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Last week Templeton LPA has released information which shows that the number of tenants who are finding themselves in severe rental arrears has risen by 24% in the space of a year resulting in 100,400 tenants struggling to meet rental payments in England and Wales alone!
The economic climate we currently find ourselves in does not appear to be getting any better for the foreseeable future; how can a Landlord buffer the effects of non-rental payments?
By combining a Tenant Reference with a Leaseguard Rent Guarantee product!
Here at Leaseguard we highly recommend that you should always reference your tenants before handing over the keys to your rental property. A full and comprehensive reference check can reveal if the tenant has a history of poor payments, if they are who they say they are and their previous Landlord or Letting Agent's feedback!
Carrying out a professional tenant reference check on your potential tenant before offering them the tenancy together with Leaseguard's comprehensive Rent Guarantee product could save you from months of heartache.
Leaseguard's comprehensive Rent Guarantee Product
Summary of Cover:
- Loss of Rent until Vacant Possession obtained up to 12 months
- Up to £25,000 Paid for Rent Guarantee and Legal Expenses
- Funds Deposited with Approved Solicitors
- Vacant Possession Cover - 50% of Rent for 2 Months
- Hotel Expenses - up to £75 per day up to 30 days
- Prosecution Defence as a Consequence of Letting your Property
- 24 Hour Help Lines
- Available for both Managed and Let Properties
- Students Acceptable (subject to conditions)
- Reporting Period 60 Days Maximum
- One Policy per Annum per Dwelling
- Excess of 1 month's rent
Interested in Rent Guarantee? Call our friendly, expert Insurance Team directly on 0845 345 0315 or email them at firstname.lastname@example.org for more information!
Alternatively, you can use our new "Obtain a Quotation" form and our team will contact you directly!
Posted By Admin on Tuesday, July 10, 2012 | Type: Blog
A Landlord was fined £3,462 by Leeds Magistrates Court recently after accepting false references from his Tenants.
The Landlord in question was asked by Leeds City Council to provide a reference for a tenant moving into an area covered by a selective licensing scheme. When the references were checked the council became suspicious when one of the referees advised the council that they did not supply any reference for the tenant in question.
As it was found that the Landlord was in breach of his selective licence conditions by accepting false references from a tenant, Leeds City Council decided to take him to court.
Leaseguard would advise that if you are a Landlord with a rental property within a selective licensing scheme area then you comply fully with the terms and stipulations of that scheme (such as ensuring electrical checks are carried out).
It is in your interest that you reference your tenant using a reputable Tenant Referencing company, such as Leaseguard, to ensure the information your Tenant provides is as accurate as possible. With a maximum fine of £5000 should you be found to be in breach of your licence we think it's better to be safe than sorry!
Why should you choose Leaseguard?:
- We use the most comprehensive and up-to-date information to assess your tenant
- Our Credit Checks include any defaults in payments and county court judgements or court decrees and will provide details of Public Records for your information
- Current and linked addresses will be checked together with voters roll information
- We contact your tenant's employer to ensure they will be employed and can afford the rental figure for the length of the agreed rental period.
- Previous Landlord/Managing Agent checks carried out (where applicable)
- Tenants Bank Account Details verified
- We can provide reference checks on Foreign Nationals and Ex-Patriots
- A report with summary and conclusions will be carried out and returned to you within 48 hours
- A Credit Check only service is available
Call our expert Referencing Team today on 0845 345 1705 or email them at email@example.com for more information!
Posted By Admin on Tuesday, June 26, 2012 | Type: Blog
Police in Cumbria discovered the remains of a large cannabis farm in Flass House, Meaburn following reports of suspicious activity taking place there.
The state of the property aroused the suspicions of a local when they noticed all the windows had been boarded up and there was a large generator outside; they alerted the police immediately.
The building was left considerably altered and abandoned hastily, taking the police two days to seize evidence and to make the property safe. There were no arrests made but the owner advised police that he had rented the house out to a group of people who he believed were going to renovate the property.
Make sure this doesn't happen to you! Some tell tale signs that someone might be cultivating in the property are:
- They offer to pay 6 months rent up front.
- Windows of the property permanently covered from the inside or boarded up.
- Visitors at unusual times of the day or night.
- People often do not live on the premises and only visit to maintain them.
- The cannabis or by-products such as used fertiliser will be removed in black bin bags or laundry bags.
- There may be a vent protruding through the roof or rear window.
- There may be a pungent smell coming from the premises although having previously publicised this many premises now use mothballs, particularly at letter boxes, to stop the smells escaping.
- There may be noise coming from the equipment on the premises. (e.g. cooling fans)
Most Landlord Insurance Policies will not cover damage to the property following on from the tenant converting it to a cannabis farm - read your policy wording closely!
You should also strongly consider referencing all tenants to reduce the risk of renting the property to an undesirable tenant.
Referencing your potential tenant is highly recommended. Carrying out a reference on your tenant before offering them the tenancy to your property could save you from months of heartache of attempting to get them back out if they turn out to be bad payers or worse!
Remember! This property is your investment and even though we all like the personal touch you should remember that this is first and foremost a business transaction.
Posted By Admin on Friday, June 15, 2012 | Type: Blog