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  2. 'Shelter' seem to have a very caustic view of landlords generally. I have absolutely no experience of benefits tenants......other than refusing to let to them (see below) and no personal experience of Shelter as an organisation. What I have is many years of reading horror stories of how Shelter support tenants at the expense of landlords who are often just trying to do the best for them. In the past I have refused to let to benefit tenants because: * My mortgage lender doesn't allow it. * My rent guarantee insurers don't allow it. * My letting agents don't deal with benefits tenants. * They cant provide a home owning guarantor. * They can't pass the affordability criteria. * They have cats & dogs which my leases don't allow. * There are better applicants. * I don't want to let to them. It's a very specialist part of residential letting that often requires the landlord to commit far more time and a more hands on approach than might be necessary with a non benefits tenant.I Having said all that, it's great that there are people who are prepared to take them on.......it's just not for all of us.
  3. Today
  4. Try Prestayn, that's nearly 3 of 'em. The great pro to benefit T's is that you can get most of the rent paid by the state. As long as the T ticks the appropriate box, Or as long as the T is eight weeks in arrear, but they can defend your demonstration of this. As long as they are entitled to the benefit continually, or it is taken / claimed back. Paid only for the period of occupancy, so forget notice periods. The one or two small downsides are that any guarantor is less likely to be wealthy and wise. Such T's are usually with ongoing issues, of many kinds. They occupy for most of the 24 hours and wear out the property more. If / when they abscond they are less able to remove their belongings. These are now classified as commercial waste requiring a registered contractor to remove and provide paperwork, certainly for Wales. Has England done this to us yet? Oh, and we are more likely to be considered greedy for taking the rent that is paid for them. I most certainly am not suggesting that they all smell, bless 'em.
  5. Just bringing this back to the top of the discussion. I wonder how many landlords are prepared for this or even worse are not aware of the new legistlation? Properties in England must have an Electrical Installation Condition Report (EICR) before new tenancies are started from 1st July 2020. The checks ensure the propertyโ€™s electrical fixtures, such as light fixtures and electrical sockets, are safe before the tenant moves in. The EICR must be performed at least every five years for each property. Landlords creating a tenancy without an EICR face fines of up to ยฃ30,000. From 1st April 2021, the new requirements will apply to ongoing tenancies that started before 1st July 2020. Similar requirements were approved in Scotland in 2015. Wales has no such requirements to date.
  6. I was going to say with your budget it must be purchases in the 'oop North area. ๐Ÿ˜€ Sadly down here in the South West 'ish area of the UK ยฃ130k only buys you a 1 bed flat.
  7. 3 or more unrelated persons residing together forms an HMO (house of multiple occupation) and this may need a licence (depends on the local authority.) Why do you need 4 bedrooms for 2 couples would be my first question to you - I smell a rat called subletting.
  8. Yesterday
  9. No problems here either , but what earlier on in the year looked very buoyant with our AirB&B / Booking.com holiday lets are now zilch.
  10. ๐Ÿ˜„ @ COR..........No problems encountered so far but I do have one where I am completely mystified how he is managing to pay his rent AND manage all the other household bills as he has not had a job since last Christmas when he was laid off due to redundancy but I have not approached the subject. His Wife works so that must be where the bulk of bill paying etc comes from with his irregular income from the one or two days he does work. Oh Well doesn't pay to think too deeply about it. Their rent was duly paid yesterday and that is all that matters to me. I would like to offer 1 or 2 of my long term tenants something nice like Richlist does but I do not have a Spanish villa. I do give out wine and beer and chocolates at Christmas to two of them. Must be going soft in my old age. ๐Ÿ˜€
  11. I suppose I could offer my T's use of my holiday home, but that's when they've found their own campsite and they would have to put it up themselves (I don't mean that in a painful way).
  12. Have any of the regulars on here experienced tenants withholding rent payments during the lockdown ? Fortunately I'm still receiving 100% payments although I've had two complain that they are unable to use the benefit I offer as part of their package. Longer term tenants get free use of my holiday home (in Spain). Obviously they can't get out there at the moment and booking something for later in the year when the situation is totally unknown is not a good idea either. It wouldn't surprise me if they try to ask for a rent reduction due to loss of benefit.
  13. Fun for me during lockdown generally = income up, expenditure down, new business to explore, lots more free time and sunbathing. I'm loving it !
  14. Last week
  15. Intrigued to know what other fun stuff you are up to?
  16. Well you know what the experts tell us about investments.......i.e. don't put all your eggs in one basket, better to diversify, spread your risk etc. Property is merely one asset class, there are others and that's what I've spent some of my time on the last couple of months during lockdown. When I look at the value of my portfolio I reckon I have sufficient capital tied up in property, at the moment. Would adding another one be such bad news ? No of course not. But, I'm having fun doing other stuff and certainly have no thoughts of taking on any benefits tenants, your the expert on that.
  17. That must mean now is the time RL for you to dip you toe into the water of benefit tenants.๐Ÿ˜€. No worries (well not as much) about not getting the rent in the current climate. Hard hat on, waiting for incoming fire
  18. I am looking for 3/4 bed houses up to ยฃ130K each and have a budget of ยฃ600K
  19. That's true, but I doubt we'll get to know if they are about to lose their job. This could always be the situation. As landlords we face an element of risk and exposure every time we take on a new tenant, there are never any guarantees, I've had the best tenants (on paper) doctors on good pay who went into arrears for no good reason then disappeared leaving 6 months of arrears. I go into this business with my eyes wide open and a healthy contingency ๐Ÿ™‚
  20. Given the current economic situation and what we are about to receive it means we will all have to add a few questions/checks to the already lengthy list when assessing prospective tenants. e.g. Some occupations are now so decidedly insecure we wouldn't want to let a property to someone about to loose their job.......that also applies to the guarantor. You can draft your own list of dodgy occupations.
  21. Good idea I'd say. Always prefer houses to flats, tenants tend to be more long term in houses and we know how expensive tenant change overs can be, so minimising them keeps profits up. I'm also looking to add to my investments, currently looking for small portfolios of 4-6 properties to buy before end of July.
  22. Nothing wrong in your thinking or actions Grampa as I see it. I have never really been a flat purchase landlord even though I do have a garden flat purchased 13 years ago but that has no service charges and a 999 year lease which makes it virtually freehold. I do prefer 2/3 bed houses in good locations. The flat achieves a very good rent rate and I have an elderly tenant in that one who just loves being there..........yet again location is always the key to purchasing BTL property My Daughter is an EA and she has reported a huge unexpected demand from buyer's and sellers this past week or so. A large property near to me has just sold yesterday for near asking price and a 2 person bidding war to get it as well. BTL? I think it will continue but not as strong as it was pre Covid19. Interest rates being what they are may well drive investors with a pile of cash back into the property market. I did this 2 years ago exactly because of what I was receiving back in interest from accounts and have absolutely no regrets in doing what I did and have certainly achieved a rate of 5% even taking into account repair/ maintenance expendenture over the past 2 years. I have just had installed a whole new long run of close board fencing as well on my properties by one of my lovely tenants who in the past was a fence erector........very handy! I would buy another property again but age is catching up sadly....... but the fire stills burns brightly. ๐Ÿ˜€
  23. Generally, as we all know, putting your money into property is a good idea if all the figures make sense. Only you will know if the price, condition, location, target market, desirability, layout, costs etc stack up. As an EA you are better informed than most and will know your area like the back of your hand. Let's face it, the way interest rates are falling ( almost weekly) makes any property look a good bet today. But remember, there is a possibility of negative interest rates later this year due to Covid19 & Brexit in December. The caution I would have is an overriding expectation that letting property in the next few years is going to be considerably more difficult than it has been in the past due to the coming economic downturn, there is going to be massive unemployment and everything that goes with it and it will impact the property market. At the moment I think property investment is what I would best describe as a ' proceed with care'. This time next year we could all be wishing we had invested our money somewhere else as everything around us crashes & burns........and at some point in the near future it will. I'm sitting on a large cash pile having sold lots of my properties over the last few years. I just can't bring myself to buy more in such uncertain times as I feel reasonably comfortable bidding my time and getting 1-2% return from the bank. So to answer your question I would only buy if the right property came along that ticked all the boxes......and even then I'd probably need a push. But, we are all different and no two situations are the same so, if you think it will work for you ......go for it. Good luck
  24. Just had a offer accepted on a end of terrace 3 bed house or 175k (75% Ltd Co mortgage) but needs about 15k+ of work. I sold a mortgage free flat for 81k just before the lock down. The thinking was what else is there to do with the cash other than stick it in property. The service charges were creeping up on the 2 flats I have on that block. They were 1k pa 5 years ago but now 1.5k pa which certainly hampered the sale of the sold one. The flat was generating 530pcm and the house when finished 920pcm and will be first to go in a LTD Co just formed. The other flat to go on the market in the coming weeks. Good idea or pure madness????
  25. Yeah it s a notice period 3months. And I need to pay some fees because the contract is for 2 ys. Thanks a lot for ur help
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