Finally found a tennant
Discussion
Hi, I made a few threads over the past few months about problems at work, problems with where we live and all sorts. We've now managed to get a fantastic house in the country and life's fantastic again!
We have our old flat on the rental market and want to keep it as a bit of an investment, the mortgage is fairly low and it's a nice flat in a decent area. We've had lots of interest in the two months it's been on the market but the first couple who wanted it failed the credit check, the second were very young and also failed the check. I've now got a single gent who's an African immigrant working for social care as a translator for vulnerable people. He speaks six languages and has a degree in German, i'm quietly chuffed as he seems a nice guy. He's passed the credit check with no problems but his contract only guarantees 20 hours per week which wouldnt be enough money although he's worked 40 hours per week since may and currently earns enough. I have concerns that the hours aren't guaranteed.
Because of the issue with his contracted hours the credit check company have requested guarentors but the guy can't provide them as his family are back in Africa, although his previous landlord has provided a favourable reference. The credit check company can't move unless he either gets more contracted hours or pays six months in full. He's gone to the letting agent today and agreed to pay the full six months contract in full.
I'm not experienced in this area yet so I'm unsure if I should be wary of the situation or snap his hand off! Anyone with more experience have any advice please?
We have our old flat on the rental market and want to keep it as a bit of an investment, the mortgage is fairly low and it's a nice flat in a decent area. We've had lots of interest in the two months it's been on the market but the first couple who wanted it failed the credit check, the second were very young and also failed the check. I've now got a single gent who's an African immigrant working for social care as a translator for vulnerable people. He speaks six languages and has a degree in German, i'm quietly chuffed as he seems a nice guy. He's passed the credit check with no problems but his contract only guarantees 20 hours per week which wouldnt be enough money although he's worked 40 hours per week since may and currently earns enough. I have concerns that the hours aren't guaranteed.
Because of the issue with his contracted hours the credit check company have requested guarentors but the guy can't provide them as his family are back in Africa, although his previous landlord has provided a favourable reference. The credit check company can't move unless he either gets more contracted hours or pays six months in full. He's gone to the letting agent today and agreed to pay the full six months contract in full.
I'm not experienced in this area yet so I'm unsure if I should be wary of the situation or snap his hand off! Anyone with more experience have any advice please?
Edited by anonymous-user on Monday 30th July 20:43
I'm not an expert so no doubt you'll have more, and better, replies...
But, I am now helping out a friend who moved to London last year & rented out his flat. Previously he rented it out at varying periods in his life & probably for a total of 4 years without problems.
Owing to his moving costs he was 'seduced' by a tenant who paid 6 months up front. Surprise - the 6 months is up & following (me) doing an inspection last week and agreeing to return on Friday to collect the rent his phone is switched off and no one can get hold of him.
Cue a nightmare now.
It sounds like you are going through an agency. Are they managing it for you as well? Some agencies offer a rent guarantee but if they don't you can get this for £90/year through the National Landlords Association (once you become a member).
Overall, no tenant comes with guarantees really. Someone in a great job could be made redundant, much as this guy you're keen on could suddenly find in 6 months his overtime is slashed. My personal preference (and I'll become landlord in a couple of months) is someone with the income to rent from me at the agreed rate on a monthly basis. That's the whole point of the credit checks really and you render them useless if you're suddenly willing to take on someone who has essentially 'failed' them.
I'd think it over carefully, especially as you say you have a nice place attracting interest. If you have to think & question a situation, I generally find one's gut instinct is right. A good situation rarely causes as much searching and questions
But, I am now helping out a friend who moved to London last year & rented out his flat. Previously he rented it out at varying periods in his life & probably for a total of 4 years without problems.
Owing to his moving costs he was 'seduced' by a tenant who paid 6 months up front. Surprise - the 6 months is up & following (me) doing an inspection last week and agreeing to return on Friday to collect the rent his phone is switched off and no one can get hold of him.
Cue a nightmare now.
It sounds like you are going through an agency. Are they managing it for you as well? Some agencies offer a rent guarantee but if they don't you can get this for £90/year through the National Landlords Association (once you become a member).
Overall, no tenant comes with guarantees really. Someone in a great job could be made redundant, much as this guy you're keen on could suddenly find in 6 months his overtime is slashed. My personal preference (and I'll become landlord in a couple of months) is someone with the income to rent from me at the agreed rate on a monthly basis. That's the whole point of the credit checks really and you render them useless if you're suddenly willing to take on someone who has essentially 'failed' them.
I'd think it over carefully, especially as you say you have a nice place attracting interest. If you have to think & question a situation, I generally find one's gut instinct is right. A good situation rarely causes as much searching and questions
As can be seen from one of my older threads it can be very difficult to evict a tenant in a short period of time. Unfortunately my mother (who the thread is written for) made a rash decision and through litigation will probably pay the price.
It is worth reading up around the legal issues regarding eviction of the tenant should he fail to pay rent/vacate after the six months. I believe you can issue the notice when the contract starts for them to leave at the end of the tenancy, which makes the process of getting them removed from the property should anything go wrong a lot shorter.
My general advice from previous experience and the advice from other PH members would be to join the Landlords Association and make sure you've covered your back. From my own experiences in letting over the last few years most tenants are more than nice and never a problem and we've let to a couple of people who've paid upfront. However, when one does turn sour it helps to know your stance!
It is worth reading up around the legal issues regarding eviction of the tenant should he fail to pay rent/vacate after the six months. I believe you can issue the notice when the contract starts for them to leave at the end of the tenancy, which makes the process of getting them removed from the property should anything go wrong a lot shorter.
My general advice from previous experience and the advice from other PH members would be to join the Landlords Association and make sure you've covered your back. From my own experiences in letting over the last few years most tenants are more than nice and never a problem and we've let to a couple of people who've paid upfront. However, when one does turn sour it helps to know your stance!
FLGirl said:
I'm not an expert so no doubt you'll have more, and better, replies...
But, I am now helping out a friend who moved to London last year & rented out his flat. Previously he rented it out at varying periods in his life & probably for a total of 4 years without problems.
Owing to his moving costs he was 'seduced' by a tenant who paid 6 months up front. Surprise - the 6 months is up & following (me) doing an inspection last week and agreeing to return on Friday to collect the rent his phone is switched off and no one can get hold of him.
Cue a nightmare now.
It sounds like you are going through an agency. Are they managing it for you as well? Some agencies offer a rent guarantee but if they don't you can get this for £90/year through the National Landlords Association (once you become a member).
Overall, no tenant comes with guarantees really. Someone in a great job could be made redundant, much as this guy you're keen on could suddenly find in 6 months his overtime is slashed. My personal preference (and I'll become landlord in a couple of months) is someone with the income to rent from me at the agreed rate on a monthly basis. That's the whole point of the credit checks really and you render them useless if you're suddenly willing to take on someone who has essentially 'failed' them.
I'd think it over carefully, especially as you say you have a nice place attracting interest. If you have to think & question a situation, I generally find one's gut instinct is right. A good situation rarely causes as much searching and questions
I am going through an agency but I'm going with the finder service only as there doesn't appear to be a huge effort on the LA's part to initiate legal proceedings in the tennant's failure to pay. Infact, when I asked I was told they send two debt collection letters on my behalf. Because of this I've decided on managing myself. But, I am now helping out a friend who moved to London last year & rented out his flat. Previously he rented it out at varying periods in his life & probably for a total of 4 years without problems.
Owing to his moving costs he was 'seduced' by a tenant who paid 6 months up front. Surprise - the 6 months is up & following (me) doing an inspection last week and agreeing to return on Friday to collect the rent his phone is switched off and no one can get hold of him.
Cue a nightmare now.
It sounds like you are going through an agency. Are they managing it for you as well? Some agencies offer a rent guarantee but if they don't you can get this for £90/year through the National Landlords Association (once you become a member).
Overall, no tenant comes with guarantees really. Someone in a great job could be made redundant, much as this guy you're keen on could suddenly find in 6 months his overtime is slashed. My personal preference (and I'll become landlord in a couple of months) is someone with the income to rent from me at the agreed rate on a monthly basis. That's the whole point of the credit checks really and you render them useless if you're suddenly willing to take on someone who has essentially 'failed' them.
I'd think it over carefully, especially as you say you have a nice place attracting interest. If you have to think & question a situation, I generally find one's gut instinct is right. A good situation rarely causes as much searching and questions
My first impressions of the tennant were good and he's been in his previous flat for 18 months, only moving for work. I think I'm questioning it because im new to the process and in my day job, cannabis factories and brothels are always paid for by the tennant upfront! Luckily, I'm not far away and pan to do checks myself. We also have very good friends still in the block on the same floor who will report back too!
Thanks for your help, the landlord's association is something I'll look into.
sebdangerfield said:
Thanks mobile chicane and dublte. What is the process to evict someone and in your experience how long does it take. It's a side I've not looked into yet.
Eviction is a long process. Join the website Landlord zone and have a good read through. I'd highly recommend you read thoroughly about the legal side of everything if you are managing the property yourself. Tenants have a lot of rights and the law is in their favour.FLGirl said:
sebdangerfield said:
Thanks mobile chicane and dublte. What is the process to evict someone and in your experience how long does it take. It's a side I've not looked into yet.
Eviction is a long process. Join the website Landlord zone and have a good read through. I'd highly recommend you read thoroughly about the legal side of everything if you are managing the property yourself. Tenants have a lot of rights and the law is in their favour.I'm managing the property myself because as far as I can see from the contract between the LA and I they only send 'two debt collection letters' on my behalf to the tenant in the event they fail to pay. I'm new to this but not naive enough to think that a debt collection letter from an agency the tenant have no contract with and who are unable to enforce it is going to convince a non payer to cough up. It appears that in the event of the tenant not paying it's me who must go to court and raise eviction notices and not the LA. Also, in the event that something were to go wrong with the property then the LA is still spending my money to fix it although I'm paying them 10% for the trouble.
Am I missing the point on this? As far as I can see, paying the LA to manage only saves me time but as far as problems with tenants and the property go it's still me who pays and me who applies to court for eviction and possession.
Thanks for the help so far all.
groak said:
change agent
You think the agent have something to do with it? I haven't even mentioned the problems with the agent! First they took an offer of the full price from someone who viewed and then upon me accepting tried to call back and realised they were one number short. The potential tennant called back a week later to complain but withdrew his offer. I then took a call from a couple who viewed. It appears they lied to the LA saying I'd allowed them to have my number. Clearly I hadn't but the LA gave it them without checking with me or realising if I wanted them to have my number I'd have given it them at the time! I won't be using this LA again but I'm so close now it seems a shame to change.
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