When Tenants can’t or won’t pay, you are protected. Not only from rent arrears but also from any Tenancy breach giving us grounds for possession.
What does our Rent & Legal Protection Service Cover?
Full rent protection for the total monthly rent, as listed in the Tenancy Agreement with rent payable until vacant possession is obtained.
75% of the rent payable after vacant possession until re-let, and up to a maximum of 2 months void period.
Legal costs to obtain possession of the property if the tenant fails to pay the rent with total legal expenses covered up to a limit of £100,000
We will deal with the serving of section notices should we need to evict the Tenant
The service is fully transferable to ensure continuous protection even when the tenants change (subject to satisfactory references)
The cost to you, the Landlord, for this service will be a charge of 3.54% of your monthly rent, inclusive of VAT (net 2.95%), over a 12 month period and it is only available in addition to our full management service.
For example: £780 Rental Income per calendar month x 3.54% = £27.61, inclusive of VAT, per calendar month.
By spending £331.34 (including VAT) over the course of 12 months, you have a guaranteed rental income of £9,360, based on this example.
For all new customers, your management charge will be inclusive of 3 months free cover... giving you complete peace of mind!
Rental & Legal Protection is only available to customers receiving a full management service.
The service can be organised at any time before the commencement of the tenancy, which gives you the peace of mind of knowing that, whatever happens, your rent is protected and legal expenses are covered should you ever be in the unfortunate position of your tenant not paying their rent.
If the service is requested mid tenancy i.e. after the commencement of the tenancy agreement, the full benefits of the service detailed above will not apply for the duration of 60 days. There must not be any rent arrears outstanding within this period or the service will be cancelled on day 61.
Thornley Groves have a dedicated arrears team that will start chasing arrears within the first five days of a rent payment due date. If the Tenant has not paid the full rent due within 31 days of the rent due date, then the late rent payments (equating to 2 months) will be payable to the Landlord following a 50 day period from when the first full months rent payment was initially due. Monthly payments will then be made, one month in arrears, on an on-going basis until such time that either the Tenant puts the Agent in funds or possession of the property is taken. Payments will be made subject to any deductions agreed in the Agency Agreement, such as our management charge and contractor invoices.
If you are interested in learning more about this option, please feel free to give us a call and we would be delighted to go through the finer details with you.