If a tenant doesn’t settle their lawful charges at the end of a tenancy, flatfair may offer to purchase that debt from the landlord for up to six weeks’ worth of rent with a No Deposit Plan, as well up to an additional six weeks’ worth of damages for landlords with an active Boost plan. flatfair then takes ownership of the recovery process. Landlords may also choose to appoint flatfair as their agent (at no further cost) to additionally pursue any extra costs beyond the six week limit for No Deposit. By opting for this additional service, the landlord can seek to recover further losses without the need for direct legal action on their part. To learn more about how to do this please email us at firstname.lastname@example.org or read our article on appointment of debt.
Where flatfair purchases landlord debt up to the amount stated on the plan (either six, 11 or 12 weeks’ worth of rent depending on the product), they’ll receive an offer letter (which must be signed within 10 days of receipt from our team) and an assignment document which legally transfers the debt to flatfair. Where flatfair offers to service additional landlord debt on the landlord's behalf, they’ll receive an offer letter and a document appointing flatfair as the landlord's agent. As soon as we collect these funds, flatfair will pay the landlord the outstanding amount directly to their chosen bank account.
flatfair operates on the basis of a discretionary model in terms of the offers it makes to landlords. This means we judge every case based on its individual merit, as well as on the basis of our clear and transparent terms and conditions. This means we can avoid rigid policy checklists and keep things flexible. It also means we can process charge recoveries more quickly, so landlords can rest easy knowing their rental is in safe and secure hands.
You’ll need to make sure that you fully understand yours and your agents’ responsibilities under our terms and conditions to make sure there are no issues during charge recovery.