After all that umming and ahhing about keeping my tenants that both lost their jobs and going on HB, got a text the other day to say that they are really sorry but they can't sort it out (not sure whether they meant HB or a guarantor (I said I would take HB but only with G)) and that they will be moving out on 2 Dec (the last day of the AST). Looks like I'll be having a merry christmas then paying two mortgages and looking for new T. Will advertise back on Rightmove I think and the local paper but don't hold out much hope about getting anyone in this side of Christmas.
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There's always someone, somewhere, looking for a new rent - a lot of marriages split up just before or just after xmas - maybe dont take a deposit this time round and just do a let for 6 months perhaps????
Don't let your urgency make you overlook the other usual checks though!! -
At least they were honest with you and have kept you informed. As that's the end of their term they don't ACTUALLY have to tell you, so there's a small blessing.Comment
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get your ad's in the local papers nowComment
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I have put my ad in the paper to appear next Thurs in the property section and have sent an email off to the company I used last time to put it on rightmove.co.uk. Have also put the ad on a couple of free sites aswell. Let's hope someone fancies a move!
davidjohnbutton - the tenants that are moving out were on a 6 month AST. This is my first BTL and my first tenants. I think I will stick to a 6 month AST and then if T's want to stay let it roll onto a periodic. I will take a deposit - took one last time (just as the new deposit protection came out so had to use the DPS, still have all of the bumpf that I drafted up so will do the same again). I know that some people will be short of cash this side of christmas but I want the protection of a deposit and hopefully if someone wants to move they will find it. Will also make sure that I do all the usual checks.Comment
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Please, those among you that take a deposit. It is not protection at all!!!
Scenario: Tenant moves in after paying one month up front and say two months rent as deposit - lets say £1200. Six month tenancy. End of month one, rent is not paid, same again for month 2 - by which time you issue a S8 notice based on two months arrears. Rent for month 3 is not paid (and I am assuming rent is paid 1 month in advance due on 1st each month)
Halfway through month 3, the s8 notice runs out and you promptly issue court proceedings. The hearing is 8 weeks away. By now you are 5 months rent down. At hearing, the judge gives possession order 14 days. By now 5.5 months rent down + court fee £150. At end of 14 days, tenant does not leave - so you order bailiff - say wait is 4 weeks for eviction date. You are now 6.5 months down + £150 plus £95 bailiffs fee - but you still have the deposit with the DPS of £800. So, 6.5 months is £2600 less £800 - you are £1800 down.
OK, I concur you will be £800 better off than if you had not taken a deposit, but I just want to make the point that a tenant who is so minded could, despite the deposit, still cost you money by paying a little up front with the greater reward (to him/her) of not paying anything else unless your subsequent judgment for rent arrears is successful in actually extracting the money!!!!Comment
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Unless you implement the services of a Debt collector, late payment fees, interest, DC fees etc right at the begining of the problem then the scenario invariably doesn't occur T will leave early and you will have no loss or maybe a T motivated back "into line "
TIP: If something doesn't work :dont do more of it , Try something different ...
Above has never let me down ....never issued a S21, S8 or small claim OR been to court ....15 years and 100's of tenants later .....still works ....
Also do better refs, get G and run a tighter ship ......
SimonA pessimist sees the difficulty in every opportunity; an optimist sees the opportunity in every difficulty.W.ChurchillComment
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Rodent1 - sorry I don't understand your response. My T's had jobs, I got references and followed them up, carried out the credit checks, etc. I am owed no rent (all paid up) and the AST was 6 months. The AST finishes on 2 Dec and I asked T's if they were planning to stay, they said they'd lost their jobs and were looking at HB and would I accept. I said I would subject to G, HB paid to them not me and rent paid in accordance with AST. They then got back to me to say that they couldn't sort out HB so are moving out on 2 Dec (last day of AST).
davidjohnbutton - I took a deposit at the start of the rental for protection - not from rent arrears but for possible damage to property. I am fully aware that you cannot use deposit to cover rent. I will be taking a deposit next time as well.
There is another post that I did earlier that fully explains my situation.Comment
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Why Not?Originally posted by stick2000 View Post
If your AST says the deposit is for damage as well are insuring that the tenant complies with the full terms of the agreement including paying the rent!Comment
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In the AST it says that T cannot use the deposit to pay rent. I have just looked at the AST and do feel a bit stupid now as I didn't realise that it said that L can take from the deposit rent legally owed.Comment
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Sorry it was in response to david's post immediately b4 ...!Originally posted by stick2000 View PostA pessimist sees the difficulty in every opportunity; an optimist sees the opportunity in every difficulty.W.ChurchillComment
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