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  • FIRST POST
    • cjonesguitar
    • By cjonesguitar 14th Mar 18, 11:30 AM
    • 26Posts
    • 0Thanks
    cjonesguitar
    Coming away from letting agent
    • #1
    • 14th Mar 18, 11:30 AM
    Coming away from letting agent 14th Mar 18 at 11:30 AM
    Hi, I have been renting a flat out for 4 years with good tenants that want to stay (they always pay). The mortgage is a few years away from being nearly cleared. It has gotten to the near point that the letting agent wish to put up the rent by 30, but I would rather look after the tenant (as they are good) and cut the middle man out.

    In order to keep up with legislation, and as an extra insurance I was thinking of joining one of the associations? The letting agent make the argument that they also look after over 150 pieces of legislation.
Page 1
    • Smodlet
    • By Smodlet 14th Mar 18, 11:48 AM
    • 3,199 Posts
    • 6,335 Thanks
    Smodlet
    • #2
    • 14th Mar 18, 11:48 AM
    • #2
    • 14th Mar 18, 11:48 AM
    "150 pieces of legislation". I wonder just how familiar they are with them all. It depends how much time you have, of course but there is stellar advice on here for both LLs and tenants, courtesy of the incomparable G_M. There are several other LLs on here who are also very helpful, mossfarr and theartfullodger among them.

    http://forums.moneysavingexpert.com/showpost.php?p=67759913&postcount=4

    http://forums.moneysavingexpert.com/showpost.php?p=67759934&postcount=8

    There are plenty more; G_M has even written guides on here... I sound like his agent, don't I? I have learned a great deal from him.

    If you are happy with your tenants and want to keep them, I do not foresee the issues you would have with new or constantly changing tenants. If they decide to leave in the future, you could reconsider things then but I imagine the LA's fees you would save would at least make up for the lack of increase in rent. How much would you even see of that 30 after fees?

    One thing, have you thought about repairs? Do you have a list of trusted tradesmen on whom you can call?

    I am sure your tenants would prefer to deal with you rather than some LA anyway; no buck-passing for a start. It is so refreshing to hear from a LL who is happy with his/her tenants.
    Last edited by Smodlet; 14-03-2018 at 11:51 AM.
    What is this life if, sweet wordsmith, we have no time to take the pith?
    Every stew starts with the first onion.
    I took it upon myself to investigate a trifle; it had custard, jelly, soggy sponge things...
    • Kayalana99
    • By Kayalana99 14th Mar 18, 11:58 AM
    • 3,417 Posts
    • 6,097 Thanks
    Kayalana99
    • #3
    • 14th Mar 18, 11:58 AM
    • #3
    • 14th Mar 18, 11:58 AM
    My Dad does this I asked him why he had the middle man and his response was 'To keep him out of jail' with the legislation.

    Wise up or keep it going!
    People don't know what they want until you show them.
    • cjonesguitar
    • By cjonesguitar 14th Mar 18, 12:00 PM
    • 26 Posts
    • 0 Thanks
    cjonesguitar
    • #4
    • 14th Mar 18, 12:00 PM
    • #4
    • 14th Mar 18, 12:00 PM
    I am a painter and decorator, and own a decorating business! So I know reliable people. To be honest never once, was legislation really mentioned over the past 5 years. I only remember twice and it was really irrelevant.

    What associations are recommended? I may as well just join one for 10 a month. You can get advice form there also. I noticed one send out a magazine bi-monthly.
    Last edited by cjonesguitar; 14-03-2018 at 12:02 PM.
    • cjonesguitar
    • By cjonesguitar 14th Mar 18, 12:08 PM
    • 26 Posts
    • 0 Thanks
    cjonesguitar
    • #5
    • 14th Mar 18, 12:08 PM
    • #5
    • 14th Mar 18, 12:08 PM
    Oh yeah, there is a guarantor signed as well! Rolling contract...
    • need an answer
    • By need an answer 14th Mar 18, 12:34 PM
    • 595 Posts
    • 711 Thanks
    need an answer
    • #6
    • 14th Mar 18, 12:34 PM
    • #6
    • 14th Mar 18, 12:34 PM
    Before you do anything regarding dismissing the LA check the contract you have with them and pay attention to any clause that says you need to pay them to leave because the tenant was in fact found by them etc etc.

    Other than that it is reasonably easy to self manage.(although I do use an agent to find the tenant initially)
    I have several properties and quite enjoy it!
    When I first started renting it was on a fully managed contract that lasted for the duration of the first set of tenants during which time I decided that with a little bit of input I didn't need to lose 8% of the monthly rental in LA fees and actually dealing direct with the tenants would be quicker to get things resolved.

    Its always worth remembering that the LA works for you from your instructions so whilst they may recommend an increase of 30 in rent presumably to keep within market rate you are quite at liberty to reject the increase and say you are happy as things are.
    Last edited by need an answer; 14-03-2018 at 12:46 PM.
    in S 32 T 32 F 47
    out S 46 T 33 F 40
    2017 -32
    • cjonesguitar
    • By cjonesguitar 14th Mar 18, 12:43 PM
    • 26 Posts
    • 0 Thanks
    cjonesguitar
    • #7
    • 14th Mar 18, 12:43 PM
    • #7
    • 14th Mar 18, 12:43 PM
    They e-mailed me back and said 3 months notice...
    • G_M
    • By G_M 14th Mar 18, 12:48 PM
    • 44,452 Posts
    • 52,786 Thanks
    G_M
    • #8
    • 14th Mar 18, 12:48 PM
    • #8
    • 14th Mar 18, 12:48 PM
    On the one hand, most reasonably ntelligent people, with a modicum of time, can self-manage as well as if not better than an agent. It's not rocket science.

    On the other, yes, there IS legislation which you need to learn and comply with (eg getting an annual gas report if there's gas).

    Start by reading my guides. They also contain links to other sources of advice, leglislation, other forums etc:



    * Tenancies in Eng/Wales: Guides for landlords and tenants This thread is intended to provide information to both landlords and tenants relating to Assured Shorthold Tenancies (ASTs) in England and Wales.

    Topics covered:

    * Repairing Obligations: the law, common misconceptions, reporting/enforcing, retaliatory eviction & the new tenant protection (2015)

    * Deposits:
    payment, protection and return

    * Ending/renewing an AST: what happens when a fixed term ends? How can a LL or tenant end a tenancy? What is a periodic tenancy?

    * Rent increases: when & how can rent be increased?

    * Repossession: what if a LL's mortgage lender repossesses the property?

    * New landlords: advice, information & links

    * Letting agents: how should a landlord select or sack?
    • G_M
    • By G_M 14th Mar 18, 12:53 PM
    • 44,452 Posts
    • 52,786 Thanks
    G_M
    • #9
    • 14th Mar 18, 12:53 PM
    • #9
    • 14th Mar 18, 12:53 PM
    They e-mailed me back and said 3 months notice...
    Originally posted by cjonesguitar
    yes but what does the actual contract say.....?

    as for Landlord Associations, there are 2 nationals (RLA & NLA) and many local ones.

    The local ones often have the advantage that they are affiliated to one of the nationals, thus getting the benefits/sources available from a big national, as well as opportuniy to meet/learn from other local LLs.
    • Smodlet
    • By Smodlet 14th Mar 18, 2:09 PM
    • 3,199 Posts
    • 6,335 Thanks
    Smodlet
    There you go, cjonesguitar, and I did not even have to put cake out this time. Now you can have a read and decide what you want to do, knowing there is always advice available from associations and on here.
    What is this life if, sweet wordsmith, we have no time to take the pith?
    Every stew starts with the first onion.
    I took it upon myself to investigate a trifle; it had custard, jelly, soggy sponge things...
    • cjonesguitar
    • By cjonesguitar 14th Mar 18, 2:13 PM
    • 26 Posts
    • 0 Thanks
    cjonesguitar
    yes but what does the actual contract say.....?
    Originally posted by G_M
    Three months only...
    • Annie35
    • By Annie35 14th Mar 18, 5:31 PM
    • 217 Posts
    • 184 Thanks
    Annie35
    Another good source is pims
    • G_M
    • By G_M 14th Mar 18, 11:29 PM
    • 44,452 Posts
    • 52,786 Thanks
    G_M
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