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TODAY'S OTHER NEWS

Students march to demand greater help for tenants impacted by Covid-19 crisis

Students at the University of Bristol have taken part in a socially distant march demanding greater help for tenants adversely affected by coronavirus.  

The event was organised by student activist group Bristol, Cut the Rent who six months ago won £130,000 worth of rent cuts in halls.

The demonstration came after student property companies in Bristol wrote to tenants notifying them that the next instalment of rent was due. 

Property development firm Digs is among those demanding the next instalment of rent in full, while Penlane is willing to accept 50%. 

  • Daniela Provvedi

    Well, I've learnt my lesson well and good. I've been such a fool.
    In the 15 years of being a full time LL, I decided that just this once (last Sept) I was going to rent to students. The 2 sisters seemed so lovely and honest, and their Mother too. Guess which tenants, out of all my properties, aren't paying rent!!
    They're ignoring my WhatsApp messages, my calls and my emails. They have a Guarantor, whom I am going to contact soon.
    But just wanted to ask something about CCJ's (I know about them, but never needed to use them) - when (not if) I go down that route, who would I actually CCJ, the Guarantor or the tenant?
    Thanks.

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    I don't rent to students, learnt my lesson there yrs ago, only my opinion but I think I would issue'' money claims online'' to tenants and the guarantor, only £60 to do last time I issued one, and dead easy, no need to get a solicitor involved , they would soon be contacting you then, go for it Daniela these sort of people must not be allowed to get away with it.

     
    Daniela Provvedi

    Thanks for the information, Andrew. I'll get straight onto it.

     
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    In my experience, middle class guarantors pay up before legal action to protect their credit ratings and often claim they were unaware of their errant offspring defaulting on the legally binding tenancy agreement. I inform them as soon as I smell trouble and have never had to take legal action when I have solvent guarantors.

     
    Daniela Provvedi

    @Robert Brown - that's good news, thank you!
    The Guarantor is a Bank Director for one of the bigger banks, so fingers crossed it works out as you've suggested. Thanks.

     
    Matthew Payne

    Agree with Robert, I would contact the gaurantor first, in my experience, they would get on the phone and sort out the tenants for you, or if they have fallen into genuine hardship would remedy any arrears on their behalf. They won't want to have to deal with the hassle or ignominy of a small claim being made.

     
    Daniela Provvedi

    @Mathew Payne - thank you!

     
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    All of them.
    You should contact guarantor and demand rent payment now immediately. Students get grants for rent etc, they have the rent money. You are playing into their hands by not requesting Your Rent immediately.
    You should always contact a tenant any tenant Immediately you don’t receive Your rent. Act professional.

    Daniela Provvedi

    Thanks for your response, Steve.
    Acting professionally is not my concern, I always do. And I did contact the tenants as soon as I didn't see their rent money in my bank - they're just not replying!
    I will contact the Guarantor. Thanks.

     
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    Best of luck Daniela. Call round to your property and check it out, carry out an Inspection, message them telling them that. Keep pressure on continues until they respond don’t be put off by persons telling you it’s harassment when it’s not. You run a business.

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    Just send a letter to the guarantor stating you require immediate payment and outline VERY BRIEFLY how much is owed and send copies of their signed agreement and the tenancy agreement. Say 14 days or they are going to incur the costs of all reasonable legal fees as you will be instituting legal proceedings. If yo do as AT's suggestion above there is no need to tell the guarantor what action you are taking but that you will take legal action.
    Good luck.

    Daniela Provvedi

    Thank you! I appreciate your information, Retired Agent.

     
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    Hi Robert I must commend you on your success partly due in no small way for not being a London LL.
    Supposing you had the misfortune to have invested in west London your income would be more than halved, how does that sound to you ?. OK a small bit of arithmetic if you were to buy 6 No. 3 bed Terraced Houses for £500k each, but probably not get them for that anyhow your £3m is used up. Then let them out say for £1'600 pm each X 12 = £ 19'200 pa (£20k pa) x 6 = £120k pa less than half your income. Another scenario say buy 5 Semi's 3/4 bed Houses @ £600k each if you can get them, your £3m is gone, rent them out for £1'750. pm (Incidentally which I don't get for similar) = £21k pa x 5 = £105k pa again far less than half your income dear Robert. Perhaps now shall I factor-in all the additional costs associated with being a London LL and local Authorities on our backs that hate us, loading on costs doing their utmost to drive us out of business + full c/tax on empty property for providing a non service but they are not even happy at that they want to double & treble it.
    Have a nice life and if any young people who are thinking of buying them over priced Flats with help to get into trouble schemes, keep well clear.

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    My feelings are hurt by your facts - do you mind not doing that to me anymore... please.

     
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    Michael

    Thanks for the info. I gave up a fast track career in London in the early 70's to return to a more modest but better quality of life in Scotland.

    I've often wondered "what if" but from what you describe I made the right decision to return to Scotland, even if the SNP are screwing umpteen thousands more income tax from higher earning tax payers, threatening to bankrupt us with independence, no fixed term leases, limited rent increases etc.

     
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    Sorry Sebastian, I wont forgive me the truth hurts much more than lies, Many thanks.

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    Don’t buy in London buy on the coast could get a Freehold 3 bed with 2 receptions at say £195k and rising and rent at £875 per month.
    Same issues with the thieving council but pay them back by refusing to take UC, single mums daily curry eaters pet owners or unemployed.

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    Hi Steve, Freehold is king with Flats you are trying to absorb the Service Charge & ground rent in the rent costing you minimum £100. to £130. pm making your rent look expensive, you never know when the scaffolding is likely go up hitting you for thousands of £'s. Builders have an attitude if cost is shared they can charge what they like.
    Regarding buying out of London your figures shows it all, so you could buy 3 freehold 3 bed properties for less than one semi-detached in West London but your return is much greater, £875 pm x 12 = £10'500 pa x 3 = £31'500 pa as apposed to your one Semi in London £21'k pa, so we are £10'500 less for same investment in one year, that's a huge difference I wished someone could tell those mutton skull HM0 regime in London this, when I attended their meetings recently telling us how lucrative HM0's are, saying we get 4/5% extra, when we can't even achieve a normal rent, they are living in cloud cuckoo land and we suffer at their hands while they are a Law all to themselves.

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    Have flats as well. Yes SC can be horrendous and absorb any profit. When we get greedy FH we set up an RTM then FH only get GR and his asset is worth half, so we fight the greedy FH and so far it works, some times forcing the FH to sell the FH to us leaseholders. When we set up RTM the SC is more than halved so to the Insurance as we don’t claim commissions plus our lifeboat fund builds up and we have better maintained buildings. Always seek an RTM if FH is a greedy bastard.

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