Rent Guarantee by Agent falling short

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

  • MdeB
    replied
    Originally posted by JK0 View Post
    If I was the under tenant, I would also be p*ssed if my landlord was not passing on my rent, and would have no problem talking about it.
    Their landlord has no rent to pass on.
    They have a separate agreement to pay rent to the superior landlord.
    Money is fungible.

    Leave a comment:


  • JK0
    replied
    Originally posted by MdeB View Post

    The occupier of the property has no obligation to talk to a superior landlord.
    If I was the under tenant, I would also be p*ssed if my landlord was not passing on my rent, and would have no problem talking about it.

    Leave a comment:


  • MdeB
    replied
    Originally posted by JK0 View Post
    I'd be having a little chat with the tenant, to enquire if he was really paying less rent.
    The occupier of the property has no obligation to talk to a superior landlord.

    Leave a comment:


  • royw
    replied
    Sounds like their chancing it to me. Agree you need to find out the tenant's situation. If they've been furloughed their still getting 80% of their salary. The full rent is still due even if you negotiate a longer time pay off the arrears.

    Leave a comment:


  • JK0
    replied
    I'd be having a little chat with the tenant, to enquire if he was really paying less rent.

    Leave a comment:


  • bassmonster
    replied
    Thank you for you reply, much appreciated.

    I can afford to hold on for now - just dont' like the thought of being taken for a ride.

    Leave a comment:


  • jpkeates
    replied
    You need to read the contract between you and the agent, to see what their rights are.

    If you can afford to, I would wait until normality has resumed and then, assuming the agent has no right to vary the rent unilaterally, consider starting the process of recovering the rent owed.

    The hidden problem with guaranteed rent schemes is the mismatch in rights and liabilities between the partied (the landlord, the scheme operator and the tenant(s)).

    If the guaranteed rent agreement ends, any tenants "left behind" become the landlord's tenants with all the normal rights of an assured tenant.
    Which puts the landlord in a terrible position.
    However badly the scheme behaves, the landlord is usually still worse off if they end the agreement.
    The chances of a rent guarantee scheme returning the property empty seem remote - their income will be coming to an end and they would incur a lot of new costs.

    Leave a comment:


  • bassmonster
    started a topic Rent Guarantee by Agent falling short

    Rent Guarantee by Agent falling short

    Hi all,

    I could do with some advice please.

    I've let my property through an estate agent for the last 2 years without any issues whatsoever under rent Guarantee Scheme. I get less than what I normally would but I wanted that piece of mind after a really bad experience with an unpaying tenant which left me with a really big financial hole.

    There is a year remaining on the contract.

    Rent has always paid on time, never ever late and in general have a really good relationship with the agent and I'm really happy with them.

    However, at the start of lockdown, the agent have advised that majority of tenants have stopped paying rent due to Covid-19 and that rent payment will be reduced. 1st month 25% will be paid then remaining 2 months 50% will be paid. This is a rather big hit to take. You could say I'm just about breaking even.

    I know these are unprecedented times and under normal circumstances I'd have argued the point that both parties have signed a contract of rent guarantee and anything less than the specified amount will be in breach of contract.

    I’m sure there are many tenants and agents alike will be taking advantage of the whole pandemic crisis.

    What can I do in this situation if anything? Do I demand that agent pay what’s owed? On the other hand, I know even if I get my property back, it will be harder to find tenants which will make me worse off. Also, tenants would probably stay in property for free and as the AST will have been between agent and tenants, it will be an absolute nightmare trying to evict.

Latest Activity

Collapse

  • Reply to Trouble with step mother
    by Lawcruncher
    Agreed, but until we know exactly what the wording is of the relevant document is it is not possible to say what the position is....
    23-01-2021, 00:01 AM
  • Trouble with step mother
    by Jul
    Hi my husband was given a property as a deed of gift after his mother passed away in 1991 from his father. My husband put in place through the solicitor that his father could live rent free in the property but had to pay bills and any repairs or updating. His father married later the same year. The...
    19-01-2021, 09:53 AM
  • Reply to Renting to a housing professional
    by Jon66
    Housing Officers have to live somewhere right. Lots of people are relocating because they are working from home and have been told this will continue in the future so geography isn't so important.

    It's a big jump to assume it will be a rent to rent. My experience is that councils are a...
    22-01-2021, 23:32 PM
  • Renting to a housing professional
    by Celibin
    I have advertised a good size flat in a small town via an established Letting agent. A chap who lives some 60 miles away and will be working from home has got a colleague locally to visit the place and an offer has been made on it. (e will not be seeing the flat himself (as far as I am aware) and prefers...
    22-01-2021, 15:49 PM
  • Reply to Court review
    by ddq
    Thanks, hybrice. My hearing was over. My solicitor attended. After the hearing, the tenant approached me, showing me his bank overdrafts of about the rent arrears, and that his car had been transferred to his ex-wife. I know he would never leave anything under his name so writs will be of no use. But...
    22-01-2021, 23:20 PM
  • Court review
    by OS7
    Hi,
    My possession claim is up for review today. I thought “ finally” . It was marked on review documentation to be at 12:00 05/11. I received no calls from anyone as yet. Could someone who has undergone review, please let me know if I have to make the call. I am worried that no one...
    05-11-2020, 15:15 PM
  • BTL - Council Tax Bill - Ancient!
    by Claymore
    Hi

    Today I have received a Council Tax Bill - I had to have a double-look when I saw the date. Its for a two-week period in July 2010! So, it's taken 10 years and 6 months to send me a bill.

    As it is so long ago, I have no records to check to see if I had been invoiced previously...
    22-01-2021, 22:59 PM
  • Pandemic problems
    by Propertyhack
    I am writing a piece for a broadsheet national newspaper on how the pandemic has impacted on landlords, what with so many tenants in arrears. I'm looking for landlords willing to talk to me, on the record, about what 2020/1 has done to them. I'm interested in small scale landlords, who own just one...
    22-01-2021, 22:58 PM
  • Reply to Trouble with step mother
    by Jul
    Thank you you have got it spot on my husband didn’t ask for anything his father came to him and said exactly what you have wrote. The new wife knew the situation from day one and so did her family. Yet we are the bad ones for wanting something that was left by my husband late mam that he lost when...
    22-01-2021, 22:26 PM
  • Reply to Abandoned?? Any views??
    by pebblepebble
    I thought my property had been abandoned as they disappeared for nearly 6 weeks. Unfortunately they returned.
    22-01-2021, 22:02 PM
Working...
X