ADAPTING TO FIGHT BACK
This new service has been developed as a direct response to the Renters Rights Bill. There are many, many parts to the Bill, however, we believe that the main changes that will affect landlords the most are the following: The Abolishment of Fixed Term Tenancies This essentially means that all tenancies will be periodic from day 1 and a tenant can give two months notice to end the tenancy at any point. The Abolishment of Section 21 Notices A landlord can no longer use this method to regain possession of the property by evicting the tenant. However, there will be increased grounds for repossession under section 8 as The bill has increased the mandatory threshold for eviction from 2 to 3 months’ arrears AND extended the notice period from 2 weeks to 4 weeks . A tenant could, therefore, have accrued 4 months' arrears before a landlord can submit a claim to Court. A More Evidence Based Process of Grounds for Possession All this means that documentary evidence, legal paperwork and audit trails will need to be absolutely spot on for any eviction proceedings to be valid. section 21’s will no longer exist. Revised Grounds for Rent Arrears
Rent Guarantee
A robust rent guarantee policy will be more important than ever before for landlords. Cope & Co. has a market leading policy that is INCLUDED within the LetSimple service. A few of the fantastic benefits are: NIL Excess insurance policy
100% of rent paid until vacant possession of the property Up to 6 weeks of the rent at 90% paid after vacant possession £100,000 Legal Costs Cover in order to obtain vacant possession
Given that there have not been any reforms to the overloaded Court system and that there are very substantial delays in hearing possession claims and enforcing possession orders, the benefits of this policy are vital.
Rent Guarantee is a no brainer - especially now that arrears are almost certainly going to increase. Having regular rent ensures that mortgage payments can still be paid.
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