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Original poster

'Accidental' landlords

41 replies

1down · 04/12/2022 21:44

We inherited a property in a retirement block about 3 years ago, when we became the owners we tried to sell it for 4 months but 3 other places in the block were also for sale and it wasnt getting any interest. Property is in great state, but obviously a limited pool of buyers. We managed to get a tenant in it until August when he moved out. Since then we tidied it up again and re marketed. Its well priced, in good condition but just not selling. The economy and the 65+ requirement is proving to be a big issue.
At the moment it is costing 400 a month to sit empty when you take into account service charge ( high, due to the type of property) and council tax.

Were looking at renting again and have had 2 offers on it to rent in a month. Both have then failed the referencing.

Next stop is looking to rent through the local council, if its something they do.

Anyone have any experience of renting through a council? Problems? Concerns? Reasons to do or not to?

OP posts:
C4tastrophe · 05/12/2022 07:07

Sounds like you are deliberate landlords.

Seaweasel · 05/12/2022 07:09

Nothing accidental about it. Your flat will sell if you price it correctly. It's not like it cost you anything to buy!

Original poster
1down · 05/12/2022 08:10

Any advice on letting via the council?
Thanks

OP posts:
CircleofWillis · 05/12/2022 08:11

C4tastrophe · 05/12/2022 07:07

Sounds like you are deliberate landlords.

How does that sound like they are deliberate landlords? If they are only able to sell to over 65s or other landlords who can only rent to over 65s, they have a severely limited pool of potential buyers.

Changingplace · 05/12/2022 08:15

What referencing did the potential tenants fail? Aren’t you as landlords in control of what that referencing looks like?

If you want to rent it to them as long as they’re within the age requirement for the block then what’s actually stoping you?

ClangingBell · 05/12/2022 08:17

C4tastrophe · 05/12/2022 07:07

Sounds like you are deliberate landlords.

How can you read a post about how they’ve twice failed to sell and the flat is costing them £400 a month and come to the conclusion they’re deliberate landlords?! It sounds like an absolute fucking millstone.

OP, have you considered selling at auction?

badassbaby · 05/12/2022 08:25

1down · 05/12/2022 08:10

Any advice on letting via the council?
Thanks

Hi OP... I rent out two properties.
Never expect support on MN if you are a landlord...we are scum!😂
I rent out privately, but always use a tenant finding service from a letting agent.
I haven't ever involved the council so can't help there, but please don't get tenants in that haven't passed all checks...a nightmare tenant is so much stress it's just not worth it xx

CorporateBull · 05/12/2022 08:25

Changingplace · 05/12/2022 08:15

What referencing did the potential tenants fail? Aren’t you as landlords in control of what that referencing looks like?

If you want to rent it to them as long as they’re within the age requirement for the block then what’s actually stoping you?

Referencing usually assures you as a landlord that the tenant is able to pay the rent and/or doesn’t have a bad record as a tenant. Ignoring it is letting yourself in for a potential nightmare of a non-paying or destructive tenant. It could also invalidate any insurance.

Hidingawaytoday · 05/12/2022 08:27

ClangingBell · 05/12/2022 08:17

How can you read a post about how they’ve twice failed to sell and the flat is costing them £400 a month and come to the conclusion they’re deliberate landlords?! It sounds like an absolute fucking millstone.

OP, have you considered selling at auction?

Show quote history

Because this is MN where every landlord is akin to the devil regardless of how good they are or if they inherited the property and have been desperately trying to sell. Or maybe this poster has confused this board with AIBU and just wants to stick the boot in, who knows 🤷‍♀️

Sorry you're in this situation OP, hopefully someone can come along and help. Is it worth just lowering the price to 10/20% off market value just to get it gone?

CorporateBull · 05/12/2022 08:43

www.mumsnet.com/talk/property/4680940-anyone-thinking-of-buying-a-mccarthey-stone-retirement-flat-dont?page=1

OP, have you seen this thread? I’m not sure it will help much other than to feel some solidarity though.

TwoLeftSocksWithHoles · 05/12/2022 08:47

CorporateBull · 05/12/2022 08:43

www.mumsnet.com/talk/property/4680940-anyone-thinking-of-buying-a-mccarthey-stone-retirement-flat-dont?page=1

OP, have you seen this thread? I’m not sure it will help much other than to feel some solidarity though.

Well done, I was trying to find that thread.

Sorry, this won't help either...

www.thisismoney.co.uk/money/news/article-10182583/The-retirement-home-scandal-wiping-life-savings.html

Original poster
1down · 05/12/2022 09:17

Thanks all.
Selling at less isn't an issue, they just don't sell at all.
2 failed on affordability and 1 failed on current landlord reference.

I will read through those thread, but I know these properties are a nightmare

OP posts:
Lastqueenofscotland2 · 05/12/2022 09:23

Admittedly depends on the council but yonks ago I worked with a council dealing with private housing providers for council tenants.
I would be amazed if the council took on a 65+ flat and even more amazed if the management company allowed it.

Lastqueenofscotland2 · 05/12/2022 09:24

If you just want rid of it I’d look at a cash buying company. You’ll get a pittance of what it “should” be worth but it will be out of your hair

bilbodog · 05/12/2022 09:31

It took us over a year to sell my MILs retirement flat after she died - we just made sure the asking price was less than anyone elses and got substantially less than she had paid for it. Hope you get a buyer soon.

Gastonia · 05/12/2022 10:03

This also discusses the problem - it's much worse since covid.

www.theguardian.com/money/2021/mar/28/i-cant-sell-mums-retirement-flat-and-the-charges-are-mounting-up
For example, a man who had been trying for four years to sell a one-bed McCarthy & Stone flat originally bought for £161,950. He was considering selling it to a “buy-it-now” company for only £28,000. Another was told by two auction houses that they were not taking on retirement properties. When they did, they offered a reserve of only £40,000, which is lower than the £50,000 mortgage owed on the property.

Obviously, if the person has had many happy years living in the flat, that's great, but many will only have lived there a short time before having to move on. So I sympathise with the OP, and have made a mental note never to buy one of these flats.

Alaimo · 05/12/2022 11:16

On what basis/how badly did the prospective tenants fail the affordability checks? If it was a case of an inability to afford the rent, then would it not be better to lower the rent a bit to improve their affordability rating rather than having it sit empty and costing you £400/month?

Original poster
1down · 05/12/2022 11:49

Alaimo · 05/12/2022 11:16

On what basis/how badly did the prospective tenants fail the affordability checks? If it was a case of an inability to afford the rent, then would it not be better to lower the rent a bit to improve their affordability rating rather than having it sit empty and costing you £400/month?

One of them totally failed. Had zero saving and had been 'renting' a room from their daughter. They also lied that they had been responsible for all bills in the family home but bank statements showed none
The other was self employed but didn't agree with doing tax returns and was on his way to court for non payment

OP posts:
mondaytosunday · 05/12/2022 11:57

I'd sell it at almost any price to get rid of it.
But failing that just ring up the council - each is run differently so what may happen in one area may not apply to you. I agree you should not let it out to see meme who does not meet the reference check.

Kabalagala · 05/12/2022 11:59

Sell it cheap.
If you do become landlords (nothing accidental about it) please be prepared to stick it out long term. Don't force an elderly person out of their home in a few years time.

Treacletoots · 05/12/2022 12:04

It's amazing isn't it how many people believe they should tell you what you can and can't do with your property OP.

Reduce your rent, sell it cheap, don't evict a tenant, allow people who have committed fraud to live in your property.

If its not your property, its none of your business what OP does with it.

Personally id be tempted to sell at a reduced price over risking a bad tenant - speaking from experience of what a housing association tenant did to my friends property, it cost way more to fix. But it's your decision OP.

C4tastrophe · 05/12/2022 12:39

As others mentioned, try an auction house or reduce your price by 40 to 50% now if you want to sell, you’ll most likely be on the hook for another 6 months charges anyhow.
The McCarthy thread is excellent, and the conclusion (that I drew) was rent one, don’t buy one.

Parasolparaiso · 05/12/2022 17:30

1down · 05/12/2022 08:10

Any advice on letting via the council?
Thanks

Hi Op,

Renting out property to the council is a topic that often comes up on the LandlordZONE forums, the general consensus over there is don’t do it. You will find a lot of helpful information over on their forums -

forums.landlordzone.co.uk/forum/residential-letting-questions/1220578-renting-to-the-council-how-was-your-experience

Original poster
1down · 05/12/2022 17:42

Seems like the general sense is that via the council may be a nightmare. I've spent some time looking into it today.
Essentially they would just find the tenant but wouldn't manage the property.
We would then be in the position of having to deal with any issues with no support.

OP posts:
TheGander · 05/12/2022 19:47

Check out the Landlordzone forums. There’s a thread on renting to tenants on the council list, via the council . Concensus is a big fat no, unless you have a large portfolio and a couple of lower value properties you don’t mind getting messed up somewhat.