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London_Pride

Overseas Landlord Is Having...

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I am a landlord of a 1 bedroom flat in SE London & I currently live in Southern California. I lived in the flat before the opportunity came up to move here. The letting agent is often late in paying rent into my account even after I call them several times to remind them. They are regularly 2-3 weeks late & have been up to 6 weeks late in payments. Is there anything I can do to make them pay the rent to me in a more timely manner. The tenant is always on-time in paying the rent, why shouldn't the letting agent be the same?

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I am a landlord of a 1 bedroom flat in SE London & I currently live in Southern California. I lived in the flat before the opportunity came up to move here. The letting agent is often late in paying rent into my account even after I call them several times to remind them. They are regularly 2-3 weeks late & have been up to 6 weeks late in payments. Is there anything I can do to make them pay the rent to me in a more timely manner. The tenant is always on-time in paying the rent, why shouldn't the letting agent be the same?

Have you considered selling up?

:ph34r:

Seriously, clearly LA are all scum. Who'd trust 'em anyway?

I would consider moving LA or dealing direct with tenants, as one day the LA may be out of business and you out of pocket.

Goodluck, and if you want any advice on lowering rents to secure long term tenancy let HPC know, HPCers would be happy to help those living overseas.

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Have you considered selling up?

I didn't buy it to make money. It was a place to live & at some point me or my son (2yr) will either stay or live there again, maybe for the olympics. I'd like to keep it as long as I can, maybe my son could stay there if he goes to uni in London. With current BTL rates as high as they are, I may have to convert to an IO mortgage.

Seriously, clearly LA are all scum. Who'd trust 'em anyway?

This is our monthly conversation (words to this effect)... ME "Hey, where's my money?" THEM "You didn't get it? My collegue deals with your account, he's in Las Vegas until next week." BLAHBLAHBLAHBLAHBLAH

I would consider moving LA or dealing direct with tenants, as one day the LA may be out of business and you out of pocket.

I got the best deal with these guys, if you can call it a deal... 8% of the rent goes to the LA. Others in the area charge 10-20%. I can't afford to pay more than 8% right now even though I put a 20% deposit when I bought the place.

Goodluck, and if you want any advice on lowering rents to secure long term tenancy let HPC know, HPCers would be happy to help those living overseas.

Thanks! I may need it. How would I do this so my back is covered? I'm a long way away, so it's not easy, especially with the new deposit scheme, so an LA seems to be the best choice right now unless I could get someone willing to sign a 2 year contract or longer...

Edited by London_Pride

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Have you considered selling up?

I didn't buy it to make money. It was a place to live & at some point me or my son (2yr) will either stay or live there again, maybe for the olympics. I'd like to keep it as long as I can, maybe my son could stay there if he goes to uni in London. With current BTL rates as high as they are, I may have to convert to an IO mortgage.

Seriously, clearly LA are all scum. Who'd trust 'em anyway?

This is our monthly conversation (words to this effect)... ME "Hey, where's my money?" THEM "You didn't get it? My collegue deals with your account, he's in Las Vegas until next week." BLAHBLAHBLAHBLAHBLAH

I would consider moving LA or dealing direct with tenants, as one day the LA may be out of business and you out of pocket.

I got the best deal with these guys, if you can call it a deal... 8% of the rent goes to the LA. Others in the area charge 10-20%. I can't afford to pay more than 8% right now even though I put a 20% deposit when I bought the place.

Goodluck, and if you want any advice on lowering rents to secure long term tenancy let HPC know, HPCers would be happy to help those living overseas.

Thanks! I may need it. How would I do this so my back is covered? I'm a long way away, so it's not easy, especially with the new deposit scheme, so an LA seems to be the best choice right now unless I could get someone willing to sign a 2 year contract or longer...

Do you have any good friends/relatives to manage your property? May be the best bet.

I wouldn't bet on an IO mortgage..they're all gone.

As prices here are tumbling, I'd seriously consider selling, and quickly.

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Do you have any good friends/relatives to manage your property? May be the best bet.

Sounds like a good idea in theory, but the reality I may end up losing friends, family is here in US & in Devon.

I wouldn't bet on an IO mortgage..they're all gone.

Doh! where did they go? I guess the sub primers gobbled them up, thinking they could make a fast buck & are now being repossessed! People are so irresponsible.

As prices here are tumbling, I'd seriously consider selling, and quickly.

As I said. I'm not in it to make money. I'm a landlord by default. It's a place to live when the big earthquake puts Cali into the Pacific! Judging by current market trends (which I follow on a regular basis) I can take a 30% hit & still be sitting pretty, 40% & I'll be back to square one when I bought the place, which is fine by me. It's still my gaff however much it's worth. Looks like interest rates are holding steady & may even drop to boost the economy, just in time for my mortgage deal...

It's only money...

Edited by London_Pride

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It sounds like you need to get tough on your agent. Remember you employed the agent so in other words your the boss. Money transfers take days, not weeks and what they are doing is just not acceptable.

Threaten to find another agent at the end of the tenancy if they don't start jumping through a few more hoops. You pay them good money and you should expect them to work for it.

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I've left numerous messages & spoken to them that this is not on & I need the money or the mortgage will fall into arrears in a few months.

I'm guessing that at the end of the day they open a few beers & listen to the irate messages from landlords & tenents who are more than an arms length away & laugh.

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  • 399 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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