Tag Archives: Tenant referencing

When to sign the AST and taking holding deposits Latest Articles, UK Property Forum for Buy to Let Landlords

I have read that on no account should a landlord sign a new tenancy, unless he has vacant possession of the property.Even if good tenants have given notice in writing, it doesn’t mean they will actually move out on the day they say they will. On that basis it makes sense that new tenants should sign the new tenancy on the day of moving in. When to sign the AST and taking holding deposits

I have had problems in the past however, when tenants go through all the motions of wanting to take a property and then pull out, leaving us with lost rent and lost potential tenants.

What do others do to protect themselves ?

In Mark’s excellent Tenant Referencing Using Common sense’ he says …..”Once referencing is accepted …..we ask for the deposit to be paid to hold the property, we immediately protect the deposit….”

What is best practice if taking a so called holding deposit ?

When is a deposit just a holding deposit and not a tenancy deposit and should this ever/always be protected?

Can a deposit really be protected before a tenancy has been created (the DPS ask you to fill in the tenancy start date) ?

If the deposit was taken more than 30 days before the start of the tenancy wouldn’t it need to be protected and the Prescribed info served before moving in?

I look forward to reading your thoughts.

Many thanks

Mike


Free guide to finding the very best tenants Advice, GOOD Landlords Campaign Sponsors, Latest Articles, Legal, Letting, Lettings & Management, Property Investment Strategies

My free guide to finding the very best tenants is now available as a PDF download, just see the form at the bottom of this article. Free guide to finding the very best tenants

In the PDF I explain what my family do to find the next perfect tenant, right from the day an existing tenant let’s us know that they want to move out.

In all the years my family have been landlords we have only had to go to Court twice to seek possession, this is despite having granted over 1,000 tenancies. We have not had one single tenancy deposit dispute referred to arbitration or the small claims courts. Perhaps we have just been lucky, however, I prefer to think this has something to do with the way we apply common sense to our letting and tenant referencing process. We do not let to all tenant groups but if you use this as a template for your future letting and tenant referencing I’m very confident that you will have a lot less problems in future. Our target markets are mature professionals (over 30′s), working families with children of school age and baby boomers. We don’t let to youngsters and we don’t target the benefits market, however, if we did nothing much would be too different, save perhaps for the types and locations of properties we invest in.

Access to the guide to finding the very best tenants

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Tenant Referencing Using Common Sense Advice, Latest Articles, Property Investment Strategies, The GOOD Landlords Campaign

Common sense tenant referencing was pretty much the only option available when I first became a landlord and started letting property in the late 1980’s. Tenant Referencing Using Common Sense

In this article I am going to explain what my family do to find the next perfect tenant, right from the day an existing tenant let’s us know that they want to move out. More often than not these days, tenants think they can serve notice with just a phone call, email, facebook or text message – more about that later. Continue reading Tenant Referencing Using Common Sense


Letting Supermarket provides massive cost saving opportunities for private landlords Buy to Let News, Latest Articles

Letting Supermarket provides massive cost saving opportunities for private landlordsI am a non-exec Director of Letting Supermarket, an ARLA member letting agency which we have been recommending to Property118 readers since the end of 2012.

The feedback received from landlords we’ve referred has been superb with savings of 50% or more being reported when compared to other ARLA member letting agents. Continue reading Letting Supermarket provides massive cost saving opportunities for private landlords


Can I charge tenants for extra admin if they are in arrears? Landlord News, Latest Articles, Property News, UK Property Forum for Buy to Let Landlords

Can I charge tenants for extra admin if they are in arrears?Following the news from Property118 last week regarding “no win no fee” debt collection for landlords I have been re-thinking my strategy. I have a question though, can I charge tenants for extra admin if they are in arrears?

This is my thought process. Continue reading Can I charge tenants for extra admin if they are in arrears?


Debt Collection for Landlords “No Win No Fee” Advice, Buy to Let News, Landlord News, Landlords Stories, Latest Articles, Legal, Property Investment News, Property Investment Strategies, Property News, UK Property Forum for Buy to Let Landlords

No win no fee debt collection for landlordsI have negotiated a “No Win No Fee” debt collection service for landlords.

It constantly amazes me how many landlords post stories on our forums of tenant debts which landlords have mentally written off. Stories range from rent arrears, tenants who have absconded whilst in arrears to horror stories of damage caused by tenants to landlords properties which the tenants have never bothered to pay for. Continue reading Debt Collection for Landlords “No Win No Fee”


Advertise property to let, reference tenants, guarantee rent – one package Landlord News, Latest Articles, Property News

Advertise property to let, reference tenants, guarantee rent - one packageHow difficult can it be to advertise property to let on all the major rental portals, reference the tenants properly and guarantee the rent and legal expenses in one package with money back guarantees?

It shouldn’t be difficult should it?
Continue reading Advertise property to let, reference tenants, guarantee rent – one package


Lettings package exclusively for Scottish Landlords Landlord News, Latest Articles, Lettings & Management, Property News

Lettings package exclusively for Scottish LandlordsScottish landlords want at least three things from their tenants:-

Rent paid on time
Respect the property
Respect the neighbours

There are many ways to find these perfect tenants and to insure against the risks of any problems. The cost of full property management in Scotland has been increasing as agents are having to pass on costs landlords previously paid by tenants. Continue reading Lettings package exclusively for Scottish Landlords


Some good News for Landlords in Scotland at last Landlord News, Latest Articles, Letting, Lettings & Management, Property Investment News, Property News

Good News for Landlords in Scotland at last

I keep in touch with what’s going on in the lives of my fellow landlords North of the border via my friends at the Scottish Association of Landlords (SAL) and via listening to members of the Association, many of whom joined SAL on my recommendation.

Members of SAL tell me landlords in Scotland are feeling the pinch of all the new regulations. Letting Agents fees are rocketing to offset the premiums they used to charge to tenants and many of the online portals have pulled out of working with Scottish landlords altogether.

Just because I don’t own any properties myself in Scotland doesn’t prevent me from keeping an eye on the market to look out for solutions though, my ancesters are Scots so I know that every penny counts.

The new regulations might be a pain in the neck for some (OK most!) but as they say, as one door closes another one opens.

I’ve been discussing the challenges with several of my contacts and one of them, an online letting agent (member of the Scottish Association of Landlords and ARLA), has decided to buck the trend and create a brand new product for Scottish landlords whilst their competitors are exiting the market in droves.

This is an overview of their product and I would be very interested in your feedback, especially if you own and let properties in Scotland.

Scottish Landlords Letting and Rent Guarantee Package

  • Advertising of your property on all the major property portals (Rightmove, Zoopla, Prime Location etc)
  • Tenant referencing
  • Dealing with Deposit Protection
  • Rent collection
  • Legal Expense Insurance Cover and Rent Guaranteed for 12 months up to £2,500 pcm and £25,000 in total (with an option to renew each year)
  • Eviction Proceeding costs covered

What’s more, you remain in control. You do the viewing so you get to look your prospective tenants in the eye and decide whether you want them living in your property. This also helps keeps costs down 🙂

The outcome of a tenancy is set at the beginning I think you will agree? However, on top of the increased regulation in Scotland and the associated costs being passed onto landlords, rent arrears, which are every landlords worst nightmare, are increasing too.

One bad tenant can leave you unable to pay your mortgage with prospects of losing your property and possibly bankruptcy. Worse still the court system can take well over 6 months to achieve eviction!

Add to that extortionate lawyers fees and damage to the property, is it any wonder that rent arrears and rising costs of compliance are the biggest fear amongst Scottish landlords?

The rent arrears situation is getting worse.

Arrears are increasing, courts are closing and the process of re-gaining possession of your property is taking longer and longer…

Is it any wonder that “professional rent dodgers” are having a field day?

Things are now about to change for the better for Scottish Landlords though 🙂

The rent guarantee insurers are happy to partner with the agent offering the above scheme due to their unparalleled tenant find and vetting procedure which provides for low risk letting.  

The bottom line is that if the tenant does not pay – you still get paid, and you still save money :-)

Given that 10% of tenants are in arrears amounting to thousands of pounds, and you get rent protection and legal cover, you’d expect a hefty premium wouldn’t you?

Not so – because of this letting agents bulk buying power already established in England and Wales, all of the above can be offered for a full year for just £247 + VAT. Compare that to the fees that your letting agent charges!

It get’s better though!

The deal even comes with a Money Back Guarantee!

If your property is not “Let Agreed” within 30 days you can cancel your instructions and have a full refund.

It’s a meaningful guarantee too, not from some two bob business operating from a bedroom, these agents are qualified members of ARLA and are also members of the Scottish Association of Landlords.

So, why take the risk with your property when you can use this service and get complete peace of mind at such an incredible price?

To find out more please complete the form below.


Advertise property to let, reference tenants, guarantee rent – one package Landlord News, Latest Articles, Property News

Advertise property to let, reference tenants, guarantee rent - one packageHow difficult can it be to advertise property to let on all the major rental portals, reference the tenants properly and guarantee the rent and legal expenses in one package with money back guarantees?

It shouldn’t be difficult should it?

What will happen to landlord confidence when such a package is available do you think?
Continue reading Advertise property to let, reference tenants, guarantee rent – one package


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