Get Peace of Mind with Foxtons
Foxtons Rent Protection and Legal Expenses service means that, should the unexpected happen, you'll always get the income you expect from your tenants, and it will also support you if you need legal representation to recover your property.
Sometimes your tenant's security deposit isn't enough to cover significant damage or rent arrears. A comprehensive and rigorous coverage could mean the difference between regaining your property or defaulting on your buy-to-let mortgage.
With this Rent Protection and Legal Expenses service, you'll get the income you're owed and any costs you may have in recovering it, so you'll not be out of pocket.
Key Benefits for Landlords
- Up to £100,000 cover
- Payment of rent arrears (with a nil excess) until vacant possession
- 45-day claim window, from the date of first missed rental payment
- Two months' rent at 75% following vacant possession
- Your costs and expenses of:
- recovering possession (including the service of possession notices)
- pursuing a civil dispute with your tenant in cases of physical damage to the property (where the dispute exceeds £1000)
- evicting anyone who is neither a tenant nor has your permission to occupy it (squatters)
- a contractual dispute with a third party where you've bought or hired good or services in relation to the property (where the dispute exceeds £100)
Terms & Conditions
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Criteria
- Rent must be payable monthly and Foxtons must register the deposit and collect the rent
- All compliance certificates must be valid at the start and throughout the tenancy: EPC, EICR, GSC and license where applicable
- Service applies only where you have obtained (a) a pass reference for each new tenant and each new guarantor; (b) a photographic inventory signed by the tenant; (c) provided us with clear and up to date rental records if applicable; (d) there are reasonable prospects.
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Fee Structure
The cost of the Rent Protection Service depends on the amount of rent payable per calendar month as follows:
£0 - £2,500 pcm £300 plus VAT per annum £2,501 - £5,000 pcm £400 plus VAT per annum £5,001 - £7,500 pcm £500 plus VAT per annum £7,501 - £10,000 pcm £600 plus VAT per annum -
Insurable Interest
This is not an insurance policy or product. Foxtons' obligation to you under the Rent Protection Service is to make payments to you under (and subject to) the terms and conditions of the Rent Protection Service. In the event we make any payment to you under the Rent Protection Service all your rights to recover such sums against the tenant, occupier or third party (as appropriate) shall be subrogated to us/our insurers to effect recovery of the same (in your name if necessary). By signing the Rent Protection Service terms and conditions you confirm and agree to this. Recovery of any outlay shall be at our sole discretion.
If after having received any payment from us under the Rent Protection Service, you recover any payment from your tenant or guarantor your obligation is to tell us immediately and to forward those funds (up to the amount paid by us) immediately on receipt of the same.
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Cancellation
You have the right under the Consumer Contracts (Information, Cancellation and Additional Charges) Regulations 2013 to cancel Foxtons Rent Protection Service within 14 calendar days from the date upon which it was signed by you.
