Do you take on tenants that have been in arrears?
How long are landlords tied into the agreement?
No, we cannot accept tenants on to the Rent on Time scheme who are currently in arrears, or who have been in arrears in the last 3 months.
Do you accept DSS/LHA/Housing Benefit tenants?
What are your fees?
The Landlord is tied in to the Instruction Agreement which they sign with us for the term of the tenancy. The Landlord and Tenant are both tied in to the Tenancy Agreement for the duration of the tenancy.
Does the tenant have a contract with Rent on Time or with the Landlord?
Rent on Time is charged at just 6% of the rent. There is also a fee of £100 per tenancy for set up and contribution towards legal costs. Fees are plus VAT. We provide a complete end to end service to help fulfil a successful tenancy i.e. Rent Collection, Guaranteed Rent payments, provision of Assured Shorthold Tenancy agreements, Deposit Management and the Renewal of Tenancies.
Why should a Landlord use Rent on Time if everything is currently running smoothly for them?
The Tenancy Agreement is between the Landlord and the Tenant. The Tenant has no agreement with Rent on Time.
How do I know my money is safe?
We understand that a landlord may be happy with things at present however, with the current economic climate we cannot take anything for granted. Rent on Time guarantees their cash flow and ensures that they will not be without rent. After all, one month with no rent takes a lot of making back in the long run!
What happens when a tenant neglects to pay the rent?
Money is protected in a number of ways:
• Rent on Time holds licence with the National Approved Letting Scheme (NALS) who have strict guidelines to which we must adhere.
• Funds pass through and are held in our HSBC Client Bank Account
• Client Money Protection Insurance is in place via NALS
• Rent on Time is registered with the Property Ombudsman Scheme
• All deposits are held with either the Tenants Deposit Scheme or the Deposit Protection Service
• Rent On Time is a “SAFEagent” (Safe Agent Fully Endorsed) - SAFEagent Registration No is S2467
What happens when a tenants continues not paying the rent?
In simple terms, the landlord will still receive their rent payment on the day they expect it due to our innovative guarantee, even if the tenant defaults. We will call the tenant if they fall in to 7 days arrears and issue a letter. Between 10 and 14 days arrears we will write again and make further calls as well as sending the landlord a letter confirming the current value of arrears.
What kind of landlords use Rent on Time?
At 21 days arrears a final letter will be sent to the tenant (with copy to the landlord confirming the position). If rent has not been cleared by 28 days we instruct our legal team who will demand payment. If they fail to pay the next months rent and fall into 2 months arrears, we serve a Section 8 Possession Notice and commence legal proceedings against the tenant.
If the tenant fails to pay and also fails to vacate the property, then we will issue an accelerated possession order from Court for 14 day possession. If the tenant still fails to vacate or pay, we will apply to the Court for a court date. In court we will be given a formal possession order and if the tenant then still fails to vacate after this period of time has elapsed, we will order bailiffs.
At no point of this action will the landlord be left unpaid due to our unique guarantee.
What other services does Rent on Time Ltd provide?
We have many different landlords using our Rent on Time service and our “Find a Tenant” service. Professional landlord’s with in excess of 50 properties to landlord’s with one or two properties. We cater for all and they are from all over the UK from South Wales, London, North East, Midlands and the North West to name just a few areas.
What would happen to my rent if Rent on Time is no longer trading?
We provide our 'Find a Tenant' service for a simple one of fee of just £75.00(+vat) per property.
All client money i.e. Rent payments are held in our client bank account which is protected by NALS Client Money Protection. All Rent on Time properties are backed by our insurance policy protecting rent in the event that Rent on Time enters liquidation.
All deposits are registered with the Government backed Tenancy Deposit Scheme and further protection is given because we are members of the Property Ombudsman and adhere to their strict codes of conduct.