afford to pay their mortgage if their rent is late by more than 5 days. The Guaranteed Rent Collection Service eliminates this problem altogether.
- There is absolutely no upfront cost for the Guaranteed Rent Collection Service.
Policy Terms & Conditions Summary
- The policy covers monthly rents up to a maximum of £8,333 per month, and legal expenses for the purpose of eviction up to £50,000.
- The policy covers the property, not the tenants, however if the tenants move out and are replaced by new tenants, a new policy will have to be put in place and the original one cancelled.
- The insured property must be residential and remain solely for residential use.
- In all cases the insured party will be the landlord of the property.
- Policies must be put in place within 14 days of the beginning of the tenancy, and within 60 days of the date the Tenant References were completed (longer for student lets by agreement).
- All adults (over 18) living in the property must have been referenced and have received an “accept” recommendation.
- A valid tenancy agreement must have been signed by all parties.
- The first month’s rent must have been received by us in cleared funds before the start of the tenancy.
- The deposit must be placed in an appropriate scheme, before the start of the tenancy.
- During the period of insurance, the landlord or their agent must keep full and up to date rental records.
- This insurance is applicable to Limited Companies and Public Limited Companies, where the company is the tenant and is named on the tenancy agreement. This agreement must be appropriate to the type of let.
- Claims for damage to the property must be more than £500 and must be supported by a detailed inventory which has been signed by the tenant at the start of the tenancy.
- There is a minimum term of 12 months. After that, the policy can be cancelled at ANY time, even mid way through a tenancy. There is no charge for this.