Rent to Rent Operator challenge?
Hi everyone, I am reaching out to seek your advice on how to address a challenge I am currently facing.
I have owned a property managed by a Rent to Rent (R2R) operator since last year, and as of this October 2024, the operator has failed to remit the rent to me.
Despite my attempts to contact him, he continues to provide me with excuses and promises to resolve the issue as soon as possible, which has not yet happened.
Our agreement stipulates that the rent should be remitted by the 5th day of each month.
Please can I ask how best to handle this situation before it escalates further?
Thank you for your help.
Tolu
Editor’s Note:
Please see Julie Ford’s Article >> Rent-to-Rent Disaster Averted – How I Helped A Landlord Reclaim Control of Their Property
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Member Since October 2013 - Comments: 1650 - Articles: 3
12:49 PM, 22nd October 2024, About 2 years ago
Sound like he is no longer receiving rent from ‘his’ tenants.
He is your tenant and liable to you just like any other tenant. The problem is, he may well have tenants in situ, refusing to pay. To my knowledge, you can’t evict them because his name is on their tenancy, and he’s unlikely to want to spend money on an eviction.
I don’t know the answer, but would be very interested to know.
Member Since June 2019 - Comments: 787
12:56 PM, 22nd October 2024, About 2 years ago
The options depend on how this was set up, was this a commercial lease or an AST?
Member Since July 2023 - Comments: 2
4:56 PM, 22nd October 2024, About 2 years ago
Reply to the comment left by NewYorkie at 22/10/2024 – 12:49
Thanks
Member Since July 2023 - Comments: 2
5:09 PM, 22nd October 2024, About 2 years ago
Reply to the comment left by Paul Essex at 22/10/2024 – 12:56
Dear Paul,
Thank you for your feedback. The property in question is intended for residential letting, not commercial purposes. I acquired the R2R Agreement lease contract template from this platform and made modifications to align it with my specific letting requirements. This property marks my initial venture into property ownership, and I opted for the guaranteed Rent2Rent (R2R) agreement. I really need help to know how to handle it, if I can go and tell the tenant leaving there to stop paying him.
Member Since October 2020 - Comments: 1186
9:53 AM, 23rd October 2024, About 2 years ago
You need legal help. Rent to rent is the scourge of the letting industry and you made a big mistake by getting involved.
Member Since March 2023 - Comments: 1509
7:48 AM, 25th October 2024, About 2 years ago
As you have found out there is no guaranteed rent to rent option.
Speaking to the tenant direct may help. At least you will be able to see what kind of tenant they are and size up the issues you may have in trying to get them out.
I believe the Labour government are also proposing that in these R2R situations the ultimate landlord (YOU) will be responsible for any reparations incurred to a tenant (eg. deposits etc) if the tenant can’t get the money from their landlord
So looks like R2R is dead now
Member Since October 2013 - Comments: 1650 - Articles: 3
10:26 AM, 25th October 2024, About 2 years ago
Reply to the comment left by GlanACC at 25/10/2024 – 07:48
A lot of landlords will be caught out as R2R operators disappear and the RRB becomes law.