What is our Rent and Legal Protection service?
Peace of mind for our Managed landlords Rent and Legal Protection service does exactly what it says on the tin – it protects the income (rent) of a property that has been let to a tenant. Sometimes things can go wrong – even when you’ve taken measures to protect yourself. Rent arrears can be disastrous for a landlord, who might rely on this income to pay a mortgage and other expenses.
With our Rent and Legal Protection service, landlords income will be protected and, if they need legal representation to recover it, our RLP service can help. For a monthly charge starting from £27.00 pcm including VAT, we’ll ask our insurer to note your interest on our insurance policy. This means that we will be able to provide you with the protections listed in this document. If your tenant does not pay the rent, for example, we will make a claim for you on our insurance. If the claim is successful, we will pay you any money recovered that is due to you.
Rent protection and recovery
We’ll cover the costs and expenses of legal proceedings, including the cost of appeals, and also provide legal representation from one of our trusted partners. We’ll appoint a legal representative for the duration of the proceedings and support throughout the process. We’ll have your interest noted on our master insurance policy and make claims for rent arrears, whilst a tenant or ex-tenant still occupies the property until vacant possession has been obtained. Then we’ll continue to pay 75% of rent until it is re-let by Stirling Ackroyd, for up to two months, whichever is soonest. Please note, this element of service is only paid out after a successful claim has been made for rent arrears. We’ll also cover the costs and expenses of recovering rent from a tenant or ex-tenant, if the rent has been overdue for at least one month.
Eviction of tenants and squatters
If there are squatters or ex-tenants in the property without the landlord’s consent, our cover will assist with the costs of eviction.
Legal expense cover
Our Master Policy can cover the costs and expenses of legal proceedings, including the cost of appeals, and also provide legal representation from one of our trusted partners. We’ll appoint a legal representative for the duration of the proceeding and provide support throughout the process.
Legal expenses for property damage cover
Should the property sustain physical damage of more than £1,000, caused by the tenant during the tenancy, we’ll claim under our policy to cover your legal expenses for pursuing a civil dispute.
Contract dispute cover
Our Master Policy can cover against costs and expenses relating to the dispute of a contract, entered into for the buying or hiring of any goods and services relating to the landlord’s property, providing the amount in dispute is over £100 and the agreement was entered into during the period the service was in place.
Standalone legal expense cover
Under our Master Policy we can claim for a landlord’s legal expense cover, to evict a tenant, should the tenant breach any part of their tenancy agreement that allows grounds for possession.
Exceptions and exclusions
A claim for rent arrears can only be submitted once a rental payment is at least one month late from the due date set out in the tenancy agreement. We will claim under our policy and, once the Insurer agrees the claim, you will be paid. You will remain responsible for paying Agents fees, as per our Terms of Business and Schedule of fees, plus any contractor invoices and bills you are responsible for relating to the property. If you have an existing tenancy and you wish to add Rent & Legal Protection, you can only benefit from the service after 60 days but will be subject to charges as per our schedule of fees. Once this period ends you will be protected, subject to the tenant not accruing any rent arrears, which have not been paid in full by the tenant before the 60 day time scale, or the service will be cancelled on day 61.