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First time landlord - Advice :)
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bitsnbytes wrote: »That's very unfortunate mrsmick, hope it all works out for you. Is it not possible to evict the tenant? Considering that he quit his job, it wasn't unforseen
Hi. Yes it is possible to evict him. However, you can not start any action until the tenant is 8 weeks in arrears. Then you need a professional company (as my letting agent wasn't able) to issue a section 8 and section 21 notice. This cost us about £300. Then the tenant is still not obliged to leave. The next step is to arrange a court date, which cost us about £500. The tenant did not turn up to court, therefore we won. The court issued him with 14 days notice to leave, however, he is still not obliged to leave. Now we have instructed county court bayliffs to evict him, which could take anywhere from 4 to 10 weeks. However, he can still apply for a suspension of eviction notice which could enable him to stay even longer. To instruct the bayliffs cost another £200.
You can see how it can be a very difficult situation. Legally he is in the right and we have been informed that we are not allowed to enter our property without his permission, which I find frustrating as he isn't even paying for the right to live there. In addition he is refusing to allow us entry and there is nothing at all we can do about it.
Think very very carefully before you do this. I know many people have success, but if for any reason you get a dodgy tenant, I would say I would prefer the property to remain empty and have to pay for the lot than own a property I can't even gain access to.0 -
This has to be a wind up.
"House prices always go up"
"We should have bought a 2-bed"
"We're in it for the long term"
"We got £10k off the asking price, it was a bargain"
Even a year ago these statements would have been comedy gold. Right now, come on, own up, which one of you is it?Hurrah, now I have more thankings than postings, cheers everyone!0 -
"" A bit of reading up and I dare say you'll be as knowledgeable as a lot of letting agents on the law.
I appreciate that credit checking may be difficult but no reason why you can't just rely on references from previous landlords"
sorry - this is such dangerous advice --- a "bit of reading" is absolutely NOT what you need before entering this business - you need to do one heck of a LOT of reading - trying reading https://www.landlordzone.co.uk forum and https://www.singingpig.co.uk forums form start to finish - that will take you several weeks - try looking at singingpigs readings lists and have a crack at half a dozen of those books and see if you think a "little" reading is enough .....
the previous landlord will tell you all sorts of brilliant lies to get you to take on his/her tenant from hell who s/he is trying to get rid of - you want the before that one as well
Mick your post which says "
"""Hi. Yes it is possible to evict him. However, you can not start any action until the tenant is 8 weeks in arrears. Then you need a professional company (as my letting agent wasn't able) to issue a section 8 and section 21 notice. This cost us about £300. Then the tenant is still not obliged to leave. The next step is to arrange a court date, which cost us about £500. The tenant did not turn up to court, therefore we won. The court issued him with 14 days notice to leave, however, he is still not obliged to leave. Now we have instructed county court bayliffs to evict him, which could take anywhere from 4 to 10 weeks. However, he can still apply for a suspension of eviction notice which could enable him to stay even longer. To instruct the bayliffs cost another £200.
You can see how it can be a very difficult situation. Legally he is in the right and we have been informed that we are not allowed to enter our property without his permission, which I find frustrating as he isn't even paying for the right to live there. In addition he is refusing to allow us entry and there is nothing at all we can do about it.
Think very very carefully before you do this. I know many people have success, but if for any reason you get a dodgy tenant, I would say I would prefer the property to remain empty and have to pay for the lot than own a property I can't even gain access to.""
really only shows how utterly unprepared you were for entering the LL business - ANY Tom !!!!!! or Harry or Mary can issue ALL the paperwork to get a tenant out of a property - but they do have to have the knowlege to fill in the court forms correctly - THAT is where the LOTS of reading comes in ...
Issuing a Section 8 and/or Section 21 notice - takes 10 minutes to download the form and a first class stamp -
Filling in and filing the court docs to the court will take maybe an hour tops - the court fee is £150
Instructions to the court to issue a Bailiffs warrant - 10 minutes and a first class stamp and £95.
You have been taken for a ride my friend .;... sadly that is what happens to folks who do not research their businesses before going into them.......
better luck next time
if ANY new landlords are reading this - for goooondess sakes join the National Landlords Association (fee is tax deductible) - if you are too mean to that - then you deserve everything that happens to you[EMAIL="abuse@moneysavingexpert.com?subject=Reporting%20post%20http://forums.moneysavingexpert.com/showpost.html?p=13984433"]
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This has to be a wind up.
"House prices always go up"
"We should have bought a 2-bed"
"We're in it for the long term"
"We got £10k off the asking price, it was a bargain"
Even a year ago these statements would have been comedy gold. Right now, come on, own up, which one of you is it?What I don't get is many posters like you don't seem to be interested in posting anything constructive. I've already mentioned that I'm new to this and previous advice (which may be wrong) had convinced me to invest in this property. It might be a mistake, however, I'm not sure in what way your post is supposed to help people like me?
I appreciate you might be one of the more experienced landlords, but you do realise that you might end up asking for advice on subjects you're completely new to. Wonder how you will react to posts like this then :rolleyes:
Interesting tagline, sorry I won't be contributing to your "thanks" count I'll save that for posters like Bungarm2001, tbs624, clutton, mrsmick who really are helpful :T instead of taking pleasure in ridculing newbies like me0 -
Thanks Bungarm, really helpful :TBungarm2001 wrote: »You are far braver than I going into this venture in this unstable financial climate.
I know I really am too new new to this, could you please be kind enough to explain? How would this affect me renting out my property?
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Issuing a Section 8 and/or Section 21 notice - takes 10 minutes to download the form and a first class stamp -
Filling in and filing the court docs to the court will take maybe an hour tops - the court fee is £150
Instructions to the court to issue a Bailiffs warrant - 10 minutes and a first class stamp and £95.
You have been taken for a ride my friend .;... sadly that is what happens to folks who do not research their businesses before going into them.......
better luck next time
if ANY new landlords are reading this - for goooondess sakes join the National Landlords Association (fee is tax deductible) - if you are too mean to that - then you deserve everything that happens to you
Really good post clutton :T I will definitely join the landlords association. Apologies if this is a dumb question, however is there any particular association you recommend I join (assuming there is more than one)I did a search online and found this site http://www.landlords.org.uk/services/services.htm however they have a lot of services, which one do you recomment I take up?
I take it you are an experienced landlord, really impressive. Thanks again for your help :T0 -
hi bits - u r very welcom e - the website you quote above IS the national landlords association - you ring up and join and then your membership number entitles you to access to the whole site and also to their utterly utterly invaluable legal telephone helpline who will talk you thru all the options, how to fill in the forms, how to get tenants out, and the amount of info on their site is huge. a Brilliant organisation. they also have regional meetings you can attend and get to meet other more experienced landlords
networking is UTTERLY crucial in my opinion - other wise you end up losing a lot of money unnecessarily like you have done
spend an hour every night for the next 3 months reading singingpig and landlordzone - and do loads of cutting and pasting - especially jeffrey on llz - you will learn masses - and you wont make the same mistakes again0 -
hi bits - u r very welcom e - the website you quote above IS the national landlords association - you ring up and join and then your membership number entitles you to access to the whole site and also to their utterly utterly invaluable legal telephone helpline who will talk you thru all the options, how to fill in the forms, how to get tenants out, and the amount of info on their site is huge. a Brilliant organisation. they also have regional meetings you can attend and get to meet other more experienced landlords
networking is UTTERLY crucial in my opinion - other wise you end up losing a lot of money unnecessarily like you have done
spend an hour every night for the next 3 months reading singingpig and landlordzone - and do loads of cutting and pasting - especially jeffrey on llz - you will learn masses - and you wont make the same mistakes againI also found this site http://www.rla.org.uk/ which seems similar to the previous site. They have mentioned their rates as £75 for the year which is very reasonable
The previous site has no mention of prices. I'll give them a call tomorrow in any case. Do you know which one is better?
Thanks a million again, really helpful :T0 -
Join them both. I did a few years ago and never regretted it as Clutton says, the joining fees are fully deductable anyway. The regional meetings are well worth going to. You will learn lots, and hear some real horror stories :eek:
Also recommended are the Landlord Training days that are advertisecd sometimes by both groups. Well worth the money if you need to brush up on Inventories, HSSRS, LL Licesing etc; all things that at the moment I'm guessing you know nothing about, but should make an absolute priority to educate yourself.0 -
bitsnbytes wrote: »Thanks Bungarm, really helpful :T
Can you please elaborate on this? Many people have mentioned this on this thread and I frankly don't understand thisI know I really am too new new to this, could you please be kind enough to explain? How would this affect me renting out my property?
The dodgy financial climate shouldn't actually affect your renting of your property, but more like the long term plans you have and how you are expecting to finance them along with how you will cope if (read 'when') things go pear shaped and you have no financial back up.
For instance, how will you cope if the boiler goes bang in the rental at the same time as your tenant decides to stop paying the rent and trashes the place. Add to that the possibility that you are on sick pay for a while and can't keep up with the mortgage, how will you cope? Do you have at least £5k contingency funding?
It does in my opinion also depend on how you became interested in setting up a letting business, and how you realistically see the whole market whether todays financial climate will have a long or very short tem affect on you.
Don't take this the wrong way, but were you sucked in by the myriad of property '!!!!!!' shows that endlessly punted out the idea that you couldn't possibly lose if you invested in property this way? Did you go to one of these 'I can make you a property millionnaire overnight' seminars? or like thousands of people decided to 'dabble' after hearing about a mate/work colleague/neighbour who released equity in their home, bought a BTL and were relying on the incoming rent as a future pension? Any of these scenarios are false to one degree or another and there are literally thousands out there who are now suffering badly from the inhevitable turn in the market and the credit crunch.
If you intend to buy more BTL's then you should think long and hard if you intend to get them via mortgaging. Research research and research again. In fact, I would be stunned if you could actually get finance right now for such a venture.0
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