Tenants Unable to Pay Rent

Discussion in 'Property investment and tenants' rights' started by belview, Feb 11, 2009.

  1. Bessa

    Bessa Frequent Poster

    Posts:
    158
    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.
     
  2. cleverclogs7

    cleverclogs7 Frequent Poster

    Posts:
    474

    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.
     
  3. Guest128

    Guest128 Guest

    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?
     
  4. Mommah

    Mommah Frequent Poster

    Posts:
    589
    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.
     
  5. DeeFox

    DeeFox Frequent Poster

    Posts:
    296
    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.
     
  6. Mommah

    Mommah Frequent Poster

    Posts:
    589
    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
     
  7. z104

    z104 Guest

    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.
     
  8. twofor1

    twofor1 Frequent Poster

    Posts:
    884
    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.
     
  9. Deise Doll

    Deise Doll Registered User

    Posts:
    19
    Tenants can get rent allowance unlike people like mommah.
     
  10. elgransenor

    elgransenor Frequent Poster

    Posts:
    71
    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.
     
  11. Bessa

    Bessa Frequent Poster

    Posts:
    158
    Flanders i am quite sure that the government scheme to defer mortgage payments will not extend to rental properties.
     
  12. S.L.F

    S.L.F Frequent Poster

    Posts:
    1,037
    Sorry Cleverclogs, perhaps I should have put in a :D into it so you could understand it.

    I'll make an effort to make things simple for you in future.:p
     
  13. Guest128

    Guest128 Guest

    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?
     
  14. Mommah

    Mommah Frequent Poster

    Posts:
    589
    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.
     
  15. Guest128

    Guest128 Guest

    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.
     
  16. Mommah

    Mommah Frequent Poster

    Posts:
    589
    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.
     
  17. Bessa

    Bessa Frequent Poster

    Posts:
    158
    I would not be looking for leeway from the government, as i do not have a mortgage on my own home.
     
  18. redspot

    redspot Registered User

    Posts:
    12
    I agree with everything Mommah has to say.

    Just wish more people could hear her.