FAO Letting Agents

[retired_member6]

I can't find my original thread. the letting agent done good, found me tenants in five days, just got a copy of the contract and its a company let and they've paid the seven months up front or thats how it reads.

Do I have to take that monthly payment from letting agent or can I take that full amount now? Letting agent is on 10% for management so it would be minus that. Just wondering.

Cheers
Lee

 

[BFTUK]

Should really be your choice Lee.

Some Landlords prefer it to be paid monthly and the agent to hold it.

 

[grandin]

Sometimes

Hi Lee, sometimes letting agents will take a deposit of several months upfront (depends on referencing results). The letting agent may choose to hold the money on client account

Lee

 

[retired_member6]

Should really be your choice Lee.

Some Landlords prefer it to be paid monthly and the agent to hold it.

Thanks, so I can take it if I wish to.

Cheers
Lee

 

[bensd]

Should really be your choice Lee.

Some Landlords prefer it to be paid monthly and the agent to hold it.

Absolutely right. Should be your choice.

 

[SF]

I thought they lived in tin shacks in bosnia lee?

 

[retired_member6]

I thought they lived in tin shacks in bosnia lee?

You're showing your ignorance on so many levels.

 

[retired_member6]

The letting agent says he can't release the full amount. So looks like I'm getting the payments on the first of every month.

 

[BFTUK]

The letting agent says he can't release the full amount. So looks like I'm getting the payments on the first of every month.

Bollocks he can't! Did he explain why?

Granted i'm not always keen to pass the full amount across, for example if the tenancy was mutually terminated early you'd obviously have to refund the balance etc.

 

[retired_member6]

Bollocks he can't! Did he explain why?

Granted i'm not always keen to pass the full amount across, for example if the tenancy was mutually terminated early you'd obviously have to refund the balance etc.

He said it was company let and that he said he would hold it on client account.

 

[BFTUK]

Makes no difference if its a company let or an assured shorthold.

All rental money should always be held in a client account anyway. Still the money is yours if you want it.

 

[retired_member6]

Makes no difference if its a company let or an assured shorthold.

All rental money should always be held in a client account anyway. Still the money is yours if you want it.

Thanks, I'm sure it is as well. To be honest I don't want to take money that I can't pay back in an instant if they wish to leave before seven months is up. I'm just trying to find a way of keeping fluid without paying off all of a mortgage, hopefully it will get sorted tomorrow. I'm in a good position I don't wish to take two steps back, need to make the right decision, I'm sure Abbey isn't doing their best to see out a transfer of equity.

 

[GWing]

Thing is Lee, If your management agent does a runner or goes broke. He'll take your cash and you'll still have to honour the agreement as the tenant has already paid you or your agent. So basically from your point of view the tenant gets to stay in your gaff for free.

My advice get your hands on that bleeding money pronto. Tell him release the money or you'll release his teeth.

 

[retired_member6]

OK, right, lend me your ears a sec. My problem, as ever there's a problem. Mum died, left me the house, £14k left to pay, I wish to stay fluid so wanted to get TOE and change of borrower, can't do that as Abbey won't take me on because of previous CCJ's showing up.

I have other lending possibilities, as someone always lends no matter how bad you are, although I've never had as much money as I do now and even though Abbey still hold the equity, they still aint willing to take my money.

So I phone up the office I was dealing with previously and he gives me a solution, the other lending route or as I have probate just keep paying the mortgage as they can't repossess if payments don't fall behind even though the person with the mortgage is no longer with us.

I can tell you, it's taken a load off my mind but do you reckon that's possible, just keep paying the mortgage until a point where I can reduce it in lump sum and then lump sum again and as I will always have probate I can do change of deeds in the future. Seems by far the easiest solution if I fail to get a mortgage and I don't really wish to ask Barclays for a 75% mortgage and giving them £3500 for the privilage.

So in reality, I'm alright aint I? I can concentrate on other things and just pay the mortgage. My life, never bleeding easy. I've been worrying my tits off that not only would I have to sell the house, I'd lose the company let as well. People should really give you all the options open to you but they don't do they... you have to dig all the time.

 

[GWing]

Hi Lee,

It sounds a decent idea but depends how helpful Abbey want to be. Because if they were being padantic they would insist on buildings insurance being in place with all mortgages. Now then you can't obtain buildings insurance in your mums name and they won't let you insure a property in your mums name, under your own policy, it's catch 22.

That's just one that I can think of, but really depends on Abbey and how helpful they would be.