Richlist

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.

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

This thread is almost 7 years old.

* I hope you haven't sent the original tenancy agreement.....you should have sent a copy instead. * Inspections should be more frequent than twice a year.....normally every 3 months. So, with the evidence you have.....TA, proof of rent received, neighbour & letting agent that should be it. I wouldn't waste any more time on the matter. It's up to the Council to collect taxes.....it's not your responsibility.

That's asolutely crazy. Well assuming you are sure THEY are living at the property.....and the tenants haven't sub let it or moved family members in etc then... In your shoes I'd send the Council a copy of the tenancy agreement that expired in August 2019, advise them that the tenancy has now become a statutory periodic tenancy. I'd also inform them that copies of any further documents will incur a charge. Then if they are not happy let them take you to court.......id love to be a fly on the wall. On a more important point..... * What is your letting agent doing for you ?......it sounds like not a lot. * Who is doing regular inspections every 3 months ? * Do your agents collect the rent ?

Are you in England and is the tenancy agreement an AST ? If so, normally the tenant can leave at time they want to leave....but if it's during the fixed term of the AST they are liable to pay the whole of the fixed term. Do you have rent guarantee insurance or a home owning guarantor ?

Letting to students is a unique, separate subset of the rental market. I am under the impression that any landlord letting to students has a special set of rules that must be met e.g. bedroom size, room layout etc which is over and above those that already exist for anyone else. It's generally accepted that many students have an over expectation and as one would expect, they want the best standard for the lowest cost. Any students who believe their accommodation does not meet those special rules or whose landlord fails to carry out essential repairs can raise the issue thru their university. There have been numerous reports in the press about false ratings on travel sites........what's the point of replicating something which carries no confidence in the accuracy of the feedback.

The problem is how do you ensure that the review is honest & genuine. Any tenant who had a problem/ disagreement / dispute / argument/ difference of opinion etc with their landlord could post a wildly, exaggerated and subjective review unfairly criticising the landlord & or his property. There are usually two sides to any story and this just publishes one side of it.......It's virtually worthless. The same goes for any platform that relies on honest feedback for landlords, tenants or agents......you can't have any confidence in what's posted. In over 20 years of letting residential property and 100's of tenants......I've not been asked once for referencies, previous tenants contact details or had any checks of any kind carried out. Forget the idea....it won't work.

There are two separate issues here. 1. The ability of the landlord to legally recover unpaid rents...a) from the tenant or b) through rent insurance or c) from the tenants guarantor has changed. In the current emergency I'd suggest......a) & b) may not available and c) is likely to result in delays. 2. That recovery of unpaid rent by any means is likely to be subject to lengthy delays. So, it's a good idea to set money aside to cover operating expenses. However, having a home owning guarantor in place will eventually result in the tenants debt being paid. *

Income from property is classed as investment income. There are winners and loosers in the current emergency. The Gov' cannot protect everyone's income. As an experienced landlord you will already know the options open to you when letting property:- * Rent guarantee insurance &/or......and preferably * A home owning guarantor.

Gas is so last year. The future is electric.......the Gov have already stated that's their position. Renewables.....solar, wind and wave power supplied to electric heat pumps that double up as air conditioners in summer.

It kinda makes electric storage heating seem very attractive........until you remember that all new tenancies will require electrical safety certificates from 1st July this year.

That response from your insurers makes perfect sense to me. Of course, you are still free to insist on your applicants providing a suitable home owning guarantor.

It's at times like this, when tenants are asking for a rent payment holiday, that the recommendations constantly pushed on this and other forums such as: * Rent guarantee insurance & * Home owning guarantor Take on an added attraction. It's such a shame that many, many landlords just can't be bothered to get it.

I agree, for me this lockdown has been great and for all the same reasons as you BUT......I don't have any mortgages to pay or a job where I'm receiving no income or any tenants not paying etc. We also have to visit the supermarket for shopping....it now takes half a day (with the queuing) instead of less than an hour. We are also struggling to put enough miles on each of our cars to keep batteries topped up. We have also decided we don't need to renew RHS membership cos they are closed for the forseeable, don't need to renew our Railcard, don't need to renew our travel insurance or our vehicle breakdown insurance etc etc......so we are saving loads of money this year. But generally I'm gonna be quite happy in lockdown until the end of year.

I've had a rethink and have come to the conclusion that it's to difficult to answer. There are so many unknowns that any conclusion is pure speculation. Just look at the variables. * CV19.....Will there ever be a fix ? 2021 or not for another 5 years ? How will society cope? How will the economy look? What will the world look like in 12 months ? * Brexit......the affect on the economy ? * Property prices....going up, going down, stable ? * Levels of unemployment ? * Mortgage availability ? * Taxes.....bound to rise......landlords usually get hit. * Wages.....recession, a repeat of the 1930's ? Who knows ? * Inflation ? * Negative interest rates ? * Increased risks of prices falling, rents not being paid, little support from Gov, general negative attitude to property investment ? * Etc. If you think you know the answers to this lot you are better than me.

Yes that's my take on it. There will be lots of property resulting from marriage break up with people couped up together for weeks/months. We only have to look at those that come to market following the Xmas break to get a feel for what will happen after a much longer period. Don't fotget, Brexit happens in December......which further complicates the already complicated property market. There is no guarantee of a vaccine, ever.......so if this crisis continues way into 2021 or beyond then all bets are off.

The most important thing a landlord can do is pick his tenants very, VERY carefully. If you don't meet them how are you going to make a judgement about the suitability of appllicants ? Unless you have a very detailed questionnaire, so detailed people probably wouldn't bother to fill it in, then you can't make that judgement with confidence. Letting a property is not just about finding people who like the images & want to rent it.....there is far more to it than that. Good luck.

People are only allowed to travel for specific reasons......viewing potential rental properties is not one of them. Perhaps it might be better to find out where your existing tenants are going to cos they aren't supposed to be travelling either.

I can't see that anyone is going to want to rent a place in the current emergency. Are you sure there IS a market ?

* Bognor, Portsmouth, Havant is all South coast, not south east. * You say you want freehold so that says a house not a flat. No houses anywhere around Southend, Chelmsford, Basildon area of the South East for that price. * You can get houses in Clacton & Jaywick for under £120K

Virtually impossible to buy anything for £120K in my area of Essex......unless it's a total wreck being sold at auction.e Even if you can find somewhere at that sort of money you are probably looking at a small 1 bed flat, probably leasehold and in a run down area that's not going to attract the best tenants. If I had a spare £120K looking to be spent on property I'd look to raise a small mortgage to go with the cash deposit to expand my horizon and get somewhere bigger. Interest rates are at an all time low, get in whilst the going is good. I have a great 1 bed flat in Basildon for £170K that would make you an absolutely perfect investment.

The issue for councils is that council tax pays for police, fire service and other essential workers etc. So without that income you can only imagine the chaos that would result.

Anyone is free to drop the television company, producers or journalists a note offering a story. You never know you might get lucky.

If i were in your shoes I'd let him take me to court ie call his bluff. From your post I can see you have tried to get the issue fixed and I'd write out the timeline with dates so the court can see the action you've taken and the request made of the freeholder. Tenants are not entitled to any benefit more than an owner occupier would have just by virtue of paying rent. Your tenant can wait like every body else has to until the freeholders gets around to fixing the issue.