Under Assignment Only, flatfair Offers to purchase the debt from the landlord that the tenant owes and has not paid under the limitations of the landlord's flatfair service. The landlord assigns their legal rights, benefits and causes of action to flatfair, under the terms outlined under the Offer document.
Should the landlord wish to accept the Offer, they must do so within 20 days of the Offer being issued. Following the assignment, the Landlord will not issue proceedings against the tenants and/or guarantor and will not take any steps to recover and/or correspond the tenants and/or guarantor in respect of the established charge on the platform.
The landlord is under no obligation to accept the Offer but must notify flatfair of their intentions and/or termination of the service.
Payment for the Assigned only Offer will be made in the next payment run once the required information is received.
In order for an Offer to be issued, terms and conditions must be adhered to in line with the flatfair service and the obligations of the tenancy agreement. You can find out more about our discretionary model here.