Help - have we been had?

NJon

agrinnall wrote: »

I think most people are failing to comprehend what seems to be the reality of the rental sector in London, which is that competition is so fierce that bidding wars are common for desirable (and perhaps even the non-so-desirable) properties. While we may all deplore the need to do this, failure to play the game may mean missing out altogether.

Yes, it's getting worse and worse! Much as I'd hate to do it, we would have considered joining the bidding war - but it just seems strange that the flat has been on the market for nearly a month, with several offers having been accepted and then all of them failing their references. Wouldn't the landlord want to just stop playing games after a month of not finding anyone?

Pixie5740

I do think it's odd that a flat which has been lying empty for a month in London (a place where demand is so high people are willing to rent sheds in other people's living rooms) should result in a bidding war. The practice is creeping in where demand for rental properties outstrips supply. The city I live in was like this until very recently and when I went to view a flat there were about 6 other parties viewing at the same time so I offered an extra £25 a month. I knew the Aberdonian wouldn't be able to resist.

This bidding war (imaginary or otherwise) might not come from the landlord it could be down to the letting agency. If you still want the property, in this case because of the length of time the property has been empty, just stick with the original rent amount.

marksoton

agrinnall wrote: »

I think most people are failing to comprehend what seems to be the reality of the rental sector in London, which is that competition is so fierce that bidding wars are common for desirable (and perhaps even the non-so-desirable) properties. While we may all deplore the need to do this, failure to play the game may mean missing out altogether.

Granted. But if people walk ( as they do with purchases ) the agents and LL's will soon learn.

Personally i think it's outrageous that people are "bidding" for rental properties. But as you say i guess that's the reality. It's a sad indication of the housing shortage,particularly in London.

RuthnJasper

marksoton wrote: »

You haven't been properly had yet. But you will be if you move in. Don't walk away. Sprint.

I agree with Mark. This sounds like an utter nightmare - and their disrespectful remarks about the current tenant only serve to confirm their unworthy presence in the rental market.

Awful. I can't imagine how wretched they would be if a problem developed in the property that was the responsibility of the landlord.

Good luck, wherever you end up.

NJon

Pixie5740 wrote: »

I do think it's odd that a flat which has been lying empty for a month in London (a place where demand is so high people are willing to rent sheds in other people's living rooms) should result in a bidding war. The practice is creeping in where demand for rental properties outstrips supply. The city I live in was like this until very recently and when I went to view a flat there were about 6 other parties viewing at the same time so I offered an extra £25 a month. I knew the Aberdonian wouldn't be able to resist.

This bidding war (imaginary or otherwise) might not come from the landlord it could be down to the letting agency. If you still want the property, in this case because of the length of time the property has been empty, just stick with the original rent amount.

Yes, the fact it's been empty for a month is what we find odd too. If it wasn't for that, we might've considered doing what you did - offering a bit more (it's a nice flat in a nice area).

RuthnJasper wrote: »

I agree with Mark. This sounds like an utter nightmare - and their disrespectful remarks about the current tenant only serve to confirm their unworthy presence in the rental market.

Awful. I can't imagine how wretched they would be if a problem developed in the property that was the responsibility of the landlord.

Good luck, wherever you end up.

Sorry for any confusion. We've had two separate problems with two different agents (the joys of London renting...). The comments about the current tenant came from the first agent (not the bidding war agent), but you're right - I don't trust either agent now!

Just want to thank people for their replies. It's been really helpful actually getting other people's opinions on the situation. Mostly just confirmed what we thought but it's good to have outside views.

On a side note, my new years resolution is helping my partner find work outside London! (I work from home so can live anywhere).

Mossfarr

If you are considering moving to work outside London surely you would be better staying where you are rather than sign up to a new fixed term tenancy?
Have you been served notice or is it just that you have reached the end of your fixed term?
If you just stay put your current tenancy will automatically become a Periodic tenancy. It will take at least a couple of months for the landlord to evict you.

NJon

Our landlord wants to move family in. We know we could wait to be evicted but don't want to do that.

To be honest leaving London is more wishful thinking (on my part). My partner's line of work is mostly based in London, and also he doesn't really want to leave.

We have considered just staying where we are but we don't want to lose a good landlord reference. I don't suppose it's impossible to find a new place without one but it would make things harder (especially as I'm newly self-employed after a period of ill-health so we only have an employer reference for my partner). Not to mention it's just stress we could do without.

We've got some viewings lined up for tomorrow (different agent) so hopefully this will all be over with soon!

RuthnJasper

NJon wrote: »

Yes, the fact it's been empty for a month is what we find odd too. If it wasn't for that, we might've considered doing what you did - offering a bit more (it's a nice flat in a nice area).



Sorry for any confusion. We've had two separate problems with two different agents (the joys of London renting...). The comments about the current tenant came from the first agent (not the bidding war agent), but you're right - I don't trust either agent now!

Just want to thank people for their replies. It's been really helpful actually getting other people's opinions on the situation. Mostly just confirmed what we thought but it's good to have outside views.

On a side note, my new years resolution is helping my partner find work outside London! (I work from home so can live anywhere).

Ah, ok now I understand! You're right though, neither of them seem terribly tempting.

Best of luck to you and your partner, whatever life brings you.

Keep smiling!

novelty-socks

I've always put offers in for rented places, and nearly always had them accepted at below the advertised rate. It's certainly common practice in London, which is where OP seems to be looking. (I've never offered above the asking price, nor heard of this though. If that's what the agent is suggesting then sod them, they're trying it on.)

In any case, I would probably ditch this letting agent and try elsewhere. Sounds like they're pushing their luck.

I don't think you'll have any trouble finding somewhere else in two weeks — my experience in London is that properties come onto the market on a daily basis, often looking for tenants who can move in ASAP.

If you do want to improve your offer, how about offering to sign for a minimum term of a year (without a break clause) or similar, instead of upping the price?