PDA

View Full Version : Should I offer 6 month or 12 month tenancy?



investor68
19-03-2009, 19:00 PM
Hi,

Please could someone help me with this query?

I have a property which has been empty for almost 3 months, it has been a nightmare for me.

I now have tenants who want to sign up but am extremely nervous of getting a non-paying tenant in. I will be inspecting their bank statements and taking references etc., but the jobs they have told me they do don't seem to be high paying ones and I worry whether they are sufficient to cover the rent.

But I'm desperate to have someone in there as I'm struggling with the mortgage payments.

I would prefer to offer them a 12m term as it ties them in and gives me peace of mind. But, if I give them 12m and they turn out to be a problem and don't pay the rent does this mean it would be more difficult for me to serve them a notice to vacate?

My worry about offering them 6m is as rents in the area continue to drop they might up and leave in 6m for somewhere cheaper.

Any advice would be gratefully received.

Many thx.

islandgirl
19-03-2009, 19:56 PM
better they go than you have to turf them out and spend 5 months or so with no income...
I would get them to fill in a tenantverify check (see link on this site) - that will give you more info about their history and ability to pay.
I once gave 12 months to a "respectable" couple - he became unemployed, they claimed HB (which he kept and did not pass to us) and had a battle to get him out under section 8.
Don't do it!

house275
19-03-2009, 20:07 PM
From a tenants point of view only
Moving frequently is a nuiscance & costly
All that notifying & address changing
Not all tenants are out to rook landlords or HB :mad:

Ask for previous addresse's see how often they have moved around ask for reasons they left
As a tenant this would not offend me

Some of us just want a quiet life & somewhere to call home
And the thought of hunting around for a cheaper rent after six months is unattractive to most when it takes a month or two to settle in
If you have been a good landlord they should be happy to stay


I have never seen it from the LL view before finding this forum & it must be a huge worry that you will get bad tenants
I hope it goes well

islandgirl
20-03-2009, 08:21 AM
House I agree with you and it is sad that the awful minority make it bad for the good majority. I fully appreciate the need for stability, esp for a family with kids re schools etc. My "rogue" tenants had letters saying they were of good character from a legal advisor, a local councillor and a legal executive. They cost me well over £2000 in back rent, wrecked the house (including kicking a door down), Police called frequently to "domestics" thus upsetting neighbours, were threatening to me and my husband and managed to block drains by putting lots of chip fat down them (obviously a healthy family). As you say there are 2 sides to every question. We were new to renting however and did not do the tenantverify check which we ALWAYS do now. It often scares off the bad 'uns! Get it done before making a decision would be my advice. Good luck