Discussion
I'm going to become a landlord for the first time.
I'm interested in a property with an existing tennant, but it's managed by a letting agent. If I buy the flat will I be expected to abide by any existing agreements the agent might have with the current landlord?
I'm assuming it becomes a blank piece of paper with a new owner, but any advice/experience would be great thanks
I'm interested in a property with an existing tennant, but it's managed by a letting agent. If I buy the flat will I be expected to abide by any existing agreements the agent might have with the current landlord?
I'm assuming it becomes a blank piece of paper with a new owner, but any advice/experience would be great thanks
I would be wary that if you negotiate a new contract with the existing tenants at the end of their current contract that the agency will expect a nice cut for doing nothing.
I would be pushing the existing owner / landlord to give the tenants notice to quit, with the notice expiring on the day of completion, then you start a new tenancy with the existing tenants from day one.
I would be pushing the existing owner / landlord to give the tenants notice to quit, with the notice expiring on the day of completion, then you start a new tenancy with the existing tenants from day one.
Thanks for the advice.
It looks like the contracts will be re-drawn on completion and the letting agents have offered management for 8.5% (no admin fee).
It's likely they've taken a lump sum for the original letting so it may well be that they will expect that again at renewal. I've asked the question and am waiting to hear.
Is it right you can just ring up the council to place DSS tenants? If so, it's a bit of a joke expecting a letting fee, or am I being naiive...?
It looks like the contracts will be re-drawn on completion and the letting agents have offered management for 8.5% (no admin fee).
It's likely they've taken a lump sum for the original letting so it may well be that they will expect that again at renewal. I've asked the question and am waiting to hear.
Is it right you can just ring up the council to place DSS tenants? If so, it's a bit of a joke expecting a letting fee, or am I being naiive...?
The letting agent will take their entire 12 month commission from the first month's rent, so you wont see much of that.
As for DSS / council tenants, normally you would rent privately to them. Noweadays the coucil pay housing benefit direct to those in need, who are then supposed to "manage" their own money and be responsible tenants. You'll ionly get the rent paid directly to you if the tenants are constantly late or miss payments, and by that point you'll just want rid of them.
If you're looking to go down the "DSS" route, it's well worth calling up your local housing officer - if the property is suitable for disabled people, chances are he'll rip your arm off to place someone with you!
As for DSS / council tenants, normally you would rent privately to them. Noweadays the coucil pay housing benefit direct to those in need, who are then supposed to "manage" their own money and be responsible tenants. You'll ionly get the rent paid directly to you if the tenants are constantly late or miss payments, and by that point you'll just want rid of them.
If you're looking to go down the "DSS" route, it's well worth calling up your local housing officer - if the property is suitable for disabled people, chances are he'll rip your arm off to place someone with you!
Davel said:
I'd have thought that, if there is an existing tenant with an agreement in place, you will have to allow them 'quiet enjoyment, until the end of any Tenancy Agreement.
^^ This, but only if that are in the Assured part of their tenancy - if they've now moved on to a Periodic Tenancy, then the existing Landlord can serve the Section 21.You can have lots of problems with DSS tenants.
If the rental is paid to them, for them to pay on to you, they often fall badly into arrears and you may well never see the money.
If they get into arrears, you can't simply evict them as you can't make them homeless.
Some, as they leave, will leave the place in a terrible state and some even nick the boilers etc.
Having said this, there are some very good tenants of all types and vice versa.
If the rental is paid to them, for them to pay on to you, they often fall badly into arrears and you may well never see the money.
If they get into arrears, you can't simply evict them as you can't make them homeless.
Some, as they leave, will leave the place in a terrible state and some even nick the boilers etc.
Having said this, there are some very good tenants of all types and vice versa.
Davel said:
You can have lots of problems with DSS tenants.
If the rental is paid to them, for them to pay on to you, they often fall badly into arrears and you may well never see the money.
An experience my brother has had. He was happy to take them when the money came directly to him. Then they switched onto this system of giving the money to the tenants to pass on. He never saw any of it, and fortunately had had them give a guarantor (one of the parents), so got cash out of them in the end. The kid had lots of new toys though when the council gave them the rent....If the rental is paid to them, for them to pay on to you, they often fall badly into arrears and you may well never see the money.
He just went through a standard procedure to evict them as far as I was aware. Who knows where they went. But they left loads of their stuff. A suitcase of family photos, and other stuff you'd think they would want (they didn't want it after we cleared the house either). Even left the cat locked in.
Basically he'll not take another DSS tenant.
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