kesm Posted December 22, 2020 Report Share Posted December 22, 2020 I had a fixed term contract with my tenant, which is now a rolling contract with 2 months notice. If he doesn't pay the rent, do I issue him a section 21 notice or simply email him and state that he needs to leave after the end of the 2 months? I am trying to figure out if I should buy rent guarantee insurance with legal protection (which is very expensive nowadays) or if it is not worth buying it, cause of the shorter notice period?Thank you Quote Link to comment Share on other sites More sharing options...
Carryon Regardless Posted December 22, 2020 Report Share Posted December 22, 2020 Recently while looking for LL insurance I was seeing that insurers aren't honouring rent guarantees "due to legislation". I guess this means covid legislation. 'WE' can never evict, a court order is required and then an instruction to a Bailiff or Sheriff. If we want them out issuing a repossession notice is always the best way, later discussions may mean it isn't acted on, but our choice. Are the courts sitting again for repossessions? If we pay the court fees are we well aware of additional hurdles due to covid that we need overcome? We are able to expedite evictions on grounds of anti social behaviour. It can be defended, it may be that a court appearance is just a stage in the process if the claim fails 1st time, at our additional cost. Quote Link to comment Share on other sites More sharing options...
Grampa Posted December 22, 2020 Report Share Posted December 22, 2020 There will be restrictions with some RG products if the tenancy has already started. However, I know RENT4SURE a few year ago did allow it if the tenant was referenced by them to a certain standard but you couldn't make a claim within the first month or so. If your tenant is on a rolling contract (periodic) he only needs to give one months notice. If the tenancy states 2 months it wouldn't be enforceable. You cant beat a quality guarantor when setting up a tenancy. Quote Link to comment Share on other sites More sharing options...
Richlist Posted December 22, 2020 Report Share Posted December 22, 2020 3 hours ago, Grampa said: You cant beat a quality guarantor when setting up a tenancy. I think you can. A Quality tenant beats a quality guarantor any day........less admin, less cost, less hassle, less stress etc etc. But, there are obvious problems if you take this view :- 1. Quality tenants are as rare as hen's teeth or as someone pointed out to me yesterday.....as rare as French fishermen prepared to give up their rights to fish in UK waters and 2. The few Quality tenants that exist in Essex are already renting from me. Quote Link to comment Share on other sites More sharing options...
bil8999 Posted December 23, 2020 Report Share Posted December 23, 2020 I have had rental properties now for 40 years, never had rent guarantee, not saying its a bad thing, just not for me. I have in excess of 40 tenants, all good, no problems with any of them, all pay on time, look after the property. Not sure of cost of insurance, bet its not cheap. May be better to use that cost towards legal costs built into insurance policy. Quote Link to comment Share on other sites More sharing options...
Richlist Posted December 23, 2020 Report Share Posted December 23, 2020 I think it does depend on the type of tenant you let to. There is a lot of difference between letting to a professional e.g. teacher, doctor, engineer etc and letting to someone on lower income or on benefits. There is not a simple one stop answer that covers all tenancies. Quote Link to comment Share on other sites More sharing options...
bil8999 Posted December 23, 2020 Report Share Posted December 23, 2020 10 hours ago, Richlist said: I think it does depend on the type of tenant you let to. There is a lot of difference between letting to a professional e.g. teacher, doctor, engineer etc and letting to someone on lower income or on benefits. There is not a simple one stop answer that covers all tenancies. The worst tenant by far that i let a property to some years ago was a professional accountant, there are a lot of non professionals out there earning more and happy to pay the rental agreed. Quote Link to comment Share on other sites More sharing options...
Richlist Posted December 23, 2020 Report Share Posted December 23, 2020 Surely you are not suggesting that because you had one bad experience letting to an accountant that the rest of us should be extra careful, are you ? In my opinion there are far to many variables socially, economically and geographically to advise anybody on their choice of tenant or method of risk management. Quote Link to comment Share on other sites More sharing options...
kerbut Posted December 23, 2020 Report Share Posted December 23, 2020 We have always followed Richlist,s check list , but having a new tenant last month we went to our rent guarantee supplier and we normally paid £150/£200 they wanted £600 due to C19 , we declined and went for the guarantor only option. Quote Link to comment Share on other sites More sharing options...
Grampa Posted December 23, 2020 Report Share Posted December 23, 2020 1 hour ago, kerbut said: We have always followed Richlist,s check list , but having a new tenant last month we went to our rent guarantee supplier and we normally paid £150/£200 they wanted £600 due to C19 , we declined and went for the guarantor only option. Another option is to go for 2 guarantors. A big ask I grant you but not imposible. Quote Link to comment Share on other sites More sharing options...
bil8999 Posted December 24, 2020 Report Share Posted December 24, 2020 11 hours ago, Richlist said: Surely you are not suggesting that because you had one bad experience letting to an accountant that the rest of us should be extra careful, are you ? In my opinion there are far to many variables socially, economically and geographically to advise anybody on their choice of tenant or method of risk management. No, be careful, whether professional or not, my choices are made from experience over the years. Quote Link to comment Share on other sites More sharing options...
Richlist Posted December 24, 2020 Report Share Posted December 24, 2020 Your experiences are exactly that.....your experiences and it's absolutely right that you operate your business based on what works for you. However, someone else may have entirely different experiences.... with different tenants, in a different part of the country, with a different property and a different business plan. Quote Link to comment Share on other sites More sharing options...
Carryon Regardless Posted December 24, 2020 Report Share Posted December 24, 2020 Yes I have had one or two different experiences. I'm not so sure you reminding me of those is entering into the festive spirit tbh. Quote Link to comment Share on other sites More sharing options...
bil8999 Posted December 24, 2020 Report Share Posted December 24, 2020 3 hours ago, Richlist said: Your experiences are exactly that.....your experiences and it's absolutely right that you operate your business based on what works for you. However, someone else may have entirely different experiences.... with different tenants, in a different part of the country, with a different property and a different business plan. That's right, just don't be blinkered into thinking if you rent to professional people that they are any different to non professional working people, or is that just a chip on my shoulder. Quote Link to comment Share on other sites More sharing options...
Melboy Posted December 24, 2020 Report Share Posted December 24, 2020 3 hours ago, Carryon Regardless said: Yes I have had one or two different experiences. I'm not so sure you reminding me of those is entering into the festive spirit tbh. Bah! Humbug! 🎅 😄 Quote Link to comment Share on other sites More sharing options...
Carryon Regardless Posted December 24, 2020 Report Share Posted December 24, 2020 I wish you a crappy Christmass, I wish you a crappy Christmas, and a sh---y new year. But seriously, I hope everyone gets everything I deserve this year, and a tasty bird in Christmas stockings. Quote Link to comment Share on other sites More sharing options...
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