sadsmile23 Posted September 30, 2008 Share Posted September 30, 2008 Hi, does anyone know of any good companies that do a stand-alone rent guarantee scheme? I've just done a search on internet and there's a few that seem very reasonable, much better than the deal with the letting agents. Are they a good idea? Link to comment Share on other sites More sharing options...
Guest traybears Posted September 30, 2008 Share Posted September 30, 2008 hi,i've heard of 'northwood', they use to advertised on chiltern radio.they didn't do in our area though.good luck.tracy.xx. Link to comment Share on other sites More sharing options...
sadsmile23 Posted September 30, 2008 Author Share Posted September 30, 2008 hi, yeah thanks thats one of the letting agents we are considering. Just wondering about separate schemes on offer thats all Link to comment Share on other sites More sharing options...
Guest oscars mum Posted September 30, 2008 Share Posted September 30, 2008 We have a rent guarantee in place for a property we left in the u.k. When you look into making a claim it's an absolute minefield! We left the house with a well known agent in wakefield, west yorks, 3 months ago.So far he has only paid one months rent and he now owes me over £1000, He refused to return calls and respond to letters the agent sent him so I had to take matters into my own hands. I contacted both neighbours who confirmed that He had been sacked from his job and was now working cash in hand He kept 2 big dogs at the house He sublet the house to 5 other people and the house is in a complete mess!! We have had to resort to other measures to get him out of the house as the agent "has to follow a certain procedure which can take months to evict him" We have also found in the house a warrent for his arrest, numerous loan applications in false names, letters from DSS stating how much his benefits were, the list goes on and on. Beware when renting out property. Link to comment Share on other sites More sharing options...
sadsmile23 Posted September 30, 2008 Author Share Posted September 30, 2008 :err:Yikes - how depressing!!! Dont want the horror stories, just a bit of advice! Link to comment Share on other sites More sharing options...
TheBrammies Posted September 30, 2008 Share Posted September 30, 2008 didnt they do a check on him Link to comment Share on other sites More sharing options...
Guest Andy and Tracy Posted September 30, 2008 Share Posted September 30, 2008 Please don't ignore oscarsmums advice! Look at how you can avoid that happening to you! I let my own properties and the best advice I can give is to take up and CHECK lots of references. This is far more useful than a rent guarantee scheme. You must use an Agent of some kind if you are inexperienced as a Landlord - PLEASE! The council will fine you thousands if you get it wrong. You have to have Gas safety Certificates in place annually, electrical safety inspection certs every 5 years ( this is about to change). If you let after 1st Oct, you now have to have an Energy Performance Certificate. If you have a property over 3 floors and / or 5 beds that you let to more than one person you have to have an HMO. But I take it you know all this if you didn't want oscarsmums advice! If someone were to die through carbon monoxide poisoning from a dodgy boiler, you would be prosecuted for manslaughter. This is extreme I know, but this is why there are such tough laws for Landlords. Ignore our advice at your peril! And remember, once you move out, DETACH yourself from the emotional ties in your home. You are now a business person (Landlord) and the "home" is your asset and business. I started a post on renting out your home in the UK- how you complete your UK tax return,which you might find helpful. Think of those bricks as wads of £50 notes - you have to do as much as you can to protect them. If you were to have a rent guarantee but no Assured Shorthold Tenancy Agreement, you would have no rights to evict your tenant. It is also illegal for you to take a deposit and not register it with an approved insurance scheme or government backed deposit protection service. The rent is not everything. If you are going to be on the other side of the world, a prosepctive tenant can pay 6 months upfront, but no more once you're gone and you can't evict him! Better to get good references from former Landlords / Banks / Employers. Check your tenants are in full - time employment. Check their credit rating. My houses have been trashed by the "loveliest people you can meet." They cease being lovely people when they owe you money. You wouldn't hand over the keys to your car with this little thought! You don't have to take my advice, but I am sure every other Landlord will warn you of the same stuff. This is probably the greatest asset you will ever own - treat it as a business. Oscarsmum is not scaremongering. I can tell you stories 100 times worse!! YOU MUST PROTECT YOUR ASSETS IF YOU ARE THINKING OF RENTING OUT YOUR PROPERTIES. I know Agents charge a fortune (think how I feel as I will have to pay them now too!) but it is a small price to pay! Please take care. Tracy Link to comment Share on other sites More sharing options...
Guest oscars mum Posted September 30, 2008 Share Posted September 30, 2008 didnt they do a check on him Yes he provided references and paid for a full credit check report, this is a condition of the rent protection insurance scheme. Link to comment Share on other sites More sharing options...
Guest slipshot Posted December 27, 2008 Share Posted December 27, 2008 I started a post on renting out your home in the UK- how you complete your UK tax return,which you might find helpful. Hi there Any chance you can post a link to this - I'd find it very useful... Thanks Link to comment Share on other sites More sharing options...
Guest odk Posted January 28, 2009 Share Posted January 28, 2009 try http://www.lets-cover.co.uk/services/guarantee.asp i used them to sort out my rent guarantee insurance Link to comment Share on other sites More sharing options...
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