Another tiny studio going for £780 a month

chewmylegoff

IveSeenTheLight wrote: »

Let me take this in stages



Credit checks are very cheap.
Tenant Verify start their basic Credit Check with Risk report from £15.88, although you can go up to circa £47.50 for an International check or a fast response check of £45ish
http://www.tenantverify.co.uk/

Credit checks are very cheap. However that doesn't mean that the letting agent will charge you a reasonable sum. I once got charged £150+VAT (per person) for the privilege of being credit checked by an agent (who probably didn't even bother to do it) and then another £250+VAT for the contract to be printed out...

chewmylegoff

alberty wrote: »

Those people are bringing back Victorian or worse living conditions to young people in this country by consuming the housing supply. Sure, if they worked hard enough to become bankers then some of them might escape that fate, but I'm sure young people would rather live in olden times when a simple honest baker or delivery driver could own a semi detached in Willesden.

People have been living in shared houses in London for a long time, it's nothing new and hardly represents Victorian living conditions.

alberty

chewmylegoff wrote: »

People have been living in shared houses in London for a long time, it's nothing new and hardly represents Victorian living conditions.

Avg property prices being 10x greater than avg salary is completely new, and rents are rapidly rising in line with property prices. A tiny minority is enslaving everyone else. This is the most hopeless young generation of all time.

ukcarper

alberty wrote: »

Those people are bringing back Victorian or worse living conditions to young people in this country by consuming the housing supply. Sure, if they worked hard enough to become bankers then some of them might escape that fate, but I'm sure young people would rather live in olden times when a simple honest baker or delivery driver could own a semi detached in Willesden.

When was that I earned a lot more than a delivery driver when I first bought in the 70s and still had to move 40 miles from London to be able to buy.

alberty

ukcarper wrote: »

When was that I earned a lot more than a delivery driver when I first bought in the 70s and still had to move 40 miles from London to be able to buy.

OK so I exhaggerated a little but in real terms you wouldn't be able to buy a quarter of your house if you were starting out today, (Edit: removed a house price chart as others have posted same innumerable times) especially if you had to rent longer to save a deposit, or went to university as is the norm now for home owning hopefuls. So that isn't much of an argument. There comes a point when too few people benefit from relocating 1/3 of the world to London.

Blacklight

It would cost about £7.50 to build. I just can't fathom why it would be worth so much in Camden.

Things are out of control. I have £20k and I can't even buy anywhere in Times Square!

lukeh23

alberty wrote: »

Those people are bringing back Victorian or worse living conditions to young people in this country by consuming the housing supply. Sure, if they worked hard enough to become bankers then some of them might escape that fate, but I'm sure young people would rather live in olden times when a simple honest baker or delivery driver could own a semi detached in Willesden.

Some of the readers on here, upon reading your comment, will honestly think to themselves, 'what about all these yoofs with their ipads and that'. They will then get back to dreaming about the BTL they can buy with their early release pension next year.

They did nicely going up the ladder to pull it up after them and look down with scorn at the young generation below.

princeofpounds

Credit checks are very cheap.
Tenant Verify start their basic Credit Check with Risk report from £15.88, although you can go up to circa £47.50 for an International check or a fast response check of £45ish

haha someone has never had experience of London letting agents I see...

IveSeenTheLight

chewmylegoff wrote: »

Credit checks are very cheap. However that doesn't mean that the letting agent will charge you a reasonable sum. I once got charged £150+VAT (per person) for the privilege of being credit checked by an agent (who probably didn't even bother to do it) and then another £250+VAT for the contract to be printed out...

You are not obliged to go with the agent.
question the charges, know your facts.
You can then seek out better options.

I do not charge potential tenants with credit reference checks.
The cost is so cheap and I have not found one instance where there have been any concerns.

Obviously any potential tenant knows they need to be credit worthy by supplying the documentation for the credit check.

Of course, I may have just been lucky / my area is an affluent area.

I also don't charge for printing out the lease.

the only thing I ask the tenants to contribute on is the check in and check out inventory as this is beneficial to both parties. I pay 50% and ask the tenants to pay 50%. For my latest lease, this was £54.88 split between the two tenants. Which they will also be liable for at check out.

IveSeenTheLight

princeofpounds wrote: »

haha someone has never had experience of London letting agents I see...

Your right...... however...

I used a letting agent when I initially ventured into BTL.
This helped me to kick start off professionally and allowed me the luxury to educate myself, join the unnecessary bodies and eventually take over the running myself.

I'm sure there is a market in London where you can get similar landlords / properties.

Granted these may be a smaller percentage, but it's about getting to know the market.

I've not had to advertise for some time now, but if I did not have new tenants lined up to take over a rental at the end of a lease, I would only use a letting agent to find the tenants and pay the tenant finders fee.