Pansies before people

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    #16
    Freeholders/managing agents/RTMs, etc., need to be looking at how they can minimise expenditure


    I agree, but in none of my properties, (I have three, two down market, one quite posh), MA's do not appear to be spending extravagantly, one, a HA constantly needs to be badgered to effect repairs. Personally I take the view that if my tenants struggle I will take a hit as well and we can sort it all out when this thing is over.


    My OP was not in any related to my personal circumstance, I am fine. It was what we used to call in the FO a position paper.

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      #17
      Originally posted by D P Dance View Post
      The managing agents of one of my rental properties, who have been vilified on Trust Pilot, when asked if they are considering relief for landlords whose tenants have defaulted on their rent have refused point blank to consider offer help and have told me I quote

      .. you need to accept the response we have at this time to maintain the development and carry out the requirements to protect leaseholders and the integrity of the properties.


      So until such time as HM The Queen grants royal assent to an Act banning the lawful collection of contributions to RMC Reserve Funds xxxx and xxxxxz will comply with alacrity. In the absence of such legislation we await payment of your Service Charge Demand in full and on time.

      I suppose that it would be out of order to name them
      I believe all relief (if any) should come from those causing the effect of a problem. The government and their lockdown is having a chain reaction effect that is affecting people in different ways. The cladding crisis is another example of cause and effect where those affected did not cause the problem. If the managing agents are being vilified on TrustPilot for not offering relief to landlords. What kind of relief do you believe the managing agents should/could offer landlords?

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        #18
        What kind of relief do you believe the managing agents should/could offer landlords?


        Surely this would be for shareholders to decide

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          #19
          As suggested / intimated in all above, as well as the following.
          Your contract is with the freeholder, via the managing agent.
          Your wages, your job, is no concern of the freeholder - except for people buying flats, to ensure they can afford the forthcoming service charges, and if they think they cannot afford the service charges, to refuse to assign the lease.

          If you lose your job, you have no money, then YOU have to leave / sell to be able to afford something less expensive. If you lose rental income, that too is no concern of the freeholder.
          That's life.

          I have rental properties overseas, and one has not generated income for 18 months, got 2 in succession not wanting to pay rent, but I still have to maintain the building, and the landlord pays the property tax ( council tax ) and not the tenant.

          If you can't pay the service charges, then you have to take out a personal loan.
          If you cant do that, you have to sell.

          The agents are correct, just because ONE person is struggling to pay service charges, does not mean all the the others have to suffer a reduction in services.

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            #20
            In normal times I would agree with you ram, but these are not normal times.

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              #21
              Originally posted by D P Dance View Post
              In normal times I would agree with you ram, but these are not normal times.
              I have had to borrow money to keep afloat ( One does not use ones capital till it's all gone. one takes out loans, and keeps his capital - that's how I do it. )

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                #22
                Originally posted by ram View Post

                I have had to borrow money to keep afloat ( One does not use ones capital till it's all gone. one takes out loans, and keeps his capital - that's how I do it. )
                Why is it better to borrow money instead of, using your own capital?

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                  #23
                  Originally posted by TruthLedger View Post
                  Why is it better to borrow money instead of, using your own capital?
                  The statement speaks for itself.

                  "One does not use ones capital till it's all gone. one takes out loans, and keeps his capital"

                  Letting is not a grand money making opportunity any more, as house prices are now overpriced by a factor of 2 or 3.

                  If you cannot afford to borrow money and pay it off, then your business is not profitable.



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                    #24
                    how does taking out loans make any business profitable?

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                      #25
                      Originally posted by TruthLedger View Post

                      how does taking out loans make any business profitable?


                      Please engage brain.

                      Who said taking out loans makes a business profitable ?
                      It was not me.

                      I am not going to be your financial advisor, If you want that, it's £ 70 per hour.

                      But you and I am going off topic, which was : - ( and revised )

                      "Should freeholders consider relief for leaseholders who sub-let their flat whose tenants have defaulted on their rent, as managing agent ( not letting agents ) refused point blank to consider to offer help."

                      My answer is as previous. with the addition of : -
                      If you run a business, the freeholder is not obliged to prop up you business, nor is a party to your business.
                      If you lose your job, the freeholder in no way has to supplement your wages by offering to STOP service charges for a short while.
                      Nor should they put off maintaining the place because one person has no money.


                      Logic clearly dictates that the needs of the many outweigh the needs of the few.

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                        #26
                        ram,

                        You could lend yourself the money from your capital and increase your profits with the resultant interest,
                        or just be more careful choosing tenants.

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                          #27
                          Lending myself money IS using my capital.

                          Always rely on Opium ( O.P.M. ..... OTHER PEOPLES MONEY )

                          I don't choose my tenants. And I am not allowed ( U.K. ) to fly to U.S.A.at the moment.
                          But have 2 court cases under way.

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