Rent out my property - is there a less stressful way?

busy_landlady

I was specifically asked by the letting agent what I wanted to do with the holding fee and I said is it my call? He said it was up to me and so I said I should keep it as the tenant had pulled out. Then he said the tenant might threaten legal action, at which point I reminded him that it was in writing the holding fee was non-refundable and he confirmed this. Thereafter, I never saw the holding fee - he claimed he returned it to the tenant, but I think otherwise as the tenant was not expecting to get it back.

Yeah, that particular letting agent seemed quite incompetent - he used to ring me telling me someone was interested in my flat and when I asked for details, he couldn't give me any and said he had to call me back. I thought they were a reputable letting agency as they had been around in the area (NW London) for many years, that's why I used them.

In terms of choosing a reliable letting agent, I don't think it's that easy. I used another agent a couple of years ago - I saw their boards everywhere and thought they must be doing well, they charged a very reasonable commission rate and seemed quite efficient. Suddenly, I noticed a few months ago all their boards are gone and going past their office it is now empty. How do you explain that?

I'm not unhappy with my current letting agent, but when tenants, pull out, there's not alot they can do.

When the first tenant pulled out, a second was found a week later, but then the second pulled out too. How many more? It could be even a third or fourth if I was really unlucky, and eventually, it would mean my property would become vacant even if I put it on the market in good time.

Brb

It's also the worst time of year as no-one really wants to move in the colder months (I moved in the snow at the beginning of this year - nightmare!).

You do need to remind the LA they are your employees, they do what you say (within the law obviously).

busy_landlady

I realize everyone is just human and trying to do their job or make a living, but why can't they just do what they are supposed to do. I was asked by my letting agent what I wanted to do with the holding fee and when I said I should get it because the tenant had pulled out, he said I couldn't have it. I did ask him why he asked me then if it wasn't up to me but he said it was my decision - well obviously it wasn't because I didn't get what was owed to me.

Anyway, my new tenant is a student and apparently her rent is paid by the south African government - I just got called today by my managing agent that they haven't received the money yet for the rent. I don't know how I'm gonna take on the south African government for my rent! Ahhhhh!

Jowo_2

I'm sorry, I simply can't believe that overseas government pay students money to rent an exclusive property to themselves. Tenants from overseas are notoriously impossible to credit check, obtain previous landlord references and so forth. It is virtually impossible to take legal action against someone who returns to their original country. Students and foreign tenants represent high risk and this is precisely the type of tenant where many landlords and their agents would demand a UK based guarantor or insist on 6 months rent upfront.

I would do a bit more research in this area. Your agent sounds appalling. Why did they not wait for the alleged generous sum of money from this impoverished nation to clear into the tenants bank account before they handed over the key?

mr_hoverland

6 months deposit is the norm for overseas students without a UK guarantor.

I recommend using an estate agent thats been established for while and are ARLA registered.

Good estate agents are hard to find these days!

ericonabike

"Anyway, my new tenant is a student and apparently her rent is paid by the south African government"

And I'm a banana.

mlz1413

mr_hoverland wrote: »

6 months deposit is the norm for overseas students without a UK guarantor.

I recommend using an estate agent thats been established for while and are ARLA registered.

Good estate agents are hard to find these days!

I sure mr_hoverland means letting agent rather than estate agent.

The ARLA has a good website where you can put your postcode in and search for members in the area. Probably well worth a look, as I agree with Jowo your current LA sounds like a nightmare. The south african government have enough problems without funding overseas students!

Also Busy Landlady have a look at rent protection insurance policies, long term I think this will help you.

busy_landlady

The tenant's mother is her guarantor and she paid for the deposit and first month's rent - I was told the lump sum for the rest of the rent should be coming through. The tenant was getting her rent paid by the government because her mother's a civil servant.

The tenant said the lump sum for rent would only be released once I had signed the tenancy agreement as proof - otherwise she would have no proof that the money was going towards her rent. I assumed that the money would be paid to my managing agent first before it would be transferred to me (as is usually the case) and so did my managing agent, until I got a call from them saying they hadn't received anything yet. Apparently the tenant told the managing agent that the money would be going directly into my account. Except I don't know that the correct details were given as it wasn't me who filled in the application for rent money. So who knows where the money is now.

Will look into rent protection insurance policies.

sleepless_saver

busy_landlady wrote: »

The tenant was getting her rent paid by the government because her mother's a civil servant.

Really? It sure doesn't work like that here.

Trollfever

Will look into rent protection insurance policies.

Read the small print as they may not pay out for lets to foreign students!