Smartermind

Registered with Property118.com
Saturday 15th February 2020


Latest Comments

Total Number of Property118 Comments: 7

Smartermind

11:20 AM, 25th March 2020
About 2 weeks ago

We want to help - Recovering deferred rent?

If anybody thinks that things are going to get back to "normal" after 3 months then they are a bigger fool than Boris Johnson. The effects of this shutdown will be around for a lot longer.

So landlords need to stop thinking of their bottom line and start long term planning. I manage my son's property and I have advised him to give his tenants a 25% reduction in rent for the next 3 months and allow them to defer this month's rent. Then next month we will see what the situation is. As the tenants are overseas students they probably won't have recourse to government help.

These are difficult times and we are not in the situation when the tenants signed the lease. This is an emergency and everyone needs to adjust to that fact accordingly. It is difficult for Landlords and it is even more difficult for tenants.

So well done to Jonathan for giving his tenants a breather for three months. But be prepared for the tenants not being able to make repayments after three months.... Read More

Smartermind

11:49 AM, 24th March 2020
About 2 weeks ago

Business rates after forfeiting a commercial lease?

Reply to the comment left by Ian Narbeth at 24/03/2020 - 10:16It is doubtful that the moratorium will be applied retrospectively. No doubt business rates will want to recover previous debts incurred before the lock-down.
Some relief may be available from business rates for part of the period the property was vacant while it was empty. I know in Manchester relief is given for 3 months for an empty property. But that depends on that property being your sole property. If Saeed has a number of properties, then he should have leased the property to a friend on a pepper-corn rent while it was empty for 3 months to claim that relief.... Read More

Smartermind

20:56 PM, 20th March 2020
About 2 weeks ago

Student wants to abandon tenancy agreement unilaterally?

Why did you sign her up with zero deposit - that should have been a forewarning of what was to come. Show some compassion and cut your losses. You say she is just trying to get out of contract - but the Corona virus is real and not made up. Universities have closed. Do you really want a disgruntled tenant who may torch the place out of spite? Let her exit with a partial settlement and put the property on the market for the next academic year.... Read More

Smartermind

12:07 PM, 19th March 2020
About 2 weeks ago

Upstairs refuse to claim on their insurance for damage?

Why do you need a water tank in the loft. Water usually comes in from the ground and goes up the rest of the property. Your water must be coming from under your flat, going up to the loft and then back down to your flat. That is bizarre and your water supply/central heating system should have been overhauled to remove the need for the water tank and the need for access to the loft for the water to your flat. We had the water tank removed from our house and rental property when we overhauled the central heating boilers to combi-boilers a few years ago. You should consider doing like-wise.

With your current situation, you are on a loser and can't compel the upstairs flat to claim on their insurance. Even if they did, as others have stated, the insurers may then claim from you anyway.... Read More

Smartermind

17:52 PM, 11th March 2020
About 4 weeks ago

Called out Repairman - Nothing wrong - Can we charge tenant?

Reply to the comment left by neilt at 11/03/2020 - 15:44
I agree. Student tenants in my son's property reported a problem with the security alarm and wanted to disable it. They said it keeps ringing. I went and checked and it was fine, didn't ring once while I was there. They called again the following day considerably distressed saying the alarm still keeps ringing. So I duly went and checked it again and of course again there were no issues. So I questioned the tenants about when the alarm was ringing - they said it rings when we are in the kitchen! Transpires the novices-at-life had confused the smoke alarm with the burglar alarm. Always worth checking things out yourself unless distance is an issue. Of course they now want to disable the smoke alarm and wrapped it in plastic, which I've told them to remove. Advised them not to burn their food and open a few windows.... Read More