'Rent to rent' tenant fined

'Rent to rent' is the latest get rich scheme put forward by the 'get rich property pundits'.  I've commented before that 'rent to rent' is not only immoral from a landlords point of view it is almost certainly illegal.

Just to back up my sentiments a recent case in London involving a 32 year old tenant Vivek Strivastava establishes this.  He was recently prosecuted by Camden Council for renting out his Council property to students and was found guilty of two charges under the Fraud Act.  He was fined £10,000 and ordered to pay £6,000 to cover the Councils legal costs.

I hope that this case sends out a clear message to any tenant who thinks it's OK to rip off their landlord by illegally sub-letting their rental property.  'Rent to rent' is simply wrong.  Right!
  
Landlord insurance - professional rates

Get your property on Rightmove for LESS

After my warning this week over using the free letting website Gumtree most landlords realise to give themselves the best chance of letting their property quickly and to quality tenants they need to get it listed on Rightmove.

There are now a number of websites that allow landlords to get their property listed without using the full services of a local letting agent.  These include the likes of : UPAD, Landlord Direct and Letting A Property.  The functionality of all these services have improved massively over the last few years and now it means that landlords can get their properties listed on Rightmove, with photos and description in minutes rather than hours and all for less than a hundred quid.

The guys at Letting A Property have very kindly given all Property Hawk users a £20 discount off their usual fees.  So feel free to try to let your property by trying one of the free letting websites.  But if you want to get your property let quickly you really do need to get it on Rightmove.
 
Get me on Rightmove for LESS

Gumtree warnings

I've written before about my less than satisfactory experiences with trying to let my properties using Gumtree.  I know it's free for the first couple of rental adverts, but despite trying the service at least half a dozen time I've never bagged a single tenant with it.  Having said that Gumtree has been great for letting my garages.  I've let them all through Gumtree and have had a cavalcade of exemplary tenants.  On my rental properties ...nothing, zilch!

Gumtree rental scams

It therefore doesn't surprise me when I read that a number of people are using Gumtree to scam unsuspecting tenants by setting themselves up as bogus landlords and then requesting money from unsuspecting tenants.  After the money has been BACS or transferred to the 'landlord' the tenant never hears from them again.  OK...the tenants are somewhat naive parting with money without a tenancy agreement in place but it does highlight the fact that Gumtree without any filters on who uses it and no upfront investment in time or money Gumtree can be a bit of a lettings jungle.  Landlords be on your guard!

Have you had a good or bad experience of trying to let your property through Gumtree - please post your comments below.
 
Get my property on RIGHTMOVE.

Tenant warning signs

I've had a new tenant for 9 months and there are a few warning signs that have made me uncomfortable.  Now I could wait for a tenant car crash or I could take action.

Listen to your landlord instinct

My approach to letting is always to listen to your landlord instinct.  Is there such a thing?  I think so and mine has often proved to be right...  My new tenant...is 9 months into her tenancy.  From the start she was not the sort of tenant I would normally expect to take on.  In other words they haven't got a regular job and a clear means of support.  Like many landlords keen to let their property you sometimes have to make compromises.  Sometimes they work out.  I have had one tenant who is a DJ.  God knows how she makes her money.  I don't think she is any kind of David Guetta but she always pays her rent and has been with me for 6 is it 7 years.  The gamble paid off!

Tenant warning signs

My new tenant.  Tenant XX (a woman).  She's a victim.  Life has happened to her.  That's not good! To date she has been locked out twice and had to break in once at my expense when I had the locks changed.  The place has turned into a tip.  No self respect or pride in your appearance generally means no of a lot of respect for others including the landlord.

Missed rent payments

The latest incident was a missed rent payment.  She did subsequent make up the full rental payment during the month but missing out on the rent is again a worrying sign.

Time to act!?

I'm thinking that all these factors are makng me nervous.  It's time to act.  What I can do is to issue a section 21 notice.  In that way at least I have an accelerated route to possession.  I know that if that's the route it goes down it wont be easy.  But it does give me the certainty that I will get my rental property back in a reasonable time frame.

Live ain't ever easy when you get a new tenant.....but don't ever ignore the warning signs!

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Burgalaries - the statistics

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Report finds landlords happy to let to tenants on benefits

A study conducted by DSSmove.co.uk last month has reported that approximately 75 per cent of agents and landlords are happy enough to rent out their properties to tenants receiving Housing Benefit.

Yet contrary to popular belief, nearly 61 per cent admitted that their biggest fear was not property damage – with many under the assumption that LHA (Local Housing Allowance) tenants were just as likely to cause damage to property as much as private tenants – but in fact, rent arrears. Additionally, around 40 per cent of those questioned strongly believe LHA tenants maintain their property as private tenants.

For quite some time opinions have remained divided over tenants on Housing Benefit. It’s positive to see that research is going into this so there is visibility on statistics.

The industry should be working together to strengthen landlord and tenant relationships; not weaken them.  Just 33 per cent of letting agents and landlords felt fraudulent behaviour to be considered a risk amongst LHA tenants, while around half think it just as likely with both private and LHA tenants.

As with any responsible landlord, just by making sure you have the correct protocol in effect can help improve tenancy standards , The landlord sector has undergone a huge transformation to ensure it upholds high standards – resulting in many landlords increasing their property portfolios.

By successfully encouraging landlords to consider both private tenants and those within the Housing Benefit category, has in turn widened the availability for tenants on both sides of the property coin.

How can I ensure adequate coverage as a landlord?

With many recognising the advantages to enlisting the help of a specialist provider, more and more people are turning to brokers for their landlord insurance needs. By working with a broker to tailor a quote that covers your specific requirements, you can be safe in the knowledge that everything important to you and your property is covered. For leading advice from one of the UK’s most prominent property experts, talk to the experts at Total Landlord Insurance today.

Total Landlord Insurance