Only My Share Tenant Rent Arrears Protection?
Only My Share is an essential Tenant Rent Arrears Protection against joint and several liability contracts. These are rental agreements which require all tenants and their guarantors’ to be liable for each others’ share of the rent. So, if one housemate doesn’t pay their rent, the other housemates in the shared rental accommodation and their guarantors would have to pay out.
With Only My Share guarantor insurance, both you and your guarantor would only be liable to pay your share of the rent! From Just £99 you can prevent having to pay out on up to £10,000 of your flatmates’ rent arrears.
Why do I need guarantor rent protection?
Guarantor rent protection is vital for anyone who is in a shared rented property or the guarantor for someone in shared rental accommodation. The risk of signing a guarantor agreement and covering a housemates rent in a House of Multiple Occupancy (HMO) is worth taking seriously as you can be landed with large rent responsibility, which could otherwise be avoided with a one off £99 payment to Only My Share who will stand as your guarantor for £10,000 of housemates rental arrears.
What is a Joint and Several Liability contract?
Under Joint and several liability contracts, the Landlord and/or Letting Agent is entitled to try and reclaim missing rent payments from any of the tenants in the property because they have agreed to be jointly liable. In most joint and several rental contracts, the tenants will still need to provide a qualifying UK rent guarantor who would also be liable to cover any rental arrears under the joint liability contract.
How to get covered against joint and several liability
It is quick, easy and cost-effective to protect yourself against the risk of sharing a rented property with Only My Share. Simply click the button below to fill in your information and the details of your property, pay the annual fee and you’re done. It really is that easy to use Only My Share to stand as your guarantor for your housemates’ rent arrears of up to £10,000.