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Guaranteed Rent 52 Weeks of the Year!
We have been operating this service for over fourteen years and have literally thousands of landlords nationwide enjoying its benefits.
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How does it work?
Our experienced lettings advisors will visit your property and provide a valuation of market rent, and then make an offer of the set amount that Northwood will pay for a one year contract, renewable annually. Most "Platinum Scheme" landlords are pleasantly surprised by the figures, as well as the certainty that guaranteed rent secures. The agreed figure is paid to you monthly on the same day, regardless of whether the property is vacant, the tenant residing in the property has stopped paying, or even if an eviction has been forced upon us. There are no fees or commission payable.
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Is the contract
renewable?
Northwood will write to you approximately ten to twelve weeks prior to the end of each yearly contract, offering you either the option of renewal, or if you prefer, the return of the property to you. Once again, there are no fees payable on this scheme, even at renewal.
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Contract start date
Once the property is vacant, cleaned and ready to be let, we commence the contract with you on the day a tenant moves into the property, or, if we are unable to find a suitable tenant that meets our expectations within twenty-five days of you vacating the property, we will start our contract with you on the twenty sixth day, no later. There is a brief period when this is suspended, from 10th December to 1st January.
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Is there an inventory?
We take great care to ensure that your property is protected by the preparation of a full written inventory (using independant inventory clerical services) along with a comprehensive set of colour photographs, which the tenant residing in the property will be expected to sign to confirm the ingoing condition. Tenants have an obligation to look after the property but allow for fair wear and tear, and we emphasise to all our owners that occasional investment to retain appeal to good tenants, needs to be borne in mind. We will advise you as to the areas that might, over time, require attention.
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Who is the tenant?
Northwood is in fact your tenant: we create an Assured Shorthold Tenancy with the occupiers of the property, and another agreement with you as owner. That way, the obligations of your tenant are met by Northwood, irrespective of whether there is actually an occupier. We can then also enforce actions upon tenants, bearing all costs involved in legal actions, without the need to trouble our Platinum landlords.
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Property Maintenance
Northwood's policy is to make periodic inspections of the property in order to ensure that tenancy obligations are being met, as well as to establish any issues that might be arising that an owner needs to be made aware of. Maintenance problems do of course occur from time to time, even in the most modern of properties. Once reported to us by the tenant, we will endeavour to contact you to seek approval to instruct a contractor (or allow you to attend yourself if preferred), then monitor the job through to completion, secure satisfaction from the tenant, settle the bill (with a copy sent to you for your records) and deduct that cost from the rent payable to the landlord. Where a job is excessive (in excess of the rent payable), an owner may be asked to provide additional settlement upon request.
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Protection and Security
Northwood Leicester is an accredited member of NALS, the National Approved Lettings Scheme, one of the principal bodies regulating the lettings industry and established by Government policy. All tenant deposits are placed with the major Tenancy Deposit Scheme providers, and client money bonded through NALS. Northwood also operates within the Property Ombudsman Scheme. We believe in firm and fair control of the professional relationship between all parties in lettings.
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