UK Landlord Forum / Life

I'm arranging viewings for a property I have to let at the moment.

There is a person that is very interested. However these are their circumstances and offer to me.

The person interested owns their own house and have just put it on the market (within a month).

They're looking for somewhere to move in to but not right away. They want to let my property in a friends name. The friend currently pays a lower rent elsewhere. The friend would pay the rent to the person selling the house who would "top it up" and pay me the full amount.

Once they've sold the house they'd replace the friend in the property and change the tenancy to their own name.

What do you think. Not had this request before.

Turn around, walk away at a high rate of speed. You do not need complications. Let them sort things out or wait for a new Tenant.

Thanks for the advice. It does sound very fishy. I suppose I'm just desperate to get someone in as quick as possible.

I'm tempted but it sounds wise to wait for a less complex offer

No matter how desperate you are, there is nothing more expensive than a bad/dodgy tenant.  Be patient.

Thanks Riptide. Will be patient and wait.

Quote from: CaveDweller on March 18, 2015, 08:00:40 AMI suppose I'm just desperate to get someone in as quick as possible.

Never do this.

Of course it can be annoying if your property is on the market for a few weeks or a month and no-one has taken it, the bills are mounting-up, you've probably got a small(!) Council Tax bill to handle as well... but don't let your desperation to get it tenanted force you into bad decisions.

I recently let a property (that went in 1 day in 2014) after being empty a month in 2015. I was thinking "what's wrong with it now?" but it just took time.

I'm just about (hopefully this morning) to agree a let on a property that's been on the market 6 days - but the tenancy will not start until 17 Apr - that's a whole month from now. I had competing offers on the property but I was relaxed enough to (hopefully) choose who I thought was the best Tenant.

If you can plan void periods into your overall view of the world, you will get on a lot better. It's hard to do, but certainly possible. Anything that goes in a shorter period than the void you've planned for is a bonus, but all your numbers must work with voids being part of the overall calculation.

Some people calculate their numbers on a rental income equivalent to 10 months per year! 11 probably works, but 12 is a bit unrealistic.

Thanks HIPPOGRIFF.

I suppose I'm just a bit too eager.

Need to take a deep breath and wait for the right person.

Yes, I agree.  This will end in tears, it has disaster written all over it.
Try a quick free ad in gumtree.  Works for me.

Just spoke to them. They're still dead keen. Have offered a guarantor to ensure they can pay the bill should the sub-tenant move out.

What if I insisted both were on the contract and had a guarantor? I'm thinking that covers me?

If the sub-tenant moves out then I could get the guarantor to pay up if the main tenant couldn't afford it.

Quote from: CaveDweller on March 18, 2015, 12:39:47 PM
Just spoke to them. They're still dead keen.

I bet they are.  People usually are when they are trying something on.

You're obviously coming round to some sort of unconventional tenancy arrangement, allowing 1 party to sub let to another whom you don't know.

Walk away, don't look back.  Find a 'normal' tenant.  There is nothing more expensive than a bad/dodgy tenant.

It just hurts turning down a tenant and leaving the property empty. I thought by having both on the tenancy and getting a guarantor I'd be covered.

Spoke to them again. They don't want the tenancy in both names. Just the one. I asked about credit checking both and they advised the sub-tenant would fail a credit check.

I'm going to bow to your experience and give it a miss. It's seems to get more complex the more I dig.

Thanks for the advice.

Quote from: CaveDweller on March 18, 2015, 01:08:16 PM
It just hurts turning down a tenant and leaving the property empty.

Let the property to them.  Come back in 3 months when you've only received 1 months rent, are 3 months into a 6 month AST and are going down the section 8 route, only for them to bring the arrears to less than 3 months, then wait to serve a section 21 notice to expire at the end of month 6 and start expensive possession proceedings and then tell me what hurts the most.

There is nothing more expensive than a bad tenant.

Quote from: CaveDweller on March 18, 2015, 01:08:16 PMI'm going to bow to your experience and give it a miss. It's seems to get more complex the more I dig.

Thankful to read this.

Very good point RIPTIDE.

Not really explored what I'd have to do to evict a tenant. Looks horrible and expensive.

Quote from: CaveDweller on March 18, 2015, 01:43:29 PM
Very good point RIPTIDE.

Not really explored what I'd have to do to evict a tenant. Looks horrible and expensive.

You really need to have a very good idea what to do at the start, middle and especially the end of a tenancy.  Suggest you do alot of reading.  There are 'professional' tenants out there that know how it all works backwards and will take you on an expensive and horrible journey if you let them.

How many pages is your inventory for example?
You know to only give a 6 month AST don't you?

If you can recommend a link for me to read up on I can check this out. In terms of experience I don't have much. I'm using a service called open rent. I was going to take their stock tenancy agreement and also was going to do an independent inventory via "open rent". It costs £115 for a 3 bedroom house. They have a sample inventory on the following link:

https://www.openrent.co.uk/landlord-inventory-and-check-in-services

I wasn't going to use the check in service. Just the inventory.

If you'd advice against their service please let me know. I've assumed their standard contract and inventory would be sufficient but have no experience.

3rd party inventory is a great step.

I would seriously just read the main site here for starters, there are lots of good guides aswell as the owners blog posts.  The attitude he shows towards his houses and the tenants can seem harsh at times but what he says in them and the anecdotes contained within are helpful to try and get you to have the right attitude.

Letting a property is easy with good tenants.
Letting a property is difficult with bad tenants.

The tenants make and break letting a property out.  There is legal stuff that applies to every tenancy, this is easy to comply with and is property rather than tenant specific so make sure you get that side 100%.  Then just fin yourself good tenants.

Thanks. Will check out the blog posts.