LordOf TheManor

Registered with Property118.com
Saturday 20th February 2016

Latest Comments

Total Number of Property118 Comments: 42

LordOf TheManor

0:14 AM, 3rd July 2020
About A week ago

2nd BTL 2 bed Vs 3 bed?

I'm easily with Neil on this one!

We're in changing times and with home-working set to be one of the new norms, a third room whether bedroom or office has to be the new 'gold' in the rental market, particularly so with 'central' and 'parking' on the list of desirables.
The 2-double bed market has always enjoyed popularity in high demand areas as it meets the demands of both down and upsizers.

My view is that as a result of more home-working becoming part of the 'new norm', housing demand will shift, making 1930s properties more attractive than ever with their '2 doubles + box room' layout perfect for this new demand for homeworking space.

Same realism for '2 bed' flats that are 1 double, 1 single. The reality (I believe) is that these will soon be redefined/remarketed as one bed flats with separate study/office space and prices will reflect what is on offer for this new view of usable accommodation/much in demand if more home-working firmly becomes the new norm.

For the situation of the property, if I were you, I'd go for the 3-bed, no question about it. Buy it and target your rental market accordingly.

Lord... Read More

LordOf TheManor

9:00 AM, 2nd July 2020
About A week ago

Electrical Safety Standards from 1/7/20 new tenancies and 1/04/21 existing

All the above I noted and I had the work lined up for April......

Most electricians are furloughed until later this month when they can go part-time.

Has anyone tried getting hold of an electrician lately????

With student house change-over yesterday (01 July) and two universities in Bristol, how easy would you guess that has been during lockdown????

My places are uptogether and regularly checked, however to do the EICR inspection then return to remedy any C2 issues requires 2 appointments for one property plus the time to obtain the supplies for the job.

All this done and socially distance-juggled and timetabled around other trades..... one in, one out. I completed my third re-let during the lockdown yesterday and it's been bloody hard going!!!

It would have been very helpful if the government, or even our housing minister, had recognised the new guidelines of 01 July clashing with the furloughed status of most electricians - and appreciated what a big ask it has been to achieve.

Lord... Read More

LordOf TheManor

16:00 PM, 29th May 2020
About a month ago

Should I let to family through my limited company?

I had no other 'personal relationship concerns' either, Jay. The errant relatives of mine were in the same situation as yours is now. In their previous accommodation, they got housing benefit and paid their landlord on time, every month for over two years. I'd furnished all the big items of that flat for them as it was their first home. The family seniors happily chipped in with the practical smaller items that make a place a home. It was an exact re-enactment of what we'd done for the younger brother of the relative in his first flat a few years before i.e. no sign of anything untoward in the mutual pulling together of a family.
The offer of better paid work was the reason the errants moved towns - and subsequently into one of my flats, close to all the family who'd put the two homes together previously. Should have been an ideal situation + they gained family childcare support saving nursery fees
HB was applied for and was easily approved via transfer information between councils and paid to tenant relatives to pay me, expecting to be reviewed with the new job opening - starting within a couple of weeks. Tenant-relatives decide the pay was not worth the effort to earn the wage. (Basically, they can't get out of bed to get there). HB comes in, they decide to live on that instead - so I don't get paid.
Somewhere along the line, their allegiance to their landlord - relative dissipated. They didn't feel obliged to pay their rent (maybe because it was me, not a stranger?) nor did they look for different work or any work. I found them pay-rolled work at 50% more than the job they'd moved for. Their conversation was about wanting more time to settle than look for work at that time.
The surprise they had was when, after 2 months in arrears, the HB got paid direct to me. There were no issues from the council with that, none whatsoever. Because I'd stopped the errant relatives living off HB and by doing so had changed their status to 'adherence to jobseekers' conditionality' (and much lower income) was the nail in the family coffin.
The blackmail retaliation aimed at me was at the expense of the senior relatives, who passed away while this played out. There were family members who could've stepped in but opted to do nothing in case they were similarly denied access to the child of the tenant - relative.
So, in summary, Jay..... I am sure you will still say that you have no such qualms that your family will behave this way (but it doesn't mean they couldn't!) However, I hope your crystal ball works better than mine ever did.
Furthermore, I would add that circumstances change for everyone along the life-cycle, which includes YOU, Jay. If your health deteriorated rapidly, for example, and you had to make decisions with only YOU in the frame..... how secure would your tenant - relatives feel then? Is there any separate provision for them as just ordinary tenants or are you breeding a dependency on your inheritance? Just asking???
Final point: have you considered the changing dynamic in your family set-up by housing family? Family and friend relationships are usually most successful along the lines of equality, i.e. the give 'n' take of our natural relationship and the sharing equality of 'stuff' and 'personal effort' that goes into the mutual joys we share. Please ensure that you are not creating a potentially damaging new 'master and servant' relationship within your family that has't existed before. Only saying....... good luck to you!... Read More

LordOf TheManor

11:04 AM, 29th May 2020
About a month ago

Should I let to family through my limited company?

For what it's worth, I had exactly the same horrible experience as Steven. My charity began at home..... with all the very best intentions. Never again! I was blackmailed - however it was innocent senior members of the family who paid the ultimate price by being denied access to their great grandchild. I was expected to cave in. The emotional pain was unimaginable and has decimated the family. I would never interfere with fate now. I would let the council sort it.... Read More

LordOf TheManor

18:43 PM, 22nd May 2020
About 2 months ago

Are rent guarantee policies still being offered?

I'm with Warren on this one, Jason.

Tenants' circumstances can change - and they do - even if they meet the acceptance criteria for RGI. All it takes is for a couple to split up, one moves out and leaves the other unable to afford the rent. The 'nicest people on earth' until then, decide they won't or can't pay. Court costs and legal fees with no rent coming in is stressful enough, but even more so if you have a BTL mortgage to finance from your own pocket.

Not many rents in my letting area are less than £1000 a month. The process of eviction takes time (4- 5 months at the quickest speed) and judges always use the tenants' deposit to reduce the rent debt. Expect another month cleaning and clearing the property at your own expense. Repairs, too - all while there is no rent to cover it.

Both my claims ran into thousands of pounds, £12k and £10k. I paid £100 each for the policies. Twice over, it proved to be the best £100 ever spent!... Read More