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tyres

London Flat The Size Of A Bathroom Let In 40 Minutes

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A Mayfair flat the size of a bathroom has been rented within 40 minutes of appearing on the market. The tenant paid £10,000 in advance to secure the tenancy for the 301 sq ft flat - and didn't even view it in advance. She moved in two hours later.

PollenStreet_kitch_3224641b.jpg

PollenStreet_kitch_3224636b.jpg

The lightning-fast deal has set a new record for the London lettings market and shows just how overheated the capital's rental sector has become.

article here....

Edited by tyres

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Oh, look, someone's spinning.

A small bathroom might be 30 sq ft. 301 is middling for a studio flat. Go back to my time in London in the '80s and the rent on a 301 sq ft studio would've been several times higher than a graduate salary even from the City consultancy firms (like Mitt Romney's Bain&Co), which topped the salary scales well ahead of the banks.

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this winds me up more that someone wanted to live in a bathroom sized object

References £50 + VAT (£60 Inc VAT) Per person
Guarantor £100 + VAT (£120 inc VAT) Per person
Contribution to Tenancy Agreement £200 + VAT (£240 inc VAT) Per Tenancy
Inventory check (paid at end of tenancy) £100 - £150 + VAT (£120 - £180 inc VAT) Per Tenancy
Extension, renewal, rent review and periodic tenancy documentation £150 + VAT (£180 inc VAT) Per Tenancy
Change of Tenant £300 + VAT (£360 inc VAT) Per person

a modern day milking.

Hi, is that Pcworld? I'd like to buy that laptop on credit

Sure sir, please send us £50 so we can do a credit check

Edited by madmax2

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this winds me up more that someone wanted to live in a bathroom sized object

References £50 + VAT (£60 Inc VAT) Per person

Guarantor £100 + VAT (£120 inc VAT) Per person

Contribution to Tenancy Agreement £200 + VAT (£240 inc VAT) Per Tenancy

Inventory check (paid at end of tenancy) £100 - £150 + VAT (£120 - £180 inc VAT) Per Tenancy

Extension, renewal, rent review and periodic tenancy documentation £150 + VAT (£180 inc VAT) Per Tenancy

Change of Tenant £300 + VAT (£360 inc VAT) Per person

a modern day milking.

Hi, is that Pcworld? I'd like to buy that laptop on credit

Sure sir, please send us £50 so we can do a credit check

you have a choice. Live on the street or pay the rent collectors fees.

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this winds me up more that someone wanted to live in a bathroom sized object

References £50 + VAT (£60 Inc VAT) Per person

Guarantor £100 + VAT (£120 inc VAT) Per person

Contribution to Tenancy Agreement £200 + VAT (£240 inc VAT) Per Tenancy

Inventory check (paid at end of tenancy) £100 - £150 + VAT (£120 - £180 inc VAT) Per Tenancy

Extension, renewal, rent review and periodic tenancy documentation £150 + VAT (£180 inc VAT) Per Tenancy

Change of Tenant £300 + VAT (£360 inc VAT) Per person

a modern day milking.

Hi, is that Pcworld? I'd like to buy that laptop on credit

Sure sir, please send us £50 so we can do a credit check

It's been awhile since I rented, but from what I can remember, letting agent fees were the responsibility of the landlord, not the tenant. I guess it's a sign of the overheating market that this cost is now being moved to the renter.

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No story here, move along.

Considering that I saw a one bed flat in Stratford for over £1700 per month! to get a one bed place in the heart of Mayfair for a similar price seems like a bit of a deal! :P Either the Mayfair flat is under priced or (more likely!) the Stratford flat was totally over priced! Total non story 'Flat in desirable area rents quickly!', big surprise! :P

she was very firm about wanting to rent not buy.

This statement from the article is probably more telling about what’s happening with the London property market! Didn’t anyone tell her that renting was dead money! :P

Edited by renting til I die

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Tenant pays £10,000 up front to rent bathroom-sized apartment and moves in two hours later - without seeing it first.

A Mayfair flat the size of a bathroom has been rented within 40 minutes of appearing on the market. The tenant paid £10,000 in advance to secure the tenancy for the 301 sq ft flat - and didn't even view it in advance. She moved in two hours later.

The lightning-fast deal has set a new record for the London lettings market and shows just how overheated the capital's rental sector has become. WIthin 15 minutes of the flat appearing on its website, the lettings company EJ Harris had received more than 200 email and telephone inquiries about the property. Within 30 minutes there were five serious offers and 10 minutes later the flat had been let.

The winning tenant a is woman in her 30s who works as a manager in one of the five-star hotels on Park Lane. She needed a home close to work, and was looking in Mayfair and the wider West End. She was adamant that she did not want to buy, but instead wanted to take a six-month tenancy.

She didn't even see or visit the flat before she offered on the deal – in order to beat the other four serious bidders she paid all £10,000 up front – the deposit, the full rent and the lettings management fees. The normal practice is deposit and one month up front, but she was so desperate to get a home and didn't want to buy, so to beat the other potential tenants she offered the full six-month tenancy up front in advance.

The flat is on Pollen Street, just off Regent Street, near Oxford Circus Tube station. It has a small living area which leads into a compact open plan fully fitted kitchen / dining area. There is also a bedroom with wardrobe space and a shower room.

Elizabeth Harris, Managing Director of E J Harris said: “The speed of this deal and the battle to secure the tenancy is the clearest indicator yet to me how buoyant and hot London’s letting market is at present. The tenant has a highly successful career working in the hospitality industry in the West End and needed a home nearby, she was very firm about wanting to rent not buy.

"If it was a s*****y flat in Mayfair’s posh western district I would expect it to fly out of the door, but this is an “ordinary Londoner” apartment on the eastern Soho border by Regent Street. Its the ordinary nature of this that makes it so extraordinary.”

It follows another recent deal in which a young woman paid a £4m lump sum to rent a luxury apartment in One Hyde Park.

http://www.telegraph.co.uk/finance/property/11458478/London-flat-the-size-of-a-bathroom-let-in-40-minutes.html

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My take: Hotel manager works long hours, lives outside London with family, was suffering from the commute. Decides to rent a pied-a-terre really near her work. This flat may be little more than a hotel room, but it's still much cheaper than an actual room in her hotel! No real story here - dinky, minimalist flats are fine for people who divide their time between London for work and their country pile for home life.... if only we could all have one!

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My take: Hotel manager works long hours, lives outside London with family, was suffering from the commute. Decides to rent a pied-a-terre really near her work. This flat may be little more than a hotel room, but it's still much cheaper than an actual room in her hotel! No real story here - dinky, minimalist flats are fine for people who divide their time between London for work and their country pile for home life.... if only we could all have one!

But ... the rent for this place is £20k per year, which you'd need to earn £25k before tax to pay. Hotel managers wouldn't earn much more than that, so how do they pay bills/food?

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But ... the rent for this place is £20k per year, which you'd need to earn £25k before tax to pay. Hotel managers wouldn't earn much more than that, so how do they pay bills/food?

Reed is advertising a vacancy for a hotel manager - 4 star, 500+ room hotel in Kensington. The salary quoted is £50,000 - £75,000 pa.

Many people pay more than 50% of their before-tax pay for a room in a shared house in London. If she's on a salary similar to the above, at least she's getting some privacy for her 50% (or perhaps smaller percentage).

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Includes bills. What is CT in that area for better comparison? £100 p/m for utilities as well.

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