Darren Peters

Registered with Property118.com
Saturday 2nd January 2016

Insures properties through a broker recommended by Property118
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Latest Comments

Total Number of Property118 Comments: 129

Darren Peters

11:38 AM, 26th March 2020
About A week ago

PLC's pushing small landlords over the edge

Reply to the comment left by Ian Narbeth at 26/03/2020 - 11:25
"Alternatively, tenants will go for a Company Voluntary Arrangement (CVA) and impose rent reductions on landlords."

leaving temporary Covid laws to one side, who imposes this on a landlord? official receiver, Courts? Does the landlord have the right to forfeit the Lease and take control of the property? (If they want to?) Or must they accept by law?

Does the voluntary arrangement attempt to state the rent is too high so should be adjusted? In which case an independent valuation could be used to counter. Or is it just, 'the tenant can't afford to pay so you have to take a cut'?... Read More

Darren Peters

10:04 AM, 26th March 2020
About A week ago

Tenant leaves with 3 years left but 4 years commission paid to agent?

My own view on this (and I'm not a solicitor or legal person so take with a pinch of salt...)

The agent isn't going to help you, they are clearly looking after their commission and nothing else. After this has been resolved don't use them again.

The guarantor isn't going to help you take money off him. Not remembering signing something is no excuse for anything. He/the company wants to walk away scot free.

Both company and agent seem to be pushing you to hand over money and walk away with the carrot of you getting the flat back.

Being mercenary how likely is it that could you re-let the flat in current lock-down circumstances? I suspect almost impossible. If you take it back you have the running costs, if you play the long game, the tenant is still on the hook for the running costs, at the least. Plus at time of writing tenant doesn't get 3 months rent free but a defacto rent holiday as you can't evict for the next 3 months. Ie in 4 or 6 months time they will have been building up debts with utilities & council tax instead of you and, with the help of your solicitor, the guarantor will be under pressure for 4 or 6 months' rent.

Nobody else in the scenario is on your side so get your solicitor involved. Don't "break the contract" before your solicitor advises as that gets the agent off the hook. Similarly don't return the deposit, see what your solicitor says first.

DO check with a solicitor, even if it's just damage limitation... Read More

Darren Peters

9:35 AM, 26th March 2020
About A week ago

PLC's pushing small landlords over the edge

If you do agree any reduction, ensure it is as a deferral and not a waiver.

You will not be allowed to waive your debt, at best you'll get a holiday and extra interest payments. It's not your job to subsidise large, successful PLCs... Read More

Darren Peters

10:50 AM, 5th March 2020
About a month ago

Rent controls might appear attractive but they would be a disaster

Mr Khan talked up rent controls in his last mayoral campaign but he doesn't have the power. It's just electioneering. He might have been naive last time, this time he has no excuse.

Before power
"I'm going to give everyone magical unicorns if I come to power"

After power
"It's not my fault, central govt won't grant me a unicorn licence and won't give me the money to feed the unicorns. Blame Boris for the lack of magical unicorns!"... Read More

Darren Peters

21:08 PM, 25th February 2020
About a month ago

Declaration of Trust not Executed on Death

Reply to the comment left by Joyjoy at 25/02/2020 - 14:02
Sorry to hear that this is the sorry outcome. Thank you for updating us.... Read More