Directors’ Rental Guarantee
- Available from commencement of an Assured Shorthold Tenancy Agreement or mid-term.
- The fee will be set at 2% plus VAT and will be deducted from the monthly rent passing.
- Rent guaranteed for the lease duration or vacation of the tenant, whichever is sooner.
- The net proceeds of the Tenants Deposit will be payable to Lex Allan in the event of a claim being made.
- The Rental Guarantee will be effective from 10 days of the ’date of notification’ of the arrears arising.
- A Rental Guarantee will not be payable if the rent is outstanding for reasons due to the Landlord.
- The Rental Guarantee will have a maximum ceiling of £5000.
- Lex Allan will have an overriding option to withhold the Guarantee Facility in certain circumstances – such as us not recommending that tenant.
- The Rental Guarantee will not usually be available where rent is paid via Housing Benefit or where a tenant has a known history of rental arrears.
- The Guarantee will include a ‘Right of Cancellation’ by either party subject to one month’s written notice.
- The Rental Guarantee does not provide for financial reimbursement of any legal or professional fees that may be incurred in the recovery of rent, nor other costs associated with recovery of possession.
“Our rent guarantee is a clear demonstration of the confidence we have in our in house systems. Both in the terms of quality of our tenant referencing and rent management controls.”