Pay a years rent up front and bargain for a discount?

theartfullodger

Murphymycat wrote: »

If you have paid one years rent up front it is going to be very difficult for you to be evicted. Remember only the courts can evict, not the landlord or mortgage company. If the landlord is behind with the rent and the property is repossessed through the courts then most mortgage companies would let you stay on anyway until the end of the contract which in this case is until the end of the original year. It can take a long tome to go through the court process.

If it were me I would not pay that much up front as then the landlord has no incentive to get repairs done etc.



my experience as

Current tenant
Ex landlord
Retired ARLA letting agent

errr not if the landlord does not have permission to let, has not been paying his mortgage, and lender decides to gain possession. see...
http://england.shelter.org.uk/get_advice/repossession/repossession_by_a_landlords_lender

In those circumstances landlord runs off to the south of France will all the money, his mistress AND toy-boy, tenant homeless... (it has happened, many times, not always with mistress & toy-boy..).

Lots of "experience" as ex-agent but limited "knowledge" perhaps???

Anyone who offered me 6 or 12 months rent up front would find me DEEPLY suspicious of what they were up to (cannabis farm,brothel... etc..) clearly not the case here, aye, right....

nollag2006

theartfullodger wrote: »

Anyone who offered me 6 or 12 months rent up front would find me DEEPLY suspicious of what they were up to (cannabis farm,brothel... etc..) clearly not the case here, aye, right....

+1

As a LL, I would also be suspicious of someone offering such a chunk of rent up front.

As one of the previous posters suggests, why not use your savings to buy a home of your own? That way you can put in whatever DG or alarms you like, and are paying off your own mortgage rather than the LL's

Murphymycat

3cardMonty wrote: »

You have a lot of experience, can I ask how you used to be a LL and now are a tenant? Did you sell to rent waiting for the property value crash?

Long story - owned house, remortgaged it and moved out 200 miles away to buy business ( letting agency) became landlord. Then sold property as needed capital to expand business. Retired early through Ill health and are currently tenants, living in area we couldn't afford to buy. Hope this makes sense!

3cardMonty

Murphymycat wrote: »

Long story - owned house, remortgaged it and moved out 200 miles away to buy business ( letting agency) became landlord. Then sold property as needed capital to expand business. Retired early through Ill health and are currently tenants, living in area we couldn't afford to buy. Hope this makes sense!

So with all your experience in the property market, what do you think are we at the bottom or will property values fall even more when interest rates go back up?

iAMaLONDONER

3cardMonty wrote: »

So with all your experience in the property market, what do you think are we at the bottom or will property values fall even more when interest rates go back up?

Rents will go up as mortgages will be harder to acquire

G_M

Quizzical_Squirrel wrote: »

Why do you think you're in such a strong negotiating position? I'm not seeing it from what you've said so far.

Is the property rather undesirable?

I suspect Slattery has finished his negotiations on this rental. His post was 2 years ago.....