Letting property to Housing Association

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    #1

    Letting property to Housing Association

    Hi,

    I am considering buying a property in the south London or Surrey area, hopefully with an HA who offer guaranteed rent. I've already seen the previous post sometime ago, regarding this and find it particularly interesting.

    Can you guys advise me if any HA's are still seeking private owned residential property? I have been advised that these residential properties are not in demand so any more, meaning that the councils are cutting back.

    I would like to know if any HA's in the Surrey or South London area are still seeking these types of properties, and if so which ones, in which areas? Can you provide names or links??

    Can you guys help? Please..

    Many Thanks

    Morgan
    Tags: None
    #2
    Hi Morgan,

    Not able to help with regards HA's but discovered something that may be of interest - one of the chaps that rents his property in the block that I live at wanted to let his flat to an HA however, our buildings insurance specifically prohibits us from renting to Asylum Seekers/DSS/Housing Associations & Students. All very interesting.

    Regards,

    Ruth

    Comment

      #3
      Speak to the Housing Associations directly.
      Allow tenants to protect their own deposits. I want free money when they do it wrong

      Comment

        #4
        Public sector use of private property no longer offers a premium over the open private tenant market and while you will be paid rent regardless of whether there is a tenant in occupancy, you have no idea what state your property will be given back to you in after 3 or 5 years lease.

        Its safe to assume that you will have to gut the entire property and re-do everything.
        Work outs these costs, add the rent and see if the figures work for you.

        Comment

          #5
          Does it invalidate the buildings insurance for the other owners at the block if one individual (private landlord) does not adhere to the policy? What's the way forward?

          Comment

            #6
            Originally posted by ruthieroo View Post
            Does it invalidate the buildings insurance for the other owners at the block if one individual (private landlord) does not adhere to the policy?
            It might; but that depends on the policy's precise wording.
            JEFFREY SHAW, solicitor [and Topic Expert], Nether Edge Law*
            1. Public advice is believed accurate, but I accept no legal responsibility except to direct-paying private clients.
            2. Telephone advice: see http://www.landlordzone.co.uk/forums/showthread.php?t=34638.
            3. For paid advice about conveyancing/leaseholds/L&T, contact me* and become a private client.
            4. *- Contact info: click on my name (blue-highlight link).

            Comment

              #7
              Some LA/ex LA blocks of flats have block insurance, which may or may not prohibit certain types of lettings. I recommend checking this first!
              Liability statement. My liability to you is not to exceed the amount you are paying for my recommendations or advice.

              I see a bright new future, where chickens can cross the road with no fear of having their motives questioned

              Comment

                #8
                Originally posted by Wickerman View Post
                Some LA/ex LA blocks of flats have block insurance, which may or may not prohibit certain types of lettings. I recommend checking this first!
                In fact, many Local Authorities carry no insurance but self-insure their assets.l
                JEFFREY SHAW, solicitor [and Topic Expert], Nether Edge Law*
                1. Public advice is believed accurate, but I accept no legal responsibility except to direct-paying private clients.
                2. Telephone advice: see http://www.landlordzone.co.uk/forums/showthread.php?t=34638.
                3. For paid advice about conveyancing/leaseholds/L&T, contact me* and become a private client.
                4. *- Contact info: click on my name (blue-highlight link).

                Comment

                  #9
                  Originally posted by MrMorgan View Post
                  Hi,

                  Can you guys advise me if any HA's are still seeking private owned residential property? I have been advised that these residential properties are not in demand so any more, meaning that the councils are cutting back.

                  Morgan
                  Hi,

                  I have a 1 bed flat in SE London and have spent quite some time looking into the possibility of renting through a HA. I got the names of 2 HA who work with Southwark Council from their website (Hyde Housing Association and Orchard and Shipman) - I think both associations work nationally but they currently have a contract to work providing accommodation in Southwark.

                  They are still looking for properties and I spoke to them about the Private Leasing scheme. I was guaranteed in the region of £650 p/month and all they wanted me to leave was a fridge/freezer and oven. They even wanted me to cap the shower over the bath to reduce maintenance issues with flooded bathrooms etc!!! My impression (of Orchard and Shipman) was very positive and they assured me they would cover any damage caused to the property by the tenants. There are however 'grey' areas... where you are liable for any 'standard wear and tear' at the end of the tenancy agreement. The guy I met suggested in my case this would almost definitely mean me having to repaint and recarpet the whole flat but he said this would be the case after 5 years of private tenants anyway....

                  For me it is still an appealing option as I will be abroad and it is stress-free, guaranteed income. I did the calculations and the amount I would get is actually more than I would get through an agency (one comission is deducted) and only slightly less than I would get if I rented it myself and took off all other costs.

                  BUT.... as mentioned previously, I am in the situation where my managing agents prohibit this! I was fairly annoyed when I found this out as I know for a fact that 3/5 flats in my floor have been/ are being rented out through HA... but alas, honesty is generally the best policy :0)

                  Sorry to waffle on but hope some of the above is of use. Good luck!

                  Comment

                    #10
                    Originally posted by sarjenks View Post
                    I did the calculations and the amount I would get is actually more than I would get through an agency (one comission is deducted) and only slightly less than I would get if I rented it myself and took off all other costs.
                    But how much more?

                    If you can get enough extra to cover the potential costs of:

                    1. Re-carpeting & lino/tiles in bathroom/kitchen
                    2. Re-painting
                    3. Re-plumbing/drainage work
                    4. New kitchen
                    5. New bathroom
                    6. New furnishings including new beds
                    7. New interior/exterior doors
                    8. All new appliances
                    9. Gardening
                    10. Other costs, such as mortgage costs (if any) for being empty for 1-3 months while the above is being done.

                    If so, then it would seem to be a good idea, but I doubt that the extra rent will cover all the above potential costs, which you would have to be prepared for.

                    Comment

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