Antnkel Posted November 12, 2014 Report Share Posted November 12, 2014 Hi guys, Just wondering if anyone's ever done this? When surfing the web noticed it on my local councils web page. Basically it was about filling empty house and there were a number of different options. Here's a bit of info- Six month guaranteed rent scheme If your property has been up for sale for a while and is sitting empty you could be earning an income from the property over the quieter winter months with our 6 month guaranteed rental scheme. Take the worry and the cost out of leaving your property empty during the slower months of the year by leasing it to a housing association for a six month period. The housing association will then sub-lease the property to a tenant. The scheme is designed with assurances that the property will be returned to you ready to go back on the market in the spring. Benefits: You get a guaranteed rental income You do not have to pay council tax The housing association will be responsible for sourcing the tenant and managing the property Housing association management fees are taken out of the rent Any tenant damage is covered At the end of the lease period the property is handed back to you with vacant possession Repair and lease scheme If your property is in need of significant refurbishment home owners can lease their property to a housing association for a period of 5-10 years, who will then sub lease this to a tenant. Benefits: The housing association will complete the repairs to bring the property up to rental standards via a grant or interest free loan. The housing association will be responsible for sourcing a tenant. You are guaranteed rent whether it is occupied of not. You do not have to pay council tax whilst the property is occupied. Housing association repairs and management fees are taken out of the rent. At the end of the lease period the property is handed back to you, or you can opt to extend the agreement. Private sector leasing scheme If your property isnt in need of improvements. Again, home owners can lease their property to a housing association for a period of 2-10 years, who will then sub lease this to a tenant. Benefits: The housing association will be responsible for sourcing a tenant. You are guaranteed rent whether it is occupied of not. You do not have to pay council tax. Housing association management fees are taken out of the rent. Management only scheme Make the most of your asset and rent it out. A housing association is happy to help you manage the rental of your property for a small flat rate fee. Benefits: The housing association will be responsible for sourcing a tenant. The housing association will deal with all day-to-day issues the tenant has on your behalf. You are the landlord and remain in control of your property. You do not have to pay council tax whilst the property is occupied. Housing association management fees are taken out of the rent. As a landlord, you will be responsible for paying for any repairs and chasing any rent non-payments. If youre worried about becoming a landlord, fear not. We offer a lot of support and advice to private rented landlords. Home improvement loans If you need access to cash to improve your empty house and add value, there are a range of options available from shared equity loans to those from the National Empty Homes Loans. They have a range of terms and conditions. If you refuse to bring your property into use If your property or land is causing a nuisance to the community then the council has powers to undertake works to deal with the issue. For example, we could remove any tipping that has occurred on your land, this will result in a charge which, if left unpaid, may result in you losing your property. If you're unwilling to work with us to bring your property back into use then the council have a number of ways to deal with your empty property, these include: Empty Dwelling Management Orders. Compulsory Purchase Orders. Enforced Sales. Empty Dwelling Management Orders If we're unable to persuade you to bring your property back into use then the council can, in specific circumstances and as a last resort, take over the management of your empty residential property. An Empty Dwelling Management Order (EDMO) allows the council to carry out works to bring the property up to the decent home standards; we can then manage and rent the property out to tenants for a period of seven years. The owner will receive an income from the rent once the costs of refurbishment and the regular management costs have been taken out. Link to comment Share on other sites More sharing options...
Mortitia Posted November 12, 2014 Report Share Posted November 12, 2014 I would not consider doing this. IME the councils or housing associations do not fulfill what they set out in their documents - in fact they have set limits as to expenditure on tenant damage - and you can guarantee property will be damaged as they are housing difficult people who are the least wanted in their own properties - that's why they want to use yours! Link to comment Share on other sites More sharing options...
Chestnut Posted November 12, 2014 Report Share Posted November 12, 2014 IME it all looks fine until you want tenant out and your property back for some reason, one of which could be because tenant has damaged it. Nothing about termination mentioned in above schemes. Link to comment Share on other sites More sharing options...
Antnkel Posted November 13, 2014 Author Report Share Posted November 13, 2014 What I was looking at was a long lease 5 years+ Have seen in the terms that it states tenant damage covered upto an agreed amount! That would have to be clarified before anything else. Thanks for that pointer mortitia by the way. Link to comment Share on other sites More sharing options...
Richlist Posted November 13, 2014 Report Share Posted November 13, 2014 This would be somewhere near the top of my 'AVOID AT ALL COSTS' list ......along with: * People who smoke. * Pet owners. * Non English speakers. * Anyone in receipt of housing benefits. * Company lettings. * Any letting that would result in overcrowding. * Anyone running a business from the property. * Applicants with long lead times to moving in. * Non working tenants. * Aged under 25. * People with poor or no references. * People who don't qualify for RGI. * People that want a let for less than 6 months. * Shift/ Night workers Others worthy of avoiding: * Same sex couples. * People from third world countries. * Anyone outside of Europe & North America. * Anyone requesting anything outside of my comfort zone. With a housing association you could get any or all of those. Good luck.......I suppose its good that someone is prepared to do it.......it just won't be me! Link to comment Share on other sites More sharing options...
Antnkel Posted November 13, 2014 Author Report Share Posted November 13, 2014 Not sure I am prepared to do it but I will look at the details and see what I think. Link to comment Share on other sites More sharing options...
Melboy Posted November 13, 2014 Report Share Posted November 13, 2014 My Son let his flat out under a council scheme ( completed through an agent). He ended up with a very bad tenant who got into a fight which resulted in the front door being smashed down. He thought that the Council would compensate him or fit a new door. They didn't! He was offered a £150 for a new door which eventually cost him £500 to replace. The only good thing was it was easy to evict him after what he had done but he had been nothing but trouble. RL is right the council are desparate to house people like this but my advice is avoid ALL council backed rental schemes I also refer you to RL list above. Link to comment Share on other sites More sharing options...
Antnkel Posted November 13, 2014 Author Report Share Posted November 13, 2014 We'll I've arranged to meet them now so will at least look at what they've got to say, but I will be bringing some of those points up. Link to comment Share on other sites More sharing options...
Richlist Posted November 13, 2014 Report Share Posted November 13, 2014 There is also another important matter. I'm a great believer in not getting mad but always trying to get even. When people do bad things to me I usually try to pay them back in any legitimate way that I can. My local council have just made some significant adverse changes to council tax discounts for second homes, unoccupied & unfurnished homes and those in need of major work. Discounts have been reduced and this will cost me and many of my fellow landlords plenty in the years to come. So, I certainly wouldn't be looking to do the local council or any of their homeless, problem or nightmare tenants any favours anytime soon. Link to comment Share on other sites More sharing options...
Antnkel Posted November 14, 2014 Author Report Share Posted November 14, 2014 We'll I've got more details, and the main thing I took from it is they have said an damage caused by tenants is fully covered with no limits. Link to comment Share on other sites More sharing options...
Melboy Posted November 14, 2014 Report Share Posted November 14, 2014 We'll I've got more details, and the main thing I took from it is they have said an damage caused by tenants is fully covered with no limits. Funny that........that's what my Son was told as well. You do need to look at the criteria that most Councils demand from the property as well. As far as I can remember the bathroom and kitchens have to be no older than 10 years and a load of other things they demand as well that they require to be completed by the landlord before accepting the property. Link to comment Share on other sites More sharing options...
Mortitia Posted November 14, 2014 Report Share Posted November 14, 2014 When there are good quality tenants out there Antnkel why do you want to go down this destructive route? I had same experience as Mel details. Let to nice lad who then move GF in who was a heroin addict. Smashed door, blood splatters all over the ceilings and she has just got 7 years custodial for torturing an 80 year old woman to get money for her habit. www.bournemouthecho.co.uk/.../11507982.Jailed__the____despicable_... Don't say we did not warn you. Link to comment Share on other sites More sharing options...
Antnkel Posted November 14, 2014 Author Report Share Posted November 14, 2014 Not saying I'm doing it yet, still looking into it. Reason for that is the house upto now has been empty for 2 months. Link to comment Share on other sites More sharing options...
Richlist Posted November 14, 2014 Report Share Posted November 14, 2014 Don't let the fact that the property has been empty for some time tempt you into believing you should let the property to anyone.....especially benefits tenants picked by somebody else. In a few months an empty property with no rental income may look like a pot of gold when your new low life tenant causes all sorts of issues. A year or two ago I had a property empty for a couple of months. I had 43 people view it......42 of them were unacceptable. I'd have waited another two months or more for the right tenant......never lower your standards. If a property has continual lengthy voids then its reasonable to conclude its the wrong property in the wrong area and you need to move on as soon as possible. Link to comment Share on other sites More sharing options...
Antnkel Posted November 14, 2014 Author Report Share Posted November 14, 2014 It was our first house when we came back from abroad. 4 bed in a slightly remote area so yes wrong house in wrong area. We want to sell but waiting until market improves a little. Link to comment Share on other sites More sharing options...
Richlist Posted November 14, 2014 Report Share Posted November 14, 2014 Well I don't want to add to your woes but......the market here in my part of Essex has already been very, very good. Since summer 2013 prices have been on the rise. I fear you may now have missed the boat.....at least for a while As we approach winter & Christmas, property prices will go nowhere and sales will slow. Then in May there's a general election which will add a whole load of uncertainty and put an additional brake on prices & sales. Depending on the outcome of the election & the political landscape, property prices could be static for some considerable time. The UK is not immune to what is happening in Europe & the Middle East. The fragile economy & property market probably won't need much to tip it over the edge e.g one major catastrophy or terrorist act might just be all that's needed. But I'm an optimist and live in hope that my fears are unfounded. Good luck Link to comment Share on other sites More sharing options...
Antnkel Posted November 14, 2014 Author Report Share Posted November 14, 2014 I realise all that, that's why the thought of leasing it out for some years seems attractive. What ever happens I'll be ok just trying to find the best solution. Link to comment Share on other sites More sharing options...
Antnkel Posted November 19, 2014 Author Report Share Posted November 19, 2014 Well it's all sorted now, I'm going ahead with it. After some of the posts on this thread I was a bit more clued up as to what questions I needed answering, these came back to my satisfaction so I'm signing on the dotted line on Friday. Link to comment Share on other sites More sharing options...
Melboy Posted November 20, 2014 Report Share Posted November 20, 2014 Keep us all up to date please on your experiences. Good luck! Link to comment Share on other sites More sharing options...
Antnkel Posted November 20, 2014 Author Report Share Posted November 20, 2014 Will do. Link to comment Share on other sites More sharing options...
Antnkel Posted December 7, 2014 Author Report Share Posted December 7, 2014 I signed the lease a couple of weeks ago and thought being a housing association they would have someone lined up quite quick, but that's not been the case. Think I've found a tenant anyway just going through credit checks. Think next time it's vacant I'll contact the housing association from the beginning as well as my normal agent and see what happens. Link to comment Share on other sites More sharing options...
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