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Landlord Advice

Portico Rent Guarantee

January 19, 2016

It’s every landlord’s biggest nightmare: a tenant who can’t, or refuses to pay rent.

We go to great lengths to make sure we only approve the best tenants, but unfortunately sometimes circumstances change and tenants fall into arrears of rent.

That’s why we offer a rental guarantee as standard, free as part of our Concierge package. That means you can sit back, enjoy a cuppa, and relax knowing you're fully covered...

What are you covered against?

Our comprehensive cover insures you from day one against a range of issues:

  1. We guarantee to pay your rent if the tenant doesn’t, offering cover of up to £4,000 per month
  2. We offer legal assistance to recover property damage costs over £1,000
  3. We offer cover of up to £10,000 for rent arrears and legal expenses
  4. We offer cover against vacant possession (even if it is after the expiry date of the policy)
  5. If we evict your tenant, we will pay 50% of the rent for up to 3 months while we re-advertise

What is classed as a late rent payment?

We will always chase late payments from the tenant. If payment is not made within 1 week (5 business days) it is classed as a late payment.

How does it work?

If we manage your property, we collect the rent. So if a tenant is late paying, our team of accountants will chase them straight away and can even take payment by card over the phone. Our policy works per tenancy agreement and not per tenant - so even if all your tenants refused to pay rent, you’re completely covered; we will still make sure you get paid on time.

Tenant referencing

Because we guarantee rental income, as you may expect, we take tenant referencing very seriously. We have an in-house team of paralegals - many of whom have legal qualifications - who do the detective work on every tenant we place. As well as making sure a tenant can comfortably afford the rent, the team check references, payslips, bank statements and run credit checks to make sure our tenants are exactly who they say they are.

If you think a rent guarantee may be useful to you, give us a call on 0207 099 4000.

We already know how much your rental property is worth. Type your postcode to find out and get an online valuation within 60 seconds.

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