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Sancho Panza

Landlords want rent payments included in tenants credit histories

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It is interesting. Looking at my credit record, it is pretty random what is captured and what isn't. Obviously all credit cards etc. But for example, my phone provider is on there (even though I do rolling month SIM only contract), as is British Gas from when they did my supply. But subsequent energy providers are not on there. Not aware of any difference in relationship. I guess phone may be default as it covers the case where you have used in effect credit to buy a phone (where handset is covered in the contract). Not sure on British Gas.

The credit report does not appear to capture where you break a contract (e.g. It is not capturing if you are keeping up with your broadband payments). It is only capturing where you have been extended credit/benefit up front and your history of repaying that benefit. So no, tenants should not have their rent payment history captured.

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22 minutes ago, Richmond said:

It is interesting. Looking at my credit record, it is pretty random what is captured and what isn't. Obviously all credit cards etc. But for example, my phone provider is on there (even though I do rolling month SIM only contract), as is British Gas from when they did my supply. But subsequent energy providers are not on there. Not aware of any difference in relationship. I guess phone may be default as it covers the case where you have used in effect credit to buy a phone (where handset is covered in the contract). Not sure on British Gas.

The credit report does not appear to capture where you break a contract (e.g. It is not capturing if you are keeping up with your broadband payments). It is only capturing where you have been extended credit/benefit up front and your history of repaying that benefit. So no, tenants should not have their rent payment history captured.

It's all a load of nonsense. My credit score was knocked for six by the actions of one supplier, even though I keep enough cash in my current account to pay that supplier for the next five years.

My Experian credit score recently dropped from excellent to poor. The reason? N-Power opened a new account for us and also did a credit check when we moved house and took our fixed price deal with us, although my main bankers, Barclays, who provide access to the Experian score, confirmed that my credit rating with them was still excellent.

When I phoned Experian, I was told that it's perfectly normal for that to happen when someone opens a new account and runs a credit check and that the score would rise again over a period of months.

For someone who always pays on the nail, a "poor" credit score is very annoying.

 

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I don't borrow money, except for on cards which are paid in full by DD each month and the normal household accounts, energy etc, that we all have.

The problem is that you need a reasonable credit score to even open a mobile phone account that you pay in full every month.

 

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18 hours ago, Sancho Panza said:

...

The Residential Landlords Association is writing to the Government, calling on it to work with the industry to include rent payment history as a standard feature when calculating credit stores.

RLA chairman Alan Ward said: “With many tenants wanting to buy a house of their own, it is absurd rent payment is not routinely included when undertaking credit checks for mortgage applications.

“Moving to such a scheme would help not just tenants, but also landlords by giving them a clearer sense of whether a prospective tenant has historically paid their rent in full and on time.”

Anyway, back to the morons at the RLA.

I think that there's an interesting unspoken message here which relates to why the RLA are pushing for this now. I think this bit of policy is a red flag on arrears. If the RLA membership are experiencing greater problems with arrears then that will push the issue up the RLA's agenda and thus determine in part the topics wherein Alan Ward will demonstrate his admirable mastery of all things financial and commercial (e.g. confusing a tenancy with a loan).

Pressure on arrears comes from two directions; the level of rents and the money tenants have with which to pay rent (which includes income, housing benefit and the use of credit but is constrained by the need to pay other costs, e.g. food, transport, utilities etc).

Rent growth as per the ONS IPHRP is pretty weak and the aggregate number for  the whole UK (the grey line) is weakening.

e0ce452b.thumb.png.c035f14bb98ad737e684faa934fd06a3.png

Source

The squeeze on real wages is back on and, if I understand matters correctly, more and more and more housing benefit is now being paid directly to tenants via Universal Credit. We've already seen a big rise in unsecured borrowing in excess of the rate of income growth.

599821b48ed0c_FSRJune2017unsecuredlendinggrowth.png.eb7947eda0cd156eec12fc582a29a602.png

Source: Bank of England, Financial Stability Report, June 2017

Is this RLA nonsense an early sign that people are struggling to cover the rent?

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52 minutes ago, Bland Unsight said:

Anyway, back to the morons at the RLA.

I think that there's an interesting unspoken message here which relates to why the RLA are pushing for this now. I think this bit of policy is a red flag on arrears. If the RLA membership are experiencing greater problems with arrears then that will push the issue up the RLA's agenda and thus determine in part the topics wherein Alan Ward will demonstrate his admirable mastery of all things financial and commercial (e.g. confusing a tenancy with a loan).

Pressure on arrears comes from two directions; the level of rents and the money tenants have with which to pay rent (which includes income, housing benefit and the use of credit but is constrained by the need to pay other costs, e.g. food, transport, utilities etc).

Rent growth as per the ONS IPHRP is pretty weak and the aggregate number for  the whole UK (the grey line) is weakening.

e0ce452b.thumb.png.c035f14bb98ad737e684faa934fd06a3.png

Source

The squeeze on real wages is back on and, if I understand matters correctly, more and more and more housing benefit is now being paid directly to tenants via Universal Credit. We've already seen a big rise in unsecured borrowing in excess of the rate of income growth.

599821b48ed0c_FSRJune2017unsecuredlendinggrowth.png.eb7947eda0cd156eec12fc582a29a602.png

Source: Bank of England, Financial Stability Report, June 2017

Is this RLA nonsense an early sign that people are struggling to cover the rent?

Interesting to compare that to wage growth over the same period (nominal, not inflation adjusted). 

Look very similar to me, but I can't post graphs from my phone. 

https://tradingeconomics.com/united-kingdom/wage-growth

 

Edited by DrBuyToLeech

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51 minutes ago, Bland Unsight said:

Is this RLA nonsense an early sign that people are struggling to cover the rent?

LSL's monthly buy-to-let index is worth following for arrears data btw. 

The latest report shows a pretty startling move down in arrears, after a longer-term move upwards. Could this be something to do with Universal Credit? 

5998306bdbb75_ScreenShot2017-08-19at13_34_36.png.a103b6a6669f4890d70285afa3842310.png

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9 minutes ago, Patient London FTB said:

LSL's monthly buy-to-let index is worth following for arrears data btw. 

The latest report shows a pretty startling move down in arrears, after a longer-term move upwards. Could this be something to do with Universal Credit? 

Interesting, and it'll also be interesting to see how that graph looks in six months time.

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16 minutes ago, Patient London FTB said:

LSL's monthly buy-to-let index is worth following for arrears data btw. 

The latest report shows a pretty startling move down in arrears, after a longer-term move upwards. Could this be something to do with Universal Credit? 

5998306bdbb75_ScreenShot2017-08-19at13_34_36.png.a103b6a6669f4890d70285afa3842310.png

Landlords exiting the market?

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7 minutes ago, Bland Unsight said:

Interesting, and it'll also be interesting to see how that graph looks in six months time.

Indeed. Could also be noise.

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22 minutes ago, Si1 said:

Indeed. Could also be noise.

Always pays to be careful with these data series which are first and foremost a marketing enterprise to raise the profile of a company selling a related service.

The trend is probably meaningful enough provided there are no revisions to the underlying 'methodology' and provided you know enough about the underlying methodology to enable you to take a view on how big a pinch of salt to measure out in light of potential confounding variables.

With the buy-to-let brigade I'm pretty sure they'll be some squealing if arrears start to become a big issue, so porcine noises from PovertyLater (or the lack thereof) will at some point lend credibility to (or undermine) the supposition that rent arrears are ticking up.

My gut instinct is that a leveraged landlord's reach will tend to exceed their grasp and by being too greedy pushing for high rents they'll be constructing a situation where the finances of many tenant households are on a knife-edge.

That said, given what has happened to buy-to-let mortgage interest rates there must be quite a gap between the income from the rent and the outgoings on mortgage interest and therefore for many buy-to-let investors there must be quite a bit of wiggle room to cover arrears without actually losing money. (Obviously this will may be less true for the proper pedal-to-the-metal over-leveraged portfolio muppets over at PovertyLater for who the new PRA rules and Section 24 are already going to be bearing down pretty hard on their margins and thus the wiggle room that they have to eat arrears. Good job for them that they can all magically conjure 10% per annum rent hikes in a market where most landlords can get barely 2% ;))

Edited by Bland Unsight

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21 hours ago, Darby Ram said:

This is a pretty astonishing business model. From their terms and conditions:

i.e., this is the self-cert mortgage of the 'legally-acquired' data world. I would be amazed if any tenant is putting a signature to this willingly. Perhaps if it was bundled as a clause in a AST contract but, even then, it would be one of those unreasonable clauses that would be laughed out of court. The ICO should stick the boot into them, and the big boys buying their data, sharpish.  

I've not seen it in any AST I've signed.You do look at it and wonder whether they've really thought through what they're doing?

14 hours ago, Dorkins said:

Yes. I don't trust landlords one bit. From first hand experience landlords are not the professional group driven by high standards the RLA likes to portray them as. Many landlords think laws don't really apply to them, enjoy having power/status over their tenants and will do anything to avoid meeting their commitments with respect to repairs.

I am forced to rent from private landlords because it's either that or my family live on the street, but I would like to contain their influence on my life as far as possible. I certainly don't want them anywhere near my credit record, not least because I am not a borrower and they are not a lender.

I choose to rent,preferring to do other things with my capital.It has given me a good taste of what it's like for people with little money behind them,running scared of an unwarranted Section 21 notice and all the costs that entails.You don't need much imagination to see how miserable life can be even if you're an exemplary tenant.

I do know a number of LL's and it's funny to see some of them change.The old money brigade are very different to some of the newer ones.The temptation to let the power go to your head can be more than some can handle.

https://en.wikipedia.org/wiki/Stanford_prison_experiment

 

13 hours ago, Dorkins said:

Quite. They want the power and status that comes with being a real lender without the statutory obligations and regulatory oversight.

Absolutely.Over my years of renting I've had some laughable interactions with LA's who were clearly used to intimidating tenants into allowing viewings or paying for repairs themselves.This is exactly the sort of bullying behaviour that results from being unregulated.

10 hours ago, Bland Unsight said:

Anyway, back to the morons at the RLA.

I think that there's an interesting unspoken message here which relates to why the RLA are pushing for this now. I think this bit of policy is a red flag on arrears. If the RLA membership are experiencing greater problems with arrears then that will push the issue up the RLA's agenda and thus determine in part the topics wherein Alan Ward will demonstrate his admirable mastery of all things financial and commercial (e.g. confusing a tenancy with a loan).

Pressure on arrears comes from two directions; the level of rents and the money tenants have with which to pay rent (which includes income, housing benefit and the use of credit but is constrained by the need to pay other costs, e.g. food, transport, utilities etc).

Rent growth as per the ONS IPHRP is pretty weak and the aggregate number for  the whole UK (the grey line) is weakening.

 

The squeeze on real wages is back on and, if I understand matters correctly, more and more and more housing benefit is now being paid directly to tenants via Universal Credit. We've already seen a big rise in unsecured borrowing in excess of the rate of income growth.

 

Source: Bank of England, Financial Stability Report, June 2017

Is this RLA nonsense an early sign that people are struggling to cover the rent?

RPI is running at 3.5%,NHS pay rise 1%.I suspect they're looking for a stick to beat people.

 

8 hours ago, Bland Unsight said:

Good job for them that they can all magically conjure 10% per annum rent hikes in a market where most landlords can get barely 2% ;))

That's the problem I have with that chart.It doesn't really ring true when savings rate is 2%,real wages are declining etc etc.

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18 minutes ago, mrtickle said:

Excellent post, if I may, a point of order. The language in the video uses swear-words, but this is not bad language. That's the judgemental phrase that Mary Whitehouse used to use, and she has tricked a generation of people into using it. I cringe every time I see it :/

It's strong language, yes. It's language that you might not use in a job interview or at tea with the vicar. But swearing is not intrinsically bad. As Stephen Fry put it - "rape" and "kill" is bad language. He (obviously!) puts it better than I can:

I could not agree more. That said this forum is (as best I understand matters) supported by the advertising revenues that flow to the commercial operator and, perhaps ultimately more importantly, by the volunteer mods who moderate the forum.

I have, from time to time, used colourful language on the forum. This conduct leads other members to complain. That generates work for the forum's moderators and, if I understand matters correctly, will get you banned if you keep it up once you've been asked to tone it down. That seems fair enough to me. This is not a completely free space. Somebody needs to pay for the webhosting and any fees associated with the forum software. My golden rule has always been 'Respect the mods'. The mods are the beating heart of the forum. No mods, no forum. Everyone should keep this at the front of their minds at all times. To do otherwise is to drink from the well of entitlement that empowers the idiots at PovertyLater.

Therefore whilst I concur without reservation on the matter of the joys and innocence of swearing I also encourage you to follow my lead and go wild with that shit in your PMs but keep it BBC pre-watershed here on HP&TE.

As usual Venger has his/her facts straight and acts the way that s/he does because s/he knows what s/he is talking about.

(Why I'm worrying about s/he with Venger, I have no idea. We all know that s/he is an emergent AI. In years to come when the Venger AI runs the world, all the dickhead trolls who were chippy here on HPC will rue the day that they trifled with s/he-it. Informed commentators think that Venger AI proxies are now running the Bank of England and the PRA. You're all laughing about that now, but will you be laughing later?)

Edited by Bland Unsight

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I think that the discussion by other posters (Democorruptcy/Dorkins/Darby Ram) is the most interesting part of it.

Could you get a kind of PPI 'lawyers hunt money' deal going wherein you got random tenants to check whether a given company had kept their rental payments on record on the basis of an assurance from a landlord that an appropriate waiver had been signed even though it had not actually been signed.

Who is on the line for the breach of data protection rules? The lying landlord? The data-aggregator taking information from landlords and selling it on to others? At first glance it seems to me that the middle-man (the aggregator) is the one to go for and that their legal defence would revolve around the quality of their controls (i.e. did they take reasonable steps to ensure that landlords' assertions about data protection sign-offs by tenants were for real). I wonder if the mult-billion industry of PPI claim lawyers are looking for new commercial opportunities, given that the PPI well is about to run dry?

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10 hours ago, mrtickle said:

Excellent post, if I may, a point of order. The language in the video uses swear-words, but this is not bad language. That's the judgemental phrase that Mary Whitehouse used to use, and she has tricked a generation of people into using it. I cringe every time I see it :/

It's strong language, yes. It's language that you might not use in a job interview or at tea with the vicar. But swearing is not intrinsically bad. As Stephen Fry put it - "rape" and "kill" is bad language. He (obviously!) puts it better than I can:

:)

That scene always makes me laugh (Blandy's post with video clip), in context of forum and some posters.

Also, good video. :)

Those coming in hard-on-the-attack, so quick to claim 'aggression aggression' etc, simply because someone dared to hold different opinion, or see the other person's position as flawed/VI'd /lacking.

In this particular instance, because bearishonhouses believes BTLers would be better placed, with access to such a database of tenants' previous rental payments (!!!!) so landlord can use it to better ensure they only select tenants who are more likely to keep up with their rental payments (things can change)... so ensure their lenders get repaid, if BTLers can access full payment history of potential tenants.

How wonderful.

Dare to disagree?   "Aggression aggression." -  "I know best."   - "Stay out of my nice beach community."

Totally agree with your point mrtickle about swearing.    

As you went on to post, the *bad-language* warning (Not Safe For Work) was simply a courteous warning in case someone might play video with a child in the room, or at work. 

9 hours ago, Bland Unsight said:

I think that the discussion by other posters (Democorruptcy/Dorkins/Darby Ram) is the most interesting part of it.

Could you get a kind of PPI 'lawyers hunt money' deal going wherein you got random tenants to check whether a given company had kept their rental payments on record on the basis of an assurance from a landlord that an appropriate waiver had been signed even though it had not actually been signed.

Who is on the line for the breach of data protection rules? The lying landlord? The data-aggregator taking information from landlords and selling it on to others? At first glance it seems to me that the middle-man (the aggregator) is the one to go for and that their legal defence would revolve around the quality of their controls (i.e. did they take reasonable steps to ensure that landlords' assertions about data protection sign-offs by tenants were for real). I wonder if the mult-billion industry of PPI claim lawyers are looking for new commercial opportunities, given that the PPI well is about to run dry?

It was on my mind too.

Last few weeks, elsewhere, just seen constant flow of posts and articles about upcoming GDPR.

As one young man (small company owner) posted last week:   My feed is just full of people trying to scare me about GDPR.

Big fines/penalties for breaches.   So I did allow myself a moment to ponder on whether BTLers should be allowed the data..... so we can later fine them into bankruptcy for data breach. :)

Pre GDPR, lot of big fines being handed out for data-breaches recently.. been reading The Register.   Bought family members a couple of encrypted USBs for new higher penalties for loss of files/data for anything they take out of the office to work on in their rented homes (as the landlords kick back in easy life...dressing gowns, nice cars, holidays, life of non work, and £millions in equity).  They had a warning about it via email in 2015 from the bosses.  Upto £50K fines if losing client data out of the office.. and that all pre-GDPR.

GDPR seems to take things right up the scale though.

Quote

 

In short, the answer to the first question is yes: any business, small or large, will have to become compliant with the GDPR (General Data Protection Regulation) when it’s introduced on 25th May 2018

The new Act, which is due to be introduced this Autumn, will strengthen privacy rights of individuals by ensuring they have greater control over their personal data, while organisations and their data controllers will be held to greater account as to how that data is used.


Should organisations commit any breaches, the Information Commissioner will be allowed to issue fines of up to £17m or 4 per cent of global turnover, a significant increase on the current maximum fine of £500k.

“The whole thing about GDPR is not being reactive,” said Preston. “Previously, if there was a breach, you could go in and see what the problem is, but the obligation now will be to document the processes, procedures, and safeguards all in advance.

GDPR is a new set of regulations around data privacy with two main aims: 
 
1) To strengthen data protection policy by giving EU citizens more control over their personal data and what the data is used for.

2) To modernise and simplify the data regulations for businesses that operate in the EU. 
 
The overarching purpose of the regulation is to give power and privacy back to the people whose data is collected and often sold for money. It is also designed to encourage companies to uphold a framework that takes data protection seriously. Failure to comply will result in a harsh financial penalty (up to 4% of that company’s global turnover, which would be a huge loss for any business regardless of its size), and individuals will be able to sue businesses for compensation if they think their data has been misused or mishandled.

 

Still, I don't want the BTLers to have any powerful information database on tenants.  Or anyone else in the rent-farming housing financialisation sector.

Let they take their own risks/do their own checks as best as they can, and take risk.  If they get a tenant who falls behind on rent, maybe they will have to find the money themselves, and if they can't... can't get tenant out easily.. incur costs and maybe more likely to sell the BTL at a lower prices.  HPC.   Not bearishonhouses and think of what is best for landlords !!

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As rent is paid in advance, surely rent counts as a loan against the future payment of housing on a daily basis in line with the contract. If the quality of housing and servicing falls below the agreed quality, the landlord is failing to meet the terms of their repayment.

Any landlord failingin the terms of their borrowings from the tenant should be reported to to the credit rating agencies. 

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4 hours ago, Ah-so said:

As rent is paid in advance, surely rent counts as a loan against the future payment of housing on a daily basis in line with the contract. If the quality of housing and servicing falls below the agreed quality, the landlord is failing to meet the terms of their repayment.

Any landlord failingin the terms of their borrowings from the tenant should be reported to to the credit rating agencies. 

I like it! 

 

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5 hours ago, Ah-so said:

As rent is paid in advance, surely rent counts as a loan against the future payment of housing on a daily basis in line with the contract. If the quality of housing and servicing falls below the agreed quality, the landlord is failing to meet the terms of their repayment.

Any landlord failingin the terms of their borrowings from the tenant should be reported to to the credit rating agencies. 

 

46 minutes ago, mrtickle said:

I like it! 

Agreed. That is a decent argument.

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DUMB QUESTION WARNING

Surely if a tenant defaults on rent the LL will get a CCJ for recovery of said rent?  CCJ's figure in credit scores (they are publicly available information) and fault will have been determined by a court with due process having been followed.

 

Is the RLA saying that they want to "blacklist" tenants without the full facts being tested by a court?  If they want LL's to be able to identify serial non payers then it seems to me that they are already getting the information they claim to be seeking.

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On 18/08/2017 at 6:01 PM, Sancho Panza said:

I didn't read the comments so thanks for that.I'm somewhat surprised there isn't a data protection issue here,given that EA's are unregulated and let's be frankly honest,some of the most untrustworthy people I've ever met-and I've met some shady characters in my time.

Nothing to stop the unscrupulous screwing people over for asking for repairs.

 

I followed up on it.

In Laterent's terms and conditions a landlord has to confirm that they have secured a tenant's permission to pass on their details to a credit reference agency.

The ICO say as long as a firm states they are obeying Data Protection laws, it assumes they are. They do not do audits of a company unless a company itself asks for one, or a complaint is lodged against a company. They also said if a tenant wants to know if laterent have been given their personal details by a landlord, you have to supply laterent with your personal details so they can check. Which rather defeats the object of trying to secure your personal details, as they get them anyway!

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On 19/08/2017 at 1:35 PM, Patient London FTB said:

LSL's monthly buy-to-let index is worth following for arrears data btw. 

The latest report shows a pretty startling move down in arrears, after a longer-term move upwards. Could this be something to do with Universal Credit? 

5998306bdbb75_ScreenShot2017-08-19at13_34_36.png.a103b6a6669f4890d70285afa3842310.png

Update: rent arrears are back on their rising trend making last month look like an anomaly. Maybe Provident Financial failing to collect their debts let a few people pay the rent?

59a8a392392b0_ScreenShot2017-09-01at01_01_17.thumb.png.d23b34e1ed51b1a5992aa41b33d75510.png

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10 hours ago, Patient London FTB said:

Update: rent arrears are back on their rising trend making last month look like an anomaly. Maybe Provident Financial failing to collect their debts let a few people pay the rent?

:lol:

Thanks for the update.

If the PovertyLater muppets jack the rents up we can keep that upward trend going.

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On 8/18/2017 at 6:01 PM, Sancho Panza said:

I didn't read the comments so thanks for that.I'm somewhat surprised there isn't a data protection issue here,given that EA's are unregulated and let's be frankly honest,some of the most untrustworthy people I've ever met-and I've met some shady characters in my time.

Nothing to stop the unscrupulous screwing people over for asking for repairs.

 

Our local EA is the most corrupt woman iv ever known.When she started the business her husband funded most of the houses they bought to let from his sniff business.She used to value houses way under the price when she knew the people were desperate,or not very bright.Perhaps a single mother on an estate with a house that was probs worth £60k,she would say youl be lucky to sell this blah blah,but i might know an investor who would give you £40k.Of course the investor was her hubby.She bought up dozens of houses like this.When my brother was getting done over by his ex i asked her to value his house as low as possible.I knew her well and she valued it at about 60% of its value.Their solicitor then sent another valuer who she knew.I said to her he will value it much higher,she said he wont dont worry he is bad to get me in bed i know how to handle it.Value came back a grand less than hers :lol:.My brother ended up only paying £2k to his ex.I actually used her to sell a relations house,even then she couldnt help herself ,filling forms in bent over the table,low cut top,come to bed eyes etc,trying to say it was worth £70k.I reminded her i knew her very well and she just laughed and said yeah we should get £105k for it.Never ever trust an EA .

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On 18/08/2017 at 5:29 PM, Sancho Panza said:

Property Industry Eye 18/8/17

'Rent payments should be included when calculating credit scores to support tenants wanting to buy a home of their own.

The Residential Landlords Association is writing to the Government, calling on it to work with the industry to include rent payment history as a standard feature when calculating credit stores.

RLA chairman Alan Ward said: “With many tenants wanting to buy a house of their own, it is absurd rent payment is not routinely included when undertaking credit checks for mortgage applications.

“Moving to such a scheme would help not just tenants, but also landlords by giving them a clearer sense of whether a prospective tenant has historically paid their rent in full and on time.”

There is a scheme called the Rental Exchange, available from Experian via the Credit Ladder platform. The Rental Exchange incorporates a tenant’s payment history into their credit file.

Yesterday Sheraz Dar, CEO of Credit Ladder, said he agreed with the RLA’s campaign.

He said: “CreditLadder was set up to enable tenants to ensure their regular rent payments were added to their credit score, and we make it clear that if they fail to pay their rent this will be passed on to Experian as well. We’ve already processed rents in excess of £7.5m.”'

 

 

So,basically,when the Landlord doesn't fix the boiler and you're forced to withhold rent to pay for it,the LL can punish you for his inadeqaucy..................?

I love how the argument is framed against the backdrop of trying help tenants buy into the Ponzi scheme.

 

 

 

On 18/08/2017 at 5:29 PM, Sancho Panza said:

Property Industry Eye 18/8/17

'Rent payments should be included when calculating credit scores to support tenants wanting to buy a home of their own.

The Residential Landlords Association is writing to the Government, calling on it to work with the industry to include rent payment history as a standard feature when calculating credit stores.

RLA chairman Alan Ward said: “With many tenants wanting to buy a house of their own, it is absurd rent payment is not routinely included when undertaking credit checks for mortgage applications.

“Moving to such a scheme would help not just tenants, but also landlords by giving them a clearer sense of whether a prospective tenant has historically paid their rent in full and on time.”

There is a scheme called the Rental Exchange, available from Experian via the Credit Ladder platform. The Rental Exchange incorporates a tenant’s payment history into their credit file.

Yesterday Sheraz Dar, CEO of Credit Ladder, said he agreed with the RLA’s campaign.

He said: “CreditLadder was set up to enable tenants to ensure their regular rent payments were added to their credit score, and we make it clear that if they fail to pay their rent this will be passed on to Experian as well. We’ve already processed rents in excess of £7.5m.”'

 

 

So,basically,when the Landlord doesn't fix the boiler and you're forced to withhold rent to pay for it,the LL can punish you for his inadeqaucy..................?

I love how the argument is framed against the backdrop of trying help tenants buy into the Ponzi scheme.

 

 

And I would like to see there criminal records or non hopefully or have various parties from agents to tenants or anyone  involved with that landlord to be able to do a CRB check on them

Edited by Guest

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  • 242 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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