Guaranteed rental income .

phill2-0-0-3

Hi I'm after some advice for the best guaranteed rental company that some of you may have used .

I've been reading through all the reviews , but there seems to be a lot of grey area . Ie they cover repairs then in the small print they don't cover repairs ect

Any advice would be much appreciated as I will be taken a policy out within the next week

System

I have in the past used Northwood and found them to be pretty good but as with all companies the quality of service comes down to the individual office and staff, some are better than others. They are a franchised operation so each office is an individually owned business.


You will remain liable for any maintenance and they tend to offer around 20% of the market rent, there are no additional fees attached so the figure they quote is the amount you get unless there are any maintenance deductions.

Comms69

phill2-0-0-3 wrote: »

Hi I'm after some advice for the best guaranteed rental company that some of you may have used .

I've been reading through all the reviews , but there seems to be a lot of grey area . Ie they cover repairs then in the small print they don't cover repairs ect

Any advice would be much appreciated as I will be taken a policy out within the next week

That's like asking which is the best knife to get stabbed in the back with.


Guaranteed rent agreements aren't good.

theartfullodger

"Guaranteed Rent" scheme/scam.

Avoid. Any decent landlord insurance will cover non-payment of rent.

If tenant is so bad a guarantee/guarantor is required, avoid & get a better tenant.

Artful:. 19 years a Landlord

G_M

Simonr66 wrote: »

........ they tend to offer around 20% of the market rent, .

:eek:


Or do you mean 20% below market rent..........:huh:



But I agree with artful and comms - I'm no fan of these schemes. If you're worried about arrears etc take out relevant insurance and /or guarantors and, better still, vet appliacants well.

phill2-0-0-3

Many thanks for the responses . Lettingsaproperty.com have gave me a valuation . And explained there fee of £89 a month which includes rent even if there is no tennent .
Plus cover upto £500 of emergency repairs .
Seem preety good . So may progress with them after arranging the morgages

diggingdude

I'm not a landlord, I'm not sure you should be either

Slithery

Don't forget to explain to your mortgage broker that you need a product that will let you rent out under a commercial tenancy. A lot of BtL mortgages won't allow this.

G_M

Slithery wrote: »

Don't forget to explain to your mortgage broker that you need a product that will let you rent out under a commercial tenancy. A lot of BtL mortgages won't allow this.

Indeed. You'll be granting Lettingsaproperty.com a commercial lease, not an AST (Lettingsaproperty.com will not be living there!).


Many (most?) BTL mortgages are granted on condition the owner/mortgagor grants an AST.


You also need to check your buildings insurance. Again, many landlords buildings policies are conditional on ASTs.

Murphybear

Don’t forget you will have no say on the tenants, they are free to put in any they choose.

eddddy

phill2-0-0-3 wrote: »

Many thanks for the responses . Lettingsaproperty.com have gave me a valuation . And explained there fee of £89 a month which includes rent even if there is no tennent .
Plus cover upto £500 of emergency repairs .
Seem preety good . So may progress with them after arranging the morgages

Having taken a look at that website, it looks like you have misunderstood some stuff, and others in the thread have definitely misunderstood.

It sounds like you are talking about their 'Rent on Time' service.

If so, for £89 per month, you seem to get:

• Rent guarantee insurance

• Home emergency cover insurance

• Fully managed letting agency service

(All those things are available separately, or maybe together, from other providers)

Ignore comments above about commercial leases above, with this scheme you would be the landlord and your tenant would have an AST.

You seem to have misunderstood / misinterpreted a number of things.

• "Plus cover upto £500 of emergency repairs" - that's probably a snippet taken from the Home Emergency Insurance Policy

• "...which includes rent even if there is no [STRIKE]tennent[/STRIKE] tenant." - that's probably a mis-quote taken from the Rent Guarantee Insurance Policy. But it looks like it only applies for 2 months following a legal eviction.

It might be sensible to do a lot more research about the BTL business, before jumping in.