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Houdini

I thought I had read every possible stupid landlord story

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Then this appeared on my linkedin feed

https://www.linkedin.com/feed/update/urn:li:activity:6290560951464845312https://www.linkedin.com/feed/update/urn:li:activity:6290560951464845312https://www.linkedin.com/feed/update/urn:li:activity:6290560951464845312/

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I have tenants that should have left in Jan . ... I've issued their 2 month eviction letter so Hopefully I finally get them out end of this month. What actions do I take if they don't leave at end of month

I'm sorry but BTL is a business and its clear that you don't know how to run one..

Got to give the tenants credit though (unless they've wrecked the house) 7 months + of not paying rent...

 

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This is a really common problem. Every single person I know who has rented a property has had at least one sitting tenant who has spent at least 6 months living rent free for one technicality or another. I am struggling to see how BTL can pay, the owners must solely count on rising property value only. Most are completely clueless on where they stand with anything.

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35 minutes ago, wsn03 said:

This is a really common problem. Every single person I know who has rented a property has had at least one sitting tenant who has spent at least 6 months living rent free for one technicality or another. I am struggling to see how BTL can pay, the owners must solely count on rising property value only. Most are completely clueless on where they stand with anything.

It seems to happen more to the guys with 1 or 2 properties in my experience.

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5 hours ago, Houdini said:

Got to give the tenants credit though (unless they've wrecked the house) 7 months + of not paying rent...

 

I don't know how they rent again in future though...do they have to change identity...all a fuss

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6 minutes ago, Wayward said:

I don't know how they rent again in future though...do they have to change identity...all a fuss

I think most, if not all tenancy referencing is a joke. It's an outsourced scam for letting agents to generate vast fees for a product whose cost to them is in the low double figures.

Nothing to do with protecting their client, the landlord, and everything to do with filling their own pockets.

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1 hour ago, Wayward said:

I don't know how they rent again in future though...do they have to change identity...all a fuss

Most agents never ask for LL references in my experiece,even if they do,you can just give them your pals number.

Although they check is work and pay slips.

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2 hours ago, Sancho Panza said:

It seems to happen more to the guys with 1 or 2 properties in my experience.

90%+ of BTL is owned by people with less than four properties.

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48 minutes ago, Sancho Panza said:

Most agents never ask for LL references in my experiece,even if they do,you can just give them your pals number.

Although they check is work and pay slips.

My previous LL was asked for a reference by the new letting agent.

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2 hours ago, Wayward said:

I don't know how they rent again in future though...do they have to change identity...all a fuss

Theres a lot of people in the uk who have very non anglo saxon names and may come from a foriegn country....

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2 hours ago, mat109 said:

I think most, if not all tenancy referencing is a joke. It's an outsourced scam for letting agents to generate vast fees for a product whose cost to them is in the low double figures.

Nothing to do with protecting their client, the landlord, and everything to do with filling their own pockets.

Yes. Its called making billable work. Lawyers do it.

If a LL thinks any thing will protect him...

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2 hours ago, Bruce Banner said:

My previous LL was asked for a reference by the new letting agent.

How did they know he was your previous landlord? :rolleyes:

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3 hours ago, mat109 said:

How did they know he was your previous landlord? :rolleyes:

I'm just guessing but they probably used the name and address that I gave them when they requested it for a reference.

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9 hours ago, Bruce Banner said:

I'm just guessing but they probably used the name and address that I gave them when they requested it for a reference.

 

Exactly, its just information you gave them.  You could have given them my name and address and I say you were a cracking tenant for me.  They do not (can not?) actually check if it is true.

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19 hours ago, wsn03 said:

This is a really common problem. Every single person I know who has rented a property has had at least one sitting tenant who has spent at least 6 months living rent free for one technicality or another. I am struggling to see how BTL can pay, the owners must solely count on rising property value only. Most are completely clueless on where they stand with anything.

I used to work in an office of 5 with 2 BTLs and they made clear to be that cash flow is irrelevant capital gain is all that matters.  Personally I would hate a business like that and I don't understand how any bank can loan on it.

Edited by iamnumerate

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1 hour ago, iamnumerate said:

I used to work in an office of 5 with 2 BTLs and they made clear to be that cash flow is irrelevant capital gain is all that matters.  Personally I would hate a business like that and I don't understand how any bank can loan on it.

I'm pretty confident that will change with Section 24 once running costs start coming from their own pocket!

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1 hour ago, iamnumerate said:

I used to work in an office of 5 with 2 BTLs and they made clear to be that cash flow is irrelevant capital gain is all that matters.  Personally I would hate a business like that and I don't understand how any bank can loan on it.

I think i've spotted your mistake - it's not a business, it's an investment. The courts agree, the taxman agrees.

Hence section 24.

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2 hours ago, AndyFTB said:

 

Exactly, its just information you gave them.  You could have given them my name and address and I say you were a cracking tenant for me.  They do not (can not?) actually check if it is true.

A (ex)-landlord of mine forwarded me the email with a link from the tenancy referencing company he'd been sent. I had provided the email. I clicked it expecting some sort of verification, and all I got was a couple of boxes asking what sort of tenant I was.

And a large, submit button.

de omnibus dubitandum

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5 minutes ago, mat109 said:

I think i've spotted your mistake - it's not a business, it's an investment. The courts agree, the taxman agrees.

Hence section 24.

To be honest I don't think they knew what it was.

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11 minutes ago, iamnumerate said:

To be honest I don't think they knew what it was.

A pattern appears.

Yes, I agree - I think most BTLrs would prefer to be a business when it suits them (jumping up and down about S24) and a investment at other times (as difficult to contact as possible for tenants, pleading "ignorance of regulations", and I think not having to pay NI on earnings).

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On 13/07/2017 at 4:18 PM, wsn03 said:

This is a really common problem. Every single person I know who has rented a property has had at least one sitting tenant who has spent at least 6 months living rent free for one technicality or another. I am struggling to see how BTL can pay, the owners must solely count on rising property value only. Most are completely clueless on where they stand with anything.

Yes I have experienced similar. In practice there is a limited supply of 'good' tenants. Personally I feel BTL risk is mispriced. This will IMO become more visible as a tightening in BTL lending. I still feel it'll come to a head probably when the Nationwide gets into trouble (or atleast the landlords they let to do).

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