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  #21  
Old 11-02-2009, 10:50 PM
Bessa Bessa is offline
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Default Re: Tenants Unable to Pay Rent

Landlords are not a charity, we cannot explain to the bank that the tenant needs some slack, and we will pay our mortages when the tenant coughs up. This recession is fast becoming a racket with some people, ( Who seem to think that everyone owes them a living ). A lot of people only want to see what suits them.
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  #22  
Old 12-02-2009, 08:11 AM
cleverclogs7 cleverclogs7 is offline
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Default Re: Tenants Unable to Pay Rent

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Originally Posted by thedaras View Post
Think about this now; If you turf your tennants out, how long will it take to find another tennant?
If you have a good tennant ,why not cut some slack?
The alternative is to find another one,who may not pay you what you are presently getting ,you may find tennants are looking for a reduction in rental prices anyway.
You may find that the new ones are not as good and it may take some time to find another one in the current climate.
You may also find that its not that easy anymore to let,and what would you would end up doing is cutting your nose off to save your face.
If it were me and I had a choice of keeping a good tennant at a reduced cost or gambling on ,having no tennant/bad tennant/left waiting to get a tennant ,I know which I would choose to do.Its your call though.

Exactly.well said.As for the following quote If they can afford to rent a movie they can pay their rent!!! since when does rent cost 4e.
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  #23  
Old 12-02-2009, 08:21 AM
FLANDERS` FLANDERS` is offline
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Default Re: Tenants Unable to Pay Rent

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Originally Posted by Bessa View Post
Landlords are not a charity, we cannot explain to the bank that the tenant needs some slack, and we will pay our mortages when the tenant coughs up. This recession is fast becoming a racket with some people, ( Who seem to think that everyone owes them a living ). A lot of people only want to see what suits them.
If you were got into trouble with your mortgage I assume you wouldn't be availing of the new government scheme where you can defer payments then either?
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  #24  
Old 12-02-2009, 08:29 AM
Mommah Mommah is offline
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Default Re: Tenants Unable to Pay Rent

How can someone simultaneously be a good tenant and not pay their rent.
How can this "good tenant" who does not any rent be better than a new tenant at a lower rent?
Remember you do not have much leeway before the bank repossesses your house...about 3 -6 months before things start getting nasty.
My rental prices are in the midrange for the area for excellent properties.
The last time I was asked for a reduction I advised the tenant to check daft for the market prices in the area...never heard another peep.
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  #25  
Old 12-02-2009, 08:49 AM
DeeFox DeeFox is offline
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Default Re: Tenants Unable to Pay Rent

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Originally Posted by Mommah View Post

Have we got the courage now to vote for a government strong enough to make painful decisions which will benefit our children but maybe not us??
Off topic, but what government would that be?

On topic, as someone who takes care of a number of rental properties for someone else, I would agree to a rent reduction from a tenant who is having problems but would meet with a tenant if two weeks passed without rent being paid. At this time I would insist that the rent be paid or they start looking for somewhere else.
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  #26  
Old 12-02-2009, 09:13 AM
Mommah Mommah is offline
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Default Re: Tenants Unable to Pay Rent

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Off topic, but what government would that be?
Good question...I don't have an answer.
But my impression is that the politicians don't feel the electorate is mature enough to think long-term.
Hence FF's back-tracking and diddering and FGs constant refrain of "We wouldn't do that"....Well what the heck will you do then???

The general cop-out of blaming the caricatures is not getting anyone anywhere. Most similar countries (US,UK) are in the same boat.
We need to stop whinging and move forward.
We are a good people and a strong country and we can pull out of this.
But we need b al ls
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  #27  
Old 12-02-2009, 10:51 AM
Niallers Niallers is offline
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Default Re: Tenants Unable to Pay Rent

If the person renting does not pay rent then they will either be asked to move on by the landlord or moved on by the bank when they repossess the house from the landlord for not paying the mortgage.

If the landlord has a morgtgage on the property he will not have any leeway even if they would like to give the tennant a break.
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  #28  
Old 12-02-2009, 11:39 AM
twofor1 twofor1 is offline
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Default Re: Tenants Unable to Pay Rent

I have an investment apartment with the same bank as my family home.

The security for the investment mortgage is the property itself and,

“Any other security now or in the future held by us for your liabilities in general will be security for your liabilities in respect of the loan”

My understanding of this is if I don’t pay the investment mortgage, the bank could choose to repossess my family home even if payment was up to date, as it would be a lot more saleable in today’s market than an apartment.

I have been asked to reduce the rent and have done so in the interest of both parties. I need the rent to pay the mortgage, my family home is security for it, there’s not much leeway there. It has to be treated as a business.
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  #29  
Old 12-02-2009, 12:05 PM
Deise Doll Deise Doll is offline
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Default Re: Tenants Unable to Pay Rent

Tenants can get rent allowance unlike people like mommah.
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  #30  
Old 12-02-2009, 04:42 PM
elgransenor elgransenor is offline
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Default Re: Tenants Unable to Pay Rent

Quote:
Originally Posted by twofor1 View Post
I have an investment apartment with the same bank as my family home.

The security for the investment mortgage is the property itself and,

“Any other security now or in the future held by us for your liabilities in general will be security for your liabilities in respect of the loan”

My understanding of this is if I don’t pay the investment mortgage, the bank could choose to repossess my family home even if payment was up to date, as it would be a lot more saleable in today’s market than an apartment.

I have been asked to reduce the rent and have done so in the interest of both parties. I need the rent to pay the mortgage, my family home is security for it, there’s not much leeway there. It has to be treated as a business.
Yes, you are right as it has become customary in the last few years to dish out what is called an 'All Sums due' mortgage.

I have an article on mortgages here http://www.businessandlegal.ie/mortgages_25.html which explains the different types.

But essentially that type of mortgage covers all of your indebtedness to the bank including car loans,credit cards etc.
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  #31  
Old 12-02-2009, 09:52 PM
Bessa Bessa is offline
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Default Re: Tenants Unable to Pay Rent

Flanders i am quite sure that the government scheme to defer mortgage payments will not extend to rental properties.
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  #32  
Old 12-02-2009, 10:33 PM
S.L.F S.L.F is offline
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Default Re: Tenants Unable to Pay Rent

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Originally Posted by S.L.F View Post
If they can afford to rent a movie they can pay their rent!!!



Tenants have leeway pay up or get out...


Having said that when my last tenant gave me his notice I offered him a rent reduction on the spot...Ssshhhh don't tell anyone!!!
Quote:
Originally Posted by cleverclogs7 View Post
Exactly.well said.As for the following quote If they can afford to rent a movie they can pay their rent!!! since when does rent cost 4e.
Sorry Cleverclogs, perhaps I should have put in a into it so you could understand it.

I'll make an effort to make things simple for you in future.
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  #33  
Old 13-02-2009, 07:48 AM
FLANDERS` FLANDERS` is offline
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Default Re: Tenants Unable to Pay Rent

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Originally Posted by Bessa View Post
Flanders i am quite sure that the government scheme to defer mortgage payments will not extend to rental properties.
I never implied it would. The rental property is the tenant's home, in a similar fashion to your first residence being your home. I was wondering that if you were unwilling to give a tenant any leeway in payments, would you then happily accept some leeway on your own home mortgage with the government scheme?
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  #34  
Old 13-02-2009, 08:43 AM
Mommah Mommah is offline
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Default Re: Tenants Unable to Pay Rent

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Originally Posted by FLANDERS` View Post
I never implied it would. The rental property is the tenant's home, in a similar fashion to your first residence being your home. I was wondering that if you were unwilling to give a tenant any leeway in payments, would you then happily accept some leeway on your own home mortgage with the government scheme?
You know Flanders...I don't know where you are coming from.
But I just want to say we are in difficult times...and in difficult times one needs to prioritise who you can help. You cannot help everyone.

My priority is to help my family.and friends many of whom are in difficulties....any theorectical non-paying tenants are well down the line. Honestly.

I have 8 tenants all single and all have the option of going home to their parents if the poo hits the fan. Their family needs to step up to the plate before me.
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  #35  
Old 13-02-2009, 08:50 AM
FLANDERS` FLANDERS` is offline
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Default Re: Tenants Unable to Pay Rent

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Originally Posted by Mommah View Post
You know Flanders...I don't know where you are coming from.
I don't this its that unclear, i was just musing that its interesting how a landlord would be happy to take help from the government on their home mortgage but not be willing to give any if their tenant was struggling for a month, thats about it.
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  #36  
Old 13-02-2009, 04:07 PM
Mommah Mommah is offline
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Default Re: Tenants Unable to Pay Rent

err I have yet to have the government knock on my door making offers of assistance given that my OH is now unemployed....no...that only happens out of their own self interest....not their interest in saving my hide....that I must do myself....and have taken very dramatic steps to do so...successfully so far.

I take it from your posts Flanders that you are a tenant rather than a landlord.

If I could wave a magic wand and convert the equity in my property into a deposit account I would do so in the morning and double my return..and all 8 tenants would be out on their ears...most landlords are losing their shirts on rentals at the moment.

My first rental was driven by a mistaken assumption that the house would sell for more once the massive site on the road was finished....BIG MISTAKE.

My second rental was driven by the fact that OH lost his job and we needed to vamoose somewhere MUCH cheaper.....Working well so far.

Tenants need to get real about landlords being fatcat property developers. the landlords have more to loose than the tenants usually.

I am by the way a tenant myself at the moment and was one for 12 years before that...right through the dark 80s and 90s and never was late with my rent. It's ALOT easier being a tenant.
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  #37  
Old 13-02-2009, 05:04 PM
Bessa Bessa is offline
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Default Re: Tenants Unable to Pay Rent

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Originally Posted by FLANDERS` View Post
I never implied it would. The rental property is the tenant's home, in a similar fashion to your first residence being your home. I was wondering that if you were unwilling to give a tenant any leeway in payments, would you then happily accept some leeway on your own home mortgage with the government scheme?
I would not be looking for leeway from the government, as i do not have a mortgage on my own home.
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  #38  
Old 13-02-2009, 08:45 PM
redspot redspot is offline
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Default Re: Tenants Unable to Pay Rent

I agree with everything Mommah has to say.

Just wish more people could hear her.
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