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Showing results for tags 'housing benefit'.
Hullo! I'm hoping there are some landlords out there with experience in leasing property through Housing Aid who can give me some advice? I would like to be both a socially conscious AND profitable landlord. Whilst I appreciate my profit margins will be a lot less, I strongly feel that anyone of us could easily fall on hard times and would like to help families who have. I have meet with my local Housing Aid department, who are very keen to get landlords on board. They have a massive demand for 2 bedroom homes to house families. There are many pros and I'm sure cons: Pros: - V low risk of void periods as demand is so high - No letting costs (the council do it) - Low insurance (the council in the process of working with an insurance company to cover this) - Cheaper properties, cheaper areas - Low uptake on the security bond by landlords (6%) to pay for damages etc. - Direct rental payment - Feel good factor - Council very open to negotiation Cons: - Vulnerable, high risk tenants? - Low rent (£470 pcm for 2 beds, however, can charge more with the tenants topping this up) - High maintenance - Furnished - I'd like to hear of some! From talking to people there is a belief that your property is more likely to be trashed if you have Housing Aid tenants. I'm not convinced... in my experience wealthy private tenants, with rich Daddy's are the most problematic! Also the council vet everyone and those classed as high risk e.g. with a history of substance abuse, criminal records, no employment history etc., are not processed through the Housing Aid route. Also the low uptake of the councils security bond would suggest that the tenants look after the property. However, I don't want to be naive so would really like to hear from anyone with experience in this area. As a bit more background... I'm looking in the Nottingham area, would look at self managing and will plan to negotiate with Housing Aid regarding the selective licensing that is shortly due to be introduced in the city. I will also probably hedge my bets and look into getting one or two more profitable HMO's at some point! Muchas gratis Ginger
Hi all, I just wanted to share this article by Lettings Barrister Michael Grant highlighting a gap in the Housing Act that doesn't allow for section 8 evictions if you issue a tenancy to collect the rent on a four weekly basis - in line with Housing Benefit payments. http://lettingsbarrister.co.uk/wp-content/uploads/2016/09/Gap-in-Housing-Act.pdf
Hi All, My first post despite this forum being among my first ports of call every morning! I currently have two BTL properties but am still very much a beginner, reading and learning as much as possible. It looks as though I am about to have an offer accepted on my third BTL. It is a low-end one bed flat which I put in an offer for well BMV. The current tenant has been there for a mighty 25 years! This set alarm bells ringing as regards what kind of a contract he is on. However, it appears to be a standard periodic AST agreement with a two months notice period rather than the scary Assured kind! Though this hasnt been checked by my solicitor yet. My question is this, the tenant is on housing benefit and paying £325 a month. This has not been raised for many years and I am sure he is now due more than that amount. How do I get the ball rolling? Do I first talk to the tenant about this, should I get in touch with the LA directly? Is there a way I can assure myself that he has a bigger rental allowance than £325 before I go forward. It's not defo a game changer as I'm probably only realistically talking about a raise to £350 a month but I'd like to know. I think it will be a good experience for me to start dealing in this area as I'm sure it will come up again and again in the future so best to start now. Any help appreciated! Thanks, Steve