A passport scheme which has been launched called LandlordAssurance.com enables tenants to prove their reliability to landlords, lenders and investors has just been launched.
LandlordAssurance.com enables tenants to build up an objectively assessed “passport” of their reliability record over a rolling six-year period, which can be made available via a search facility.
Tenant register for free, and then pay a monthly fee of £2.50 for rents of up to £1,000 per month in return for the monthly alerts, which will enable them to check any entries made by their landlords.
If they don’t agree with a particular entry, they can comment on it or lodge a challenge, which will remove the entry until the issue is resolved with the landlord.
The system is designed to encourage investment in the sector and increase the stocks available. At the same time it offers tenants the opportunity to negotiate a tenancy of a quality property at a fair rent, whilst building up a rental “credit history”.
Ian Fletcher, director of policy at the British Property Federation, welcomed the scheme.
He said: “The market is absolutely ripe for this kind of service. Landlords, lenders and investors need clear information on tenants’ past and likely future reliability.”
The site is registered with the Information Commissioner and is fully encrypted and data-protected.
Property lawyer and landlord Lynne Abbess, who created the site, said: “Poor tenant records do nothing to enhance the desire of investors and funders to back this sector – or to offer competitive rates in return for doing so.
“A standard reference check provides a retrospective view, but it provides no real incentive for the future. The passport is objectively created in real time throughout the life of the tenancy
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