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If I insist on a guarantor for my first BTL does this mean ill get my rent one way or the other in the end??Any experience with non payers and having to go down this route?Also any experience with Rent insurance?
Wll I get Paid Either Way
If you ask for guarantors only it will limit who can rent it. You are best off getting tenancy insurance so you get the money either way. If they have a guarantor thats all fine and good but you would still have to chase them for it, look for tenancy insurance companies with a good reputation of paying out, and take them to court if they don't pay out, as it would be easier collecting the money from them than it would a tenant who cannot pay.
So will the insurance company take them on if they haven't got a guarantor or if they claim any type of benefit?
If so how much does it cost ?
Hi ChrisThere are many different companies that offer this type of insurance, its called "rent guarantee insurance", here is a link to one just for information purposes: https://www.endsleigh.co.uk/business/lan...guarantee/I cannot say on the cost because they would have to quote you for it for your house but it is worth doing this so that you are covered, it covers you for if you have a tenant and they cannot pay their rent, it does not cover empty voids, so as long as you could get someone into the property then you would get your rent either way if you had insurance.
We try and hold out for homeowner guarantors on all our property, and get one on about 60% of cases. We sometimes compromise and take a lower quality working guarantor, and sometimes with low value property take anyone we can get even if they have no guarantor. All a guarantor means is that you have someone else on the hook if things go wrong. It still means you have to chase for your money, but does mean you have 2 people to go after rather than 1.
Hamilton Square Estates Ltd
Wirral Property Group Ltd
Sourcing and renovating investment property since 1994
I have lost faith in guarantors. So far, I have tried with two to get them to pay up and they just swerved.You would have to take them to small claims court if you wanted to extract the money from them, but I found that a huge hassle and you needed an A-Level in physics to fill out the forms. Now I have Rent Guarantee Insurance from PT insurance partner Alan Boswell. It costs around £90.00 per year. You can call the Alan Boswell team on 01603 649736.Learn more >>> here.
Vanessa Warwick Landlord and Co-Founder of PropertyTribes.com **If you have got value from Property Tribes, find out how you can support it in remaining a free to use community resource**
Is that the same price for dss do you know vanessa?
Hi Chris,I am afraid you cannot get rent guarantee insurance for tenants in receipt of benefits.
Vouch have just offered us rent guarantee insurance on benefits tenants as long as they pass a basic reference check.
I totally agree with the comments on here .. it's madness not to take rent and legal insurance .. I have just gone through 8 months of non payment, and legal process all covered by the insurance .. I did nothing and my rent was paid .
If you have a guarantor .. it's just another route for the solicitors to chase and take to court .. if you go alone and don't take out the insurance you have no guarantee they will pay up if the tenant won't .
Best of luck