Do I rent flat to London Housing Trust?

by Readers Question

10:28 AM, 6th August 2015
About 3 years ago

Do I rent flat to London Housing Trust?

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Do I rent flat to London Housing Trust?

After a year long battle, I have finally managed to get my flat back from the council tenants. Now my agent is recommending me to give my flat to London Housing Trust. london housing trust

He speaks highly about them as it is the guaranteed rent and they give property back in the same state as the take. I am bit nervous as the people they house are vulnerable people ( drug addict, people with mental issue etc..).

I am not sure whether to go for the tenant or do I need to take any special care (any insurance or tenancy checked by solicitor or HMO licence).

Many thanks in advance for your advice.

Mustaq



Comments

Teg's Dad

13:09 PM, 6th August 2015
About 3 years ago

Is there a shortage of Professional tenants in the area where your flat is? If not, stick to professionals.

I have no experience of London Housing Trust, but having let property to local authority "approved" tenants on a few occasions, I now would rather leave them empty than go down that path again.

Why is the agent so keen? Are they getting a kick back from LHT? What sort of lease are they suggesting? Presumably they want LHT to be the tenant with permission to sub-let to various people? If that is the case then it is a simple contract since the Trust would have no rights under the Housing Acts because they are a company rather than an individual.

Newbie Tailor

15:45 PM, 7th August 2015
About 3 years ago

Hi,
Thanks for you reply. My flat is located in Norwood (Se25 4UX). I dont think there are many professional people live in that area.
This lease is through Greenwich let on behalf of LHT. they provide guaranteed rent for the period and apparently they guarantee to give back the property in the same condition.
By the read of the LHT website (http://www.londonhousingtrust.org/about/our-landlords/) , what my agent is suggesting is true.
Its just I want to know if anyone has any experience dealing with this kind of let and to know how easy to get the property back in case of rent areas.

Many thanks for your help.

Teg's Dad

16:54 PM, 7th August 2015
About 3 years ago

If they are offering a normal contract, i.e. you are letting to company rather than a person, then it is easy to recover the property if there are rent arrears.

Badger

11:42 AM, 8th August 2015
About 3 years ago

Norwood is not that bad.

Do you know the area yourself?

I would be very surprised if there are very many areas in London which are complete no-go areas for professional tenants.

I would not go the LHT route myself. I have studied several contracts for similar organisations but have always backed away in the end fearing just what Teg's Dad has experienced in practice.

Mandy Thomson

15:15 PM, 8th August 2015
About 3 years ago

I let in that general area (one bed flats) and have young professional couples biting my hand off for well presented and comfortable accommodation! When I last bought a property, I barely had time to familiarise myself with it and get in cleaned before the tenants moved in.

While I believe the pending landlord licensing scheme in Croydon will put off landlords, I don't think it will deter prospective tenants unless rents are significantly affected and or the quality of housing declines (which it will to some extent as landlords will have less to spend on maintenance).

Newbie Tailor

23:17 PM, 18th August 2015
About 3 years ago

Reply to the comment left by "Badger " at "08/08/2015 - 11:42":

Hi,
sorry for delayed response as I was out for a week.
I don't live in London and not familiar with the area. I have said no to LHT as they offered only 1100 for 3 bed flat. Currently. I am decorating the flat which will be completed in couple of weeks. I have asked my agent to put the property in the open market now.
He also recommended me to let it to a company which sublet to NHS people, they offered 1200 but need longer contract(3 years). zoopla suggest that I can get upto 1300 rent in that area so not sure about letting it to NHS ppl.
As this is my first property so not sure that renting it to a company is good thing compare to private tenants.
Any help will be much appreciated.
Many thanks for your comments.

Teg's Dad

10:57 AM, 19th August 2015
About 3 years ago

Newbie, Google similar flats in that area and private lets on Trade-It etc to check whether the Zoopla valuation is accurate. Your agent seems keen that you let it to the LHT and then another company. Have you tried contacting other agents in the area for a valuation. Agents should be able to give you a rough guide over the 'phone although they will want to fine tune it when they have seen the actual property.

My motto, as a landlord and as an agent, is "Let in haste, repent at leisure"!

S.E. Landlord

20:05 PM, 19th August 2015
About 3 years ago

I would only let initially for six months with a view to extending. I would not let to a company that was going to rent to somebody else - you will remain legally responsible for the property without control of how many people are in the property or how often tenants change.

I would look for another agent - go to at least two others - see their offices and how you get on with them. I would also do my viewings.

Teg's Dad

15:30 PM, 20th August 2015
About 3 years ago

S E Landlord, unfortunately he does not live in London so not practical for him to do his own viewings. He should, as you suggest, check with other agents. Not all agents are the same.

S.E. Landlord

9:01 AM, 21st August 2015
About 3 years ago

Certainly I would check out other agents. If not practical to get into London then must leave to an agent but I would set criteria as to type of tenants and ensure references are taken. if not too far from London I would arrange all viewings for a Saturday morning and do them myself.


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