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Renting house to a Housing Association
Comments
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I am surprised that the HA are paying more than market rent - have you checked LHA rates they seem to stick pretty close to them and as they are giving you 3 years guaranteed I would have imagined you would have been getting less
The local EA would only let the house as a 2-bed but the HA will accept it as a 3-bed. Having checked the LHA rates the amount the HA is offering is slightly more than the LHA for a 2-bed even though they classify it as a 3-bed. Sorry that's a bit garbled, hope I've explained it OK.0 -
The local EA would only let the house as a 2-bed but the HA will accept it as a 3-bed. Having checked the LHA rates the amount the HA is offering is slightly more than the LHA for a 2-bed even though they classify it as a 3-bed. Sorry that's a bit garbled, hope I've explained it OK.
If the difference is £100 per month and you do not get to choose the tenants or financially vet them - plus all the things a HA expects you to do before they will accept the property I would not bother with them.
Incidentally I do not understand the thing about 2 bed / 3 bed - is there a separate room downstairs you can use as a bedroom?
2 bed house £1400 - must be an expensive area - why would you need HA type rental?0 -
If the difference is £100 per month and you do not get to choose the tenants or financially vet them - plus all the things a HA expects you to do before they will accept the property I would not bother with them.
Incidentally I do not understand the thing about 2 bed / 3 bed - is there a separate room downstairs you can use as a bedroom?
2 bed house £1400 - must be an expensive area - why would you need HA type rental?
The EA said that the single room was too small to be rented as a 3rd bedroom but the HA are willing to accept it as a bedroom. The area is London Zone 2 which is why the rent is high. The reason that I want a HA rental is that I want to rent the property for 3 years and not have to worry about non-payment of rent/voids for the whole of that time (in fact I may even go for a 5-year arrangement for peace of mind).0 -
The EA said that the single room was too small to be rented as a 3rd bedroom but the HA are willing to accept it as a bedroom. The area is London Zone 2 which is why the rent is high. The reason that I want a HA rental is that I want to rent the property for 3 years and not have to worry about non-payment of rent/voids for the whole of that time (in fact I may even go for a 5-year arrangement for peace of mind).
I hear your plan, my friend just got back 3 properties let into a similar scheme - they are trashed.
Sit there and try and sue the HA to set the properties straight, they will tell you its normal wear and tear yet in the beginning you had that list of things to do before they accept it.
Have the HA give you anything in writing and exactly what they want done and how much it costs?
I really cannot tell you what to do, but my opinion is steer clear - if its a nice place, in a nice area, find some nice tenants who can be reference checked and insured with homelet and hopefully things will work out.0 -
I agree the security of that type of rental must be reassuring and the fact you get it back the clean and without tenants is one of LL's biggest worries.
OK so furniture maybe trashed but what about kitchen, bathroom units and fittings, doors and flooring? where is the line between wear and tear and damage over 3 years?
crossed with socrates post!0 -
I agree the security of that type of rental must be reassuring and the fact you get it back the clean and without tenants is one of LL's biggest worries.
OK so furniture maybe trashed but what about kitchen, bathroom units and fittings, doors and flooring? where is the line between wear and tear and damage over 3 years?
crossed with socrates post!
The HA say that they will repair any damage but we have to put right anything due to wear and tear. I can see that this leaves room for 'interpretation'. An example they gave was that if a tap was dripping they'd repair it, if it was broken due to malicious damage then they'd replace it, if it was broken due to 'wear and tear' then it would be down to me. I'm anticipating that at the end of the 3/5 year period the furniture would all need replacing, perhaps the carpets. I wasn't anticipating having to rebuild the kitchen and bathroom...
The house is very nice but the area isn't the best - the EA was talking about putting in LHA tenants anyway.0 -
Then its 50/50 - devil and the deep blue sea.
See what the HA come up with - and you do not need a LA to put in LHA tenants and pay them a fee, you can approach your Local Authority who may run an incentive scheme anyway. Or even find them on gumtree.
Get an estimate for the schedule of works and remember your buildings insurance must be correct for these type of tenants.
One final point IF you have a mortgage the HA will want to see 'consent to let'0
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