Company Let (Is it a scam)

user1977

I note their website describes themselves as "Rolcor Property Ltd" - which doesn't exist (at least not as a UK company). There is a Rolcor Investments Ltd (at the address they mention) - though its line of business is registered as "Buying and selling of own real estate". They also run Rolcor Property LLP, which is a dormant company registered at a different address. The same director/shareholder also has a newly-formed company called Daffodil House Limited.

None of which necessarily is suspicious, but suggests they're at least a bit sloppy about how they're doing things if they don't even know what their own company is called.

FreeBear

user1977 said:

I note their website describes themselves as "Rolcor Property Ltd" - which doesn't exist (at least not as a UK company). There is a Rolcor Investments Ltd (at the address they mention) - though its line of business is registered as "Buying and selling of own real estate". They also run Rolcor Property LLP, which is a dormant company registered at a different address. The same director/shareholder also has a newly-formed company called Daffodil House Limited.

None of which necessarily is suspicious, but suggests they're at least a bit sloppy about how they're doing things if they don't even know what their own company is called.

Add to the list, Rolcor Serviced Accommodation Ltd which was incorporated 24th November 2022. This company is listed as "Management of real estate on a fee or contract basis".. Way too new to have any track record.

RAS

There's a new thread on here by Zoe02 about a company who've failed to return a property sub-let to the Council. Lease ran out a year ago and the rent doesn't cover the costs anymore.

Plus it's sublet to the Council who won't be keen to evict a tenant who they'd have to re-house if it got to the bailiff stage. So she can't get the property back to re-let at market rate.

eddddy

RAS said:

There's a new thread on here by Zoe02 about a company who've failed to return a property sub-let to the Council. Lease ran out a year ago and the rent doesn't cover the costs anymore.

Plus it's sublet to the Council who won't be keen to evict a tenant who they'd have to re-house if it got to the bailiff stage. So she can't get the property back to re-let at market rate.

That's not likely to be an issue if the property is to be used for holiday lets.


Although if the company are 'rogues', I guess they might say they'll use the property for holiday lets, and then let it to a tenant.

Or I suppose they might convert it to a cannabis farm.

Or they might remove the furniture, white goods, fitted kitchen, bathroom, copper piping, roof slates, etc to sell on eBay.


(But a 'rogue' tenant with an AST might do some of those things as well.)

robatwork

user1977 said:

I note their website describes themselves as "Rolcor Property Ltd" - which doesn't exist (at least not as a UK company). 

None of which necessarily is suspicious, but suggests they're at least a bit sloppy about how they're doing things if they don't even know what their own company is called.

Sloppy 100%. I'd also say the gmail address makes them sound shady or at best unprofessional.

IamWood

FreeBear said:

user1977 said:

I note their website describes themselves as "Rolcor Property Ltd" - which doesn't exist (at least not as a UK company). There is a Rolcor Investments Ltd (at the address they mention) - though its line of business is registered as "Buying and selling of own real estate". They also run Rolcor Property LLP, which is a dormant company registered at a different address. The same director/shareholder also has a newly-formed company called Daffodil House Limited.

None of which necessarily is suspicious, but suggests they're at least a bit sloppy about how they're doing things if they don't even know what their own company is called.

Add to the list, Rolcor Serviced Accommodation Ltd which was incorporated 24th November 2022. This company is listed as "Management of real estate on a fee or contract basis".. Way too new to have any track record.

Yes, it is this one according to the left let I obtained through my EA.

IamWood

The property is in a very popular area and I should have no problem finding a tenant. I care more about who is going to live there. Regarding the 'company let', I may just forget it. I don't have time to try to figure it out to say it plainly at least.

[Deleted User]

I will be very careful with such arrangement and do a lot of due diligence.

Personally, I will not be letting to companies again.

I am in the process of getting my flat back, let to a company that offered guaranteed rent since 2016.

They are called Mears housing management think now Mears living. 

Lease ended 04/22, property still not handed back 01/23.

They pay on time but current going rate is way more than what they are paying. Currently running at a loss at present.

I am getting £800 for a 1 bedroom flat with private garden in zone 4, others with similar flats getting £1200+

IamWood

Zoe02 said:

I will be very careful with such arrangement and do a lot of due diligence.

Personally, I will not be letting to companies again.

I am in the process of getting my flat back, let to a company that offered guaranteed rent since 2016.

They are called Mears housing management think now Mears living. 

Lease ended 04/22, property still not handed back 01/23.

They pay on time but current going rate is way more than what they are paying. Currently running at a loss at present.

I am getting £800 for a 1 bedroom flat with private garden in zone 4, others with similar flats getting £1200+

Thanks to @Zoe02 for sharing your experience. To satisfy my curiosity, a few questions if you don't mind:

1. What prevented them to hand your flat back?
2. What was your flat used for?
3. What is the condition of your flat now?

Thanks 

[Deleted User]

IamWood said:

Zoe02 said:

I will be very careful with such arrangement and do a lot of due diligence.

Personally, I will not be letting to companies again.

I am in the process of getting my flat back, let to a company that offered guaranteed rent since 2016.

They are called Mears housing management think now Mears living. 

Lease ended 04/22, property still not handed back 01/23.

They pay on time but current going rate is way more than what they are paying. Currently running at a loss at present.

I am getting £800 for a 1 bedroom flat with private garden in zone 4, others with similar flats getting £1200+

Thanks to @Zoe02 for sharing your experience. To satisfy my curiosity, a few questions if you don't mind:

1. What prevented them to hand your flat back?
2. What was your flat used for?
3. What is the condition of your flat now?

Thanks 

Your choice really.

But for me, not again. they do not pay a deposit so will be claiing some costs.

1. What prevented them to hand your flat back?

council type tenant have not found suitable property along those lines. 
2. What was your flat used for?
housing it's a 1 bedroom flat. when tenancy started was 2 people now 3 the family has grown 
3. What is the condition of your flat now?

Due for an inspection but from the pictures and due to been overcrowded/lifestyle it has damp. 

when they leave, I will be doing some renovation to get my target tenant.