Soldato
My land is covered with pate which is why nobody passes through or squats there.
Figure that out if your bored.
Figure that out if your bored.
tenants and your rights as a landlord?
- Thread starter rainbowGuy
- Start date
- Joined
- 19 Dec 2016
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- 244
i get that there are scummy landlords.. but that doesnt mean the legit ones get screwed.. i mean staying in the house for months for free.. what also annoys me on these program is how the landlord dont start the court/proceedings for months.. I mean i would start them after one month or soon ish, or is that ILLEGAL as well... 
and of course i am not talking about covid.. but surely that should be govts job to fund them not a landlord.
and of course i am not talking about covid.. but surely that should be govts job to fund them not a landlord.
Soldato
I have always made it clear to my other half that if this ever did happen, I would make sure the property was unlivable.
Whether that meant smashing the windows / removing them, breaking down the door and so on - it would still be cheaper to fix then all the other mess. Of course, all would be done without anyone knowing who did it
To be fair, it's family renting our old flat right now so probably not appropriate haha
I'm a landlord, but didn't get into it to make money - it was my old flat, I moved in with my girlfriend so needed to rent my one out.
I went with an estate agent, and really don't know what I pay them for. There was an issue, they emailed me and asked if I wanted to fix it. I asked them how much they'd charge me to fix it, they said they didn't know until their handyman had gone out to look at it. I asked how much the handyman fee is, they said it depends on what the issue is. So, I drove up and fixed it in 5 minutes.
Tenant moved into a semi-furnished property, on Friday they asked for a table and chairs. Agent has emailed me asking if I want to provide. Why would I want to provide something not there in the viewing/listed in the inventory?
I'd have no problem replacing something that broke ASAP, but why would I provide something for free?
Nightmare, and I'm only 3 weeks in!
I went with an estate agent, and really don't know what I pay them for. There was an issue, they emailed me and asked if I wanted to fix it. I asked them how much they'd charge me to fix it, they said they didn't know until their handyman had gone out to look at it. I asked how much the handyman fee is, they said it depends on what the issue is. So, I drove up and fixed it in 5 minutes.
Tenant moved into a semi-furnished property, on Friday they asked for a table and chairs. Agent has emailed me asking if I want to provide. Why would I want to provide something not there in the viewing/listed in the inventory?
I'd have no problem replacing something that broke ASAP, but why would I provide something for free?
Nightmare, and I'm only 3 weeks in!
We are looking at purchasing a flat to rent out, not to make astronomical profits (as some people seem to think) but as an investment in our future. After agency fees, mortgage payments and taxes we are looking at a profit of between £500-800 a year, assuming it's always rented out. Not sure on how exactly to filter out the bad tenants, but salary > X and confirmation of employment should reduce the risk.
As an investment for your future is all about making a profit. It wouldn't be an investment otherwise.
You're looking for someone else to pay the mortgage on the flat so in 25 years, or whenever, you can sell it and make a captal gain or you'll gain from receiving the rent with no mortgage to pay or only a very small mortgage relative to values in 25 yrears.
They really need to change the laws surrounding 'squatters rights' and give more power to landlords. We'll end up with many many homes that are have rooms free or entire properties un-inhabited just because no-one wants to rent because the laws are daft.
Landlords will never end up "taking thousands in rent but won't repair anything or sort damp/mould" either. The tenenat would just refuse to pay rent until the damp/mould/whatever is fixed.
Having rented properties for 15 years I know from experience that if you pay rent & bills on time then things get fixed quickly. Once our landlord refused to fix a leak in the upstairs toilet but had guys around in about 10 minutes when we called that the leak had caused the kitchen ceiling to cave in. Remember, a landlord is happy as long as their property is kept in good condition and they receive their rent cheques.
I have know some peoples rental houses to be discusting, almost uninhabitable but this was just how they lived. If I was a landlord I wouldnt want to rent my property out to anyone who lived like this but I guess the choice is not theirs
Landlords will never end up "taking thousands in rent but won't repair anything or sort damp/mould" either. The tenenat would just refuse to pay rent until the damp/mould/whatever is fixed.
Having rented properties for 15 years I know from experience that if you pay rent & bills on time then things get fixed quickly. Once our landlord refused to fix a leak in the upstairs toilet but had guys around in about 10 minutes when we called that the leak had caused the kitchen ceiling to cave in. Remember, a landlord is happy as long as their property is kept in good condition and they receive their rent cheques.
I have know some peoples rental houses to be discusting, almost uninhabitable but this was just how they lived. If I was a landlord I wouldnt want to rent my property out to anyone who lived like this but I guess the choice is not theirs
Caporegime
- Joined
- 21 Jun 2006
- Posts
- 38,372
Just say that you can provide them for a fee.
If they ask how much then say that depends on on how many tables and chairs they need.
Buy from a charity shop and charge them an extra £30 a month you will be quids in within time
Associate
- Joined
- 20 Mar 2014
- Posts
- 2,359
Buy a knife and turf the squatters out. Wear a balaclava.
Excellent as a facetious comment, not so good as serious advice.
Soldato
Far as I know There are no squatters rights any more
At least not for non commercial property
And having worked for a few dodgy
Property developers in the past I can assure you there are landlords who will take thousands in rent but not sort stuff
If you have had only good landlords
Then lucky you
A good agent is worth their weight in gold! I was in a similar situation to you and ended up renting my house out when I bought a new house with my girlfriend. I originally managed the house myself but it was a pain as I work full time and having to arrange things around work was a nightmare. Luckily I had a good tenant at the time but he moved out at the start of the year when he split up with his partner and couldn't afford to stay on his own. When I relisted it, I went fully managed with an agent and it's been hassle free. My agent filters out any BS and only contacts me with genuine issues, usually when he has a price etc and just needs the go ahead.
Again, a good agent will sort this as a good tenant is less hassle for them than a bad one. My agent did all the viewings then narrowed the applications down to a few. He then did a home visit for the applicants he had selected and let me know who he recommended.
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If you think professional people are any better at looking after your property...think again!
I let mine out to some prefossional people,social worker high up and the other worked for getting people back to work etc...
Never aired the rooms,dried all clothes indoors during winter so led to damp problems ,garden was left to turn into the Amazon...broke the toilet and shower,took my microwave...also happened to be people our lass knew very well.
So yeah...even people with good jobs and money can easily become a nightmare as well.
I let mine out to some prefossional people,social worker high up and the other worked for getting people back to work etc...
Never aired the rooms,dried all clothes indoors during winter so led to damp problems ,garden was left to turn into the Amazon...broke the toilet and shower,took my microwave...also happened to be people our lass knew very well.
So yeah...even people with good jobs and money can easily become a nightmare as well.
A profit 30 years from now (the figures I ran were based on 30 years mortgage. For 25 years mortgage the rent would be lower than the mortgage payment). What I meant is, I see a lot of people saying landlords make a killing, but unless you are talking about landlords who perhaps have loads of properties, that's not true. £500 net profit a year isn't a killing, and if issues arise or the property remains empty for 1 month/year that will quickly turn negative. If it was more nearer the £2,000 mark, I'd feel much safer about it. Just enough buffer to outweigh the potential risks and mean that I wouldn't have to pay anything extra.
Personally I am a bit sceptical, and now looking into other forms of investment that could outperform renting in the short and medium term.
Repayment or interest only mortgage?
Didn’t even look at interest only, don’t like the sound of them. Thinking about it though, it might be the only way to make short and medium term money, as well as (although less) long term. You’ve given me something to look into!
Most B2L mortgages will be interest only anyway!
That's surely what a rental investment is though, you keep it for 25-30 years whilst the mortgage gets paid off, and then you have an asset that can be sold. Even if it means that with rental income minus the various taxes and fees you're only left with £500 profit for a year, you have to look at the longer picture.
I think it's perfectly legal. It was still a thing when we first rented a flat a few years ago. I guess in a way, it's no different to a mortgage lender only offering you so much based on your salary.
Soldato
Sadly all the faffing about is what made us give up. First tenant was perfect for a year, the second just kept pestering the management agency who kept pestering us.
We sold up and just chucked the money at the house mortgage. Sucks to no longer have the income from the flat, but is wonderful not having the hassle any more.