tallbob
30-09-2010, 11:23 AM
I use a letting agent for the three properties that I have each property is split into 4 flats and they are all HMOs
I have 7 tenants over two properties which covers my mortgage and a few other things on all three, but I have a major problem with my last property
Under my previous agent this one had a fire in it was burgled used as as squat etc etc and basically it is uninhabitable the insurance company paid out to a company which cannot be traced,my agent defrauded me of a lot of money and went into liquidation
He is now on trial for fraud but my money has gone, my new agent manages all three properties and through them they have been getting in plumbers etc to do the work which was to be paid out of future rents as at the time I was in Spain
To cut an incredibly long story short I am back living in one of my flats and trying to get the other flats done to letting standard the plumber decided to pull his man off the job part way through
the work done ( I have been told ) is not good no earths on the gas boiler pipes nearly all plastic pipe used throughout, not enough fall on the toilet wastes etc
by tomorrow the 1st I will be two months behind with my mortgage with Mortgage express, my agent is using what rents come in to pay the bills and I get nothing with which to pay my mortgage
my idea which I hope is feasible, take the remaining property away from my letting agent with immediate effect as it is empty ( apart from me ) so the two bills plumber 6,500 electrician 1,100 will no longer be paid by my agent and I will get all my rent in full so I can pay my mortgage, then deal direct with sparks and plumber and come to some kind of deal to pay so much per month
Any pitfalls or something that I cannot foresee? I am not going to contact my agent about this until I get a clear idea of what I should do, hope someone can help
not sure if it's relevant but I cannot get any kind of benefits because I lived in Spain for 4 years.
my rental income should be around 1,700 per month and my mortgage is 1,100 per month plus my agent takes 10 per cent of anything collected anyway so things are tight
I have 7 tenants over two properties which covers my mortgage and a few other things on all three, but I have a major problem with my last property
Under my previous agent this one had a fire in it was burgled used as as squat etc etc and basically it is uninhabitable the insurance company paid out to a company which cannot be traced,my agent defrauded me of a lot of money and went into liquidation
He is now on trial for fraud but my money has gone, my new agent manages all three properties and through them they have been getting in plumbers etc to do the work which was to be paid out of future rents as at the time I was in Spain
To cut an incredibly long story short I am back living in one of my flats and trying to get the other flats done to letting standard the plumber decided to pull his man off the job part way through
the work done ( I have been told ) is not good no earths on the gas boiler pipes nearly all plastic pipe used throughout, not enough fall on the toilet wastes etc
by tomorrow the 1st I will be two months behind with my mortgage with Mortgage express, my agent is using what rents come in to pay the bills and I get nothing with which to pay my mortgage
my idea which I hope is feasible, take the remaining property away from my letting agent with immediate effect as it is empty ( apart from me ) so the two bills plumber 6,500 electrician 1,100 will no longer be paid by my agent and I will get all my rent in full so I can pay my mortgage, then deal direct with sparks and plumber and come to some kind of deal to pay so much per month
Any pitfalls or something that I cannot foresee? I am not going to contact my agent about this until I get a clear idea of what I should do, hope someone can help
not sure if it's relevant but I cannot get any kind of benefits because I lived in Spain for 4 years.
my rental income should be around 1,700 per month and my mortgage is 1,100 per month plus my agent takes 10 per cent of anything collected anyway so things are tight