4 Property Guarantees

Terms & Conditions for rental guarantees.

Rent Received Guarantee

If the rent we tell you you will receive is not within £100 per month for properties below £250,000, or £200 per month above £250,000, we will top up your rent for up to 2 years.

6 Weeks to Let Guarantee

 If we don't achieve a let agreed within 6 weeks of completion or vacate date, we will pay the rent until we do.

2 Year Rent Guarantee

In the event your tenant stops paying the rent for more than 30 days at any stage during the first 2 years we will pay your rent for you, organise to get possession back.

24 Hour Property Sleep Test

Once you have decided to go ahead we'll give you a full 24 hours to sleep on your decision. If you don't have a restful night's sleep, tell us and you'll have lost nothing.

We've been in this game long enough to give you some level of certainty...

As you can imagine we are taking on considerable risk here, but I really believe that our team can perform on each one of these property guarantees. They are trained in my fundamental principles and I believe the quality of our property is so good that only a very small portion of clients will need to exercise any of these guarantees.

If you had to choose, why not choose the company that offers you some certainty...

Seems too good to be true?

I know it might seem too good to be true but in the spirit of my 1, 2 STOP strategy, I think this will get our relationship off to a fantastic start.  After all, guaranteed to let the property and receive a rent in the region that you expect as well.

The other thing it does is take away some of the emotional hurdles you will encounter as you build your portfolio.

Let's get this relationship started!

TERMS & CONDITIONS IN RELATION TO RENTAL GUARANTEES

Definitions/Interpretation

'Let Agreed' means the date a prospective tenant expresses interest in renting the property and the agent we have appointed has confirmed that prospective tenant is taking the property. This will normally mean the date the potential tenant lodges an application to let and not when they actually move in or complete a tenancy agreement. 

'Gladfish' or 'We' or ‘Us’ refers to 'Gladfish Property Investment Ltd, 'Ezytrac Property Management Limited’, and other companies forming part of the Ezytrac Property Group of companies. 

‘PCM’ means per calendar month.

‘Realistic Market Rent’ means the rent specified by Gladfish in the cash flow worksheet as published on the Gladfish website at the time you reserve your property.

‘Suitable Tenant’ means any applicant who passes tenant referencing with or without a guarantor and is suitable for Ezytrac's Rent & Legal insurance policy.

‘Property’ are references to your property reserved through Gladfish

Rent Received Guarantee

  1. 1
    The idea behind this guarantee is to give you certainty that we have undertaken our due diligence and to the best of our knowledge you will receive an amount within £100/£200 of the Realistic Market Rent prior to completion.
  2. 2
    Realistic Market Rent for your property shall be provided to you up to 30 days prior to completion.
  3. 3
    This guarantee is only applicable the first time that the property is rented following completion.For properties valued above the £250,000 valuation the rent will be within £200 per calendar month and for properties valued below the £250,000 valuation the rent will be within £100 per calendar month.If the difference between the rent we said you would receive and the gross rent agreed with the tenant is greater than £100 per calendar month.
  4. 4
    In the event you reject a suitable tenant this guarantee will be void.
  5. 5
    An illustration is given below in relation to a property purchased for less than £200,000:- If the rent PCM actually agreed with your tenant is less than the Realistic Market Rent PCM we will pay the difference between the Realistic Market Rent less £50, and the rent actually agreed for a notional period of 2 years. So if we estimated the Realistic Market Rent would be £500 PCM and you actually receive £400 PCM you would receive £1200 (being £50 PCM x 24 months) from us.

6 Weeks to Let Your Property Guarantee

  1. 6
    The idea of this guarantee is that our due diligence into the location of the property and the development will mean your property has a fantastic chance of being let agreed within 6 weeks of the completion date or within 6 weeks of an existing tenant vacating the property within the first two years following the completion of your purchase of the property.
  2. 7
    6 weeks from the date we are in receipt of all documentation, holding keys.
  3. 8
    In the event flooring is required the guarantee is extended to 6 weeks from the point that furniture is successfully installed.
  4. 9
    'Let Agreed' as referred to above means a tenant expresses interest and the agent says that they have confirmed they are taking the property. This will normally mean the date the potential tenant lodges an application and not when they actually move into the property. This may mean that they move in after the expiry of the 6/8 weeks mentioned above.
  5. 10
    In the event you reject a suitable tenant this guarantee will be void. 
  6. 11
    If any of the 6 Week guarantee period coincides with bank holidays and other public holidays or major extended events such as the Olympics or World Cup Football the guarantee is extended to 8 weeks from completion date.
  7. 12
    You must follow our suggested rental values including offering incentives or this guarantee will not apply.
  8. 13
    Gladfish will not guarantee against a potential tenant who does not pass their referencing checks. Agents upon receiving an application stop marketing the property. Referencing can take up to a week or more therefore Gladfish cannot guarantee that a tenant will pass referencing. In the event an application is rejected or a tenant fails due to referencing coming back unsuitable this guarantee time will reset to the time when the application was received.

2 Year Rent Guarantee

  1. 14
    If your tenant falls into arrears for more than 30 days at any stage during the first 2 years we will pay your rent for you,
  2. 15
    We will serve notices and pay for the legal costs associated with gaining possession of your property.
  3. 16
    We will pay 50% of your rent once possession is obtained for a period up to 60 days.
  4. 17
    Maximum value of claims within any year is £75,000.
  5. 18
    This guarantee is underwritten by Ezytrac's policy provided by a large insurance provider.

General conditions

  1. 19
    Guarantees are not redeemable for cash and have no cash value.
  2. 20
    If at any point along the process between Reservation and your first let you become uncontactable for more than 3 working days without prior warning or you do not return calls within 3 working days all guarantees become void.
  3. 21
    The property must be in a rentable condition for the guarantee to be valid, this can mean that if major snagging issues arise that affect the ability of the property to rent out this may void the guarantees. This will be at the sole discretion of Gladfish.  Where works need to be undertaken the timing of the guarantee will start only once the property is in a rentable condition. Rentable condition means a condition which Ezytrac Property Management deem suitable to find a tenant in.
  4. 22
    Gladfish is not responsible the overall build quality of each development and plot.
  5. 23
    Any damage or dilapidations caused by the tenant during the course of their tenancy may affect guarantees at the sole discretion of Gladfish.
  6. 24
    All properties must be furnished using one of Ezytrac’s furniture packages.
  7. 25
    Where the furniture requires replacement this must be completed or may void your guarantees.
  8. 26
    Where we require it, you will use our chosen Snagging Inspector to deal with snagging items or all guarantees will be void.
  9. 27
    Must be paid on time as indicated on the invoice and normally within 7 days of reservation. This is taken to be receipt of cleared funds into our bank account.
  10. 28
    Valid only on property in the UK and only where Buyers Agent fees are being paid.
  11. 29
    You are free to use your own Solicitor/s for the conveyancing, however they must agree to Ezytrac Sales Progression being regularly updated on progress, usually weekly within 4 months of exchange, completion and mortgage application of your property.
  12. 30
    Where the property benefits from other insurance policies, private or commercial arrangements to cover void periods these will apply first before these guarantees apply.
  13. 31
    Where a property is undergoing any form of legal action the guarantee period will either not apply or timings will be adjusted at the sole discretion of Gladfish.
  14. 32
    If at any time it is felt that you have compromised the ability of the property to let out the guarantees will be void.
  15. 33
    Where we use a local agent you agree not to contact them or all guarantees shall be void. All communication shall be through Gladfish.
  16. 34
    You must choose Ezytrac Property Management Ltd's Effortless Gold Tier for the duration of the guarantee period which is 2 years and completion of the property.
  17. 35
    Where the Property’s Contract Price is over £750,000 guarantees will not apply.
  18. 36
    These guarantees do not affect your statutory rights.
  19. 37
    All Guarantee payment will be either paid on your behalf or paid to you on a monthly basis in arrears only and only after a prospective tenant has entered into a tenancy agreement and moved into the property.
  20. 38
    Property investment presents many risks and Gladfish will not underwrite or guarantee the 'market risk' of property. We cannot predict what will happen with the property's value and market rent within the market over a long period of time.
  21. 39
    Any payments made by Gladfish to you in respect of the guarantees will be limited to and shall not exceed the buyers agent fee that you have paid to Gladfish in respect of the sourcing of the property.
  22. 40
    Force Majeure event - in the event that the area surrounding your property is impacted from a force majeure event all guarantees shall be suspended indefinitely. This shall be taken as any event that affects the rental potential in any way and shall be at the sole discretion of Ezytrac Property Management. It may include things like earthquake, flood, police seizure, riot, war, terrorist threat or action, biological spill or attack, nuclear accident, blackout, brownout, lockdown, violent crime in the area, blockaid, rally, and any other event not listed that may affect the rental potential or amount of rent received on the property.
  23. 41
    Guarantees may be withdrawn without notice at any stage. This will not apply to properties that have already been reserved and which all fees have been paid.
  24. 42
    Valid on Reservations after 01 May 2021 where indicated on the Reservation Form.

(Version 01 May 2021.)

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