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Frequently Asked Questions-Landlords

What is a Bond Guarantee?

Our Bond Guarantee is a legally binding written contract between the landlord and The Bond Board. It is signed by the landlord, tenant and The Bond Board at the start of a tenancy and contains a maximum cash value that you can claim at the end of the tenancy if there are rent arrears, damage or theft from the property.

How much is the bond for?

The amount varies depending on the number of people moving in and the amount of monthly rent being charged. We will advise you upfront of the value of a Bond Guarantee we are able to provide for any particular tenant.

Do I have to register a Bond Guarantee with a Tenancy Deposit Protection Scheme?

No. Written Bond Guarantees do not have to be registered. You would only have to use the Tenancy Deposit Scheme if you take a cash bond from a tenant.

Who can get a Bond Guarantee?

Singlepeople, couples, families and sharers on a low income are eligible to apply for a Bond Guarantee if they are either currently homeless or they are threatened with homelessness which cannot be prevented.

Do you do any checks on potential tenants?

Yes. All potential tenants applying to The Bond Board for a Bond Guarantee complete a comprehensive application form and attend an appointment with us to discuss their circumstances and housing history. We consider any risks involved so we can make a decision as to whether we think the client will manage a tenancy successfully. This process assists The Bond Board in its aim of creating sustainable tenancies and in considering the risk of a claim being made on the Bond Guarantee at a later date. We encourage landlords to carry out their own checks on tenants as we cant offer a guarantee that there wont be a problem. There is no obligation to let to a tenant we have suggested if you have any concerns.

What if I have found my own tenant, can they get a Bond Guarantee?

All our potential tenants are homeless/threatened with homelessness and on a low income. If your potential tenant meets these criteria, they may be eligible to apply to the scheme and should contact us for further advice before moving in or signing a tenancy agreement with you.

If you are bringing a tenancy to an end and your tenant may be threatened with homelessness as a result, we have a range of services that might help them and encourage you to pass on our contact details to them.

What do you expect of my property?

We expect your property to be of a decent standard and free from disrepair and hazards. We expect you to meet the legal requirements in respect of property standards. We will require a copy of your current Gas Safety Certificate, Energy Performance Certificate, confirmation of working smoke alarms, and an inventory of fixtures and fittings before issuing a bond. We encourage landlords to supply Carbon Monoxide detectors, regardless of whether they are legally required. Any furniture provided must comply with fire safety regulations (1998). Where the property is a licensable House in Multiple Occupation (HMO), we will check with the Local Authority that the property is fully licenced before issuing a Bond Guarantee.

Do I still manage the property?

Yes. If everything is agreed between The Bond Board, landlord and tenant, The Bond Board will provide a Bond Guarantee and any support needed to both the landlord and tenant throughout the lifetime of the tenancy. The landlord remains responsible for managing all aspects of the tenancy.

For landlords interested in having The Bond Board manage the tenancy, please see the Letting Out section of our website for further information.

How long does the Bond Guarantee last?

The Bond Guarantee is issued to you for a 12 months period initially and is then renewed every 12 months upon receipt of an up to date Gas Safety Certificate.

 

How much rent can I charge?

It is your decision as to how much rent you charge for your property. The Bond Board will provide a Bond Guarantee if we have assessed the rent to be affordable for the particular tenant we are proposing. We recommend you charge no more than the Local Housing Allowance amount for the number of bedrooms your property has and its location. We can give you advice on what the maximum Local Housing Allowance is for your property and tell you in advance how much help with housing costs a potential tenant would receive.

How do I claim against the Bond Guarantee?

Complete a simple claim form within 21 days of the end of the tenancy. For rent arrears, we would need a copy of your rent account. For damage and theft, we would need to compare the initial inventory with your final inventory and see photos of the damage. Where replacement items or specific costs have been paid out, we would ask for an invoice or receipt. In some circumstances, we may meet you at the property to view its condition with you. We aim to make the process as straight forward and quick as possible to allow you to get your property re-let as soon as possible.

What if the rent arrears, damage of theft value is higher than the Bond Guarantee amount?

In the same way as a cash deposit works, there is a financial limit on the value of the Bond Guarantee. Any losses above the value of the Bond Guarantee would need to be recouped in the same way as if it were a cash bond. You would need to make an agreement with the tenant to repay additional costs owed and if this was not successful, pursue your rights further via the Small Claims Court.

Can I use the scheme again if I have claimed against a Bond Guarantee?

Yes. You can use the scheme for the same property again and for as many other properties as you like. Many landlords have multiple tenancies with a Bond Guarantee from The Bond Board.

 

Further information

We are here to help you become one of the increasing number of landlords working with us and enjoying the benefits and security that The Bond Board can bring. Feel free to get in-touch for a no-obligation chat about what we can offer you-Contact us