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How to be a landlord?

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Comments

  • mrbadexample
    mrbadexample Posts: 10,805 Forumite
    Part of the Furniture 10,000 Posts Combo Breaker Photogenic
    theartfullodger wrote: »
    Only if was supplied to the tenant as part of the tenancy (owned by you or previous landlord..): If tenant brings in, say, a non-certified easy chair he's an idiot but that's his decision.

    Ok. As far as I know we don't own a stick of furniture in the place, but it's something I'll need to make certain of.
    theartfullodger wrote: »
    Bear in mind you're trying to ensure that should the worst happen & T & T's grandchildren (who happen to be visiting) are 'orribly burned in terrible accident you've got all the paperwork to show you took reasonable steps. Furniture OK, smoke alarms in & referenced on tenancy & inventory, thumb-turn exit locks (don't need a key to get out in the smoke & dark..) and you've the right insurance (you do have LANDLORD's insurance??

    Thumb-turn exit locks...see now this is why I started the thread. I wouldn't have known they were required. The previous landlord was a company with quite a large number of properties (I believe they were selling off about 60-odd at the time of our purchase), so I'm kind of hoping all these things are already in place. Of course, if they're not, they soon will be.

    My mate sorted out the insurance last week. I do hope it's landlord's insurance (I'm sure it will be!).
    theartfullodger wrote: »
    Re deposit get prrof of return of deposit: If not evisting tenant get's complicated and difficult (if there is a deposit & it is not protected & "prescribed info" served on tenant then any Section21 notice is invalid).

    I think the tenant had only paid a £200 deposit to the previous LL. Is it reasonable of us to ask for £500, and expect him to suddenly find an extra £300?

    What are the implications if we don't take any deposit at all? Apart from leaving us without much leverage if he trashes the place and does a bunk, of course?
    theartfullodger wrote: »
    In your shoes I'd ask (yes, ask, you have no right of entry, T can refuse all visits..) if you can pop round for a chat to see if all is OK. Take bottle wine/flowers and let him talk and ask if there are any issues or problems... a happy tenant who pays regularly is worth a lot. If he declines visit write polite, clam, letter introducing yourselves, giving contact details (including telephone number - knowing of, say, a leak 12 hours earlier can save shedloads..) and asking if there is anything he has issue with.

    There's no issue with him declining. We've asked nicely and are off to see him this afternoon. I had thought about a wee gift, so might pick up a bottle of wine on the way.

    When we viewed the house we asked two questions: "Is there anything that needs doing?" and "Is there anything you'd like doing?" First we'll address the needs, and then the wants. We do want to have an ongoing improvement programme in place. The way I see it is if he's happy, he stays. So if he sees that we want to improve the place and make everything nice for him, hopefully that will keep him happy.
    If you lend someone a tenner and never see them again, it was probably worth it.
  • Premier_2
    Premier_2 Posts: 15,141 Forumite
    10,000 Posts Combo Breaker
    mrbadexample wrote: »
    ... We bought one with a tenant already in it. :D.
    mrbadexample wrote: »
    ...Yes, it's a BTL mortgage.

    Did you inform the lender it was being purchased with a sitting tenant?
    What did your solicitor advise you?
    mrbadexample wrote: »
    It's an AST...

    I suspect it isn't ... ;):eek:
    "Now to trolling as a concept. .... Personally, I've always found it a little sad that people choose to spend such a large proportion of their lives in this way but they do, and we have to deal with it." - MSE Forum Manager 6th July 2010
  • Werdnal
    Werdnal Posts: 3,780 Forumite
    Part of the Furniture Combo Breaker
    You cannot force the tenant to sign a new contract/tenancy agreement with you. When you buy a property with a tenant, you have to take over the existing terms and conditions of the existing tenancy agreement. If tenant decides not to sign a new agreement with you, you can either live with it, or evict them.

    You did see a copy of the existing agreement before you took the place on didn't you?
  • mrbadexample
    mrbadexample Posts: 10,805 Forumite
    Part of the Furniture 10,000 Posts Combo Breaker Photogenic
    Premier wrote: »
    Did you inform the lender it was being purchased with a sitting tenant?

    Yes.
    Premier wrote: »
    What did your solicitor advise you?

    In respect of what?
    Premier wrote: »
    I suspect it isn't ... ;):eek:

    It's an assured shorthold tenancy agreement. That's an AST isn't it?
    If you lend someone a tenner and never see them again, it was probably worth it.
  • mrbadexample
    mrbadexample Posts: 10,805 Forumite
    Part of the Furniture 10,000 Posts Combo Breaker Photogenic
    Werdnal wrote: »
    You cannot force the tenant to sign a new contract/tenancy agreement with you.

    We were just going to ask nicely. :)
    Werdnal wrote: »
    When you buy a property with a tenant, you have to take over the existing terms and conditions of the existing tenancy agreement. If tenant decides not to sign a new agreement with you, you can either live with it, or evict them.

    Ok...
    Werdnal wrote: »
    You did see a copy of the existing agreement before you took the place on didn't you?

    Yes. On account of we copied it to make a new agreement with our names on it instead. :D
    If you lend someone a tenner and never see them again, it was probably worth it.
  • theartfullodger
    theartfullodger Posts: 15,779 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    Yup, whatever deal the previous tenancy had (deposit, whatever..) that still carries on: You can't start changing things like deposit amount at will: How would you react if tenant said he was reducing rent by £100/month?>??

    Thumb-turn exit locks not required but sensible option (about £15..) if existing lock suitable..

    Suggest you go on a course eg...
    http://www.rla.org.uk/landlord/courses/course1.shtml
    or read Shepperson's book
    http://www.amazon.co.uk/Complete-Guide-Residential-Letting-Landlords/dp/1905261802

    Have YOU seen the tenancy agreement & READ it to confirm it is an AST??
  • Werdnal
    Werdnal Posts: 3,780 Forumite
    Part of the Furniture Combo Breaker
    Have you even viewed the property? You say you haven't met the tenant yet, so that suggests you haven't seen it at all.

    Suspect you might be hit with a long list of repairs needed which previous LL ignored as he was selling!
  • mrbadexample
    mrbadexample Posts: 10,805 Forumite
    Part of the Furniture 10,000 Posts Combo Breaker Photogenic
    theartfullodger wrote: »
    Yup, whatever deal the previous tenancy had (deposit, whatever..) that still carries on: You can't start changing things like deposit amount at will: How would you react if tenant said he was reducing rent by £100/month?>??

    Ok. As it happens, I didn't think it would be reasonable to ask him to suddenly find an extra £300. But as the deposit's only £200, is it worth taking at all?
    theartfullodger wrote: »
    Thumb-turn exit locks not required but sensible option (about £15..) if existing lock suitable..

    Suggest you go on a course eg...
    http://www.rla.org.uk/landlord/courses/course1.shtml
    or read Shepperson's book
    http://www.amazon.co.uk/Complete-Guide-Residential-Letting-Landlords/dp/1905261802

    Thanks, I will look into those. Although I am on a course. This is a course, right? :D :rotfl:
    theartfullodger wrote: »
    Have YOU seen the tenancy agreement & READ it to confirm it is an AST??

    Yes. It says "ASSURED SHORTHOLD TENANCY AGREEMENT" in big bold letters on the front. That means it's one of those, right? :)
    If you lend someone a tenner and never see them again, it was probably worth it.
  • mrbadexample
    mrbadexample Posts: 10,805 Forumite
    Part of the Furniture 10,000 Posts Combo Breaker Photogenic
    Werdnal wrote: »
    Have you even viewed the property? You say you haven't met the tenant yet, so that suggests you haven't seen it at all.

    If you read my posts you will see that we have viewed the property and met the tenant. ;)
    If you lend someone a tenner and never see them again, it was probably worth it.
  • theartfullodger
    theartfullodger Posts: 15,779 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    It may not be ast if he originally had a regulated tenancy : when did he first move in (as opposed to when is current tenancy dated)???
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