louguidery Posted July 13, 2012 Report Share Posted July 13, 2012 Hi, As a brand new landlord I've already experienced the best and worst of letting agents! Have just successfully let with a major chain (Martin and Co) whose properietor filled with me confidence and let my first and expensively and lovingly rstored property within 24hrs to a suitable tenant. Seconf property has been signed up fro 4 week run with the estate agent who sold it to me and is putting me under pressure to accept dhss applicants et al. also in their blurb they say they sign all legal documents on my behalf! Is that allowed? I certainly don't want them to! and can I insist that and prospective tenants take out tenant liability cover under the terms of the tenancy? Any advice gratefully appreciated! Thanks Link to comment Share on other sites More sharing options...
Grampa Posted July 13, 2012 Report Share Posted July 13, 2012 As an agent I can say it is a normal practice for an agent to sign a tenancy agreement on behalf of the client (landlord) But if a LL wanted to sign them self I wouldn't have a problem with it. Also as someone who rents out to Housing benefit tenants I know a little bit of pros and cons. It isn't for everyone and a lot of landlords AND AGENTS get it wrong but I have many many successful tenancies where the rent is paid by the council. First off I would make it clear to the agent IN WRITING that no tenancy to be granted until your approval as it is not unheard of for some agents to sign up tenants willy nilly. If you wish to consider HB tenants steer clear of single men, under 35's. Make sure they have a checkable rental history, have their own cash deposit (not council bond) and can supply a home owning guarantor. It is also possible to get RGI on HB tenants nowadays. You will get a higher wear and tear (not always). Also make sure the monthly rent is within the limits for what your council pay for the size of the property because if it is more you will find it very very hard to get the tenant to pay the shortfall because they will not have the funds. https://lha-direct.v....uk/search.aspx The next posts on here are likely to be against HB so you will get a balanced view. Link to comment Share on other sites More sharing options...
Melboy Posted July 14, 2012 Report Share Posted July 14, 2012 ........and here is the balanced view Grampa. lol I have for the very first time in 22 years of being a landlord taken on a flat purchase with a single male DSS tenant who has been in occupation for a year. ( long story why I purchased this flat! ). I have carried on with the existing Letting Agent through our very own LA forum contributer on this forum "Trenners". I have to admit my knowledge of DSS renting is pretty basic although it's getting better now due to some minor problems that have recently occured with this tenant and to be fair if it wasn't for the direct help from Trenners to sort the problems out I would have probably thrown my arms up into the air in act of Oh! No! here we go DSS! From my recent and short experience I would say it is not always the fault of the DSS tenant but the dealing with the local council and the sloooow beaurocracy that goes with it all when problems do arise of which it is mainly the stoppage of rent payments to the landlord. So to answer the OP's question IF you go down the DSS route make sure your LA has expert knowledge with dealing with DSS tenancies AND that they have a "hotline" through to the department dealing with your tenant and a good working relationship with the Council housing department. Mel. Link to comment Share on other sites More sharing options...
Richlist Posted July 14, 2012 Report Share Posted July 14, 2012 Excellent advice from Grampa & Melboy.... DON'T forget guys.......the world is still waiting for a book on renting SPECIFICALLY to benefits tenants with all the positives/ negatives/ tricks of the trade etc. Could make you a nice income on the side. Link to comment Share on other sites More sharing options...
Trenners Posted July 18, 2012 Report Share Posted July 18, 2012 Hi everyone (and thanks for the name check Melboy), The reason why I got into letting property to DSS tenants ... and then helping other landlords let their property to DSS tenants as well .... is to minimise the void periods and thereby maximize my rental income and minimize costs (caused by advertising, tenant vetting, voids etc). If a property is void for 6 weeks a year (I think that is the industry average although mine are never empty that long) then the landlord loses 12.5% of their annual rental income whilst the property is empty. If you rent out to a DSS tenant ..... or indeed a family who has pets .... or a DSS tenant who has pets ..... AND you can find a reliable one (not always the easiest) THEN .... you can enjoy ZERO voids for years and years and years. OK - some of my DSS tenants run off with the rent .... if they do that then I kick them out .....and some of them leave lots of junk in my property BUT as long as the damage caused or the cost of removing the junk IS LESS than the 6 week industry average void that I was expecting anyway ..... I AM MAKING MORE MONEY than the average landlord by renting to my DSS tenants! Some of my DSS tenants (together with their pets) have been with me for 7+ years .......... and many of them will be with me for another 7 years to come ..... what's not to like about the DSS and their pets! <grin> All the best Trenners Link to comment Share on other sites More sharing options...
Mortitia Posted July 18, 2012 Report Share Posted July 18, 2012 .....................rent paid at least 2 weeks in arrears, benefit/rent stopped when tenant 'goes wrong', extra wear and tear on property with classic stay at home ne'er do wells ( and their pets), higher insurance premiums neighbours hate them - bring the area down etc. Have I missed anything .............? Each to their own but I will stick with the working couples as my prime target. Mortitia Link to comment Share on other sites More sharing options...
Richlist Posted July 18, 2012 Report Share Posted July 18, 2012 Have I missed anything .............? Mortitia Yep......the 2 most important reasons from my perspective. 1. None of my mortgage lenders allow letting to benefits claimants. In fact, in every case, its an express condition of the mortgage that the property is NOT permitted to be let to benefits claimants. 2. None of my freeholders permit pets in any of my leasehold properties........that rule probably applies to 95 % of leaseholds. Link to comment Share on other sites More sharing options...
Simmons Posted November 7, 2012 Report Share Posted November 7, 2012 Hi, As a brand new landlord I've already experienced the best and worst of letting agents! Have just successfully let with a major chain (Martin and Co) whose properietor filled with me confidence and let my first and expensively and lovingly rstored property within 24hrs to a suitable tenant. Seconf property has been signed up fro 4 week run with the estate agent who sold it to me and is putting me under pressure to accept dhss applicants et al. also in their blurb they say they sign all legal documents on my behalf! Is that allowed? I certainly don't want them to! and can I insist that and prospective tenants take out tenant liability cover under the terms of the tenancy? Any advice gratefully appreciated! Thanks Any update to your experiences? Link to comment Share on other sites More sharing options...
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