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life is too short

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  1. £600 x 52 = 31k, rather than 7k so you may want to re-check your math.
  2. life is too short

    Long Time Lurker Needs Your Help

    I can't see the managed service you mentioned on the website. The web site appears to be selling training and some materials which constitutes an idiots guide to BTL, which while not fantastic isn't really a con as such. If you are going to spend serious money on anything, make sure you know what you are buying and any liabilities that you may inherit. Invest in any business you have to be prepared to lose the lot. If you only get asked for money at a special seminar, walk away, you're being taken for a mug, it is how all ponzi/timeshare/sham business I've heard of seem to operate. I don't run in the circles where legitimate businesses invite me to seminars to sell their wares - if any legitimate business do actually hold investor seminars.... You can almost guarantee that if it is a managed service, your money will be going solely into the tenant management side of the business. There will be a second company that will hold and acquire the actual properties which will be collecting rent off the management company. So when they go broke, your money will be gone. Looking at the josh invests section... erm, yeah.... I think the numbers are very optimistic at best. You'd lose your shirt buying into that one rather quickly. No plans to pay the capital back, no account for maintenance, voids, depreciation, increasing energy costs etc... and very optimistic revenue figures...
  3. life is too short

    Agencies And Fees For Additional Adults

    I know the agency wants to charge for each adult, but is it something you can avoid? If you rent a car everyone who is going to drive the vehicle has to be named to be covered by the rental companies insurance. This makes sense to me, as you are affectively adding yourself to the rental companies insurance, and car insurance works based on an individual. A one year car lease on the other hand, I believe anyone can drive it so long as the vehicle is always covered by the appropriate level of insurance. My general assumption is that the agent will always want as many people on the tenancy as possible. As I believe it gives them the ability to pursue each individual separately under joint and several liability. I don't believe it is to do with any form of legal or insurance requirement. If your happy to take sole financial responsibility, as in my case. Does the LA/LL have any grounds to insist on making it a joint tenancy, while charging you for the privilege? This is all under the proviso that your partner/significant other isn't concerned that you'll kick them out and doesn't require the (relatively feeble) security of being on the lease of course.
  4. life is too short

    Agencies And Fees For Additional Adults

    I've been using rental properties for some time, and I am currently looking at moving to somewhere new. I viewed a potential property with an agency today who were asking for £120 credit check fees per adult, a £50 agency fee and a £250 holding deposit, which would form part of the initial deposit assuming the credit checks come back with green boxes, and the landlord wants us as tenants. So for me this would have been: £120 (*2) for two adults £50 agency fee £250 holding deposit ----------------------------- £540 total non-refundable, up front, no guarantees It was explained to me that the credit check was to verify your ability to pay, in addition to your credit history. The formula apparently used was the [monthly repayment] * 12 * 3. With this formula I could rent the property in my own right, without needing to take into account my other half's income on this particular property. Given this I suggested to the agent that should I take on a tenancy for the property I would like to do so solely in my name. However, the agency was rather insistent that all adults who will be living in the property need to be on the tenancy and be credit checked individually. Putting aside for the moment that £120 is, I feel rather steep for a credit check. I was wondering if there is any actual requirement for all adults residing at a property to be on a given tenancy agreement, and subsequently require a credit checks? There shouldn't in my mind at least be any issue of subletting as they are my other half and staying with me at my behest as part of my household. If it is required would the situation be different if it wasn't your significant other, but say a 18 year old "child" who hasn't left home yet, would they also be required to be on the tenancy agreement? I would also question the legitimacy of an agency having an upfront non-refundable, non-disputable deposit. Is this now normal practice?

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