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May, 2017

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  1. #1

    Post Insurance for 'guaranteed rent' type arrangement with Local Authority

    Hi everyone

    Many thanks in advance for any advice. I looked for a discussion around this question here, but couldn’t find anyone else asking it, so hopefully I’m not repeating anything...

    So, I am a first-time landlord - soon to be letting out my London studio flat to my local authority via a private company providing a 'guaranteed rent’ scheme.

    Just looking into landlord insurance, the situation is a little different to the conventional, as I am letting directly to the company that works with the council to manage the flat. Seems straightforward enough.

    Can anyone advise in terms of what sort of landlord insurance I’d need for this? Or what to be looking for in my landlord’s insurance, the difference between this and the kind of insurance I’d need for a conventional tenancy? Asides from boiler/immersion heater coverage, I suppose!

    Again, thanks for any advice you can provide - it’s all a bit overwhelming!

  2. #2
    Join Date
    Mar 2009
    Posts
    16,481

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    Try a specialist broker but, please, don't do this! Too many horror stories.. You won't have any rights to evict the occupants..

    It's probably against any mortgage you have: The tenancy between you & company won't be an AST ...

    I case you do decide to proceed (please don't) read the tenancy document between you & company, the bits about cancellation & damage & then have a stiff drink & decide, instead, the rent to a conventional employed professional person who passes NLA or RLA credit check.
    I am legally unqualified: If you need to rely on advice check it with a suitable authority - eg a solicitor specialising in landlord/tenant law...

  3. #3
    Join Date
    Oct 2009
    Posts
    9,213

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    Don't do it!

    You'll be sorry if you do.

  4. #4
    Join Date
    Aug 2010
    Posts
    2,744

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    Run run run run run run run run run run run run run run run run run run run run run run run run run run run run run run run

  5. #5
    Join Date
    Jun 2008
    Location
    oop north
    Posts
    7,667

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    Please don't ask us to verify our answers when we say RUN, don't do it.
    ( via a private company providing a 'guaranteed rent’ scheme )

    100% of the posts say "Don't do it".

    That's the ONLY and the right advice that is applicable to your question.
    Please take it. No exceptions.

  6. #6
    Join Date
    Oct 2007
    Location
    80 London Road, Southend-on-Sea, Essex
    Posts
    661

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    ... and I run a specialist broker and the insurance is not straight forward. We deal with many insurers and there is no guarantee we would be able to get a quote for you. It would almost certainly be a little more expensive but the main concern would be providing the cover. Irrespective, there is some advice above from 4 senior members - take heed!
    Steve Smith - Company Director at a leading Landlord Insurance broker with 17+ years experience in the industry
    LandlordZONE Verified Poster and Topic Expert for Landlords Insurance since 2009
    See my profile for contact details

  7. #7
    Join Date
    Feb 2014
    Location
    Midlands
    Posts
    12,334

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    Quote Originally Posted by j0nesy View Post
    Seems straightforward enough.
    Don't it - it is not at all straighforward.
    Your rights to terminate the let and the council's right to end their let are completely different - the tenancies are different.
    When I post, I am expressing an opinion - feel free to disagree, I have been wrong before.
    Please don't act on my suggestions without checking with a grown-up (ideally some kind of expert).

  8. #8
    Join Date
    Jan 2016
    Posts
    297

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    There is a relatively recent thread about this.... all I remember from it is the LL was obviously at his wits end, his property in a parlous state and he was unable to get the tenant out!

    All of the above are long term LLs/posters, take their advice, DO NOT DO THIS!

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