A look at new services available to landlords from London property specialists Felicity J Lord.
Online PR News – 07-August-2009 – – The current difficult financial climate can mean additional problems for landlords, with tenants unable to pay the rent due to unforeseen circumstances. But now landlords can protect themselves against loss of rental income with a new insurance scheme for property owners, says Felicity J Lord lettings agency, specialists in providing property london services.
Felicity J Lord lettings Managing Director Andrew Berry said: “The advantage of rent and legal expenses insurance is that experts can be brought in to sort out any problem once the tenant has defaulted by missing two months’ rent. The landlord will continue to receive the rent they are due, plus they get free legal advice and, if necessary, free legal action and support will continue until the situation is resolved.”
Despite an agent taking every care in selecting suitable tenants, the unexpected can still happen. Tenants can find themselves facing redundancy or struggling to manage their finances, or a co-tenant may leave. Rental guarantee and legal expenses insurance gives landlords peace of mind, whatever the reason for the rental default.
The comprehensive rental insurance package offered by Felicity J Lord lettings covers rental income up to £4,000 per month, and the policy guarantees to pay out until vacant possession is obtained and offers a further six weeks rental cover so the landlord can prepare the property for re-letting. Rent arrears are also covered for a maximum of twelve months from the first date of default. In all, the policy offers up to £50,000 indemnity.
The rent and legal expenses insurance is available to all landlords whose property is managed or on a rent collect service with Felicity J Lord. Landlords can buy into the policy right from the start or after the tenancy has already started (subject to policy terms and conditions). The cost of coverage is very reasonable. Felicity J Lord is able to provide our rental and legal expenses package at competitive rates because of the buying power of the Spicerhaart Group network, of which we are a part.
Felicity J Lord lettings is part of the country’s largest independent estate agency group, Spicerhaart, which looks after more than 6,000 rental properties nationwide, and is a member of the Association of Residential Lettings Agents (ARLA).