Rental Guarantee and Legal Cover Service

Over recent months, mortgage applications and approvals have been on the up, however September provided the UK with the highest number of mortgage approvals since 2007. The 13 year high comes as a result of pent up demand following the first national lockdown, a rise in house prices and a change in buyer demands – similar to the change in tenant demands.

During this time, paying off your mortgage might seem a little more daunting. While we are doing our best to encourage and ensure that tenants are continuing to pay their rent in full each month, the current climate does mean it may not be possible in every circumstance. While there are Government rules and advice on this matter, Ascend are also able to offer you a rent guarantee and legal cover service, the perfect solution to help alleviate the main concern for landlords in PRS.

The service provides:

• 100% rent protection, zero excess

• Rent paid for 6 months or until vacant possession is gained, whichever is sooner

• Policies are payable either annually or monthly 

• Available for new tenancies

• Available for existing tenancies

• Legal costs to obtain possession of the property if the tenant fails to pay the rent. Court attendance included as part of the service

• Policy is per property, and fully transferable to ensure continuous cover even when tenants change (subject to satisfactory references)

• Policies are paid annually 

For landlords with existing tenancies and no protection currently in place:

• This guarantee can be commenced mid-tenancy

• No requirement to re-reference the tenant in order to qualify

No exclusion period (normally 90 days) - a claim can be made even if a tenant stops paying rent immediately after the guarantee commences *Terms and conditions apply

Cost: 2.5% of annual rental income + VAT per property, per annum

Everything you see listed above is included in that one-off payment, which is a small price to pay for the peace of mind it provides!

For more information and to get signed up, please don’t hesitate to get in contact with your Portfolio Manager.