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Warranties

Warranties Warranties

We understand how important it is that you feel confident that your investment property is covered for any unexpected events including non-payment of rent, which is why we have developed our specialist warranty products.  These products provide you with additional peace of mind for a very reasonable price.

Please click on a header below for more information on our warranty services:

Collect & Pay

Collect & Pay offers Landlords and Agents the security and peace of mind that rents will be paid on time, each and every month, for the duration of the tenancy*……….regardless of whether the tenant pays the rental or not.

Paragon’s stringent referencing procedures coupled with many years of rental warranty claims experience allows us to provide the Collect & Pay product with 100% confidence.

Collect & Pay – The Benefits

  • The Landlord will receive rent on the due date every month regardless of whether the tenant pays or not. We will pay the rent direct to the Landlord / Managing Agent as agreed.
  • Very simple processes.
  • Pays up to vacant possession, even if the tenancy agreement has ended, as long as the warranty remains in place.
  • Up to £50,000 worth of cover for rent arrears and legal expenses following non payment of rent.
  • Protects the Landlords cash flow.
  • Should the tenant default Paragon will manage the situation including evictions.
  • Significantly reduces administration time of dealing with arrears – Paragon do everything!

For more information on Collect & Pay please contact us on 0844 375 9612

*Or until vacant possession is obtained, whichever is sooner.

Superior Rental Protection

Superior Rental Protection is a rental warranty product, designed by Paragon to give Landlords complete peace of mind when letting out their investment property.

A tenant defaulting on rent is a problem all Landlords can be faced with. This product provides cover for legal costs and proceedings when a tenant fails to perform their rental obligations under the Tenancy Agreement, as well as covering the landlord for rental arrears should a tenant default.

Key points & benefits include:

  • Covers loss of rent up to £4,000 p.c.m should a tenant fall into arrears.
  • Pays up to vacant possession, even if the tenancy agreement has ended, as long as the warranty remains in place and is paid.
  • Covers legal expenses for eviction proceedings following the correct issue of a Section 21.
  • Covers the first months unpaid rent meaning there is no exclusion period.
  • Transferable benefit – If tenants vacate and you have remaining months left on the warranty you can transfer the benefit on to the new tenancy agreement.
  • Covers legal expenses authorised/incurred by Paragon, including court costs to obtain vacant possession following non payment of rent (total benefit up to a maximum of £25,000).
  • Available for 6 or 12 month periods with the ability to purchase a 6 month warranty on a 12 month tenancy.
  • Tiered pricing options in line with rental amount ensuring you only pay for the appropriate amount of cover.

For more details call us on 0844 375 9612

*As per wording in the Terms & Conditions and Renewal Notice

Smart Rental Protection +

A 6 or 12 month Smart Rental Protection + warranty which comes with the following benefits:

  • Covers loss of rent up to £3,000 per calendar month should a tenant fall into arrears.
  • Covers loss of rent for up to 4/5 months (the first months rental should be paid in advance so will not be covered). On a 6 month warranty the client is covered for up to 4 months arrears, and up to 5 months arrears on a 12 month warranty.
  • Transferable benefit – If tenants vacate and you have remaining months left on the warranty you can transfer the benefit on to the new tenancy agreement.
  • Covers the first months unpaid rental meaning there is no exclusion period.
  • Covers legal expenses authorised/incurred by FCC Paragon, including court costs to obtain vacant possession following non payment of rent (up to a maximum total benefit of £25,000)

Available for a 6 or 12 month period depending on the length of the tenancy and can be simply renewed if required
Please note all tenants and guarantors if applicable must undergo and pass a Paragon Advance Full Reference.

The costs of a Smart Rental Protection + warranty are:

Option Price
6 month
contract
£130 +
V.A.T
12 month
contract
£200 +
V.A.T

Please contact us on 0844 375 9612 for more information on the Smart Rental Protection + warranty.

Smart Rental Protection

A 6 or 12 month Smart Rental Protection warranty which comes with the following benefits:

  • Covers loss of rent up to £3,000 per calendar month should a tenant fall into arrears.
  • Covers loss of rent for up to 4/5 months (the first months rental should be paid in advance so will not be covered). On a 6 month warranty the client is covered for up to 4 months arrears, and up to 5 months arrears on a 12 month warranty. Unlike our Smart Rental Protection + warranty, the first months unpaid rent whenever it falls is not covered.
  • Transferable benefit – If tenants vacate and you have remaining months left on the warranty you can transfer the benefit on to the new tenancy agreement.
  • Covers legal expenses authorised/incurred by FCC Paragon, including court costs to obtain vacant possession following non payment of rent (total combined benefit up to a maximum of £25,000).
  • Available for 6 or 12 months (must run in line with the length of the tenancy agreement) and can easily be renewed.
  • All Tenants and Guarantors if applicable must undergo and pass FCC Paragon’s full referencing process.

The costs of a Smart Rental Protection warranty are:

Option Price
6 month
contract
£100 +
V.A.T
12 month
contract
£155 +
V.A.T

Please contact us on 0844 375 9612 for more information on the Smart Rental Protection warranty.

Smart Deposit Solution

Paragon Advance has recognised the potential problems for both Landlords and tenants when it comes to deposits on rental properties. With more and more legislation which Landlords have to adhere to for holding tenants deposits and the increasing cost of living which may mean tenants can’t afford the upfront cost of a deposit, we thought it was about time something changed!

Smart deposit is a warranty product which benefits both the Landlord and the tenant. It allows the tenant to move into a property without having to find a large, sometimes unaffordable upfront sum and it covers the Landlord for damage to the property AND unpaid rental.

Benefits for Tenants

  • No large upfront deposit has to be paid, just a small fee to us for providing the warranty cover.
  • Tenants can move into properties quicker as they won’t have to save for a deposit or wait for their deposit on a previous property to be released from a deposit scheme.
  • Tenants become a more attractive proposition to Landlords as they can move in quicker.
  • Tenants can move out without the worry of having to wait for their deposit to be repaid to them.
  • The one off fee provides a Smart Deposit Solution warranty for the life of the tenancy, however long that may be, as long as renewed (only applicable for damage cover, the last months unpaid rental cover must be renewed and paid for by the Landlord in line with the tenancy agreement).

Benefits for Landlords

  • Landlords can attract a wider range of tenants by not having to ask them to provide a deposit.
  • Landlords do not have to worry about holding a tenants deposit in a costly national scheme.
  • Landlords have damage (dilapidations) cover for up to 2 months rental value. The normal deposit taken from a tenant is between 4 and 6 weeks rent, so the landlord actually has increased protection using our Smart Deposit Solution contract.
  • Smart deposit covers the Landlord if the tenant vacates the property without paying the last months rental (or a proportion of it) as well as covering damage costs.
  • If a claim is accepted, smart deposit process payment within a 14 day period so the Landlord doesn’t have to wait too long. This may not be the case if requesting a tenant’s deposit out of a national scheme.

For more information on the Smart Deposit Solution please contact us on 0844 375 9612

Copyright of Paragon Advance Ltd - All rights reserved. Company Registration No. 3679691. Company VAT No. 880 9883 64.

We are authorised & regulated by the Financial Conduct Authority. Our firm reference no. is 304595. Our Consumer Credit Licence no. is 462162/6.

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