Strong rents and high demand over many years have made letting residential property an attractive investment, with landlords enjoying positive market conditions. However, all investments entail some element of risk, no matter how good the market.
At Leaders we successfully minimise the risks for our landlords by carrying out stringent vetting of tenants, closely monitoring rental payments, making regular visits to keep an eye on the property and responding promptly to any issues that arise. As a result it is rare for our landlords to experience significant problems, however difficulties can sometimes occur that are beyond anyone’s control, such as a tenant losing their job and being unable to pay the rent or breaking the terms of their tenancy agreement, for example by causing damage to the property or failing to move out when their tenancy ends.
For most landlords their rented property is their largest asset and many simply cannot afford such problems. Just one missed rent payment by a tenant can cause landlords serious difficulties, such as being unable to pay their mortgage or other essential costs. Landlords who find themselves in the unfortunate position of having to seek possession of their property through the courts have to pay court fees, which last month increased significantly. Regaining possession can be a lengthy process - often around 3 months - which is a long and stressful time if you are not receiving any rental income and are not able to re-let your property.
This is a worse-case scenario but one that landlords using Leaders’ Premier Service and Rent Guarantee need never worry about. Our Premier Service and Rent Guarantee provides the most competitive and comprehensive protection available for landlords against loss of rental income and legal expenses. It has been designed to give landlords total peace of mind and to make things as easy and stress-free as possible if they experience problems during their tenancy.
This is not an insurance policy, rather it is our guarantee that landlords using this service will not suffer more than two weeks loss of rent. In addition, any legal fees they incur to regain possession of their property and obtain judgement for any rent arrears will also be covered*.
Not all rental guarantees are the same and when typical examples of loss of rent claims are compared our Premier and Service and Guarantee is found to consistently pay out more to the landlord offering greater protection than any other rental warranty products available.
This service is available only to Leaders landlords who use our fully managed or rent collection service for a fee of just an additional 2.95% of the rent. The cost can be offset against the landlord’s income tax liability for the rental property.