Letting to retired tenant

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  • Kape65
    replied
    I'm retired but not yet claiming any kind of pension, just check out his finances to see how he lives. Take the cash up front!

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  • leaseholder64
    replied
    Many people are advised to use pension draw down, or use up less tax efficient savings, so not having annuity income doesn't mean they don't have access to money. On the other hand, most people with big enough pots for that might be advised to become owner occupiers.

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  • scampicat
    replied
    My husband was retired for 9.5 years before he got his State Pension. Many people these days retire early and live on private/occupational pensions. You could ask to see his Pension Statements (payslips).

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  • ExpertInAField
    replied
    I would have to check but Age UK are the ones that had a friend of mine's mother as a tenant. She had been there for about 10 years now (though apparently it was Help the Aged when she first moved in). I don't believe the property is being rented and then subletted by Age UK, but I could be wrong. Certainly they have added facilities to the property to help the elderly residents there such as a stairlift to the upper flats.

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  • leaseholder64
    replied
    I would have thought that Age UK were newcomers, and I can't even find any mention of them as a provider on their site. A lot of retirement flats are rented, but by housing associations and any private landlords will typically be larger ones.

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  • ExpertInAField
    replied
    It's going to be interesting as when time goes on there's going to be more and more pensioners looking to rent. Although organisations like Age UK have several properties for elderly people, their amount is limited and it will come down to the PRS to house these people in years to come.

    We are going to have to come up with a whole new set of procedures for dealing with them as they wont have the income that a regular working age person will have.

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  • Raiden328i
    replied
    Check them thoroughly and get references. If you've seen my thread on my nightmare it would put you off OAP's for life!!!!

    He'd been retired a couple years and had worked for TFL and had a nice private pension and 30k in the bank. First couple years he was fine (tho a strange man) but got hooked on heroin by the local skag heads. Now I think of it when I asked for a reference he said I can't give you one but I have money I should of said no but I said to myself what harm can this old man do. The skag heads have burned through his money and i've recently found out something very disturbing about him and that's why his kids have nothing to do with him.

    The locksmith I used said to me whenever he goes to repossessions OAP's are the worst when bailiffs turn up. So yes me personally I would think twice next time. When doing viewings after the property went back on the market I had an old lady turn up and in the end I said no due to no references and her daughter saying this flat is handy having the LL next door to fix problems and help with the shopping and bins. I thought you can jog on if you think i'm being a carer

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  • DPT57
    replied
    Originally posted by leaseholder64 View Post
    The 55 limit is not just for the tax free element. You can convert to an annuity, or take out taxable amounts, as well. (You can take out taxable amounts earlier,but the tax rate is very high.)

    There used to be certain occupations with much lower limits, but I think that has ended. The limit can be lower if you have severe health problems.
    Correct. I took my private pension at 56, taking the 25% lump sum and buying an annuity with the rest.

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  • leaseholder64
    replied
    The 55 limit is not just for the tax free element. You can convert to an annuity, or take out taxable amounts, as well. (You can take out taxable amounts earlier,but the tax rate is very high.)

    There used to be certain occupations with much lower limits, but I think that has ended. The limit can be lower if you have severe health problems.

    Leave a comment:


  • jpkeates
    replied
    Originally posted by mariner View Post
    An individual can take a reduced Private pension at age 55, but not State Pension.
    I wish!

    They can take 25% of their pension pot out tax free at 55.

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  • mariner
    replied
    An individual can take a reduced Private pension at age 55, but not State Pension.

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  • twmgnt
    replied
    Thanks all for the feedback. I imagine the person would be retired.. unemployed. My agent would be checking how the person can pay ie what funds and income the person has. I cant see how the insurer would have a problem as this is buildings only, not contents. thanks again for the help.

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  • AndrewDod
    replied
    How much do they have in the bank?

    Choosing tenants wisely relies on wise assessment of all information (of which the above is key) - not "employment checks". Actual income is always less important (disposable income and savings depends on how much one smokes, drinks, eats out, takes drugs, cooks and invests well - lots of folk have great monthly income but are actually extremely poor - because they are either stupid or have other obligations).

    Someone who earns £50K per year and has been doing so for many years, but does not have at least £200K of liquid savings in the bank has a problem with how they use their money.

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  • theartfullodger
    replied
    "Not a pensioner" presumably meaning under 65 so not getting state pension? I took at least one of my private pensions early (ex-wife issues, ...) so he may well have private pensions.

    In the case (and most others...) I'd ask to see copies of last three month's main bank account and see what incoming £££ there is..- which would show pension payments. He also may be getting various benefits.. And ask him to put in writing how he will be paying rent & from what sources.

    More and more older people will be wanting to rent privately given the bonkers state of housing provision: And will likely understand more than most why not paying rent & becoming homeless is not wise.. . Old people aren't all bad! (I'm an exception, 71, in receipt of 6 benefits, defo bad...)

    Leave a comment:


  • jpkeates
    replied
    Retired people make good tenants.
    However, a lot of their good features arise from the pension and other benefits available to them.

    Retired but not a pensioner would need to be able to prove how they proposed to pay the rent, just like anyone else.
    I'm retired but not a pensioner!

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