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Tenant Has Sublet And Run Off With The Rent!

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http://www.landlordzone.co.uk/forums/showthread.php?t=6541

Tenant has sublet and run off with the rent!

Hi - first post here!

My husband has just been up to a flat we rent out to try to negotiate the payment of some rent which is 2 months in arrears, before going to court.

He found that our tenant was no longer there and that he has been letting it out to a couple and their children for months! He apparantly has pocketed the last two months rent that they have paid him! It seems like he's been charging them more and creaming off the top!

Now we know what's going on, I think we'll sign them up with an AST, if they want to stay, rather than evict them - they seem nice enough. I think they've been done up like a couple of kippers as well as the tenant told them that he owned it! The sub-lessee was fuming!

Any thoughts?

loved it, no mortgage, no insurance, no risk of voids, no low yield, no nothing that must be the cheapest way of becoming a landlord. There are some wise guys out there. It looks like the flat was a joint pension for both tenant & landlord :lol:

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Tenant has sublet and run off with the rent!

Hi - first post here!

My husband has just been up to a flat we rent out to try to negotiate the payment of some rent which is 2 months in arrears, before going to court.

He found that our tenant was no longer there and that he has been letting it out to a couple and their children for months! He apparantly has pocketed the last two months rent that they have paid him! It seems like he's been charging them more and creaming off the top!

Now we know what's going on, I think we'll sign them up with an AST, if they want to stay, rather than evict them - they seem nice enough. I think they've been done up like a couple of kippers as well as the tenant told them that he owned it! The sub-lessee was fuming!

Any thoughts?

HAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHA!!!!!

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That's got to be the cheapest way of becoming a landlord ever! Before you know it there will be sublet moguls out there who have signed ASTs for hundreds of properties and sublet them to unsuspecting tenants and are creaming off £50 a month.

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I remember watching a program a few years ago about people that rented expensive flats in london, then advertised the flats as holiday apartments. The flats were then sub let to tourists for weeks at a time for a massive profit and no risk :lol:

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I remember watching a program a few years ago about people that rented expensive flats in london, then advertised the flats as holiday apartments. The flats were then sub let to tourists for weeks at a time for a massive profit and no risk :lol:

Where these the ones where full time residents couldn't sleep for the noise?

Restrictive covenents should stop appartments being used as hotels.

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I wonder if the real Landlord increased the rent to what the secondary tenants were paying to the "rogue" landlord?

Bet he did!!!

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I remember watching a program a few years ago about people that rented expensive flats in london, then advertised the flats as holiday apartments. The flats were then sub let to tourists for weeks at a time for a massive profit and no risk :lol:

Stop! You're giving me illegal ideas. :P

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Where these the ones where full time residents couldn't sleep for the noise?

Restrictive covenents should stop appartments being used as hotels.

cant remember it was a long time ago, they eventually caught the guy subletting the flats he had a good business going, i cant see the problem as long as the 'real' landlord gets the rent :P

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cant remember it was a long time ago, they eventually caught the guy subletting the flats he had a good business going, i cant see the problem as long as the 'real' landlord gets the rent :P

Maybe the bit I saw was from Manchester - think it was the local news as I remember saying to someone that we'd met someone at a conference last year who was staying in an appartment in a complex in the centre...

Rapid turnover of visitors, lots of party noise isn't what you want where you live.

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yeah, that's funny, maybe next he'll empty your bank account or nick your car. That would be funny too. Or not?

It's simply the new RTL market opening up.

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"That's got to be the cheapest way of becoming a landlord ever! Before you know it there will be sublet moguls out there who have signed ASTs for hundreds of properties and sublet them to unsuspecting tenants and are creaming off £50 a month. "

forget a measly 50 a month - he's run off with 2 months rent !!!!!!!

if you did that each time it'll probably be a couple of months before the real landlord comes sniffing round, meantime youve done a runner with 2 months rent, 3 or 4 if you are lucky.

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http://www.landlordzone.co.uk/forums/showthread.php?t=6541

loved it, no mortgage, no insurance, no risk of voids, no low yield, no nothing that must be the cheapest way of becoming a landlord. There are some wise guys out there. It looks like the flat was a joint pension for both tenant & landlord :lol:

I have no sympathy here - the landlord should have checked out the tenant wiv proper references from employer/bank and previous landlord before renting it to him. Muppet!

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That's got to be the cheapest way of becoming a landlord ever! Before you know it there will be sublet moguls out there who have signed ASTs for hundreds of properties and sublet them to unsuspecting tenants and are creaming off £50 a month.

It's not even worth it in most cases, organising someone to sublet from you at the time you take up the tenancy, if you take a few month to find someone you'll be x months rent out of pocket and take a couple of years to recoup that provided you find someone to rent at a higher price

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Before you know it there will be sublet moguls out there who have signed ASTs for hundreds of properties and sublet them to unsuspecting tenants and are creaming off £50 a month.

There are I suspect mostly being offered in city locations as serviced apartments at £50+ a night. If they manage to rent them 5 nights and week 46 weeks a year they would net £958 per month for a 63% annual occupancy rate. The number normal apartments being pimped out as serviced apartments via laterooms.com really is shocking.

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Would it be as comical if a rogue landlord sublet the property that you live in?

Is this the only forum in the world where idiots that illegally sublet are seen as heroes <_<

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Would it be as comical if a rogue landlord sublet the property that you live in?

Is this the only forum in the world where idiots that illegally sublet are seen as heroes <_<

`A` rogue landlord? I thought they all were!! :lol: Yes, this is a `Robin Hood` forum methinks!

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There are I suspect mostly being offered in city locations as serviced apartments at £50+ a night. If they manage to rent them 5 nights and week 46 weeks a year they would net £958 per month for a 63% annual occupancy rate. The number normal apartments being pimped out as serviced apartments via laterooms.com really is shocking.

I know a guy who did that in Amsterdam. He only ever accepted payment in sterling, cash only, and it was a beautiful loft apartment which he let for £400 per week or you could rent a room in the adjoining house with shared facilities. He's ******ed off back to Manchester now but when I realised what he was doing I thought to myself what a damn good idea. As long as you are prepared to risk the odd bad tenant and clean up if they make a mess, you are quids in.

Edited by BarrelShifter

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