Question for landlords

[PaulSecteur]

Hi,

Its looking like I might be moving in the next few months. I have been lucky recently as I was renting off a friend and just had to cover the mortgage and bills. The move will be "dahn sarf" so the rent is going to take up a much larger percentage of my income so Im looking to get the best deal I can.

I know most contracts are for a min of 6 months, but is a perspective tenant with 2 excellent references offered a deal such as

Pay the required deposit
Pay the initial 6 months up front
After the initial 6 months pay in blocks of 3 months in advance

would you reduce the rental by about 10%?

 

[SpokeyDokey]

Hi,

Its looking like I might be moving in the next few months. I have been lucky recently as I was renting off a friend and just had to cover the mortgage and bills. The move will be "dahn sarf" so the rent is going to take up a much larger percentage of my income so Im looking to get the best deal I can.

I know most contracts are for a min of 6 months, but is a perspective tenant with 2 excellent references offered a deal such as

Pay the required deposit
Pay the initial 6 months up front
After the initial 6 months pay in blocks of 3 months in advance

would you reduce the rental by about 10%?

No - I wouldn't.

Half a years interest at today's rates would leave me totally out of pocket.

 

[PaulSecteur]

No - I wouldn't.

Half a years interest at today's rates would leave me totally out of pocket.

Hi,

Thanks for replying, but Im not sure I understand, or I didn't explain it clearly.

What Im thinking of is (Dates for example)

Move in on Jan 1 and pay up to the end of June (6 months in advance + deposit paid before moving in)
At the end of may (1 month before its due) pay the 3 months for July, August and Sept
At the end of August (1 month before its due) pay for October, November and December
At the end of November (1 month before its due) pay for Jan, feb and March.... and so on...

My thinking being that by paying in advance and having someone that's looking to be a long term occupant (and has references that will say I look after the place as if its my own) would be worth a reduction in rent as it wont be standing empty costing them money... and I not a PATA tenant.

 

[ianrauk]

The thing is "dahn sarf" as you put it, there is a shortage of good properties for rent so would be very surprised if you got a deal.
@Brains may have some idea.

 

[pplpilot]

I would in one of mine... Im mortgage free with mine so i could take the hit. You just need to ask, you might get lucky.

 

[BigonaBianchi]

where down south?
are you after a room or an entire flat/house?

the answer is possibly

 

[dellzeqq]

Hi,

Thanks for replying, but Im not sure I understand, or I didn't explain it clearly.

What Im thinking of is (Dates for example)

Move in on Jan 1 and pay up to the end of June (6 months in advance + deposit paid before moving in)
At the end of may (1 month before its due) pay the 3 months for July, August and Sept
At the end of August (1 month before its due) pay for October, November and December
At the end of November (1 month before its due) pay for Jan, feb and March.... and so on...

My thinking being that by paying in advance and having someone that's looking to be a long term occupant (and has references that will say I look after the place as if its my own) would be worth a reduction in rent as it wont be standing empty costing them money... and I not a PATA tenant.

I think you'd be very unwise to offer this. You'd be taking a heck of a chance on somebody you don't know.

The key to renting in London is the letting agent. Most are less than desirable characters - and I'm thinking particularly of the big firms. If you're going anywhere near Hackney then I can recommend somebody, but, if not then I'd ask around for references.

 

[lukesdad]

You ve just given me an idea, I'll raise the rent by 10% and introduce the offer

 

[SpokeyDokey]

Hi,

Thanks for replying, but Im not sure I understand, or I didn't explain it clearly.

What Im thinking of is (Dates for example)

Move in on Jan 1 and pay up to the end of June (6 months in advance + deposit paid before moving in)
At the end of may (1 month before its due) pay the 3 months for July, August and Sept
At the end of August (1 month before its due) pay for October, November and December
At the end of November (1 month before its due) pay for Jan, feb and March.... and so on...

My thinking being that by paying in advance and having someone that's looking to be a long term occupant (and has references that will say I look after the place as if its my own) would be worth a reduction in rent as it wont be standing empty costing them money... and I not a PATA tenant.

No, I understood you.

If I had an easily rentable property what is the benefit of your offer to me financially?

I drop 10% and gain exactly what?

How about I say you can pay me 6 initially and thereafter 3 months in arrears but it'll cost you 10% more?

If I had a tough to rent property I might listen to you though.

 

[Profpointy]

Whilst the above poster obviously isn't keen, anyone with a real business head would go for a deal like that. 10% off to get 6 months money up front - with no risk of default !. Let's say 5% worth of "interest" and at least another 5% to be sure of the money. They'd bite your hand off.

Bird in the hand is worth two in the bush and all that.

 

[BigonaBianchi]

Whilst the above poster obviously isn't keen, anyone with a real business head would go for a deal like that. 10% off to get 6 months money up front - with no risk of default !. Let's say 5% worth of "interest" and at least another 5% to be sure of the money. They'd bite your hand off.

Bird in the hand is worth two in the bush and all that.

I'm not so sure they would down south. I have had to turn.people away consistently since march.
Now...the thing is that over Xmas the demand drops so it may be a better time to make such suggestions to a landlord who can't fill a room during the winter.

 

[Doseone]

I deal with landlords all the time and you're not by any means the first to offer this kind of deal...and no they won't reduce the rent 'cos demand for good properties outstrips supply and there's no end of good tenants who will not default on the rent and who will offer to pay 6 months up front just to make them more attractive than the other half dozen people who also want to rent the house.

Sorry.

 

[SpokeyDokey]

anyone with a real business head would go for a deal like that

Really?

Just show me the maths that makes it stack up please preferably using real world interest rates.

 

[Brains]

I deal with landlords all the time and you're not by any means the first to offer this kind of deal...and no they won't reduce the rent 'cos demand for good properties outstrips supply and there's no end of good tenants who will not default on the rent and who will offer to pay 6 months up front just to make them more attractive than the other half dozen people who also want to rent the house.

Sorry.

As a Landlord, 'Dahn Sarf' I also would not be interested in a deal like that
It may look good on paper, but at a first glance I'd assume:

• Something dodgy
• You want to run a dope factory and want to keep the Landlord quiet
• I want tenants with regular income, I don't for example want a Vegas Millionaire. who is flush this week and skint the next

As said above, demand outstrips supply, so landlords can be fussy about who rents their properties which with a value of over quarter of a million for even the smallest house who can blame them.
What we want is couples and small families who would like a property for years at a time, to change tenants is a PITA and costs the landlord a minimum of two grand every time
We also want a get out clause to get rid of PITA tenants ASAP.
Bottom line is Dahn Sarf you usually get what you pay for.
I would strongly recommend you use an agency, ideally one of the smaller ones, just ensure they are ARLA protected (check the website, not the sticker in the window) and ensure the Landlord is NLA or similar registered (again the website, not the card)
Check who is holding your deposit, and ensure you get the deposit certificate within 30 days.

 

[Spinney]

Two grand to change tenants! Good grief. Doesn't cost me anything like that much (assuming only a few days empty).