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  1. Yesterday
  2. Thanks, that's a no no then, as Grandpa says just increase the rent to a lower level of the course of the tenancy.
  3. We sent the first couple of letters out to landlords yesterday informing them of an increase in management fees and a suggested rent increased to mitigate it. Fingers crossed
  4. So, come 1st June this year new tenacies will see a large general increase. Not so good news for tenants.
  5. Tony Vasiliou

    3 MONTHS RENT IN ADVANCE GUARANTEED RENT SERVICE

    Please don't hesitate to get in touch, I'm soon due for court. Thank you
  6. Tony Vasiliou

    3 MONTHS RENT IN ADVANCE GUARANTEED RENT SERVICE

    Hi Kerbut and Melboy, just to confirm I'm due for a court date soon in reflection to my ordeal against Khaalid Mohamed of Prestige Guaranteed Rentals. It's been a long battle but I'm determinated to keep up my fight to win with all the evidence and witnesses I have to bring down this rogue estate agent whom it seems has for a long time got away with making people's lives a misery and indeed putting them at risk. Please do get in touch at Tonyvasiliou88@gmail.com if you have anything to share, my lawyers maybe interested to here from you + if you have a case against this agent do report it to the Property Redress Scheme which the agent is registered with. Thank you Tony Vasiliou.
  7. Last week
  8. I think they have covered this scenario. Nice try. "if the amount of rent payable in respect of any relevant period (“P1”) is more than the amount of rent payable in respect of any later relevant period (“P2”), the additional amount payable in respect of P1 is a prohibited payment." "Where there is more than one later relevant period in respect of which the amount of rent payable is lower than the amount of rent payable in respect of P1— (a) if different amounts of rent are payable for different later relevant periods, P2 is the relevant period for which the lowest amount of rent is payable; (b) if the same amount of rent is payable for more than one later relevant periods, P2 is the first of those periods."
  9. The obvious question is .....will the market accept the rent increase ?
  10. Can I run this by you ? its concerning fees being passed on to the Landlord after 1 June. I am considering this, the normal rent pre 1 June would be £800 pcm , with the charges being passed on to us ( agents fees, check in /out inventory, cleaning, tenancy agreement, guarantor agreement etc ) I am considering adding 15% to the rent for the first 6 months making it £ 920 pcm after the initial 6 months when it goes periodic reverting to £ 800 pcm , thoughts please
  11. Carryon Regardless

    Tenant fee ban and the 5 week limit for deposits

    A thought around increasing the rent for animals, I can see over the long term you can offset the greater risk / expence, but if a tenancy is shortish, just a few months the carpets will be shot and the cost not covered. I have considered that T's with animals might be asked to buy the carpets from me, or for me if they're going down for a new tenancy.
  12. Yes, thanks I will wait until Mydeposits issue some sort of directive after June 19 and before June 20
  13. Jessica May

    Renting to students: Is it a bad idea?

    Thank you all for your advice!
  14. My Daughter is an EA for a large but local company. She has stated that after a traditionally quiet 2 months enquiries and sales have really picked up now. Mind you the Honda factory closure is going to have a really serious economic effect on the local area.
  15. Well you have a years grace for existing tenancies up 1st june 2020. I would contact mydeposits and ask them the question. I would be interested in their answer.
  16. I register all my deposits with believe it or not Mydeposits , I always have taken 6 weeks deposit and the amount is then secured, if I have to return 1 weeks deposit after 1 June how do I alter the given amount secured from 6 weeks to 5 ?
  17. Carryon Regardless

    Renting to students: Is it a bad idea?

    I did some research and calculations some years ago. While the financial aspect may have evolved some, but I doubt it, the demographic won't have. I concluded that the area must be within the catchment zone, obvious I know. But close to the study venue is less important than easy access to night life. Students are traditionally skint, so taking payments from the G'tor can have advantages, how they all sort that isn't your issue. Expect a repaint each season, and possibly new mattresses and some furniture. Local Uni's will detail the minimum requirements of 'your' property to register it / you on their list. Consider the neighbours, even if you don't like them you might well get many complaints and attention from environment health. The noise and rubbish will be seen as your problem. A friend used to work in the M/cr housing enforcement. They took to prosecuting LL's in some strange way if a lady was raped in their property, go figure that one, (I perceive aimed at student let's but clearly wouldn't be specifically). I haven't a clue if other authorities adopted this prevention attempting policy. I have some personal experience with my step dausghter of students absconding the let, effectively sub letting to short term partners, and transferring utility responsibilities to another when it suited. We are now limited by our charges and deposits so can enjoy an increased risk there. My conclusion was to leave that market to those with the expertise, if there were to be any increase in revenue it wasn't worth the anticipated additional effort, and possible increased risk.
  18. Grampa

    Renting to students: Is it a bad idea?

    So you plan to rent a asset worth many £1000's to a 20 year old young lad who has very likely never left home and lived by himself, never cleaned a cooker or bathroom in his life who is now in a environment where all his peers are having parties, having drinking games, bed swapping and struggling to make their student loans stretch the term. Good luck with that
  19. Sales (new instructions) always pick up for us after xmas from about the middle Jan as we get a flurry of new instructions from the marital breakups over xmas and deaths of elderly people if there been a cold spell. I thought there would be more of a downturn due to the B word uncertainty. There appears to be no shortage of potential purchasers either.
  20. Richlist

    Renting to students: Is it a bad idea?

    I think it can be very profitable........but the profit comes at increased risk over other tenant classes. My advice is :- * Never let to a student without a home owning guarantor (for each tenant). * Always take a deposit.....the largest you can get away with. * Make sure you have a detailed professional check in inventory SIGNED by each student. * Furnish the property appropriately. That means not going over the top cos generally it will get abused. * Accept the fact that decor, furnishings and fitments will be exposed to more wear and tear than property let to normal tenants and will need replacing/renewing more frequently. * Make sure you comply with rules and regulations. * Make sure you provide written rules to your students so that they(and you) comply with any restrictions contained /required by your deeds, lease, insurance, local authority et c * Don't upset the neighbours.......students are not the best people to live next door to. * Expect the worst......that way things can only be a pleasant surprise. Good luck.
  21. Brilliant idea with pets, I like it. It could be just my part of Essex that is suffering a downturn in sales & enquiries. There are still a few professional landlords looking but they tend to offer very low prices, normal buyers seem very thin on the ground. When you say there is a bit of a spike this time of year......Do you mean sales are normally more buoyant or less ?......(fewer buyers is traditionally what we get here in Jan & Feb).
  22. There is a work around solution to the pet issue you raise RL. You advertise the property with 2 prices which is apparently acceptable. So you advertise the property normally at say £1000pcm and then right at the bottom of the property description and room sizes etc you add (in small print??)something along the lines of. The landlord of this property may accept pets and if agreed the rental prices would be £1015pcm. After 18 months thats a extra 270 quid. (or whatever rate you set it to) Our sales have surprisingly increased so maybe its just your area RL but there is always historically a bit of a spike at this time of year.
  23. I'm about to rent my one-bedroom apartment to a student, a 20 years old guy. I have never rented to young adults and I'm pretty confused right now. But after reading this article - things seem to be not that bad. Generation Z What do you think?
  24. Earlier
  25. Thanks for that. There is a wider issue here...specifically for those landlords that accept tenants with cats and dogs who traditionally have taken a larger deposit. Now that they won't be able to do that, tenants with pets are going to find it even more difficult to find a decent rental property. I was talking to my lettings agents yesterday, seems there are so many problems at the moment.....Extra 3% stamp duty land tax, reduction in claim for mortgage interest tax relief, the economy, austerity, Brexit, additional legislation piled onto landlords, etc etc. sales business for my agents is very subdued. I was looking to buy a 2 bed terraced house in my area priced around £240k. By the time I add stamp duty, legal fees and everything else it's another almost £10,000 added to the purchase costs. Like many other landlords i came to the conclusion it just ain't worth it. There are more ways of making money than property.
  26. Some of you will all ready be aware of the tenant fee ban coming in on 1st June 2019. But are you aware that within it there is also a rule that the max deposit you can take is 5 weeks rent. Thats fine for new tenancies but if you have a current tenancy with a higher deposit the portion of the deposit over 5 weeks will have to be returned to the tenant. The good news is you have 12 months grace until 1st June 2020. The bad news is and this isnt just related to deposits (over 5 weeks) it relates to any fee that is taken (after 1st June 2019) that that shouldn't have been taken which could be ref fees, check out fees or any other charge during the tenancy. Or if you took a check out fee in advance on a historic on going tenancy. *********YOU WILL NOT BE ABLE TO SERVE A SECTION 21.*********** Just another way on the growing list for judges, Shelter etc to get evictions struck out. But with a lot of new laws they are not thought out or planned sensibility as the deposit schemes do not have a mechanism to allow part of a deposit to be returned.
  27. Grampa

    Taking Pocession after serving notice under 21a

    Right I am assuming: The property is in england It is less than 6 months since you served the s21 The tenancy is an Assured Shorthold Tenancy The possession forms were updated 21st November 2017 but the online forms on PCOL were not updated (last time I looked) so technically there could be grounds for the judge to strike out. However if you chose to continue down the PCOL route you need to post any relevant docs to the same court that has been allocated for the hearing quoting the claim number given by PCOL. Rent arrears is normally claimed via S8 or MCOL.
  28. so I am in the process of getting a court order to take procession of a property after the tenant has ignored the Form 6a - section 21 Notice. I have applied through the government online PCOL...… As anyone else had experience of this? I was assuming I wouldn't need to attend the court in person but would need to supply copies of the contract, the certificate of notice and also the rent statement (the tenant is £680 in arrears) but I don't understand where I can attach these documents to the application. any help or previous experiences really appreciated
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