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Why do I need a Tenant Reference?

As a Landlord or Letting Agent it is in your best interests to ensure that you are getting the right Tenant for your property - in fact it's probably the most important part of renting your property.

Although you may think you are saving money by cutting corners and not properly screening tenants this may carry a hefty cost at a much later date.

What are the consequences of not checking a Tenant properly?

It would be great if we lived in a world where trust wasn't an issue and everyone's 'word' was good enough. However, given that it is unlikely you will personally know the person you are renting to, it is vital that thorough checks are carried out on potential tenants.

If the Tenant defaults on their rental payments not only is your investment at risk but you may also face hefty legal fees when evicting such a Tenant.

All in all, taking a few minutes to get your prospective tenant or their guarantor to fill out a form you could save you a small fortune and a lot of stress!

How can I check my Tenant?

The most reliable way to check a Tenant is to use a company, such as Leaseguard, which specialises in Buy-to-Let Products and Services.

What checks are undertaken by Leaseguard?

Leaseguard contacts the current employer to obtain confirmation of salary amounts, type of contract i.e. permanent contract and length of employment. We also contact any previous or existing landlord or letting agent to ensure the prospective tenants didn't leave with any rent arrears and the property was left in good order. Leaseguard checks their credit rating and link addresses to confirm where they have been residing over the previous 3 years, and if there is any associated adverse credit history such as CCJ's. These checks usually only take 48 hours to complete.

Leaseguard is also aware of what to look out for in respect of fraudulent information or responses. Checks can be arranged for guarantors, students, benefit assisted tenants and those who have recently been living abroad.

You can find out more about the comprehensive Tenant referencing service that is offered by Leaseguard by visiting the Tenant Referencing area of our website.

Tenant Referencing is just one way to protect your rental payments but in this financial climate you may also want to consider Rent Guarantee Insurance.

Posted By Admin on Friday, March 26, 2010 | Type: Blog

Do I really need Landlords Insurance?

If you let out a property, in a word, YES!

There is a surprising number of Landlords who think that by having standard Household Insurance for their Let Property they have adequate cover. Firstly, if you do not disclose that your property is rented then the insurer has the right to refuse a claim.

We understand that your main priority is your business and its success, so to help you find comprehensive cover that will protect your investment Leaseguard search a hand-picked panel of insurers

Landlord Insurance is not legally required but is highly recommended. If the property in mortgaged it is more than likely your lender requires you have appropriate insurance. As a responsible property owner it is recommend that you at least have your Buildings insured as a property could be worth hundreds of thousands of pounds and is normally a long-term investment. An unexpected incident such as a fire or flood could cause significant damage to this investment and, if a Landlord Insurance policy isn't in place, could mean a loss of a considerable amount of money should the worst happen.

As a Landlord you will also want insurance in place to provide Property Owners Liability to protect yourself against claims from your Tenant holding you liable for any injury they may have received within your property. Other covers to be considered are Loss of Rent following an insured event as well as Malicious Damage and Theft by your Tenant.

If you have not checked your insurance it is advisable that you do so to ensure you are adequately covered.

What about Contents Insurance?

Yes, even if the property is unfurnished to protect standalone white goods, curtains & carpets.

If the property is furnished it is important to protect any valuable items including Accidental Damage to TV's, tables etc. If a leaseholder should also consider Leaseholder's Liability in case you are accidentally negligent i.e. a handle of kettle breaks off scolding a tenant or one of their visitors.

Leaseguard offer comprehensive Landlords Buildings and Contents Insurance. If you would like more information please visit the Landlords area of our site or contact a member of our Insurance team who will be more than happy to discuss your requirements.

Posted By Admin on Friday, March 26, 2010 | Type: Blog

Welcome to the Leaseguard Blog!

The new website is complete and we can begin blogging!

As an established Insurance and Tenant Referencing provider for the Buy-to-Let Industry, at Leaseguard we make it our priority to ensure that Letting Agents, Landlords and Tenants alike have protected their investment.

Our blog is for you the customer. So, instead of blogging about everything and anything, we will blog about the issues that matter to you and offer our specialist advice on how you can address these issues.

As experts in the industry we intend to do the following:

  • Offer our expert opinion on the goings on in the Buy-to-Let Industry
  • Comment on the latest industry news
  • Offer tips and advice to Landlords and Tenants

 And much more!

We are always keen to hear what you think. Don't agree with us? Have a question or just a general comment? Visit the contact us area of our site and let us know what you think about our blog and what you would like to see us blogging about.


Posted By Admin on Friday, March 26, 2010 | Type: Blog

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Rent Guarantee

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  • Up to £25,000 paid for Legal Expenses
  • One policy per tenancy agreement

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  • Up to date technology

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