Protecting your long-term rental fees
One of the main worries homeowners have about renting out their property long-term, is whether the tenant will stop paying rent and then refuse to leave.
We can now help you overcome these worries by providing a low-cost comprehensive 'Rental Protection and Legal Expenses Warranty' from UK market leaders, Paragon Advance, that reduces the risk of rogue tenants and guarantees your rent will get paid.
How the ‘Rental Protection and Legal Expenses Warranty’ works
- After HomeCareontheWeb has found the ideal property for a prospective long-term tenant, we help them complete a comprehensive referencing document.
- Based on the referencing document, Paragon Advance carry out thorough checks on the prospective tenant, both in Spain and their own country of origin.
- Approximately 90% of tenants receive satisfactory references.
- Once the reference is approved (normally within two working days), the tenant signs the HomeCareontheWeb Long-Term Rental Contract in both Spanish and English, together with a Paragon Advance Arbitration Form, and the first month’s rental fee is collected, plus one month’s security deposit.
- In the event of any dispute with the tenancy, such as the tenant defaulting on rent, or even a complaint from the tenant about HomeCareontheWeb, the case can be fast-tracked through an arbitration tribunal rather than a much lengthier process through court - saving both time and money for all concerned.
- If the tenant defaults, HomeCareontheWeb contact the tenant within seven days of the due rental date to request payment, and again seven days later if the rent still has not been received. After that period, if no rental payment is forthcoming, a Paragon Advance claims form is completed and submitted to Paragon for processing.
- Paragon Advance pay your outstanding rental fees up to €2,000 per month for a maximum of five months. (Rentals over €2,000 per month are subject to a specially agreed Paragon Advance ‘Premium Rental Warranty’.)
- Paragon Advance then take the tenant through the arbitration process to obtain monies due and, more importantly, obtain vacant possession of your property, if necessary.
- Payments are only made for lost rentals up to vacant possession (so once tenant has left the property no payments are made.)
- The total combined maximum payout, including rental fees and legal expenses, is €15,000 per Rental Warranty (for rental amounts up to €2,000 per month.)
- For rental contracts of more than six months, the Rental Warranty can be renewed every six months provided the tenant has been a good payer.
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