Lease Investment Company withholding rent

Collapse
X
 
  • Filter
  • Time
  • Show
Clear All
new posts

    Lease Investment Company withholding rent

    Hi, I need help!

    I foolishly rented my 3 bed flat to a lease investment company on a 2 year long lease in November last year. They assured me they would find tenants on long leases, do proper background checks, maintain the property, pay rent in advance, etc. So far, they have managed to rent only 2 of the 3 rooms, and have been very late in making the payments, and only making partial payments. Currently, they are 7 weeks in arrears (£4000), and still making broken promises.

    I have notified them I wish to terminate my lease with them, citing their breach of contract and non payment of rent. They are still playing games, and suggesting as they are making some partial payments of rent, there is little I can do. They also claim the agreement states a 6 month break clause, and also that they cannot pay me rent as the last bedroom is unoccupied. They are also subletting the rooms as individual rooms and on short leases, which breaches the council and building lease terms. I specifically stated on our contract that these must be complied with, but I guess the responsibility at the end of the day is mine?

    What is my next step? Instructing a solicitor? I have kept all correspondence capturing their late payments and lack of communication. However, I believe they know the law and have purposely acted in this way which makes things difficult for me. I'm keen to just get them out, and try to recover what I can and move on. Is this going to cost me a lot of money? Can I recover the legal costs?

    Any suggestions? Happy to share more details in private on the company and the situation. Please help.

    Regards,

    Jon

    #2
    Did you sign a lease created by them?

    Have you actually read it right through. And understood all the legal mumbo jumbo?

    Any break clause must be operable by both parties to the agreement so use it yourself to oust them, bear in mind that if you do get the lease overturned then their tenants may become your responsibility including their deposits which should have been protected.

    You need a solicitor well versed in housing laws to act for you.
    I offer no guarantee that anything I say is correct. wysiwyg

    Comment


      #3
      Hi jta,

      The lease agreement was created by them. It is clear in terms of payment due etc, but no info on what happens if they are late etc. There is no direct agreement between myself and the current tenants. I have in fact not been informed at all about the tenants. I don't hold the tenants deposit, and my agreement with the lease company is for two months rent up front, with no deposit.

      So should I look for a debt collection agency or a solicitor?

      Thanks

      Comment


        #4
        Originally posted by jongj View Post
        ....

        So should I look for a debt collection agency or a solicitor?

        Thanks
        You need a specialist solicitor well versed in landlord/tenant law who understands the difference between an normal AST & this sort of tenancy...

        I fear you have a long & expensive fight on your hands.. Hope I'm wrong.

        Best of luck!
        I am legally unqualified: If you need to rely on advice check it with a suitable authority - eg a solicitor specialising in landlord/tenant law...

        Comment

        Latest Activity

        Collapse

        Working...
        X