Northwood - Guaranteed Rent

benjus

In many parts of London there is so much demand for rental properties that Northwood aren't taking on a big risk and can probably find decent tenants. In fact there's a good chance you could make more money by letting directly (or using a normal letting agent) and still have a low void rate.

In areas with low demand the only way to fill the properties might be to take on tenants that most landlords wouldn't touch with a bargepole...

benjus

Also, what's the arrangement about dilapidations? If Northwood sublets the property to tenants that trash the place, then decides not to renew their contract with you and returns the property to you in a trashed condition, what comeback do you have?

stator

Northwood are the worst landlords you could hope to have, unless you enjoy being without hot water, central heating or a gas oven for 4 months.
They operate a "ignore and hope it goes away" policy towards all repairs.
I wouldn't be surprised if you said that after renting to Northwood for a few years your house had a ceiling that fell in because they were ignoring a water leak.

Marktheshark

Rental Profit is 11-15% on rent a year if you are Very good at it.
Hence why most who use agents lose money and sell up.

MMM12

In my experience guaranteed income with Northwood means - you have made your property a council house. They get money straight from council and put in anyone - absolutely anyone. You will get your house back trashed, and curtains / poles / bathroom furniture will be stolen / your new kitchen at the point of handover will now be minus doors and the carcasses would of rotted...but then Northwood will depreciate all this trashed and stolen stuff down to nothing to limit their liability (yep even a kitchen), and move on to the next fool. If you are already with them I suggest you got visit your property as they will not tell you when things are going bad - I only found out because I asked for my house back. If you are not with them - stay well away - Guaranteed income scheme is a complete con created to line the pockets of Northwood and dump all over the landlord.
Greco - the fact that you have had no calls to do anything should be worrying

Greco

Pixie5740 wrote: »

That's interesting Greco, certainly interesting enough to dredge up a thread from January.

Have you ever gone to inspect your properties? What kind of condition are they in?

They inspect the properties every 6 months and everytime a tenant changes they repaint it and repair it. I used to go see whats happening every 6 months (per property) but now I'll only go whenever they carry out major works. Like just before Xmas they retiled part of the roof because it was leaking.

I've never spent a penny on anything other then buy coffees or lunch for their builders when they work on my properties.

mmm12 the last thing I am is worried. I used to be worried when a vaillant boiler which I had paid for dearly started having problems. It had cost me about 4 grant and another 500 in trying to fix it.

do your research, ask around for agents that do guaranteed rent, meet the m personally and find out who's worth it or not. everyone is condemning a whole industry. And rightly so. But there are professionals out there.

and just a little tip: steer vlear from people who look like bankers.
steer clear from people who will haggle just to get you. Decide to cough out 25-30% and to the RIGHT people and you ll never look back again. Last year I spent it in Greece cause my father passed away. the whole year. Guess how many problems I had with my properties..

stator

Greco wrote: »

They inspect the properties every 6 months and everytime a tenant changes they repaint it and repair it. I used to go see whats happening every 6 months (per property) but now I'll only go whenever they carry out major works. Like just before Xmas they retiled part of the roof because it was leaking.

I don't know which branch of Northwood you use that redecorates but around here they certainly don't do that. I know of one of their houses that is awful, damp with 90s decor. Repairs are bodged if done at all.

G_M

I sniff an inside job - brand new poster shouting the odds about a named commercial outfit.....

Just to add to all the other relevant factors, bear in mind, landlords, that you have a commercial tenancy agreement with Northwoods in these schemes, not an AST.

maninthestreet

Greco wrote: »

They inspect the properties every 6 months and everytime a tenant changes they repaint it and repair it. I used to go see whats happening every 6 months (per property) but now I'll only go whenever they carry out major works. Like just before Xmas they retiled part of the roof because it was leaking.

I've never spent a penny on anything other then buy coffees or lunch for their builders when they work on my properties.

mmm12 the last thing I am is worried. I used to be worried when a vaillant boiler which I had paid for dearly started having problems. It had cost me about 4 grant and another 500 in trying to fix it.

do your research, ask around for agents that do guaranteed rent, meet the m personally and find out who's worth it or not. everyone is condemning a whole industry. And rightly so. But there are professionals out there.

and just a little tip: steer vlear from people who look like bankers.
steer clear from people who will haggle just to get you. Decide to cough out 25-30% and to the RIGHT people and you ll never look back again. Last year I spent it in Greece cause my father passed away. the whole year. Guess how many problems I had with my properties..

So who paid for re-tiling the roof - you or Northwood?

Greco

maninthestreet wrote: »

So who paid for re-tiling the roof - you or Northwood?

Sorry guys you completely misunderstood me. I guess my first post was misleading or something, but hey let me clear the air here.

I have no idea who Northwood is. I never used them. I use a local agent.

My involvement in this thread is merely because of all the negativity about guaranteed rents and NOT Northwood in particular. In fact at first I thought Northwood was an area? (silly me I know)

In my own personal view it is the best scheme ever invented for managing property. So much so that if I were like 20 years younger and had the properties I have now I'd start up something like that myself. Too old and grumby now I guess..

So as I said before I didn't pay a single thing for any property I had with them (NOT NORTHWOOD) ever. And the contract actually states that for structural things like roof etc I would have to pay!
But they never asked a a penny and don't see how this might change in the future.

So to sum it all up: No idea who Northwood is (but had a look at their website and they seem simply too big for my liking). I never paid a penny for a property while on guaranteed rent with the agents I use.