Hooray!! – LRS keeps you safer as Rent Guarantee & Legal Expenses Insurance goes live at landlordreferencing.co.uk | Discuss

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Hooray!! – LRS keeps you safer as Rent Guarantee & Legal Expenses Insurance goes live at landlordreferencing.co.uk
14/07/2014
12:23 pm
Paul Routledge
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20/05/2011
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I am pleased, at last, to be able to put up this personal post to tell our members and guests about our new Rent Guarantee & Legal Expenses Insurance that are now being offered at landlordreferencing.co.uk. The launch of Rentsafeuk.co.uk now runs alongside our tenant referencing and the UK’s only unique Lifestyle Referencing Service.

Rentsafeuk.co.uk is not an affiliate, it is 100% owned by the Directors of landlordreferencing.co.uk group of companies.  Therefore, as it is our constant pledge to our members for the complete security of their data and because the Directors of Landlord Referencing are the majority shareholders in the companies that we sell services through to support the network, your details are never at risk of being sold off to spammers for a profit  which frequently happens with other companies and even the HMRC are in on the act..

Following a year of research and Rentsafe.co.uk getting their FCA licenses, we have chosen to start by offering some fantastic products as listed below, however, unlike others, we will not be offering 6 month policies because in our opinion, these are basically useless and used mostly by letting agents as a gift or a sprat to catch the mackerel in order to get landlords’ managed properties on board with them. Just ask yourself the question “would you insure your property for only six months?” If the answer is no, then why insure your rental income for only 6 months? You need to insure your rental income for the entire period that you have a tenant giving you a rental income which is year on year and that stops you becoming one of the 35,000 landlords that were repossessed last year alone.

Rentsafeuk.co.uk policies, as stated above, are for 1 year and can be rolled over year on year. They will be for £50,000 per claim (unlike others who only offer £15/25K).  At LRS, we know better than anyone that costs escalate very, very fast when a tenant refuses to move, causes malicious damage to your property and never pays a penny in rent.  This of course does not even include the legal costs you will start to run up trying to remove them! Any good landlord or letting agent will realise that £25k can be exceeded very quickly, and especially as explained by one London letting agent “in places like London and other premium rental cities £25K would not cover anywhere near a bad case of eviction through non-payment of rent, damages and legal costs”.

Another great feature about these policies is that the rentsafeuk.co.uk products are not registered against the tenant, they are registered against your property.  Therefore, if your tenant changes within the period of the insurance, then you will not need to take out a new policy you will just need to reference your new tenant to the standards required and your policy is still valid.

At LRS we are constantly trying to keep our members safe and we are now very aware that the tax man wants our blood as well as our money.  Should you be subjected to a random investigation by HMRC then, take it from me, it is expensive and very wearing on you and your entire family.  My company investigation across three companies and three directors cost £40k and lasted 6 years and they only discovered a wrong entry for a £300 company car overpayment yet we were expected to foot the Accountants bill to prove our innocence – a bill which came to over £20k a company.  What you must remember is when it comes to the tax man, you are guilty until you have proved you are innocent which comes at great expense and even when proving you are whiter than white, you will bear all the cost involved in showing HMRC you are not a tax evader.

Rentsafeuk.co.uk PROPERTY LET – STANDARD, RENT ARREARS, TAX PROTECTION & CONTRACT DISPUTES covers you for this horrendous eventuality and is only £25 more a year than the PROPERTY LET – STANDARD & RENT ARREARS. It may just be the best £25 you ever spend if the tax man comes knocking.

See more at: Landlords named and shamed by HMRC – Tax Investigation Insurance is now more important than ever

 

We are constantly working to add new products that will help our members in other areas but all in all we hope we have thought of everything to keep our members a bit safer with the launch of these new products and here are the products that we offer members alongside your unique Tenant Referencing Management Dashboard

You can visit rentsafeuk.co.uk at

http://www.landlordreferencing.....entsafeuk/

PROPERTY STANDARD LET – £75 – £50k cover term 1 year

Repossession

Property Damage

Eviction of Squatters

Rent Recovery from the tenant

Legal Defence

Hotel Expenses

Storage Costs

See more on this product CLICK HERE

 

PROPERTY LET – STANDARD & RENT ARREARS – £100 – £50k cover term 1 year

Repossession

Property Damage

Eviction of Squatters

Rent Recovery from the tenant

Rent Arrears

Legal Defence

Hotel Expenses

Storage Costs

See more on this product at: CLICK HERE

 

PROPERTY LET – STANDARD, RENT ARREARS, TAX PROTECTION & CONTRACT DISPUTES – £125 – £50k cover term 1 year.

Repossession

Property Damage

Eviction of Squatters

Rent Recovery from the tenant

Rent Arrears

Legal Defence

Tax Protection

Contract Disputes

Hotel Expenses

Storage Costs

See more on this product CLICK HERE

 

If you have any questions please contact us here (Contact us) and someone will call you straight back with the assistance you require. I thank all of you in advance of using our products as all the revenue will be reinvested into making the community stronger and in turn keeping us all safer. As I have always said if all landlords & letting agents Join LRS Free then any tenant who has deceived or cheated one of us has deceived and cheated us all and therefore will not get a new home with any of us.

Become a better Landlord & Letting Agent for yourself and your clients Join LRS today “FREE” and get better tenants.

IMPORTANT UPDATE: We can now offer our insurance to Landlords who have not taken a deposit from their tenants. Read the details here.

 

Info Links:

How to buy rentsafeuk.co.uk products  (Click Here).

Rentsafeuk.co.uk FAQ’s  (Click Here)

Contact Rentasfaeuk.co.uk (Click Here)

 

Related Rent Guarantee Articles..

The History of Insurance – why you should invest in Rent Guarantees  

Any advice on landlord rental guarantee schemes by letting agents?

Which Tenant Reference & Rent Guarantee Product should I get?

 

Other Rent guarantee posts in the forum Library:

http://www.landlordreferencing.....;include=2

 

Paul Routledge
CEO

.....................................................

Bad Tenants cost Landlords their Property and Letting Agents their important clients.

Well not anymore Read on >>

How to protect yourself from Rent Loss, Expensive legal bills and Malicious Property Damage

14/07/2014
2:30 pm
Guest
Guests

Hi, I am Abby, and I am part of the LRS Letting Agents Account Management Team. We are here to assist busy Letting Agents with their tenant referencing and rent guarantee insurance. If you are one of those Letting Agents and would like me to explain our great new service please call me on 0800 9994 994or email me on abby@landlordreferencing.co.uk and I would be happy to call you back. 

I am really looking forward to being part of this great new service for Letting Agents and I look forward to hearing from you. 

For all the good reasons why you should protect your landlords from rent arrears, property damage and eviction costs. 

look here

and more

The History of Insurance – why you should invest in Rent Guarantees  

Any advice on landlord rental guarantee schemes by letting agents?

Which Tenant Reference & Rent Guarantee Product should I get?

 

Abby-Gayle Sharper - Letting Agents Account Manager

0800 9994 994

abby@landlordreferencing.co.uk

Helping busy Letting Agents to keep their clients safe

14/07/2014
8:12 pm
Mary Latham
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Congratulations Paul and all at LRS i know that you have worked hard for a long time to bring these insurances to landlords and letting agents - thank you.  

Follow me on Twitter @landlordtweets

15/07/2014
12:59 am
PaulBarrett
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Must admit for the max of £125 you have come up with a compelling case for every LL to have such  insurances.

But like all good things it always the terms and conditions that let things down.

So lets have the full conditions made available BEFORE anyone takes a policy out; INCLUDING the claim conditions!

We can then read at our leisure to determine if the offer is as good as it sounds!?

I hope it is market beating and that any LL that would consider RGI would be mad not to take out at least the minimum package!

All to do now is to accept LHA tenants WITHOUT any guarantor!!

It will NEVER happen; but if rentsafe can be convinced as to the merits of such; LRS will wipe the floor with any other RGI provider!!

The LHA tenants will not be considered the untouchables that they are presently viewed as.

Get LHA tenants covered by RGI and the rental market would be transformed overnight.

It will NEVER happen as no insurance underwriter in their right mind would ever cover a HB tenant without a guarantor that passed the RGI checking process.

I await too be proven wrong and would love to be so!!

But compared to other offers out there the LRS offer would seem to be somewhat outstanding!!!

Proof of the pudding is in the eating!!

15/07/2014
8:40 am
Pierce & Co Leighton Buzzard
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Hi Paul R this sounds interesting.

Can you clarify please, and excuse me if it is in the brochure but I don't have time at the moment to read it all, if the policy covers the landlord for rent once the tenant has been evicted but it takes say 3 months to bring the property back up to standard?

Example:

Tenant is evicted in month 7 but it take 3 months to restore it to a decent standard. Will the policy pay out whilst it is being restored or does it stop once they are evicted?

Thanks

Mark A Reynolds Pierce & Co Residential Letting Agents http://www.pierceandco.co.uk 01296 20 1234

15/07/2014
10:05 am
Guest
Guests

Pierce & Co Leighton Buzzard said
Hi Paul R this sounds interesting.

Can you clarify please, and excuse me if it is in the brochure but I don't have time at the moment to read it all, if the policy covers the landlord for rent once the tenant has been evicted but it takes say 3 months to bring the property back up to standard?

Example:

Tenant is evicted in month 7 but it take 3 months to restore it to a decent standard. Will the policy pay out whilst it is being restored or does it stop once they are evicted?

Thanks

Thank you very much for your question. It helps us to understand what is important to our members. 

 

"If after vacant possession
your property needs damage
repaired to enable you to
re-let it, we will pay 50%
of your rent arrears for a
maximum of three months
or until the property is re-let,
whichever happens first."

Page 7 section 5(b) Standard cover + Rent arrears policy document

Source Here

15/07/2014
3:03 pm
Paul Routledge
Admin
Forum Posts: 3415
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20/05/2011
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PaulBarrett said
Must admit for the max of £125 you have come up with a compelling case for every LL to have such  insurances.

But like all good things it always the terms and conditions that let things down.

So lets have the full conditions made available BEFORE anyone takes a policy out; INCLUDING the claim conditions!

We can then read at our leisure to determine if the offer is as good as it sounds!?

I hope it is market beating and that any LL that would consider RGI would be mad not to take out at least the minimum package!

All to do now is to accept LHA tenants WITHOUT any guarantor!!

It will NEVER happen; but if rentsafe can be convinced as to the merits of such; LRS will wipe the floor with any other RGI provider!!

The LHA tenants will not be considered the untouchables that they are presently viewed as.

Get LHA tenants covered by RGI and the rental market would be transformed overnight.

It will NEVER happen as no insurance underwriter in their right mind would ever cover a HB tenant without a guarantor that passed the RGI checking process.

I await too be proven wrong and would love to be so!!

But compared to other offers out there the LRS offer would seem to be somewhat outstanding!!!

Proof of the pudding is in the eating!!

Yes Paul, as is everything the proof of the pudding is indeed in the eating. However like most things the pudding tastes foul because ingredients have been left out and just like that policies fail because the insured have not followed the right protocol and not adhered to what is required of them and that is why insurers can slip through the net. It is like a car insurance you can insure any car but only in the event of a claim do you have to prove you told the truth about your license and that your car was roadworthy.

RGI fails because the landlord or letting agent fails to prove that they referenced properly and/or followed the right procedures required by the insurers. As you know the new referencing portal and management dashboard allows members to carry out the entire reference and to archive those references in the event of a claim for just £12.

With regards to the small print I always say read the document content properly and in the event of a tenant not meeting their AST agreement contact the insurers and ask what the protocol is if you are not sure. Never second guess what to do and always make sure you follow procedure, the right ingredients as it would be and then the pudding will always be good to the taste buds and as you say the LRS products compared to what others offer would seem to be somewhat outstanding!!!  I hope that's because they are!Smile

 

Paul Routledge
CEO

.....................................................

Bad Tenants cost Landlords their Property and Letting Agents their important clients.

Well not anymore Read on >>

How to protect yourself from Rent Loss, Expensive legal bills and Malicious Property Damage

15/07/2014
3:23 pm
londonlandlord
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29/08/2013
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Just purchased my first policy with the tax protection on my house in Kilburn. It was very easy to do tenant, referenced my tenant who got a score of 347 so now have total piece of mind that my rent and damages by a tenant are all insured as well as the property itself.

Thanks guys a great service. 10/10

15/07/2014
11:45 pm
PaulBarrett
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Not read through conditions; but even the point highlighted about paying RGI out at 50 % AFTER eviction is VERY impressive!!

My last RGI claim would have meant that using a LRS policy I would have saved another £1200!!

I must admit that it does seem that the LRS offer is beating the competition hands down!!

Would it be useful to have a tabular format indicating the merits of some of the market leading RGI offers compared to LRS which I'm sure WILL become the market leader; watch out  Homelet!!

So with the LRS column on the tabular format LOTS of ticks to out tick all the other providers!!

16/07/2014
6:21 am
Paul Routledge
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That’s a good idea Paul thank you, the problem is that we are all working flat out here and its getting the time to do the research as to which is the best products, we undertook this on the referencing (See what LRS offers V’s the competition) and it gave members a great insight to what we do and why it is better. However it is very time consuming because unlike LRS many RGI providers do as you say hide the small print or insist the client uses their lowest denominator referencing to get a tenant and sell them RGI..

I did a reference yesterday again for homelet and I could have told them anything I wanted and even called myself Micky Mouse they even had the wrong address written down for them. They will undoubtedly get RGI on the tenant as his credit was without CCJ’s but the truth is the guy was an absolute AH, constantly late with the rent, argued about everything and was never wrong even though the CAB and Housing Standards told him he was. I would not wish him on anyone RGI or not and if the new landlord was a member of LRS then they would have been told that from me direct. The plain fact is if you are not using LRS you are still taking someone else’s bad tenants and even though you may get RGI on them that will not save you from still having the tenant from hell and getting rid of them and all the stress that goes with it.

Yeah, LRS policies are great but I don’t want you to take a bad tenant in the first place our RGI policies are not to mug off our members to get them to take any old Tom, **** ******* **** **** ******** ******* ***** **** **** **** ***** ******* ********* ******** *** **** ****** ********** ************ **** *********** ************* or Harry they are there if Tom, **** ******* **** **** ******** ******* ***** **** **** **** ***** ******* ********* ******** *** **** ****** ********** ************ **** *********** ************* or Harry turn bad in the future but has not been bad in the past.

 

Paul Routledge CEO

Tenant Referencing UK.Com

16/07/2014
8:30 am
David Price
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Paul as an aside to the main theme of this thread I have reported dozens of bad tenants on Landlord Referencing.  I have never had a prospective landlord contact me for information.Cry

16/07/2014
8:52 am
londonlandlord
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Paul, I bought a policy yesterday and I am very pleased with the service thank you.

I have been away recently and I and my lovely wife are going to spend more time in Spain as we have just bought a small finca in Torrevieja. I am at last retiring I would like to get rent guarantee on my other tenants for peace of mind and security of income, can I insure my old tenants who have been with me for up to 3 years?

16/07/2014
9:59 am
tassotti
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David Price said
Paul as an aside to the main theme of this thread I have reported dozens of bad tenants on Landlord Referencing.  I have never had a prospective landlord contact me for information.Cry

Could be that not enough LLs are members of LRS.

Also, personally, if I had an application from someone who had shown up in the tenant alert, or had a bad Lifestyle reference, I would reject them immediately without needing to contact the previous LL.

16/07/2014
11:17 am
Paul Routledge
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David,

That goes to show you how inept some landlords & letting agents are when they don’t or won’t join LRS and check for someone else’s bad tenants. Those tenants you mention you uploaded are living somewhere and someone is taking them that is for sure. Your statement is not one of concern to me that people are not getting matches and contacting you as we get many matches on the system every week, your comments are a testimony that good landlords like you are uploading problem tenants to protect others and yet nonsensical landlords and letting agents who have a free tool to protect themselves are still taking them despite our efforts to get them to join. “Crazy”

London,

You can register the RGI insurance against your property even if your tenant has been in-situ for a long time. The thing that will be different is that if you make a claim the insurance company will not pay for rent for the first 90 days and you will have to re-reference your tenants to make sure their financial status is still acceptable. If anyone wants help with this just call us on 0800 9994 994.

 

If taking RGI please make sure that your tenants status is good and that they are not in arrears etc: The biggest problem is, is when landlords think they will take out insurance because a tenant start to get iffy and the insurance company find a indiscretion in the claim and refuses to pay.  Honesty and transparency is the best when dealing with insurers.  

 

Tassotti,

You are of course correct and we need every LL & LA to join LRS to make us all safer but unfortunately I think that may just be a pipe dream in the near future, I think tenant referencing should be made law as the same way that government is pushing pay day loan companies to reference better before giving loans. I find it quite ironic that government want borrowers to be vetted better to make sure they can afford the loans but does not give a monkeys uncle that they sign a contract of tenure when they can ill afford the rent because some landlords & agents don’t bother to reference them properly.

 Regarding tenant alerts I went to an agent the other week who has a board out the back with all the tenant alerts on it like the pub watch alerts of banned drunks they have in the pubs across the towns and if a tenant with the same initials come in they are immediately on their guard. I think they also use it to refuse to do a viewings if the tenant is the subject of a bad tenant alert as they are pre-warned that they are not going to pass the referencing.

 

Paul Routledge CEO

Tenant Referencing UK.Com

19/07/2014
6:22 pm
Paul Routledge
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Thank you to everyone who supported LRS this week in referencing and the purchase of RGI products, we had over 53 new members last week and they all uploaded there tenants both good and bad and that keeps us safer from the bad ones and gives the good ones a better home in the future if they want or need to move on.

As LRS grows our members know that their support in purchasing products and using the systems will go straight back into spreading the word to get more members to keep us all safer. So again thank you for your support and thank you for being part of a community that is making a difference to protecting the majority of landlords, letting agents who are a good hard working, tax paying, professional bunch who just want to get paid for the services we provide and be shown respect for the good property that we let out.

Join LRS NOW FREE and get the best tenant referencing management system in the UK for just £7 a reference. 

 
 
Paul Routledge CEO

Tenant Referencing UK.Com

21/07/2014
9:43 am
londonlandlord
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Paul,

I have recently had a tenant move in about three months ago and would like to take out a policy against the tenant defaulting, can you tell me what the time scale is from referencing and putting a tenant in until the policy is no longer one taken out on application but one that is retrospectively taken out at a later date.

21/07/2014
10:21 am
Paul Routledge
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London,

A good question and one that I will now get put into the FAQ’s on rentsafe.co.uk website.

Here is the question that I put to the insurers recently, we have many members that wish to take out the RGI with tenants they already have, some may have been in tenure for years and others several months where they have been waiting for us to get the products live and we have many references that will be valid for RGI but are now over two months old in tenure so the question is;

Q; What is the period between the referencing taken and the tenant going in and the RGI cover being taken out before it becomes a retrospective policy.

A; If the reference is only a couple of months old it will be accepted as a new tenancy. The policy doesn't stipulate a specific length of time between referencing and taking out the policy and therefore new business which has been held up because you were trying to get your services sorted will still be accepted as new.

I have summarised the above to mean that any LRS members who took out referencing in the last 2 months on a new tenant and the tenant achieved a score of over 200+ will still be deemed to be a new tenant. Tenants who have been in place for more than 2 months will be treated as retrospective and will be subjected to the retrospective terms and conditions.

 

Paul Routledge CEO

Tenant Referencing UK.Com

24/07/2014
4:31 pm
Tenant Referencing
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I have just spoken to a landlord who has insured all his properties with the PROPERTY LET – STANDARD & RENT ARREARS at £100 a year. This is what he told me

"I would not risk losing one of my investment properties because of a fire and there is far more chance of a tenant not paying me the rent or causing major property damage than there is of one of them burning one of them down. This is going to cost me £1.50 a week after tax relief - its a no brainer"

This landlord also lets to people on benefits which are more difficult to cover and we will be getting back to him with some good news soon.

 

If you want a reality check on how much landlords do lose in rent arrears and property damages please LOOK HERE. This is the reason that LRS developed the new insurance services through RentSafeUK.

 
25/07/2014
7:59 am
Sharon Carmichael
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12/10/2011
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Thanks LRS - I have taken out a number of policies now - some are for new tenants and some have been retrospectively for tenants who had been there for less than 2 months.  Having had a bad tenant that cost me thousands and as per the comments above, it is a no brainer and not insuring is crazy  The cover that is offered is superb - my preferred product is the £100 policy because I am already insured elsewhere for HMRC inspections.

It is such a simple and easy process and I have to thank you LRS so much for bringing this product to the market.  How about something to insure DSS now?

25/07/2014
9:12 am
Paul Routledge
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20/05/2011
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Thank you Sharon, I have seen your support and that is fantastic as every penny goes back into growing the network to make us all even safer so a win, win all around.

I had a conversation yesterday with a landlord who said he did not need a policy as his agent was guaranteeing the rent, I asked who they insured with and he said that they did it themselves.

I am seeing a rise in tenants that are telling me this, that letting agents that are giving guarantees that if the tenant does not pay the rent they will underwrite the rent for a higher management fee themselves.

Seems like a great idea to spread bet your management portfolio to get in extra fees, especially in this market where rental voids are marginal but the problem is that letting agents that are doing this without an FCA license are breaking the law.

It is against the law to underwrite or imply to guarantee the rent without the proper FCA licenses and to do so is to offer a contract of insurance. Letting agents must have the necessary FCA license to allow them to do so and if they are not they are trading illegally.

 

Paul Routledge CEO

Tenant Referencing UK.Com

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