Rent On Time - FAQ
Can I use the service if my Tenants on Housing Benefit/Universal Credit?
Yes of course, we accept all tenancy types onto Rent on Time and also take into consideration nine different types of benefit to contribute towards the Tenants income to rent ratio; this is usually 2.5 x the annual rental figure. The Tenant can also have a guarantor.
Do you take on tenants that have been in arrears?
Yes, we can accept tenants on to the Rent on Time scheme who have been in arrears but as long as rent has been paid on time for the last three months.
How do I know my money is safe with Rent on Time?
Money is protected in a number of ways:
Funds pass through and are held in our HSBC Client Bank Account
Rent on Time is registered with the Property Redress Scheme
All deposits are held with either the Tenants Deposit Scheme or the Deposit Protection Service. Rent on Time is a member of UKALA and have full client money protection meaning every penny past through Rent on Time is insured and safe.
What happens when a tenant neglects to pay 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 contacting the agent confirming the current value of arrears.
What happens when a tenant continues not paying the rent?
At 27 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 month’s 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 74 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 or with any additional charges due to our unique guarantee.
Can I transfer my whole lettings portfolio onto the service?
Yes. Your sales representative will be able to go through the process with you in more detail, but this is a common option to explore for many lettings businesses. The value of the Rent on Time partnership has helped businesses decrease office costs significantly and guarantee cash flow for agents by ensuring that their management commission are received every single month.
Should Rent on Time fees have Insurance Premium Tax OPT) or VAT applied?
Rent on Time is a service and not an insurance policy so will always have VAT applied rather than IPT.