Any Landlords on here

[Captain...]

So I'm going to be renting my flat out, just looking for any advice, tips, experiences. Mainly for dealing with letting agents who seem determined to extort as much money out of me as possible.

 

any links to good forums websites also appreciated.

 

Cheers.

[HankMarvin]

My friends got experience

 

 

 

 

[Strokes]

Take out landlords insurance is the only advice I can offer.

[The Blur]

Have you considered likes of OpenRent website- direct contact with tenants without going through estate agents etc?  However,  it sounds like it is your first time so it might be a better idea to learn the ropes first before using the website for latter rentals.   Good luck!

 

[Buce]

54 minutes ago, Captain... said:

So I'm going to be renting my flat out, just looking for any advice, tips, experiences. Mainly for dealing with letting agents who seem determined to extort as much money out of me as possible.

 

any links to good forums websites also appreciated.

 

Cheers.

 

I've found letting agents to be a waste of money - in theory you're avoiding the hassle of having tenants ring you with any repair issues, but in practice you get the letting agent doing the same. They are just highly paid middle-men. I suggest using one to get your tenant (let them do the donkey work with reference checks etc) then blow them out asap.

 

Best tip I can give is get the best insurance you can - cover everything that might break, fire, flood damage etc, and make sure you're covered for tenants doing a runner leaving you with arrears.

 

Edit: Best tip II: Get a good lawyer to draw up a watertight tenants agreement.

Edited 28 January 2018 by Buce

[Sharpe's Fox]

sell the property and give someone else their own home and earn your money honourably.

[Guest]

12 minutes ago, Sharpe's Fox said:

sell the property and give someone else their own home and earn your money honourably.

There are plenty of houses for sale.

 

Seems you're one of those who think they deserve to own property but don't have the capability of earning and saving money to buy one.

 

How do you honourably earn your money?

[Captain...]

20 minutes ago, Sharpe's Fox said:

sell the property and give someone else their own home and earn your money honourably.

I am giving someone a home someone who is not in a position to buy.

 

Markets gone completely flat in London nobody is buying except at knockdown prices and I'm not going to sell it at a loss. I would be better off letting it stand empty or Airbnb it than selling at the moment.

[Captain...]

32 minutes ago, The Blur said:

Have you considered likes of OpenRent website- direct contact with tenants without going through estate agents etc?  However,  it sounds like it is your first time so it might be a better idea to learn the ropes first before using the website for latter rentals.   Good luck!

 

Cheers, yeah we're kinda looking for a hassle free option especially to start with, but just feel like every step the letting agent takes another chunk.

[Buce]

21 minutes ago, Captain... said:

Cheers, yeah we're kinda looking for a hassle free option especially to start with, but just feel like every step the letting agent takes another chunk.

 

Seriously, Captain, they are nothing but sharks and they take fees off both ends for doing fvck all. Each year when a tenancy is up for renewal they charge several hundred pounds to the tenant just for photocopying a piece of paper for them to sign. Also, they often take kickbacks from tradesmen - or worse still employ their own 'jack-of-all-trades' odd-job man when it comes to repairs - which means you get a crap job done, which pisses off the tenant and costs you more money to have it put right than it would have cost to do a proper job in the first place.

Edited 28 January 2018 by Buce

[Guest]

If you go with an agent get one who guarantees the rent - you may get less but at least you get it. Or get an insurance which covers your rent.

 

Tenants will happily take your home, pay you nothing, not move out and shit the place up.

 

Only let your property on the understanding that this may happen and amazingly often does happen. Tenants know their rights and they know how slow and crap the law is for landlords. You could end up paying them and begging them to leave. 

 

other than that go for it.

[Buce]

57 minutes ago, Sharpe's Fox said:

sell the property and give someone else their own home and earn your money honourably.

 

I might agree with you if I was some kind of buy-to let-landlord but I'm not. I own my own flat but it's too small for three of us to live in, so I let it out and in turn rent somewhere a bit bigger for us. I don't have loads of savings to leave my daughter, so that will be her inheritance. How is any of that dishonourable?

[Buce]

1 minute ago, FIF said:

If you go with an agent get one who guarantees the rent - you may get less but at least you get it. Or get an insurance which covers your rent.

 

Tenants will happily take your home, pay you nothing, not move out and shit the place up.

 

Only let your property on the understanding that this may happen and amazingly often does happen. Tenants know their rights and they know how slow and crap the law is for landlords. You could end up paying them and begging them to leave. 

 

other than that go for it.

 

Carefully vet your tenant in the first place, then treat them properly, and any such problems are unlikely. Respond quicky to repairs, don't get greedy with the rent and you'll be fine in my experience.

[Parafox]

59 minutes ago, FIF said:

There are plenty of houses for sale.

 

Seems you're one of those who think they deserve to own property but don't have the capability of earning and saving money to buy one.

 

How do you honourably earn your money?

You're in France, it's not the same. Aren't French (and, generally in mainland Europe) properties mostly rented, therefore owned by landlords? If I'm wrong, please correct me.

[Sharpe's Fox]

8 minutes ago, Buce said:

 

I might agree with you if I was some kind of buy-to let-landlord but I'm not. I own my own flat but it's too small for three of us to live in, so I let it out and in turn rent somewhere a bit bigger for us. I don't have loads of savings to leave my daughter, so that will be her inheritance. How is any of that dishonourable?

Justify it all you like. You are earning but not producing anything of value. The fact that you and others complain about letting agencys as “sharks [that] take fees off both ends for doing fvck all.” without any irony or self awareness is equally as galling.

[Buce]

5 minutes ago, Sharpe's Fox said:

Justify it all you like. You are earning but not producing anything of value. The fact that you and others complain about letting agencys as “sharks [that] take fees off both ends for doing fvck all.” without any irony or self awareness is equally as galling.

 

You really do talk bollox sometimes.

 

How about answering FIF's question?

Edited 28 January 2018 by Buce

[Parafox]

52 minutes ago, Captain... said:

I am giving someone a home someone who is not in a position to buy.

 

Markets gone completely flat in London nobody is buying except at knockdown prices and I'm not going to sell it at a loss. I would be better off letting it stand empty or Airbnb it than selling at the moment.

Well, what a shame, after years of exploiting those who need a place to live and ripping them off for a flat the size of a garage.

[Guest]

10 minutes ago, Buce said:

 

Carefully vet your tenant in the first place, then treat them properly, and any such problems are unlikely. Respond quicky to repairs, don't get greedy with the rent and you'll be fine in my experience.

 Carefully vet - don't let to family or friends, don't let to students or people with unsteady jobs or without jobs, don't let to people who smoke weed, try not to let to people who smoke tobacco, or drink or gamble too much, don't let to single parent families, don't let to people whose income doesn't easily cover the rent and their outgoings (maybe get them to give you a business plan) don't let to people in work that is in jeopardy or seasonal, don't let to single guys ...or single girls. Don't believe any references they give you, don't let to anyone who makes excuses for the payment of a bond. Get at least 2 reputable guarantors.

 

treat them properly - and just hope they treat you and your property properly but don't count on it. too many people think like SF that you are an evil multi-homeowner and it is their right to have a property (without the corresponding responsibilities).

 

Respond quickly to repairs - expect to pay for things that they've damaged and agree to check the house regularly (if they'll let you in) smile when you see the mould on the walls caused by not opening a bathroom window after showering ever and the piss on the floor around your toilet and then pay for redecorating quickly before you get into trouble.

 

Don't get greedy - why would you expect them to stick to the payments that they agreed to in the tenancy agreement when they were begging you to let them live in your property. It's greedy to stick to that amount - give them 5% cashback the first month and increase this by 5% each month until you are actually paying them to live there whilst you're also paying for your mortgage, upkeep and repairs.

 

You'll be fine in my experience.

 

[Buce]

2 minutes ago, FIF said:

 Carefully vet - don't let to family or friends, don't let to students or people with unsteady jobs or without jobs, don't let to people who smoke weed, try not to let to people who smoke tobacco, or drink or gamble too much, don't let to single parent families, don't let to people whose income doesn't easily cover the rent and their outgoings (maybe get them to give you a business plan) don't let to people in work that is in jeopardy or seasonal, don't let to single guys ...or single girls. Don't believe any references they give you, don't let to anyone who makes excuses for the payment of a bond. Get at least 2 reputable guarantors.

 

treat them properly - and just hope they treat you and your property properly but don't count on it. too many people think like SF that you are an evil multi-homeowner and it is their right to have a property (without the corresponding responsibilities).

 

Respond quickly to repairs - expect to pay for things that they've damaged and agree to check the house regularly (if they'll let you in) smile when you see the mould on the walls caused by not opening a bathroom window after showering ever and the piss on the floor around your toilet and then pay for redecorating quickly before you get into trouble.

 

Don't get greedy - why would you expect them to stick to the payments that they agreed to in the tenancy agreement when they were begging you to let them live in your property. It's greedy to stick to that amount - give them 5% cashback the first month and increase this by 5% each month until you are actually paying them to live there whilst you're also paying for your mortgage, upkeep and repairs.

 

You'll be fine in my experience.

 

 

Wow, you sound awfully bitter, FIF.

 

All I can say is that I've never had any of those problems at all.

[Guest]

7 minutes ago, Parafox said:

You're in France, it's not the same. Aren't French (and, generally in mainland Europe) properties mostly rented, therefore owned by landlords? If I'm wrong, please correct me.

 

I'm in France but I haven't always lived in France. I know a lot about English rentals and I would no longer rent out a property in England (especially in a labour council area) unless it was my only property - basically what used to be known as an owner occupier tenancy. As for France, obviously in Paris most properties are rented but in the provinces most people own their own places and that's on the increase. Property is not as scarce though and rentals are not so high.

 

p.s. I'm at about my limit for posts today so I apologise if I can't reply to all posts in the topics where I've written. Mark hasn't lifted my restrictions yet despite my exemplary manner  

[Captain...]

8 minutes ago, Parafox said:

Well, what a shame, after years of exploiting those who need a place to live and ripping them off for a flat the size of a garage.

It's a shame for those who bought and are now stuck with a property they can't sell.

 

There is a lot of bitterness on here, it's a one bed flat in London (well technically it's Middlesex) I'm not bulldozing an orphanage to build a tower block of substandard housing.

[Parafox]

4 minutes ago, FIF said:

 

I'm in France but I haven't always lived in France. I know a lot about English rentals and I would no longer rent out a property in England (especially in a labour council area) unless it was my only property - basically what used to be known as an owner occupier tenancy. As for France, obviously in Paris most properties are rented but in the provinces most people own their own places and that's on the increase. Property is not as scarce though and rentals are not so high.

 

p.s. I'm at about my limit for posts today so I apologise if I can't reply to all posts in the topics where I've written. Mark hasn't lifted my restrictions yet despite my exemplary manner  

Haha...

 

https://www.google.co.uk/url?sa=t&rct=j&q=&esrc=s&source=web&cd=1&cad=rja&uact=8&ved=0ahUKEwjqkeX4s_vYAhUIJ8AKHe4lD2IQ3ywIKDAA&url=https%3A%2F%2Fwww.youtube.com%2Fwatch%3Fv%3DOOuWWzP7wl0&usg=AOvVaw2MupAioXngzO21tRNOjVv4

[Captain...]

39 minutes ago, Buce said:

 

Seriously, Captain, they are nothing but sharks and they take fees off both ends for doing fvck all. Each year when a tenancy is up for renewal they charge several hundred pounds to the tenant just for photocopying a piece of paper for them to sign. Also, they often take kickbacks from tradesmen - or worse still employ their own 'jack-of-all-trades' odd-job man when it comes to repairs - which means you get a crap job done, which pisses off the tenant and costs you more money to have it put right than it would have cost to do a proper job in the first place.

Yeah, I'm learning that, will ditch them once I've got everything else sorted and a better grasp of what is going on. Right now I just need someone in and the quickest way was to use an agency.

[Parafox]

2 minutes ago, Captain... said:

It's a shame for those who bought and are now stuck with a property they can't sell.

 

There is a lot of bitterness on here, it's a one bed flat in London (well technically it's Middlesex) I'm not bulldozing an orphanage to build a tower block of substandard housing.

Is that what happened with Grenfell?

[Captain...]

Just now, Parafox said:

Is that what happened with Grenfell?

No, just the worse scenario I could think up for a landlord.