Cash for Keys

Bex_27

Comms69 said:

Bex_27 said:

Comms69 said:

Bex_27 said:

Comms69 said:

Bex_27 said:

Hi,
I am currently in the process of buying a property. Unfortunately, my partner is on another mortgage that he needs to be off before we can complete. The property is with an ex-partner and the matter has been ongoing for a while. Unfortunately, she couldn't get a Buy to Let mortgage due to cladding and therefore has got a private equity one but as there is a tenant currently in the property, she has given him six months. If he doesn't move out in the next couple of months, we will lose our property. We have offered £750 if he moves out by the end of November and has given him 2 weeks to let us know if he'd be happy to accept that. Has anyone done cash for keys? We'd be happy to go up to £1,500. The properties in the area range from £500-650 and he currently pays £570. 

Any help will be appreciated It's been the longest week and a half! No updates but he works odd shifts

Sorry £750?! add a zero and i'd consider it!

Really? For a property they have to leave anyway? It's free money at the end of the day and they have to leave anyways. This will help them not have to save up for a deposit. This is South Wales and not London, therefore rent is a lot cheaper. As I said, we have offered an initial payment but will.

I could be there until 2022, you need me out asap... sounds like i hold all the cards.

I say 6-12 months of rent is the broadly 'correct' figure.

Well, they could be but an S21 has been served and accepted. They have until March 2021 to leave and I know that doesn't mean jack but most people will accept and move on. 

Anyone posting here for advice would be informed of their rights. 

And a s.21 isnt 'accepted' so not sure what that means, it could very well be faulty and therefore another would need to be served. 

Either way £750 is a joke, and offering such a pawltry figure would only encourage me to be more stubborn - perhaps this tenant doesnt see it that way. 

It's not 'free' money, the tenancy has a value, and really it just depends on what's cheaper for you, losing the deposit, or paying the tenant to leave. Even if it's £1 less than the deposit, that's still money in the bank for you. 

When I say accepted, we have been informed that he has agreed to move out and has started to look.

The money is purely coming from one party, we will be willing to go up to £1,500 but we have asked the other party, the ex, whether she'd consider offering his deposit back in full on the day he moves out, subject to inspection. That would bring up his overall sum to over £2000 if we gave him £1,500. 

We have no financial interest in the property and the ex-partner couldn't get a buy to let mortgage, therefore he has to leave. We just need things to move on so we can all move on from the situation.

Bex_27

KatrinaWaves said:

Bex_27 said:

Comms69 said:

Bex_27 said:

Comms69 said:

Bex_27 said:

Hi,
I am currently in the process of buying a property. Unfortunately, my partner is on another mortgage that he needs to be off before we can complete. The property is with an ex-partner and the matter has been ongoing for a while. Unfortunately, she couldn't get a Buy to Let mortgage due to cladding and therefore has got a private equity one but as there is a tenant currently in the property, she has given him six months. If he doesn't move out in the next couple of months, we will lose our property. We have offered £750 if he moves out by the end of November and has given him 2 weeks to let us know if he'd be happy to accept that. Has anyone done cash for keys? We'd be happy to go up to £1,500. The properties in the area range from £500-650 and he currently pays £570. 

Any help will be appreciated It's been the longest week and a half! No updates but he works odd shifts

Sorry £750?! add a zero and i'd consider it!

Really? For a property they have to leave anyway? It's free money at the end of the day and they have to leave anyways. This will help them not have to save up for a deposit. This is South Wales and not London, therefore rent is a lot cheaper. As I said, we have offered an initial payment but will.

I could be there until 2022, you need me out asap... sounds like i hold all the cards.

I say 6-12 months of rent is the broadly 'correct' figure.

Well, they could be but an S21 has been served and accepted. They have until March 2021 to leave and I know that doesn't mean jack but most people will accept and move on. 

They don’t have until March 2021 to leave. Your partner has to wait until March 2021 before they can potentially start eviction proceedings. 

The tenant does not have to leave in March 2021. 

I understand that. 

Bex_27

My question was, has anyone done cash for keys, if anyone has please let me know what your experience is.

Comms69

Bex_27 said:

Comms69 said:

Bex_27 said:

Comms69 said:

Bex_27 said:

Comms69 said:

Bex_27 said:

Hi,
I am currently in the process of buying a property. Unfortunately, my partner is on another mortgage that he needs to be off before we can complete. The property is with an ex-partner and the matter has been ongoing for a while. Unfortunately, she couldn't get a Buy to Let mortgage due to cladding and therefore has got a private equity one but as there is a tenant currently in the property, she has given him six months. If he doesn't move out in the next couple of months, we will lose our property. We have offered £750 if he moves out by the end of November and has given him 2 weeks to let us know if he'd be happy to accept that. Has anyone done cash for keys? We'd be happy to go up to £1,500. The properties in the area range from £500-650 and he currently pays £570. 

Any help will be appreciated It's been the longest week and a half! No updates but he works odd shifts

Sorry £750?! add a zero and i'd consider it!

Really? For a property they have to leave anyway? It's free money at the end of the day and they have to leave anyways. This will help them not have to save up for a deposit. This is South Wales and not London, therefore rent is a lot cheaper. As I said, we have offered an initial payment but will.

I could be there until 2022, you need me out asap... sounds like i hold all the cards.

I say 6-12 months of rent is the broadly 'correct' figure.

Well, they could be but an S21 has been served and accepted. They have until March 2021 to leave and I know that doesn't mean jack but most people will accept and move on. 

Anyone posting here for advice would be informed of their rights. 

And a s.21 isnt 'accepted' so not sure what that means, it could very well be faulty and therefore another would need to be served. 

Either way £750 is a joke, and offering such a pawltry figure would only encourage me to be more stubborn - perhaps this tenant doesnt see it that way. 

It's not 'free' money, the tenancy has a value, and really it just depends on what's cheaper for you, losing the deposit, or paying the tenant to leave. Even if it's £1 less than the deposit, that's still money in the bank for you. 

When I say accepted, we have been informed that he has agreed to move out and has started to look.

The money is purely coming from one party, we will be willing to go up to £1,500 but we have asked the other party, the ex, whether she'd consider offering his deposit back in full on the day he moves out, subject to inspection. That would bring up his overall sum to over £2000 if we gave him £1,500. 

We have no financial interest in the property and the ex-partner couldn't get a buy to let mortgage, therefore he has to leave. We just need things to move on so we can all move on from the situation.

The £500 is already his... how is that an incentive?

Bex_27

Comms69 said:

Bex_27 said:

Comms69 said:

Bex_27 said:

Comms69 said:

Bex_27 said:

Comms69 said:

Bex_27 said:

Hi,
I am currently in the process of buying a property. Unfortunately, my partner is on another mortgage that he needs to be off before we can complete. The property is with an ex-partner and the matter has been ongoing for a while. Unfortunately, she couldn't get a Buy to Let mortgage due to cladding and therefore has got a private equity one but as there is a tenant currently in the property, she has given him six months. If he doesn't move out in the next couple of months, we will lose our property. We have offered £750 if he moves out by the end of November and has given him 2 weeks to let us know if he'd be happy to accept that. Has anyone done cash for keys? We'd be happy to go up to £1,500. The properties in the area range from £500-650 and he currently pays £570. 

Any help will be appreciated It's been the longest week and a half! No updates but he works odd shifts

Sorry £750?! add a zero and i'd consider it!

Really? For a property they have to leave anyway? It's free money at the end of the day and they have to leave anyways. This will help them not have to save up for a deposit. This is South Wales and not London, therefore rent is a lot cheaper. As I said, we have offered an initial payment but will.

I could be there until 2022, you need me out asap... sounds like i hold all the cards.

I say 6-12 months of rent is the broadly 'correct' figure.

Well, they could be but an S21 has been served and accepted. They have until March 2021 to leave and I know that doesn't mean jack but most people will accept and move on. 

Anyone posting here for advice would be informed of their rights. 

And a s.21 isnt 'accepted' so not sure what that means, it could very well be faulty and therefore another would need to be served. 

Either way £750 is a joke, and offering such a pawltry figure would only encourage me to be more stubborn - perhaps this tenant doesnt see it that way. 

It's not 'free' money, the tenancy has a value, and really it just depends on what's cheaper for you, losing the deposit, or paying the tenant to leave. Even if it's £1 less than the deposit, that's still money in the bank for you. 

When I say accepted, we have been informed that he has agreed to move out and has started to look.

The money is purely coming from one party, we will be willing to go up to £1,500 but we have asked the other party, the ex, whether she'd consider offering his deposit back in full on the day he moves out, subject to inspection. That would bring up his overall sum to over £2000 if we gave him £1,500. 

We have no financial interest in the property and the ex-partner couldn't get a buy to let mortgage, therefore he has to leave. We just need things to move on so we can all move on from the situation.

The £500 is already his... how is that an incentive?

When doing some research, I saw about this and thought it was worth investigating. It is more prompt and ensures that they receive their money quickly. It was just a suggestion we have made to see if the other party will add to this, she wants him out just as quickly as us. 

Comms69

The answer is the sooner you want him out the more you pay. 

Bex_27

Comms69 said:

The answer is the sooner you want him out the more you pay. 

Yeah, that is true. We will keep on offering money until he accepts.

2bFrank

We rented a property a while back (well before COVID), the tenents got 3 months behind on the rent. S8 was given but the courts system takes for ages by the time it would have reached the courts it could have been 8-10 months without any rent.

It was naughty of us, but we made an offer to the tenent, forgo the missing rent, £500 towards moving costs and deposit returned (even though they had damaged the property, which cost over £1000 to fix), they played silly beggers at first, but I brought a car full of my mates, as soon as they got out the car, they accepted the offer and was out by the end of the week.

The system is broken, but its not the tenents fault, nor the landlords. The tenents have protection due to bad landlords (technically I one of them, bringing my mates), but at the same time I couldnt afford to lose all that rent, so you have to do what you have to do. Best bet, offer a big sum of money, and ask to be out near immediately, i.e not months, they can change their mind, COVID could get worse and unable to move, then look at other options.

Comms69

2bFrank said:

We rented a property a while back (well before COVID), the tenents got 3 months behind on the rent. S8 was given but the courts system takes for ages by the time it would have reached the courts it could have been 8-10 months without any rent.

It was naughty of us, but we made an offer to the tenent, forgo the missing rent, £500 towards moving costs and deposit returned (even though they had damaged the property, which cost over £1000 to fix), they played silly beggers at first, but I brought a car full of my mates, as soon as they got out the car, they accepted the offer and was out by the end of the week.

The system is broken, but its not the tenents fault, nor the landlords. The tenents have protection due to bad landlords (technically I one of them, bringing my mates), but at the same time I couldnt afford to lose all that rent, so you have to do what you have to do. Best bet, offer a big sum of money, and ask to be out near immediately, i.e not months, they can change their mind, COVID could get worse and unable to move, then look at other options.

you literally commited illegal eviction.

You're lucky you didnt lose the house...

2bFrank

That is very true, however what you have to remember the courts are backed up, and whilst they are backed up for evictions they are even more backed up for criminal cases, it would have more than likely been three years before that case went to court, by that time, witnesses have forgotten things, evidence gets lost, CPS make mistakes, and with a good laywer its doubtful I would have lost. Id rather pay a lawyer for defence then lose the money in up-paid rent.

It doesnt excuse what we did though and would hate for genuine tenents to experience something like this, it was a horrible thing to do, but you have to look after yourself. The legal system is truely broken, but whilst it is broken for landlords it is also broken for tenents.