HardworkingLandlord

Registered with Property118.com
Sunday 25th June 2017

Trading Status
Joint

Insures properties through a broker recommended by Property118
Yes


Latest Comments

Total Number of Property118 Comments: 6

HardworkingLandlord

14:00 PM, 26th January 2020
About 2 months ago

Evicted but when should we enforce £20,000 debt?

If she's self employed through some kind of limited company entity, then the funds will be hitting the company account, not hers. Presume she is not on benefits otherwises its fraud of course but the services don't seem to care about this. But at some point she will need to take a salary or dividends and then these are officially declared via self-assessment so it could be up to 21 months after her first salary or dividend hits her account becuase self assessment is done January after April when tax year ends so this is the point you can get her in the small claims court. Good luck... Read More

HardworkingLandlord

13:49 PM, 26th January 2020
About 2 months ago

Rent guarantor service - Should I proceed?

Sorry I should also add a general rule about personal guarantors - don't ever sign with such a guarantor in Scotland if you are in England/Wales - different legal system means that a Scottish guarantor can obstruct an English small claim case by asking for it be transferred to a Scottish court meaning you have to travel to Scotland for hearings and the Scottish system runs at a snails pace compared with say, a London court.... Read More

HardworkingLandlord

13:41 PM, 26th January 2020
About 2 months ago

Rent guarantor service - Should I proceed?

You can also take rent in advance e.g. 6 months in advance but if you, you must must must be clear that at month 4, you collect the next 6 months rent. Do this for a year or so until you build trust to move to monthly payments which worked well for a new East European immigrant with no credit record.

But remember that 4 month rule must be strictly enforced and written into the contract. The problem I had with another tenant was they relaxed for 6 months and didn't raise funds the next round of funds so by the time I got the next 6 months, she was already 2 months behind i.e. month 8. This got worsensed and eventially I ended with an unpleasant eviction. If you make the 4 month rule clear up front, chances are that the tenant will plan and arrange to raise funds by month 5-6 - always leaving you with some buffer. If they cannot agree, then don't take them. Good luck... Read More

HardworkingLandlord

14:37 PM, 2nd February 2019
About A year ago

RLA response to Khan's rent controls

This is a scary prospect and one that is very likely to land as Sadiq is very likely to be re-elected and his people are saying 68% of Londoners want rent controls - even though rent is flat in London or falling slightly with RPI then this would be a populist campaign theme that surely all parties would have to back?

Already, as each year goes by, my margins are being cut as rents fall and regulation and tax pushes costs upwards and I have less to invest in upgrading property and now I see myself sliding downmarket when I started out in the premium end and at some point soon, I will be loss making.

These populist attacks on landlords are not going to stop. The problem as I see it is that us landlords are not giving up - we should be selling in our droves and pushing down prices thus hurting the general home owning population and scare the lenders who, only then, will sit-up and take note that maybe its time to stop attacking landlords. In Germany, I notice that rent controls also stop property price rises over time.

I did try to sell when things were good a few years but have all sorts of complications with leases, neighbour dispute etc. so I have to sit it out before selling up. Surely we are not all in similar boat - some of us must be sitting on fantastic gains that could be realised? Usually the rest of the country lags London so if London is falling then the rest of the country will so while we are heading for a stuffing in London, those regional landlords who are not serious, should consider getting out now?... Read More

HardworkingLandlord

13:56 PM, 15th December 2018
About A year ago

Rubber Roofing system - Lender & Insurer views?

I had EPDM (rubber roof) fitted on my own fully refurbed home 5 years ago - fitted to the flat roof parts - loft conversion and ground floor extension covering a very large percentage of the overall roof. Havent been any been any problems or issues with insurers. But on the ground floor area, the roof has been setup like a giant gutter capturing water from all around the rear of the house which then drains at one end. Lots of little patches where glued together to make a neat large drain exit to the normal downpipe so I guess EPDM is easy to mould around odd shaped fittings and I do slightly nervously keep an eye for leaks or glued bits coming undone but absolutely no problems so far.
Only one thing I would say and I wouldn't have noticed it until we had a passing roofer who said EPDM is loosely fitted - its not stretched flat so you get little pools of water which quickly encourage green and licheny growth etc. making my 2 year old roof (as it was at the time) look like a 20 year old roof! I don't see an issue with this.... Read More