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  • FIRST POST
    • Susy909
    • By Susy909 7th Sep 17, 12:07 PM
    • 31Posts
    • 0Thanks
    Susy909
    GUaranteed rent eg Northwood
    • #1
    • 7th Sep 17, 12:07 PM
    GUaranteed rent eg Northwood 7th Sep 17 at 12:07 PM
    Does anyone know any guaranteed rent companies or insurance except from Northwood?
Page 1
    • agrinnall
    • By agrinnall 7th Sep 17, 1:29 PM
    • 18,434 Posts
    • 14,147 Thanks
    agrinnall
    • #2
    • 7th Sep 17, 1:29 PM
    • #2
    • 7th Sep 17, 1:29 PM
    I suggest you do a search and have a look at the results to see if any of them meet your needs, my search threw up 3 apart from Northwood on the first page of results (although one of them warns that the site may be hacked, so I'd be wary about going to that one).
    • walwyn1978
    • By walwyn1978 7th Sep 17, 1:50 PM
    • 348 Posts
    • 306 Thanks
    walwyn1978
    • #3
    • 7th Sep 17, 1:50 PM
    • #3
    • 7th Sep 17, 1:50 PM
    From the experience a colleague has had with two of them one of which was Northwood I believe the issues are universal, Northwood as the big market player just gets more threads on here mentioning them for example.
    • G_M
    • By G_M 7th Sep 17, 3:27 PM
    • 41,087 Posts
    • 47,233 Thanks
    G_M
    • #4
    • 7th Sep 17, 3:27 PM
    • #4
    • 7th Sep 17, 3:27 PM
    Try Bing, Google, Yahoo or similar.

    But why would you want to go down this road.........?

    * New landlords: advice, information & links
    • eddddy
    • By eddddy 7th Sep 17, 4:30 PM
    • 5,130 Posts
    • 4,784 Thanks
    eddddy
    • #5
    • 7th Sep 17, 4:30 PM
    • #5
    • 7th Sep 17, 4:30 PM
    I'm not familiar with that specific firm, but the two big potential problems with these types of schemes are:

    1. Quoting from their website:

    ... We [Northwood] then sub-let the property, taking great care to select the right kind of tenants...

    Repair of tenant-caused damage is covered for up to 1.5 months of rent value.
    So you have no say over the choice of tenant. Then if the tenant trashes the place - perhaps doing £5k worth of damage - it sounds like you only get a max of 1.5 x monthly rent as compensation.


    2. Say you let the property to the agency for 1 year, but their tenant refuses to move out at the end of the year.
    • Does the agency undertake the eviction process, and continue to pay you the guaranteed rent until the tenant finally leaves?
    • Or does the agency just hand back the property to you - with a 'difficult' tenant who may not pay you rent and that you'll need to evict yourself?
    • Susy909
    • By Susy909 7th Sep 17, 8:51 PM
    • 31 Posts
    • 0 Thanks
    Susy909
    • #6
    • 7th Sep 17, 8:51 PM
    • #6
    • 7th Sep 17, 8:51 PM
    I agree, the 1.5x monthly rent is very risky, a deal breaker
    • G_M
    • By G_M 7th Sep 17, 8:53 PM
    • 41,087 Posts
    • 47,233 Thanks
    G_M
    • #7
    • 7th Sep 17, 8:53 PM
    • #7
    • 7th Sep 17, 8:53 PM
    And your tenancy with Northwoods is a commercial tenancy, not an AST.

    You can't use S21 or S8 Notices............
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