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  • Wanted & Recommendations

    Can anyone house my perfect tenants, AL9?

    Due to S24, tied up equity in a SE property I've owned for 20 years, capital gains relief for 13 years occupation, and loss of lettings relief in April 20, I met my tenants a couple of nights ago to break the news.

    I'd checked with the RLA, and discovered that although I'd emailed them the DPS cert confirming I'd taken over from the agent for deposit protection, and emails back from tenants saying all's fine, that wasn't enough. I hadn't given them prescribed info, so risk of ambulance chasing. RLA told me to refund deposit before giving them notice, so I had to work out how to do that without it being obvious! In the end, it all worked out naturally.

    I went to see them and they were absolutely lovely, and we had a good chat about good rentals in the area that had been on the market for a while.

    I would not hesitate to recommend these tenants. They've been with me almost 6 years, and have never missed or been late with a rent payment. I will happily provide a reference.

    The only slight catch is they have two little dogs. But that's why they would have stayed with me forever. The place was spotless, and not smelly. The odd scuff and bang, but nothing I wouldn't expect for 6 yrs problem free occupation. Oh, and he's a certified plumber so does my gas certs and maintenance on his house and my other BTL!

    Hope someone can help? St. Albans / Welwyn / (nice) Hatfield area. 3 beds, pet friendly garden.

    Thanks

    Rachel

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    Rachel 

    "Change is a prerequisite to longterm survival".

    The establishment is rigged so that the rich stay very rich, and the poor get poorer.

    If they referenced we'd be happy to take them in Milton Keynes or Luton, if they would be happy to relocate.

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    Thanks Pete. That's a bit out of the area. We're thinking only a few miles from St. Albans, Welwyn, WGC, Hatfield area. They'e in an ex council, v large 4 bed they can't afford in friendly neighbourhood in village close to towns. They'd want similar, but 3 bed.



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    Rachel 

    "Change is a prerequisite to longterm survival".

    The establishment is rigged so that the rich stay very rich, and the poor get poorer.

    Your caption

    "The establishment is rigged so that the rich stay very rich, and the poor get poorer."

    Just two changes needed here

    The establishment is rigged so that the rich get very rich, and the poor get very poorer.

    This is called the trickle up effect started by other than Thatcher in the

    https://www.independent.co.uk/news/busin...89183.html

    Universal Credit is one great example.... people are left with no money for 6+ week and if you took a loan from them to get over that period, they(establishment) will take a cut from the benefit that is not enough in the first place to get them over until next payment. What a laugh.


    Good luck with finding a place for your tenant.  Such LL are what the society needs caring about where will the tenant end up before disposing of the property.

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    Hi Rachel,

    Would you consider selling the property to another landlord with the tenants in place? Of course, it would also depend on the yield, purchase price and rent being achieved (relative to the market rental level for the area); but if they’re great tenants - i.e. clean, look after the property, pay their rent on time, are looking to stay on - then those are great selling points for a landlord buyer. The tenants would get to stay in their home and you’d continue to earn rent up to the point of sale. Just wondering whether that’s something you’ve considered? Reason for asking is because at Vesta Property we help landlords to buy & sell investment property with tenants in place; so a win-win-win for the three parties involved. Feel free to reach out if that’s of interest?

    Kind regards,

    Vesta Property

    https://www.vestaproperty.com

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    Hi there,

    Thanks for your reply. Unfortunately the house does not stack up at all for rental! Value circa £520K, rental £1,700 per month. I shouldn't think those figures work, but if they do, let me know by all means.

    Thanks

    Rachel

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    Rachel 

    "Change is a prerequisite to longterm survival".

    The establishment is rigged so that the rich stay very rich, and the poor get poorer.

    That's a gross rental yield of 3.93% - fairly typical for SE - esp close to London (ignoring SDLT etc for new buyer).

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    Update.

    I met the tenants last week. They're being great. They're naturally quite stressed about finding somewhere, but I told them my decision last week and said I will not be issuing their 2 month notice until the end of March. I've since responded to a worried email saying that if they haven't found somewhere within two months, and I haven't sold which is very likely in only two months, I'm sure we can sort something.

    They found somewhere and gave notice to leave on Saturday! I said although that made things quite tricky for me, they were completely entitled to do that. It fell through for them, but I'm still sticking to correctly advising them and trying to make it easy for them. I may lose out having to pay the mortgage if they leave before I sell, but they deserve it. They've paid me a lot of rent over the last 5.5 years. I owe them that.

    There are a few repairs they need to carry out, but I've said I'm happy to release the deposit once they're sorted, whenever that is before the end of their notice period.

    I decided to go with a local estate agent. I thought about on-line, but I need somebody to do it professionally. I was going to visit a couple of agents, but went with the first agent I visited who was who I originally bought it off 20 years ago! Very happy to have agreed 1% inc VAT with them, and they've been a pleasure to deal with so far. Regular contact and good advice, and I'm quite a demanding client!

    It's going on the market this weekend, although the floor plan won't be up until next week. That's important as it's a big tired old ex council house with not much kerb appeal, but inside it's a warm family home which flows well, and is bright and big. We need the floor plan to attract those looking for bang-for-their-buck in a village in Hertfordshire with a direct train to Finsbury Park & Moorgate.

    Tenants are being fully co-operative. I visited with the estate agent on Wednesday for measurements and photos, and had a long chat with the the wife tenant whilst the estate agent did his stuff.

    The agent did knock £25K off my researched asking price, but him and one of his colleagues put to me the info substantiating why they did that, and I think they're right. I think this price has more chance of attracting interest and potentially starting a bidding war. I think it's worth £520K with some good research to back that up, but I would have taken £500K. It's going on at £495K. That's cheap for what it is in my area, but I think it's a good idea to do that in the current market. And it means I don't have to spend anything on it.

    All in all, it's going well. I'll keep you posted if anyone's interested!

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    Rachel 

    "Change is a prerequisite to longterm survival".

    The establishment is rigged so that the rich stay very rich, and the poor get poorer.