Rent & Legal Protection
What is rent and legal protection?
Rent and legal protection is a policy that a landlord can have in place that could save them a small fortune if they need to rely upon it. As a landlord it comes as no surprise that the way the legal system works looks more favourably on the tenant than it does them and with that in mind we at Votta feel rent and legal cover is an absolute necessity for anyone renting property in the modern age.
What does it cover?
In purchasing rent and legal cover you get huge peace of mind when renting out your properties. You get cover for legal expenses as standard, rent protection in the event of a tenant defaulting and any other legal costs you may face in order to get possession such as costs for eviction. Its also another tax deductible allowance so financially it makes a lot of sense.
Why should I take out rent and legal cover?
Forgetting Covid 19, A tenant could default for a number of reasons whether it be losing a job, ill health or quite simply they have become difficult and feel that the contractual obligation they have signed within their tenancy agreement isn’t a priority anymore. whatever the reason you as a landlord need to have your ducks lined up because the cost of eviction, coupled with the time it takes to reach court and the arrears themselves could mount up into the thousands. Many landlords over the years have been financially decimated due to the actions of a tenant, therefore the saving grace in the the potential eventuality of a tenant defaulting gets taken under the wing of your rent and legal policy and mitigates that loss exponentially. The cost of a rent and legal policy for the entire year in most cases is a fraction of the monthly rent so the real question is not can you afford to have it but can you afford not to?
What if i risk it and go without?
You could do and it may all work out just fine but Imagine having to consult a solicitor to get possession of your property on your own, then getting the necessary paperwork together required by them to act on your behalf, then covering the cost for each consultation as well as the work itself. Already you are a few hundred pounds out of pocket, that’s before further losses of rent and the whole eviction process. With rent and legal cover this is all encapsulated by your policy with the agent who will handle the paperwork and liaise with the appointed legal representative on your behalf.
For further information on rent and legal cover please do speak with one of the team at Votta. Email Lettings@votta.co.uk or call 01843 262045 option 2.