letting agent paying 12 months upfront?

[Deleted User]

Hi All,

I just wondered if anyone has any experience of a letting agent paying 12 months rent upfront.

They have offered me an amount which isn't that far off what I would be left with an estate agent.

I realise they will advertise my property at a higher price and they also offer the tenant no fees,deposit.Basically a zero pound move in.

Thanks in advance.

Pixie5740

Is this letting agency also owned by the people who own Amigo Loans by any chance?

[Deleted User]

Pixie5740 wrote: »

Is this letting agency also owned by the people who own Amigo Loans by any chance?

I hope not its letme part of the richmond group.

CARDIFFSAVER

They are both owned by the same group see here http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/11038033/Credit-firm-Amigo-Loans-put-up-for-sale.html

Pixie5740

I can't remember if The Richmond Group still own Amigo Loans but I think they founded the company. I believe the LetMe model is similar to Amigo Loans in that whilst they don't take a deposit from tenants all tenants need a guarantor. Really it's the guarantor taking the risk (and the landlord).

G_M

So who is your tenant?

Presumably you will have a commercial tenancy (not an AST) with 'letme'?

[Deleted User]

G_M wrote: »

So who is your tenant?

Presumably you will have a commercial tenancy (not an AST) with 'letme'?

Looks like I would be renting to 'letme' on a commercial basis and there would be no AST.

Pixie5740

It's a bit like Northwood Lettings Rent Guarantee expect you'll get the rent in one go rather than every month. The letting agency will be your tenant and you'll have little or no say in who actually lives in the property.

RAS

And little or no possibility of removing the sub-tenant if you want to do so further down the line.

theartfullodger

I read their "landlord agreement": A more one-sided deal I've not seen for many years: Don't think they know what they are doing, yet, but have no doubt the property owner & the occupants are both going to be massively profitable to "LetMe".

Very minor point: Company name "Let Me....", all paperwork & website "LetMe...."

eddddy

theartfullodger wrote: »

I read their "landlord agreement": A more one-sided deal I've not seen for many years:

What sort of things did it say that were one-sided?


And what do they say about sub-tenants that won't move out when the lease is up? Do they just give the property back, and leave you to evict the sub-tenant?