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About Pauly

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  1. Hi all, I was thinking of buying another buy-to-let property but am slightly worried the housing market is heading for a crash? What do you all reckon? Paul.
  2. Thanks for your comments, especially the fact that I CAN insist on the tenant paying the full amount of rent. I have asked the tenant to pay the rest of the money, as it annoys me that there's one rule for the tenant and another for the landlord, so if the tenant wont pay the full amount, I will make a claim for the money at the tenancy deposit scheme, even if I don't win at least it will delay the tenant getting their money back
  3. Hi all, My tenant is on a six month AST, which is now periodic (8 months since they moved in). The start date of the tenancy was the 23rd of the month. I thought as the tenancy had become periodic, the tenancy would have to end on the 22nd of any particular month. Either myself giving a least two months or tenant giving at least one month's notice. Anyway, tenant has recently given me notice, dated 17th May, saying that the last day will be 17th June, adding that rent will be 5 days less than the full monthly rent, as they are leaving before the 22nd. Can tenant do this? Or can I insist that she pays me the last month of rent in full and that the end of the tenancy will be 22nd? I thought that if I gave notice, it would need to be at least two calendar months up until 22nd of the month, not earlier or later than this date. Advice / knowledge apprieciated.
  4. Hi everyone, I am selling my buy-to-let (the house sale is proceeding), I will shortly be serving the existing tenants two calendar months notice in accordance with the tenancy agreement. And there's also a chance they may leave early ie serve me one months notice. The gas safety certificate expires next week. But i'm reluctant to renew as I am selling imminently. I called out a plumber (who is gas-safe) to fix a toilet leak last month and I also paid him to give the boiler a maintanance check, and he told me everything was fine / safe. The only other gas appliance is the cooker which on last inspection was working fine. I know the letter of the law would say I must get another gas safety certificate, but what would any else do under the same circumstances? and are there any further possible consequences, ie invalidated insurance etc, advice welcome, thanks.
  5. No, i'm not changing the terms, ideally I would like the tenants to commit to a new 6 month agreement, but as stated they might not be too keen on staying for another 6 months (Plan A), hence an idea of 5 months, signing a new tenancy agreement 1 month b4 old one expires (plan B ), in effect encouraging them to stay for another 5 months. Or failing that, continuing on a month-to-month, periodic tenancy (plan C). I just didn't want to appear to be giving them an ultimatum, ie stay for 6 months, which could scare them off, just trying to be flexible but have more security then 1 months notice, which would be the case if it went periodic. So the question still remains, if I signed a new tenancy agreement before the current one expires, would the new one supersede the current one?
  6. Hi all, Any advice appreciated. I have tenants who have been at the property for 4 months (they signed a 6 month tenancy agreement). However, I am keen to get them to sign a new tenancy agreement, rather then let the tenancy become periodic after 6 months. The tenants currently appear happy with the property, as whilst recently visiting the property they made some sounds to suggest they may want to stay on. When they originally considered taking on the property they asked if I could let it for 3 months. So as they are slight commitment phobs, I was thinking of suggesting an option to them of signing a new 6 month tenancy, with 1 month left on the original tenancy agreement (5 months into the original agreement). If they agreed, would this new tenancy agreement be valid, by making the original tenancy invalid? All replies welcome
  7. Hi people, After recently viewing my property, my prospective new tenants, have asked if I can leave the fridge, washing machine and cooker (white goods). I said yes, but explained to them that if they break down I will not be replacing them (All three items are currently working and in good condition). I am aware that a clause can be added in the tenancy agreement, stating that these items are "gifts". That's all very well, but if they are "gifts", could the tenants not technically be able to remove / sell the white goods. Is there another term or description that I could use in the tenancy agreement basically loan the white goods, whilst making it clear that they have to stay in the property? Any experience / views on this matter would be gratful.
  8. A fair opinion and you're entitled to your opinion. My opinion for what it's worth differs. I have never used a letting agent, as it isn't rocket science to get and keep a tenant without using an agent. Yes, a letting agent can take away some of the chores, for instance, advertising, listing an inventory or showing prospective tenants around a property, but regarding referencing, not all letting agents are thorough enough. I know two landlords who had nightmare tenants, both had used letting agents. So, there's no argument to suggest using a letting agent will guarantee a good tenant. I advertise for free on gumtree and use the tenant reference service on NLA which costs £10 per prospective tenant. As well as saving alot of money by not using a letting agent, I like to keep control of the tenancy without having a middle man to consider AND pay. However, I do concede that some landlords aren't organised enough to go it alone or live far away from their let property. That's my opinion, everyone has one. I'm not a massive fan of letting agents, but at the same time do not hate them with a passion.
  9. I wouldn't buy until the housing market bottoms out / stabilises. Also, until people start buying houses, more and more of the unsold properties will be put onto the letting market, which will continue to push rents down and making it harder to find tenants as it is currently a renters market. The lower the purchase price you pay, the lower mortgage you pay and the higher profit / yield you'll make. I've been a landlord for five years now and it is hard work and quite a responsibility. If I could turn back the clock, I probably wouldn't have jumped on the band wagon. I'm still making a small yearly profit, but in my opinion, all the costs and hassle barely make it worth while. I would guess mid 2010 / early 2011 would be a good time, becasue at the moment, the recession is starting to bite which will push prices down further. We're in a downward cycle, but it will turn round, no one is sure exactly when. Regarding what is best to buy, I would check out property websites in your chosen area and see how many of each type of property is for rent. For instance, if there are 20 one-bed flats for rent and only a few two-bed houses, then I would look to buy a two-bed house, it's all about demand and supply. I have two houses and stay clear of flats as you are more vunreable to suprises and less in control. Good luck
  10. Hi guys and gals, If anyone can offer me some good advice it would be much apprieciated. The story so far..... Tenant has given notice to end tenancy (last day of tenancy: 07 April 2009) and has paid last months rent in advance, so no problem there. On a recent inspection I have learnt that the tenant has in effect already moved out and into another property (but has still to move out final bits of furniture) and has yet to hand back the keys. I have now just received a council tax bill addressed in my name for the last three weeks. It would appear that as the tenant has moved into another property they don't want to pay council tax. In the tenancy agreement it states that the tenant is responsible for council tax, it also states that I could withold unpaid council tax or bills. I can understand that tenant doesn't want to pay two lots of council tax, but surely this can't be my responsiblity? What should be my next step: email tenant tell them to contact council to pay bill, or should I contact council directly, or wait until tenant hands back keys, then tell them the outstanding bill will be deducted from deposit? Any comments welcome
  11. I think both stevejones and will davis have plugged the £55 tenant finder service enough now, or are they the same person, or do they even work for / own the company??
  12. Any good letting agent should take a non-returnable holding deposit, this ensures the prospective tenant isn't wasting your time, and doesn't leave you with unecessary and expensive void periods. I would certainly ask to see references, and meet prospective tenant in person if possible, as letting agent's may not be thorough in checking a prospective tenant out and they may be more eager to get their commission off you. I manage my property myself, i'm more in control and it saves me a bundle, and afterall, a letting agent won't be losing sleep if your property lies empty or has a nightmare tenant in it.
  13. Pauly

    Is this it?

    A housing boom is based on greed, but a housing crash is based on fear: Fear of further house price falls; Fear of recession; Fear of job losses. crazy house prices (ratio of 6.5 years of an average salary / to house price) could never last and the credit crunch stopped the boom in its tracks. In the past 12 months (Oct 07 - Oct 08) house prices fell 15% and we are at the start of a hefty house price crash. In the previous three house price crashes (most recent May 1989), where house prices fell for four years and it took until 2001 (11 years later) before prices returned to pre-crash (1989) levels. My prediction is that house prices will continue to fall at least until 2011/2012, from peak to trough by 45%, then stagnate for a further two years then finally start rising again, at which point I will remortgaging and buying property again, as I am lucky enough to have a tiny mortgage on one of my two properties. Landlords who have stretched themselves too far (bought several properties, in the past two years, with a small deposit, with interest only mortgages are going to be in real trouble). As an interest only mortgage is basically gambling on house prices to rise and is little more than renting money from the bank, as the mortgage debt is never paid off, just interest on it. Consequently, this type of borrower's debt will increasing as quick as prices continue to fall. I sympathise most with first time buyers who were strongly encouraged by the government to get on the property ladder (and wrongly advised that there would be no more busts just a never ending boom), now they have massive mortgages and will be stuck with negative equity and unable to move for years and years to come.
  14. Hi all, the old tenant left a day early and didn't give a forwarding address, does anyone have any advice as what to do with mail still be delivered and addressed to old tenant?
  15. Hi all, my tenant is being evicted in a few weeks time. On the day he moved in and signed the tenancy agreement, there was no landline telephone and I called the utilities company with a gas and electric meter reading. The tenant failed to pay both the gas and electric bill up until the utilities company threatened him with court action, they came to an agreement to change both the gas and electric meter over to "pay-as-you-go" keys, which would slowly pay off the debt. I've only just recently found this out on a recent inspection. Anyway I've spoken to the utilities company and have told them that I want a new gas and electic key on the day they move out, as they still owe quite abit of money and i want to be able to use the electicity. I have also just found out that the tenant has got a landline telephone. The utilities company have asked me to fax over the tenancy agreement and asked me to get a forwarding address, so I think I've covered myself, but should i try and find out who the phone company is, because i'd say there's a good chance he wont pay the bill, or keep out of it? Any advice anyone?
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