Houdini Posted July 13, 2017 Share Posted July 13, 2017 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/ Quote 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... Quote Link to comment Share on other sites More sharing options...
wsn03 Posted July 13, 2017 Share Posted July 13, 2017 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. Quote Link to comment Share on other sites More sharing options...
Sancho Panza Posted July 13, 2017 Share Posted July 13, 2017 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. Quote Link to comment Share on other sites More sharing options...
Wayward Posted July 13, 2017 Share Posted July 13, 2017 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 Quote Link to comment Share on other sites More sharing options...
mat109 Posted July 13, 2017 Share Posted July 13, 2017 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. Quote Link to comment Share on other sites More sharing options...
Sancho Panza Posted July 13, 2017 Share Posted July 13, 2017 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. Quote Link to comment Share on other sites More sharing options...
juvenal Posted July 13, 2017 Share Posted July 13, 2017 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. Quote Link to comment Share on other sites More sharing options...
Bruce Banner Posted July 13, 2017 Share Posted July 13, 2017 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. Quote Link to comment Share on other sites More sharing options...
spyguy Posted July 13, 2017 Share Posted July 13, 2017 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.... Quote Link to comment Share on other sites More sharing options...
spyguy Posted July 13, 2017 Share Posted July 13, 2017 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... Quote Link to comment Share on other sites More sharing options...
mat109 Posted July 13, 2017 Share Posted July 13, 2017 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? Quote Link to comment Share on other sites More sharing options...
Bruce Banner Posted July 14, 2017 Share Posted July 14, 2017 3 hours ago, mat109 said: How did they know he was your previous landlord? I'm just guessing but they probably used the name and address that I gave them when they requested it for a reference. Quote Link to comment Share on other sites More sharing options...
AndyFTB Posted July 14, 2017 Share Posted July 14, 2017 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. Quote Link to comment Share on other sites More sharing options...
iamnumerate Posted July 14, 2017 Share Posted July 14, 2017 (edited) 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 July 14, 2017 by iamnumerate Quote Link to comment Share on other sites More sharing options...
Inoperational Bumblebee Posted July 14, 2017 Share Posted July 14, 2017 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! Quote Link to comment Share on other sites More sharing options...
mat109 Posted July 14, 2017 Share Posted July 14, 2017 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. Quote Link to comment Share on other sites More sharing options...
mat109 Posted July 14, 2017 Share Posted July 14, 2017 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 Quote Link to comment Share on other sites More sharing options...
iamnumerate Posted July 14, 2017 Share Posted July 14, 2017 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. Quote Link to comment Share on other sites More sharing options...
mat109 Posted July 14, 2017 Share Posted July 14, 2017 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). Quote Link to comment Share on other sites More sharing options...
Ash4781 Posted July 14, 2017 Share Posted July 14, 2017 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). Quote Link to comment Share on other sites More sharing options...
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