Should I sell or risk tenants buying at undervalue price?9:08 AM, 25th September 2019
About 3 weeks ago 48
I have given a few properties to a guaranteed rent agency to manage, handle licences, bills, tenancies etc. I gave most of them early last year with a one year contract.
Since handing them over, I have been out of the country and having just returned to attend a wedding. I have found illegal partitions, house rooms being rented as HMO, but no licences applied for, all bills put in my name and not paid, all tenancies drawn up between the agency and tenants.
I have had threatening letters from the council saying that rules have been broken and the house should immediately cease being an illegal HMO and turned back into a family dwelling, but tenants refuse to give names, accept section 8 notices or move out.
I tried to speak to the agents, they have vacated offices, won’t answer phones, and although the tenants are paying the rent. The company have now stopped paying me. The agreements have expired, new ones were to be signed during this visit and I really need to go back abroad due to family illness and I don’t know how to move forward.
Any advice would be much appreciated. At one stage I got so desperate to sort out the situation, I was thinking of selling and going, but offers from cash buyers was 100k under market value.
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