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  • FIRST POST
    • swoody1362
    • By swoody1362 4th Jul 18, 12:19 PM
    • 3Posts
    • 3Thanks
    swoody1362
    Letter agent membership scheme - Love your postcode
    • #1
    • 4th Jul 18, 12:19 PM
    Letter agent membership scheme - Love your postcode 4th Jul 18 at 12:19 PM
    Hi,

    I'm due to view a rental property that's dealt with by Love Your Postcode in Birmingham. I've asked about the fees ahead of the viewing and they told me that I had to join their 'membership scheme' for a whopping 1,200 - 1,400. This is non-refundable. They said as part of my membership I'd get guaranteed repairs (which surely I would get anyway) and first choice of another property (which I would not want / need). Their website says they do not take deposits for properties and instead you seen to pay this non-refundable membership fee, although on the phone they told me there was a deposit payable.

    It all sounds a bit of a con to me. Does anyone else have experience of these types of membership schemes?

    Many thanks,

    Simon
Page 1
    • G_M
    • By G_M 4th Jul 18, 12:22 PM
    • 45,334 Posts
    • 54,347 Thanks
    G_M
    • #2
    • 4th Jul 18, 12:22 PM
    • #2
    • 4th Jul 18, 12:22 PM
    Never heard of them but.......
    • Pixie5740
    • By Pixie5740 4th Jul 18, 12:27 PM
    • 12,972 Posts
    • 18,647 Thanks
    Pixie5740
    • #3
    • 4th Jul 18, 12:27 PM
    • #3
    • 4th Jul 18, 12:27 PM
    That is a new low for letting agents.

    I wonder if this membership model is a way of trying to circumvent legislation regarding letting agency fees that could be introduced in England.
    • swoody1362
    • By swoody1362 4th Jul 18, 12:33 PM
    • 3 Posts
    • 3 Thanks
    swoody1362
    • #4
    • 4th Jul 18, 12:33 PM
    • #4
    • 4th Jul 18, 12:33 PM
    This is the blurb on their website:

    LYP Club Membership

    Love Your Postcode does not take custodial deposits for any of its properties. Instead it provides a premium membership contract for all working class applicants that are seeking great quality homes throughout the country. The membership allows for a family to have the first choice over any available property within the group and is transferable from property to property because it moves with you. It!!!8217;s a very unique concept founded by Mr Singh of WLYP in 2009 and currently has over 1000 live members across the UK. Tenants: welcome to a world where you can never lose a deposit, ever again. Our club membership has many benefits for both the landlords and tenants. Landlords: imagine hassle free property management and a world where you don!!!8217;t need to argue for your right to apply costs against a deposit. We have a no quibble policy to under write every transaction subject to the property being returned back to us on management. Approved by Trading Standards in 2011.


    'Never lose a deposit again' but instead lose money for an entirely benefit free membership scheme seems to summarise it.
    • Simonr66
    • By Simonr66 4th Jul 18, 12:33 PM
    • 48 Posts
    • 33 Thanks
    Simonr66
    • #5
    • 4th Jul 18, 12:33 PM
    • #5
    • 4th Jul 18, 12:33 PM
    [QUOTE=Pixie5740;74486894]That is a new low for letting agents.

    No need to tar all agents with a big brush, there are some very good ones who do look after their tenants. That's one example of a somewhat dodgy scheme by a what appears to be a less than savoury agent.
    • KittenChops
    • By KittenChops 4th Jul 18, 12:40 PM
    • 126 Posts
    • 84 Thanks
    KittenChops
    • #6
    • 4th Jul 18, 12:40 PM
    • #6
    • 4th Jul 18, 12:40 PM
    This is the blurb on their website:

    LYP Club Membership

    Love Your Postcode does not take custodial deposits for any of its properties. Instead it provides a premium membership contract for all working class applicants that are seeking great quality homes throughout the country. The membership allows for a family to have the first choice over any available property within the group and is transferable from property to property because it moves with you. It!!!8217;s a very unique concept founded by Mr Singh of WLYP in 2009 and currently has over 1000 live members across the UK. Tenants: welcome to a world where you can never lose a deposit, ever again. Our club membership has many benefits for both the landlords and tenants. Landlords: imagine hassle free property management and a world where you don!!!8217;t need to argue for your right to apply costs against a deposit. We have a no quibble policy to under write every transaction subject to the property being returned back to us on management. Approved by Trading Standards in 2011.


    'Never lose a deposit again' but instead lose money for an entirely benefit free membership scheme seems to summarise it.
    Originally posted by swoody1362


    (my bolding)


    Er... what??
    • Pixie5740
    • By Pixie5740 4th Jul 18, 12:41 PM
    • 12,972 Posts
    • 18,647 Thanks
    Pixie5740
    • #7
    • 4th Jul 18, 12:41 PM
    • #7
    • 4th Jul 18, 12:41 PM
    This is the blurb on their website:

    LYP Club Membership

    Love Your Postcode does not take custodial deposits for any of its properties. Instead it provides a premium membership contract for all working class applicants that are seeking great quality homes throughout the country. The membership allows for a family to have the first choice over any available property within the group and is transferable from property to property because it moves with you. It!!!8217;s a very unique concept founded by Mr Singh of WLYP in 2009 and currently has over 1000 live members across the UK. Tenants: welcome to a world where you can never lose a deposit, ever again. Our club membership has many benefits for both the landlords and tenants. Landlords: imagine hassle free property management and a world where you don!!!8217;t need to argue for your right to apply costs against a deposit. We have a no quibble policy to under write every transaction subject to the property being returned back to us on management. Approved by Trading Standards in 2011.


    'Never lose a deposit again' but instead lose money for an entirely benefit free membership scheme seems to summarise it.
    Originally posted by swoody1362
    I can't find them on the Buy With Confidence website: https://www.buywithconfidence.gov.uk/

    Maybe Trading Standards no longer approve of Love Your Postcode.
    • mrginge
    • By mrginge 4th Jul 18, 12:42 PM
    • 4,640 Posts
    • 8,774 Thanks
    mrginge
    • #8
    • 4th Jul 18, 12:42 PM
    • #8
    • 4th Jul 18, 12:42 PM
    Are this the lot that fine you for not doing the washing up?
    • madvicker
    • By madvicker 4th Jul 18, 12:44 PM
    • 144 Posts
    • 100 Thanks
    madvicker
    • #9
    • 4th Jul 18, 12:44 PM
    • #9
    • 4th Jul 18, 12:44 PM
    I don't know whether to; laugh, cry, or rage. That is genuinely the silliest and downright cheeky concept I have ever read about. And their list of possible fees on their website are ridiculous.

    Holy s***!

    I would run a mile, and find somewhere else. I would much rather pay 1400 to a deposit than some jumped up 'membership scheme' purporting to do the things a landlord is legally responsible for doing anyways. Not to mention all their other abstract charges....

    Oh - and there is a guaranteed 5% annual increase in rent, + a 95 renewal charge.
    Last edited by madvicker; 04-07-2018 at 12:49 PM.
    • Pixie5740
    • By Pixie5740 4th Jul 18, 12:44 PM
    • 12,972 Posts
    • 18,647 Thanks
    Pixie5740

    No need to tar all agents with a big brush, there are some very good ones who do look after their tenants. That's one example of a somewhat dodgy scheme by a what appears to be a less than savoury agent.
    Originally posted by Simonr66
    "Their tenants." Do letting agents have their own tenants?
    • mrginge
    • By mrginge 4th Jul 18, 12:46 PM
    • 4,640 Posts
    • 8,774 Thanks
    mrginge
    Same principle as this kind of thing?

    https://www.theguardian.com/money/2018/may/14/lifestyle-club-london-members-fees-rights
    • eddddy
    • By eddddy 4th Jul 18, 12:54 PM
    • 6,918 Posts
    • 6,853 Thanks
    eddddy
    I'm due to view a rental property that's dealt with by Love Your Postcode in Birmingham. I've asked about the fees ahead of the viewing and they told me that I had to join their 'membership scheme' for a whopping 1,200 - 1,400....
    Originally posted by swoody1362
    It sounds like these are the same agents that were charging somebody a 10k for selling a 137k property.

    See: https://forums.moneysavingexpert.com/showthread.php?t=5843815

    That other thread makes them sound very dodgy.
    • need an answer
    • By need an answer 4th Jul 18, 1:05 PM
    • 943 Posts
    • 1,153 Thanks
    need an answer
    OP is there a particular reason you have chosen to view a property with this company?


    I cant help but wonder that unless its a gold plated castle and the only one of its kind you might be better off using a different method of property rental.
    in S 37 T 58 F 58
    out S 52 T 61 F 66
    2017 -32
    • swoody1362
    • By swoody1362 4th Jul 18, 1:26 PM
    • 3 Posts
    • 3 Thanks
    swoody1362
    Need an answer:

    I had just seen it on rightmove and contacted them through there. The flat looked nice enough and rent was within my budget. I had no particular desire to deal with this company (and in fact won't deal with them now).

    I called them ahead of the viewing just to get a run down of fees thinking it would just be the normal credit reference fees. Alarm bells rang when they mentioned this membership scheme.

    The search continues - thanks for any replies!
    • G_M
    • By G_M 4th Jul 18, 1:41 PM
    • 45,334 Posts
    • 54,347 Thanks
    G_M
    The membership allows for a family to have the first choice over any available property within the group
    So all members of the scheme have first choice......?

    And who gets 'second choice'? Applicants who cannot in any event rent these properties witout joining the scheme....?


    • Browntoa
    • By Browntoa 4th Jul 18, 1:44 PM
    • 33,563 Posts
    • 39,661 Thanks
    Browntoa
    Sounds like an unprotected deposit scheme to attempt dodging the rules
    I'm the Board Guide of the Referrers ,Telephones, Pensions , Shop Don't drop ,over 50's and Discount Code boards which means I volunteer to help get your forum questions answered and keep the forum runnning smoothly .However, please remember, board guides don't read every post. If you spot an inappropriate or illegal post please report it to forumteam@moneysavingexpert.com Any views are mine and not the official line of MoneySavingExpert.
    • Smodlet
    • By Smodlet 4th Jul 18, 1:51 PM
    • 3,984 Posts
    • 7,222 Thanks
    Smodlet
    Sounds like an unprotected deposit scheme to attempt dodging the rules
    Originally posted by Browntoa
    Isn't that illegal? This "Mr Singh" or whatever his name is needs to be reported to Trading Standards, doesn't he?
    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...
    • Davesnave
    • By Davesnave 4th Jul 18, 2:14 PM
    • 26,186 Posts
    • 94,986 Thanks
    Davesnave
    So all members of the scheme have first choice......?
    Originally posted by G_M
    Yep, provided they're genuine, salt-of-the-earth, working-class folk, who won't know their DPS from their DFS.
    A garden is never so good as it will be next year....
    • G_M
    • By G_M 4th Jul 18, 11:58 PM
    • 45,334 Posts
    • 54,347 Thanks
    G_M
    Sounds like an unprotected deposit scheme to attempt dodging the rules

    Isn't that illegal? This "Mr Singh" or whatever his name is needs to be reported to Trading Standards, doesn't he?
    Originally posted by Smodlet
    no - because it's not a deposit as it's not refundable. You pay it and it's gone.
    • stator
    • By stator 5th Jul 18, 12:43 AM
    • 6,502 Posts
    • 4,375 Thanks
    stator
    So all members of the scheme have first choice......?

    And who gets 'second choice'? Applicants who cannot in any event rent these properties witout joining the scheme....?


    Originally posted by G_M
    Everybody get's first choice, just some people's choices are more first than others. Simples.

    I can see absolutely nothing wrong with this scheme whatsoever. Sounds fantastic. If only they threw in a free timeshare leaflet I would sign up now, and I don't even need to rent a flat!

    ps see my signature
    Changing the world, one sarcastic comment at a time.
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