calling all landlords - how r u finding the rental market

AnnaFS_2

moneysavinmonkey wrote: »

without meaning to sound rude, would you not be better of posting this on a landlord forum e.g. landlordzone or singing pig etc. This website, including the property forum, is really here for consumers, and in particular moneysaving consumers. I don't really see how your post fits in with that ethos? You'd probably find more people to share your experiences with on a dedicated landlord website.

I have come onto these Forums as someone seriously in debt (for all sorts of reasons), who also has an interest in more than one property (again for all sorts of reasons, which aren't just about "money-grabbing", although I have invested wisely and lived on very little for many years in order to secure them): one is now about realising my dream to develop the site I live next door to (which is now in a World Heritage Area) in what is the right and sustainable way, leaving a footprint that is really good on what is a key site, rather than having it built on by some major housing developer).

I only "own" 2.5 properties (the 0.5 being that mentioned above). Due to my ex's severe ill-health, depression, incompetence and previous irresponsiblity, I'm currently trying to deal with 2 possible cases of repossesion, plus all his debts at well as my own. I am not sleeping and not eating..... and the threat of bailiffs coming round to his very recent home, that still has a lot of our stuff in it, is not doing my son much good either (although I know they can't take hardly anything as virtually everything in there was bought by or inherited by me and not my ex, I can't cope with the stress of it, so I've had to pay up some of the ex's Council Tax to give us some breathing space).

I've recently done up my previous house and put it on the market, at exactly the wrong time: nothing whatsoever is happening in Newcastle-under-Lyme apparently. By far my preferred solution is to take a reduction in the sale price and sort all my debts and have money over to help my ex with his and deal with the other issues, but in desperation I am having to look at taking out a mortgage on it and renting it out (I have to repay the builder for the improvement works), hoping that in the meantime the market might pick up........

So yes, it is possible to be a consumer/ moneysaver/ person in debt crisis and also to be a landlord/lady, and although I haven't yet read anything on this thread that has helped me directly, I too want to know in which direction rental rates are heading, because I need to make a very big decision imminently.

I'm just pointing out that all sorts of people may be on these boards for all sorts of reasons and some (like me) may be wearing multiple hats, quite legitimately.... so maybe nobody should be too quick to judge?

kavanaghdavid

[has anyone had experience yet of the tenant receiving the LHA direct and then not paying the landlord? Ever since the idea of LHA was mooted I have thought that this would lead to severe problems, and I just wonder if it has started already?

The situation as I understand it is this:
all NEW tenants after 6th April have to have LHA paid direct to them. This can be changed only if
a) the tenant is 8 weeks in arrears, or
b) the tenant doesn't have a bank account (PO account OK)

given the length of time it takes to approve the LHA, there will not be many experiences yet. I have, however, had 2 tenants transfer from HB to LHA (which was quicker) and the rent has come through (to me) okay. I have several others, however, that haven't (yet). I have great misgivings, but the state of the market (for HMO's) here in Swindon is so dire that people on LHA are just about the only enquiries I get.

I speak to a lot of Social workers / team leaders etc on the subject and they confirm that the number of LLs taking on LHA tenants is very small. It will be even smaller now - this innovation may be good for tenants and how they manage their money but it is a disaster for people like me. The Council don't say if or when the benefit has been paid (unlike before) and by the time you find out, get the tenant to agree to pay and actually get the money, there will be many defaults.

The Council in Swindon is only too happy to advise tenants on their rights over evictions (well documented elsewhere) and this has become a very high risk activity. I can't believe I'm still doing it!

Geenie

moneysavinmonkey wrote: »

without meaning to sound rude, would you not be better of posting this on a landlord forum e.g. landlordzone or singing pig etc. This website, including the property forum, is really here for consumers, and in particular moneysaving consumers. I don't really see how your post fits in with that ethos? You'd probably find more people to share your experiences with on a dedicated landlord website.

What about the "Up your income" and "savings and investments" part of this website?

paintpot

For anyone interested these have been my latest experiences.

I've had three/fourr houses up to let (see below for clarification on the number of properties:

1) within a day I had viewings but as I always contact my own tenants to see if they know of anyone looking, one of my tenants decided she wanted it as it was a better location for her. I increased the rent from £550 to £575 from the tenant leaving.

2) that meant I had another to let and within days of it going on the market I had a viewing and the first tenants to view it on a Friday night were sat on the agents doorstep at 9am on the saturday morning wanting to take it. They said that during their search they have tried to view properties but have been repeatedly told, "sorry, it's just been let " or had viewings cancelled because someone decided to take it ahead of them or viewed houses that were dire and hence been on the market for ages. As mine was fresh on the market they were delighted to be the first to view. I maintained the rent at £600 pcm as it is current market value to slightly above and I wanted a quick let.

3) It was on the rental market for a week or less, a couple who had viewed loads of houses through my agent and declined them all as unsuitable took this one and it was the first viewing I had. I increased the rent by £25 per month from £575 to £595.

4) Property belonging to a client in a less desirable area and not in the best of condition, (polite word for a doss hole) has been on the market for over 3 weeks and not had a viewing yet

All of the properties (except number 4) will have no voids, not even a day. I have a tenant moving out on 27th and new tenants moves in on 28th and I have a tenant moving out on 20th and existing tenant moving into that on 21st and then new tenant moving into existing tenant's house on 22nd.

So all in all, I am finding the rental market to be very strong at the moment as there seems to be a shortage of quaility properties on the market to let and I haven't had a single tenant try to haggle with the rent. I also have a number of tenants wanting to renew tenancies despite originally telling me they were looking to purchase houses as they are all sitting on their deposits rather than buying.

bobby-boy_2

Hi Paintpot I have 6 properties in Scotland ranging from flats to a 4 bed semi-detached houses. The 2 bed semi-detached houses rent no problem at all with multiple people wanting them. The city centre flats are harder to let and it is not unusal for a void of a month on these properties. I set my rentals just below market value as I rent direct with no agents fees but they are still within LHA levels (Posted on the council web site) so they are very affordable. I usually source tenants through word of mouth from current or previous tenants. So far the market is strong.