I had a call about one of my properties in the Middlesbrough area that has gone downhill quite a way since I bought it 10 years ago.
It was one of John Paul’s merry crew at Castledene who told me that the place has had its back door kicked in, all copper piping, cable, boiler and even the almost new carpets pinched. It has been void for 2 months despite the offer to the local Homeless Unit and other caring organisations.
Evidently there are no homeless people in Middlesbrough who would like what is effectively a free (LHA rate only) 3 bed house, newly decorated and carpeted, with a modern gas central heating system and UPVC windows and doors. I am even throwing in cable TV and broadband free for 6 months and £100 to help with removal expenses!
So the loss adjuster has been in and sucked air through his teeth and we are in the process of getting estimates to make good. It hits the 90 day vacant limit of my insurers next week (The NLA members scheme at Alan Boswell) and I am told that none of the insurers they use for vacant property will accept it while a claim is in progress, so I am not going to have theft, accidental or malicious damage cover as of then.
Crime Prevention officers helpfully suggest that we don’t reinstate pipes, cables or boiler until, immediately before occupation. Not realistic as it’s hard enough to let as it is!
I have bleated to the council asking what is being done about this result of their selective licensing elsewhere in Middlesbrough driving the less desirable to my area. No useful reply as yet despite the mayor being Ray “Robocop” Mallon the former controversially tough “Zero Tolerance” copper.
http://en.wikipedia.org/wiki/Ray_Mallon
Questions:
1. How to get insurance worthy of the name until I have a tenant
2. How to get the place (and one in the next street) tenanted
3. (Nobody expects the Spanish Inquisition) Best security measures to prevent a repeat. There is an alarm system there, which I am looking into having reinstated, assuming it isn’t working, and I plan to arrange curtains, blinds and lights on timers.
Many thanks
Jerry
Why is landlords insurance for a mixed portfolio that includes working tenant HMO’s, Student lets and tenants claiming benefits so much more expensive?
A lady who prefers to remain anonymous has written in to explain that she has experienced malicious damage caused by tenants to a property she spent £6,500 on renovating just three years ago.
It’s nowhere near as painful as it used to be though. Several years ago it dawned on me that for some reason a very high percentage of landlords insurance policies are renewed on 1st September. I’m not really sure why so many come up for renewal on that date but it got me thinking. What if I could round up a few friends who also have a lot of property and try to negotiate a better deal with a broker based on them having an opportunity to quote for all of our business?