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About savvy100

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  1. No, unfortunately I don't. But looking through numerous posts, rent guarantee insurance and a home owning gurantor are a must. I will now bear this in mind going forward. I have never done this before. Would you kindly point me to some literature or links that would allow me read up on how to do this (step by step) properly. Thanks.
  2. Thank you for your reply Richlist. Totally agree that all I'm concerned with is getting the full rent each month.
  3. Hello there, Thank you for taking the time to read this. I am in need for some expert advice please. I have one property which I let out to a group of 3 friends (all young professionals) through my usual lettings agent. All 3 tenants name were on the tenancy agreement. The payment agreement was that the monthly full rent would come from a single tenant. So Tenant 1 and 2 would transfer their share of the rent to tenant 3, who would then transfer the money to my account each month. One month Tenant 3 failed to transfer the monthly rent to me. When I enquired as to why the rent did not reach me, Tenant 1 and 2 said they had transferred their share to Tenant 3, who for reasons unknown to everyone until now did not pay me. From then on Tenant 1 collected everyone's rent and paid me on time each month. However, one month before the tenancy was due to end, Tenant 3 did not give his share of monthly rent to tenant one, therefore I only got part rent for that month. Throughout all this Tenant 1 gave me many assurances that he would pay me back all the money he owed me, which was £2,600. He has payed me back £300 so far. The tenancy has now ended and my question is whether legally I can keep the entire deposit of £1950 to cover rent arrears (this does not cover the full rent arrears or end of tenancy cleaning and damage costs)? The deposit is held in the DPS custodial scheme. The lead tenant has made a claim for his and tenant 2 share of the deposit back (1200), as it was tenant 3 who did not pay the rent and not them (as they see it) They are all friends and they have more chance of getting that rent money back from tenant 3 than I do. I have replied via DPS website to keep the full deposit giving an explanation. As all 3 names was on the tenancy agreement am I correct in thinking all 3 are legally responsible for making sure I get the monthly rent? Even if one fails to pay his share? The others must cover his share? Your advice will be much appreciated Thanking you all in advance. Savvy100 ( not so in this case)
  4. Hi, I own a 1 bedroom flat in a purpose built block in east london. The lease is for 99 years from 24/06/80 has come down to 70 years and i would like to renew it. (as of 25/06/09 will be 69 years and counting). The freeholders of the property (nasty piece of work), who incidentally are also the managing agents contacted me inquiring if i wanted to extend the lease for a premium of £40k plus costs. I had a valuation done last year in Oct by a surveyor and was quoted between £8,700 - £10,700 plus costs. This is a big difference from what the freeholders are asking. I currently pay £35 ground rent, which would then increase to £75 in the next 33yrs and to £105 in the final 33yrs. It was valued at £135k in Oct 08. The surveyor contacted the freeholders to start a negoiation but they flatly refused and would not budge from their £40K asking price. Has anyone had any experience in extending their lease and so would know of good reasonable, solictiors, that have solid expereince in this filed that i could also use? Also would i have to pay what the freeholders are asking, a sum i cannot afford or would it be i would have to meet them half way and pay £20K? Thanks for any help. savvy
  5. Hi Preston, thanks for your advice. i will look up clauses on the net and i am only looking to create one agreement between the four. savvy
  6. Hi there, I am new to becomming a landlord and would really appreciate some much needed advice from the pro's out there. I am about to have a tenanacy agreement drawn up for my house which will have 4 students living in it. What clauses shoud i include in the agreement (how should these be worded), which my agent will draw up. I am assuming it will be a standard agreement/template. Any other information you may think would be valuable will be very appreciated many thanks. Savvy
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