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