RENT PROTECT
HOW CAN YOU LOOK AFTER JAMES?
This is James. He’s an ‘accidental landlord’. After his parents passed away, his family were left their property. But due to delays dealing with the probate of the estate, the family decided to let out the property to cover the mortgage payments and avoid leaving it unoccupied.
James offered to manage the let as he lives locally. New tenants moved into the property four months ago, and that’s when the problems started.
Despite having passed a reference, and paying the first month’s rent and deposit, when the second month’s rent was due, the tenants failed to pay it and haven’t paid any rent since. The property’s neighbours have also told James that the tenants often have late night parties with lots of visitors and are causing a real nuisance in the neighbourhood. It’s also clear the property isn’t being looked after.
James needs to get the tenants evicted but, unfortunately, he lives in an area where there are delays of up to six months in cases being heard at courts, and even when a possession order is obtained, bailiff appointments can take up to a further three months.
This means that James and his family are going to have to wait at least nine months before they can hope to recover the property. During this time, they’ll be concerned and upset about what is happening to their parents’ home.
Changes in legislation and their impact on eviction times make it more important than ever for landlords like James to be able to mitigate the risks and protect against rent arrears and eviction costs.
Current rent guarantee and legal expenses insurance policies provide a wide breadth of different elements, but this cover and its cost are too much for James. He is looking for a more straight forward and affordable option to meet his needs.
Addept’s Rent Protect ‘Essentials’ solution is a back to basics, cost effective alternative to current rent guarantee and legal expenses products. Offering Landlord’s Legal Expenses and Rent Protection Insurance it provides the essential elements of cover needed to address the risks of unpaid rent and eviction costs.
This product provides:-
£50,000 cover limit per insured event for repossession and eviction of squatters.
Up to £2,500 per month to cover rent arrears for a maximum of 12 months.
Available: -
as an add-on to a landlord’s buildings insurance policy, or
on a standalone basis, or
to letting agents seeking to reinsure a rental warranty they have provided to their landlords under their management service.
24-hour Legal Helpline providing advice on any legal matter relating to residential landlord activities.