Covid-19 Bounce Back loans for property businesses16:06 PM, 5th May 2020
About 3 weeks ago 46
With all the adverse legislation now surrounding Tenant Deposit Protection I like to give my tenants another choice.
Guess which one they pick given this pitch?
“You need to pay one month of rent up front plus five weeks deposit. However, I can waive the deposit if you agree to pay an extra £20 a month of rent, because this will cover the costs of me buying a Zero Deposit Insurance Policy. Which do you prefer?”
As you might guess, most offer to pay an extra £20 a month of rent.
The risk to me is reduced because the insurance provides up to six weeks rent as cover. Furthermore, the £20 a month I charge also goes a long way towards the cost of a Rent Guarantee and Legal Fees Protection insurance policy, so that I get the rent whether the tenant pays or not, and the insurance company pays for the eviction costs if the tenant doesn’t pay the due rent. Obviously, this is subject to satisfactory referencing.
I arrange all of the above through LettingSupermarket.com, who also provide the following for an additional 5% of monthly rent + VAT.
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