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Housing market

Ponty said:
Likewise I never increase rent for an existing good tenant. If you’ve not had new tenets for 3 years I’d suggest you’re circa 20% under current market value.
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I’ve been a good tenant for my landlord for over 2 years, despite having some shocking neighbours living above me for the majority of that time. He came around the other week, pleading poverty, although he lives in a 6 bedroom mansion with no mortgage and has land all over the place. He said I’m going to have increase your rent by £100 pcm to £795.00, this for a one bedroom apartment. I told him good luck with that as I won’t be signing any new agreement and paying him a penny more than I already do. I’ve not heard a peep from him since. People constantly take the p*ss and I’m well past putting up with it…
 
Gingerbeard said:
I’ve been a good tenant for my landlord for over 2 years, despite having some shocking neighbours living above me for the majority of that time. He came around the other week, pleading poverty, although he lives in a 6 bedroom mansion with no mortgage and has land all over the place. He said I’m going to have increase your rent by £100 pcm to £795.00, this for a one bedroom apartment. I told him good luck with that as I won’t be signing any new agreement and paying him a penny more than I already do. I’ve not heard a peep from him since. People constantly take the p*ss and I’m well past putting up with it…
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No fault evictions are still a thing....
 
Gingerbeard said:
I’ve been a good tenant for my landlord for over 2 years, despite having some shocking neighbours living above me for the majority of that time. He came around the other week, pleading poverty, although he lives in a 6 bedroom mansion with no mortgage and has land all over the place. He said I’m going to have increase your rent by £100 pcm to £795.00, this for a one bedroom apartment. I told him good luck with that as I won’t be signing any new agreement and paying him a penny more than I already do. I’ve not heard a peep from him since. People constantly take the p*ss and I’m well past putting up with it…
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That’s what it all comes down to, not taking the p155 and behaving in a fair and reasonable manner. That works both ways of course, there are some shocking tenants around. He could well be right about the rent, however, it costs to change tenant and if you are looking after the place, he’d be daft to rock the boat IMHO. Of course, he might now have a £10K+ a year energy bill in his mansion but that’s his problem!

I’ve had years of farmers pleading poverty. Thousands of acres of land inherited tax free but no money to maintain fences and gates. Happy to rake in hundreds of thousands in subsidies though…
 
Gingerbeard said:
I’ve been a good tenant for my landlord for over 2 years, despite having some shocking neighbours living above me for the majority of that time. He came around the other week, pleading poverty, although he lives in a 6 bedroom mansion with no mortgage and has land all over the place. He said I’m going to have increase your rent by £100 pcm to £795.00, this for a one bedroom apartment. I told him good luck with that as I won’t be signing any new agreement and paying him a penny more than I already do. I’ve not heard a peep from him since. People constantly take the p*ss and I’m well past putting up with it…
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On the one hand, £100 a month is £1200 a year. That’s taxed, so he’ll get either £720 a year from the raise, or £900. That’s less than how much it costs to find and install a new tenant with an agent. If he does evict you there’s a legal cost too, and it will take time, quite a few months if you dig your heals in.

On the other hand, in London at least the demand for rentals is very strong still, or so it appears to me. I got a unsolicited text from an agent yesterday in fact, asking if I had anything to rent, saying that he’s experiencing unprecedented demand and can get high rents.
 
rubycat said:
I have a awful situation at the moment as a landlord, I have a 50% mortgage on my only rented property to be repaid next year.
As I have retired the only way I can pay it off is to sell the property, if this new legislation goes ahead I could quite literally be
held to ransom by a tenant that has done nothing wrong and cant be evicted.
They are the best tenants I have ever had and I would love to sell it to them but they cant afford the runaway prices that are
currently rampant in my area and I cant afford to give away £40k.
As a further disincentive the letting agent would require 1.5% commission as they provided the tenant and potential purchaser in the first place
that's double what any other estate agent is charging. That's the same agent that charged me for PAT testing when the property was let unfurnished.
Even though they have been paying £200 less a month than I could have charged I still feel like a villain.
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So being retired does NOT stop you getting a mortgage . a number of companies like the coventry , the mortgage works [ nationwide ] and nat west have no minimum income requirement . one gets hold of a decent mortgage broker and remortgages it . if not then you just extend the term of the mortgage . they want your business and there is no reason to sell this property . if you had umpteen CCJ`s and defaults it might not .
 
Gingerbeard said:
I’ve been a good tenant for my landlord for over 2 years, despite having some shocking neighbours living above me for the majority of that time. He came around the other week, pleading poverty, although he lives in a 6 bedroom mansion with no mortgage and has land all over the place. He said I’m going to have increase your rent by £100 pcm to £795.00, this for a one bedroom apartment. I told him good luck with that as I won’t be signing any new agreement and paying him a penny more than I already do. I’ve not heard a peep from him since. People constantly take the p*ss and I’m well past putting up with it…
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well done you . that is taking the p..... he is pretty stupid if he thinks alienating you is a good idea . he will just have to pay hundreds to find a new tenant . in my opinion anyone who asks for a rent rise now is totally thick . folks have NI increases , energy poverty etc etc . they CANNOT afford one .
 
rubycat said:
I have a awful situation at the moment as a landlord, I have a 50% mortgage on my only rented property to be repaid next year.
As I have retired the only way I can pay it off is to sell the property, if this new legislation goes ahead I could quite literally be
held to ransom by a tenant that has done nothing wrong and cant be evicted.
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The government has said, I think, that they will extend section 8 evictions to give landlords the ability to gain possession in order to sell the property. And they have also said they will streamline the section 8 procedure so the process will take less time. The details have not, as far as I know, been released to the public.
 
rubycat said:
As a further disincentive the letting agent would require 1.5% commission as they provided the tenant and potential purchaser in the first place
that's double what any other estate agent is charging. That's the same agent that charged me for PAT testing when the property was let unfurnished.
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I haven't seen your contract with the agent but if it says they can charge a commission on sales then you're stuck with that. However, as far as I am aware, PAT testing appliances is not a legal requirement for landlords in England.
 
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yes i read the electrical regs the other day and pat testing is not a legal requirement for landlords as far as i can see
 
Gingerbeard said:
He came around the other week, pleading poverty,
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Interesting that he came round in person, by which I assume he doesn't employ an agent as a go-between. I also assume he hasn't put the increase in writing but would need to; giving notice as well. That increase represents a new 15% hike, which I find to be o.t.t.

Not only will it cost him to get another tenant in tow (£500 tenant find for an agent) plus poss. void period plus 2+ months' notice to you and of course, legals and long waits if he chooses to go that route.

My tenant (in a 3 bed maisonette) has been in situ for 30 months and has had a new boiler and shower fitted recently, but yet again I'm going to extend the periodic term at no increase, for the second time. He's not poor (civil servant) but with just about every living cost increasingly escalating into next winter at least, this is not the time to make life more difficult.
 
Mike Reed said:
Interesting that he came round in person, by which I assume he doesn't employ an agent as a go-between. I also assume he hasn't put the increase in writing but would need to; giving notice as well. That increase represents a new 15% hike, which I find to be o.t.t.

Not only will it cost him to get another tenant in tow (£500 tenant find for an agent) plus poss. void period plus 2+ months' notice to you and of course, legals and long waits if he chooses to go that route.

My tenant (in a 3 bed maisonette) has been in situ for 30 months and has had a new boiler and shower fitted recently, but yet again I'm going to extend the periodic term at no increase, for the second time. He's not poor (civil servant) but with just about every living cost increasingly escalating into next winter at least, this is not the time to make life more difficult.
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It's one of those places where the landlord lives on-site (in their Manor House (Lord of the Manor and all that!), I have to say it is beautiful) and they have converted the out buildings. As far as I know, they'll have no outstanding debt on these as they are really very wealthy and from what I understand made a fortune from building a luxury estate on the edge of another village on some of their land after getting the right permissions. From the way they talk though, you would think they didn't have two pennies at times, all very insulting to the average person like me!

I was dumbfounded to be honest and expected a lot better. Especially after being there for a reasonable amount of time. I like to think of myself as the sort of Tennant most landlords would want i.e. I treat the property with complete respect, don't fix anything to the walls, keep it immaculate and always pay my rent on time. Some people you just can't please.

The landlord is very much like what @Ponty was referring to in one his earlier posts in this thread. Has land, is a former farmer, takes everything he can get from subsidies, is sat on an absolute fortune both in terms of property and land and is still not satisfied. Most people would give their right arm to be in their position, myself included. However, I wouldn't want to end up being like them as people, that's for sure.

You sound a great landlord and are running your properties in a very respectful manner, which is very commendable :)
 
rubycat said:
I have a awful situation at the moment as a landlord, I have a 50% mortgage on my only rented property to be repaid next year.
As I have retired the only way I can pay it off is to sell the property, if this new legislation goes ahead I could quite literally be
held to ransom by a tenant that has done nothing wrong and cant be evicted.
They are the best tenants I have ever had and I would love to sell it to them but they cant afford the runaway prices that are
currently rampant in my area and I cant afford to give away £40k.
As a further disincentive the letting agent would require 1.5% commission as they provided the tenant and potential purchaser in the first place
that's double what any other estate agent is charging. That's the same agent that charged me for PAT testing when the property was let unfurnished.
Even though they have been paying £200 less a month than I could have charged I still feel like a villain.
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another thought ruby . if you do sell you can sell with this tenant in situ perhaps
 
hifinutt said:
yes i read the electrical regs the other day and pat testing is not a legal requirement for landlords as far as i can see
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I wonder if there is some confusion here with PAT tests and Electrical Safety Certificates, as from a quick google it seems that under recent legislation, private landlords are required to get a new ElCR certificate every 5 years.

Whichever test it was I would expect the owner to be supplied with a copy of the results as that was what I did when I was NICEIC registered.

https://www.papernest.co.uk/safety/electrical-safety-certificate/
 
TalYWaun said:
I wonder if there is some confusion here with PAT tests and Electrical Safety Certificates, as from a quick google it seems that under recent legislation, private landlords are required to get a new ElCR certificate every 5 years.

Whichever test it was I would expect the owner to be supplied with a copy of the results as that was what I did when I was NICEIC registered.

https://www.papernest.co.uk/safety/electrical-safety-certificate/
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thanks yes , the electricians round here are minting it due to these mandatory 5 yearly checks !!!!
 
Gingerbeard said:
You sound a great landlord and are running your properties in a very respectful manner, which is very commendable :)
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Thanks Ginge, but only one now (was two); far too old for this lark and t'other will go on the market as soon as my tenant has sorted his divorce and sold his conjugal house. I'm in no rush which gives him security; win-win. Who knows, he may even buy my flat when his affairs are sorted. Bargain basement long lease 3 bed maisonette with garden in leafy Norwich? What's not to like?;)
 
Bob McC said:
No confusion.
Some agents try it on saying appliances need testing.
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OK, but the post by rubycat said “That's the same agent that charged me for PAT testing when the property was let unfurnished”. Which makes no sense to me. Could it be someone did a continuity and insulation test on an immersion heater?, possible, and if they did, then following the rules, that should be recorded on a form and a copy handed to the customer. If I had rental properties I would want to keep those forms (or copies), especially if I was paying for it.
 
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