Jump to content
House Price Crash Forum
mad_dan

Letter From My Landlord

Recommended Posts

G'day all,

been a long time since I have posted but i keep an eye on the site.

received this morning- names removed

Dear mr XXXXXXXXX,

I am writing to you to request an increase in your monthly rent, over the past 2 and a half years you have been paying 500 a month for one of my fully furnished apartments, over this period I have not increased the rent. This week I have received a letter from my lender informing me that my fix rate deal has finished on the 8 flats me and my husband own in our portfolio. As I am sure you are aware interest rates have also increased recently.

I have been in contact with the rental agency whom you all rent through and they have informed me that we can only increase the rent by 5% per annum, this was unknown by me and my husband when we signed up with the agency. They have informed me that this is in place to prevent price fixing once tentants have made a commitment to rent.

As you are aware Your current contact requires you to give one months notice before you can move out after completing your first year. I have also been informed that if I wish to finish my contract with you I must give you 12 months written notice.

Because of the rising costs from our lenders, we are now paying almost 700 per month per apartment, this is a loss of 200 per month on each apartment. even the increase to 525 per apartment we are still losing 175 on each apartment. These are before our other costs have been included.

Am requesting that we can both agree to finish our rental agreement within 1 month. If you would be interested in remaining in the property I would be happy to rewrite the agreement, however the rent would be have to be in the region of 700 - 750 to absorb our running costs. I look forward to your prompt reply.

Thanks and best regards

xxxxx xxxxxxx & xxxx xxxxxxx

HAHAHHAHAHAHHAHAHHAHA

I replied by phone this morning.

me: "Thanks, but no thanks, I'll happily remain on the 12 months at 525 then I'll consider my options at the end of the term. Did you know that their are currently 4 apartments up to let in our block? I think their asking for 550 per month."

her: " I don't think thats the case mr xxxxxx, Please consider that we have not increased your rent for 2 and a half years."

me: "sorry do you really expect me to give you an extra 200 per month if I don't have to?"

Her: " I think I'll speak to my husband then we'll get a solicitor to see what our position is, It seems really unfair that we have to give 12 months notice when you only have to give us 1 month. I am sure that can't be legal even if its the the rental agreement."

me: " you mean rental contract! oh' by the way the combi bolier is playing up, I think it'll need replacing soon can you send someone over to take a look please?"

her " My husband know about those he'll be over later."

me " I think you need to be corgi registered to deal will those, speak to the agency i am sure they can assist you."

her " i'll be in touch when we have legal advice, goodbye mr xxxxxx"

me " ok thanks, remember to take a copy of the rental contract to your solicitor"

phone goes dead.

well i leave you guys to comment on that as I'm off to the pub

Happy days getting closer HPCer's,

mad_dan

Share this post


Link to post
Share on other sites

I like her allready shes a f*ckin idiot

8 flats costing them £1600 a month.............. lets see how 'in it for the long term' she is :)

Share this post


Link to post
Share on other sites

:lol:

We dont want to go down the legal path it does not suit us. We want to make up the rules of capatalism as we go along. Dont you feel any loyalty to us after two and a half years of our greed.

Watch out, the boiler. You could become a carbon monoxide case if you are not carefull, her husband knows about things like that.

Share this post


Link to post
Share on other sites

The 8 flats they "own" are losing them 1600 quid a month....??????

Sorry....

....wait for it.....

...nearly there.....

HA HA HA HA HA HA HA HA HA HA HA HA :lol::lol::lol:

Share this post


Link to post
Share on other sites
I like her allready shes a f*ckin idiot

8 flats costing them £1600 a month.............. lets see how 'in it for the long term' she is :)

Exactly, these BTL landlords wont be in it for the long term when it is costing them big monies, especially when all the talk in the media is of an imminent crash.

These BTL muppets are total amateurs. I have tried to set two businesses up before and I failed, when i was in the process of setting them up i was dreaming of all the success, but it didnt work out, but the thing is I only lost a small amount of money on both ventures so it didnt matter. I can almost sense what they are going through, when reality strikes and they realise that it wont work! Tough luck baby!

Share this post


Link to post
Share on other sites

Kinda feel sorry for her, until she says this

on the 8 flats me and my husband own in our portfolio.

BURN BURN BURN

looks like they are just about to come off their 2 year fix and are facing the much higher rates now. probably a lot of LL in the same boat

Share this post


Link to post
Share on other sites

i got rent rise after 1 year 10 GBP 575 to 585 for a 3-bed house in quiet place, within commuting distance to Cambridsge and London. not too bad, but my LL seems to be a pro, not a recent arival to the fools' game

I honestly think HPI scam was intended to rob these poor amateur BTLers of the savings, I could feel for them.. almost... BWAAHAHAAHAAA!

Edited by alex228

Share this post


Link to post
Share on other sites

Not boasting but I have an 05 plate subaru impreza WRX sti

When I see her next I'll thank her for letting me afford it thanks to the cheap rent over the next 12 months, just before i move out!

Share this post


Link to post
Share on other sites

they will most probably go bankrupt if they don’t get at lest half their tenants to pay up the mortgage costs

i don’t think they could pay 19.2K a year out of pocket unless they are earning some £60k a year and take a big hit on quality of life ect

its quite likely some of the less smart tenants might agree or might leave allowing them to sell some of the properties to survive.

Share this post


Link to post
Share on other sites

Brilliant. Capitalism when it suits them, then suddenly some child-like idea of fairness when things don't look as rosy.

Following her own very special rules of capitalism, shouldn't she pay you back for all the money you've paid which exceeded the monthly mortgage payment? Or is that a different matter? One-way fairness then.

The 12 months thing sounds very unusual though. Is this really the case? If so then they really are stupid, for agreeing to it. It's normally two months from the rent due day (up to three months in practice).

She really should be grateful to have a tenant. She'll be losing up to £5600 a month when most of the tenants clear off after getting this letter. Selling will take at least 4 months at the moment, and probably then at a loss. Repo time.

What happens to your 12 month notice period when the bank repo's the place? I'd find out if I were you - you may need another flat soon!

Share this post


Link to post
Share on other sites
I don't believe the landlord. Even if they are off the fixed rates, why don't they just remortgage?

Something fishy in this tail (sic)

probably they remortgage each one to buy the 8?

i think that is pretty common in larger BTL, using MEW to buy more ect so your always almost at zero equity

Share this post


Link to post
Share on other sites
Are BTL mortgages really unregulated ?

Yes, they are commercial loans. Buyer beware is the general rule in business. For consumers there's more protection.

Share this post


Link to post
Share on other sites

Nothing like a captive landlord kept safely at the end of a contractual leash!

Best place for them :lol:

I can understand (almost, just barely) a tenant not reading the small print on a contract, what sort of lunatic LL doesn't read the contract they actually wrote and offered to a tenant? Serve them right if it was a pre-packaged "fill in the gaps" one like you can buy from a stationers. Is there a Tesco Value DIY BTL landlord set available I wonder? Wouldn't surprise me.

You can't make this stuff up can you...

Share this post


Link to post
Share on other sites
I don't believe the landlord. Even if they are off the fixed rates, why don't they just remortgage?

Something fishy in this tail (sic)

They're probably obliged to pay a whacking great "standard" rate for a year or three after their fix, otherwise they have big exit fees to pay. This is how most BTL fixed mortgages work - you don't get owt for nowt.

Share this post


Link to post
Share on other sites
Guest Bart of Darkness
"sorry do you really expect me to give you an extra 200 per month if I don't have to?"

I'm betting that she probably did.

Shame that jackass TTRTR won't be replying to this thread.

Share this post


Link to post
Share on other sites

And I presume that if you for other reasons gave a months notice, like moving city or something, they'd then try and rent the place out for 700 - 750 because that's what their costs are? But they have to wait a year, till they can put the place on the market for 800 (to cover extra IR rate rises).

If they are already shelling out for the losses on the other places, a nice void period would be great for them.

I'm slightly worried that lots of numpties try this (rise rents to match interest payments), they actually succeed. Not everyone can move back home if BTLer go crazy.

Apart from that MUHAHAHA !

Share this post


Link to post
Share on other sites

Her and her husband use an agency to rent their properties

Seatons, I think they are local only, I know they have at least 3 offices locally.

They provide the full service for landlords to busy (stupid) to write their own contracts

They offer a great service -..........for me

Share this post


Link to post
Share on other sites
And I presume that if you for other reasons gave a months notice, like moving city or something, they'd then try and rent the place out for 700 - 750 because that's what their costs are? But they have to wait a year, till they can put the place on the market for 800 (to cover extra IR rate rises).

If they are already shelling out for the losses on the other places, a nice void period would be great for them.

I'm slightly worried that lots of numpties try this (rise rents to match interest payments), they actually succeed. Not everyone can move back home if BTLer go crazy.

Apart from that MUHAHAHA !

They are trying it on, its obvious. Play a game with thier financial emotional complex, they will behave like frightened rabbits in front of a fox. :lol:

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...

  • Recently Browsing   0 members

    No registered users viewing this page.

  • 356 The Prime Minister stated that there were three Brexit options available to the UK:

    1. 1. Which of the Prime Minister's options would you choose?


      • Leave with the negotiated deal
      • Remain
      • Leave with no deal



×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.