PLEASE READ BEFORE POSTING

Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.

Landlord: offshore company?

2»

Comments

  • AmandaLC
    AmandaLC Posts: 9 Forumite
    Thanks all for clarifying a couple of things! One of my main concerns is related with the liability in case that something goes wrong during the tenancy as I assume the offshore company couldn't be persecuted, and it would be the same for the agency. what happen if the company is insolvent or it's dissolve while I'm a tenant at the property?
  • Pixie5740
    Pixie5740 Posts: 14,515
    Name Dropper First Post Photogenic First Anniversary
    Forumite
    edited 13 July 2018 at 8:29PM
    AmandaLC wrote: »
    Thanks all for clarifying a couple of things! One of my main concerns is related with the liability in case that something goes wrong during the tenancy as I assume the offshore company couldn't be persecuted, and it would be the same for the agency. what happen if the company is insolvent or it's dissolve while I'm a tenant at the property?

    I know letting agents are not generally top of people's Christmas card lists but we don't tend to persecute them.

    Since you have no contract with the letting agent it's irrelevant if they become insolvent. In fact it will make little difference to you if the offshore company becomes insolvent. Your deposit has to be protected either in a custodial or insurance backed scheme and your tenancy doesn't end just because the owner of the property might change. Even if the property is repossessed by the bank your tenancy still doesn't end, the bank just becomes your landlord.
  • AmandaLC
    AmandaLC Posts: 9 Forumite
    Pixie5740 wrote: »
    I know letting agents are generally top of people's Christmas card lists but we don't tend to persecute them.

    Since you have no contract with the letting agent it's irrelevant if they become insolvent. In fact it will make little difference to you if the offshore company becomes insolvent. Your deposit has to be protected either in a custodial or insurance backed scheme and your tenancy doesn't end just because the owner of the property might change. Even if the property is repossessed by the bank your tenancy still doesn't end, the bank just becomes your landlord.

    That is really helpful!! I was a bit concern in terms of what could happen in that scenario. I know the deposit should be protected and at the end of the day is only money... However, what about liability if something happens in the house: latent defects, fire, etc? I know is very unlikely to happen and the landlord should have an insurance but for me is important to understand all the risk involved in doing business with a landlord that can't be persecuted.
  • Pixie5740
    Pixie5740 Posts: 14,515
    Name Dropper First Post Photogenic First Anniversary
    Forumite
    AmandaLC wrote: »
    That is really helpful!! I was a bit concern in terms of what could happen in that scenario. I know the deposit should be protected and at the end of the day is only money... However, what about liability if something happens in the house: latent defects, fire, etc? I know is very unlikely to happen and the landlord should have an insurance but for me is important to understand all the risk involved in doing business with a landlord that can't be persecuted.

    I don't think you're allowed to persecute people these days, even if they are landlords. ;)

    Why do you think the risk is any greater than renting from a landlord based in the UK? Any landlord could become bankrupt. Any landlord could fail to insure the property. Any landlord could refuse to carry out repairs. What they all have is an asset based here ie the property you rent and they all have to comply with the legislation of whichever part of the UK the rental property is in.
  • AnotherJoe
    AnotherJoe Posts: 19,622
    First Anniversary Name Dropper First Post Photogenic
    Forumite
    AmandaLC wrote: »
    That is really helpful!! I was a bit concern in terms of what could happen in that scenario. I know the deposit should be protected and at the end of the day is only money... However, what about liability if something happens in the house: latent defects, fire, etc? I know is very unlikely to happen and the landlord should have an insurance but for me is important to understand all the risk involved in doing business with a landlord that can't be persecuted.


    Amanda, the word is "prosecute" not "persecute" :D


    The risks are there whatever the location of the LL. If the house burns down for example, you'll have to move whether the LL lives in Birmingham Alabama or Birmingham West Midlands. Whether or not they have property insurance wont stop it burning.
  • zagubov
    zagubov Posts: 17,873
    First Anniversary Name Dropper Photogenic First Post
    Forumite
    G_M wrote: »
    Thank goodness there are so many knowledgeable people here who can correct the drivel spouted by the unknowlegeable!

    Seconded!:beer:
    There is no honour to be had in not knowing a thing that can be known - Danny Baker
  • G_M
    G_M Posts: 51,977
    Name Dropper First Anniversary Combo Breaker First Post
    Forumite
    AnotherJoe wrote: »
    Amanda, the word is "prosecute" not "persecute" :D
    Spoil sport. I was enjoying that.....
This discussion has been closed.
Meet your Ambassadors

Categories

  • All Categories
  • 342.5K Banking & Borrowing
  • 249.9K Reduce Debt & Boost Income
  • 449.4K Spending & Discounts
  • 234.6K Work, Benefits & Business
  • 607.1K Mortgages, Homes & Bills
  • 172.8K Life & Family
  • 247.4K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.8K Discuss & Feedback
  • 15.1K Coronavirus Support Boards