Before buying Rent Guarantee & Legal Expenses insurance, you should ensure that you meet all legal requirements for renting out a property and have the correct documents.
You need to ensure you have:
Checked the Renter(s) Eligibility
Identity Verification: Two forms of identification are required, with at least one being a photographic ID.
For example: A driving license accompanied by a utility bill.Affordability Requirement: The applicant must demonstrate an affordability of at least 2.5x the gross monthly rent (or 3x for a guarantor).
Credit Check: A credit check must be completed showing no settled or outstanding CCJs, IVAs or bankruptcies within the last 3 years.
If your renter doesn't meet the purchase criteria, you can provide a suitable guarantor to ensure their eligibility is covered.
The guarantor must complete a Canopy RentPassport and meet the above ABG criteria.
A Tenancy Agreement
There must be a legal tenancy agreement in place at the time of making any claim, if this is not the case then the policy will be void.
The policy also requires that all documents you are required to issue by law have been issued to the tenant, these include:
How to rent guide
Gas safety certificate
EPC
Deposit prescribed information (if taken)
For anything that sits outside these rules, or if you are unsure if someone qualifies, please contact your account manager.