Bernard Adey

Registered with Property118.com
Monday 5th August 2013


Latest Comments

Total Number of Property118 Comments: 4

Bernard Adey

11:50 AM, 5th August 2013
About 7 years ago

The evolution of the Private Rented Sector - Deed of Assurance

Not much to add realy my wife and I run our letting business as a suppliment to our pension income we are now at the stage were either one of us could pop our clogs at which point all our assets go into trust. The trust will of course take over the portfolio, as niether we or the trust have any interest in living in the rented properties the situation is not likely to arrise that we would be compromised by offering a three year agreement. Although we deem it unlikely a dispute may arrise between the beneficiaries of the trust as to a decision to hold or sell may arrise so I can see no reason for us to offer a three year term. Our properties are one bedroom flats in London our tenants are always (so far) young proffesionals who have never asked for more that a twelve month agreement. Although we have had hold overs of seven years in one case and three and a half years in another. Shortest let has been over a year even on a six month agreement and voids have been minimal longest being two months including about one month during renovations and christmas. Treat your tenant properly, keep your property in tip top condition, hit break downs of appliences promptly, charge fair but realistic rents, and they will stay. Why compromise your situation will long term agreements ? I do like the idea of the deed of assurance and would be willing to offer it to some tenants as long as they stack up on the employment and income references.... Read More

Bernard Adey

9:23 AM, 21st June 2013
About 7 years ago

Landlord power can and will get Deposit Protection rules clarified

The Statutory Periodic Tenancy issue was the hot topic at last Tuesday's NLA meeting in Guildford. Although the consensus was that further clarification was urgently needed, a local solicitor was of the opinoin we should all get a notice sent to our holding over tenants pointing out that a new tenancy had been created by default and stating that the depoisit remained protected by the same organisation that it was originaly covered by, request an acknowledgement to the notice. My opinion is that most of my tenants will not understand what the hell it is all about but I think the danger is that one might be a barrack room lawyer who sees the oportunity to get a huge payout and if successful all the others might follow suit. There for I am doing nothing except waiting for more clarification to emerge. I suspect that if common sense doe's not prevail us landlords will at a stroke solve the housing shortage by all serving section 21 notices and putting our property on the market.... Read More

Bernard Adey

21:56 PM, 20th April 2013
About 8 years ago

Do tenants have choices?

I recently had two vacancies out of my five units and as I an getting older ( past it ? ) I decided to use an agent for the first time in a long time, my leaving tennants had been in residence for three and a half years and seven years, I first gave the property to an agent who I had used in the past and was quoted 7% for find only service for a one year SHT plus £100.00 for documents and any insidentals, plus VAT. No agreement to sign up to as they work on a hand shake with landlords they know and worked with before. They also charge tennants £100.00 plus VAT for credit checks and incidentals. After six weeks I had had a number of viewings but no offers so I told the agent I wished to try letting myself by advertising vie Discount Letting cost to me £59.00 plus VAT including three basic credit checks and free download of SHT agreement form and other useful forms ie guarantor form and Bank standing order form. I said to the agent I wanted to lower the asking rent by the equivalent of the fees I would save by not having to pay agents fees and VAT and he said he was OK with that but he would keep it on his books at the higher rent as long as I agreed to accept his tenant if he found one, subject to status of course, and in that event I would pay his fees. After two weeks I let one unit myself but niether I nor the agent had any offer on the other, so I decided to look at other local agents and had a shock. My research on the net gave me an Idea of which agents were most active and so I approached the nearest one that rated highly They quoted me 11% plus VAT plus £200 plus VAT for paper work, plus what I thought was illegal a repeat annual charge on the annual anniversery of the tenancy agreement until the tenant left. I think everyone in the letting business must remember the 'Foxtons' saga many years back now I thought that had put a stop to charging fees for doing nothing but I must be wrong. When I told the agent that I would not accept such onerous terms he offered to negotiate, but I told him I have principals and would never deal with anyone who would even consider trying to make such an agreement with some unsuspecting landlord as if that is what he would do to person who could become a regular customer what would he do to the tenant who probably he would never have to deal with again. My happy ending was that I let the other unit two weeks later to a first class tenant who told me that she thought I was joking when I asked her for £25.00 for the reference check as she had been to Foxtons to look at a flat and was asked for £500.00 for the paperwork. I ask for £25.00 as I do not rely on the free check from Discount Letting I always follow that up with a much more comprehensive one through an insurance company. If the let goes through to completion I refund the £25.00 after the deposit has been paid.... Read More

Bernard Adey

18:18 PM, 27th March 2013
About 8 years ago

PureLocation.com - Useful for online due diligence for landlords?

I think PureLocation.com could be a useful tool for letting a property it does not give any misleading information just facts that would support a landlords claims about the desirability of any particular area.

I had not heard of the site before but will certainly use it to add to my next vacancy ie Low Crime area Average rents in area etc.... Read More