Letting and Leases: How to protect the landlord?

D

Dinarius

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My wife and I own a one bed apartment which we have let without a problem for the last three years.

Our current tenants are moving out in two weeks.

While there is always talk of tenants' rights (and rightly so) there is rarely much discussion about landlords' rights.

In the last while, there has been a lot of talk and innuendo about tenants defaulting, not moving out, not paying on time etc...etc....- so much so that we now have insurance brokers offering policies to cover landlords in such cases. A piece by Jill Kerby in yesterday's Sunday Times is typical.

For each of our lettings we have insisted on employer's references and two month's security/deposit (i.e. one month's rent plus two month's security). Insisting on three month's in advance was the best advice we were ever given. It sorts the wheat from the chaff immediately and the apartment has always been let within 15 minutes of going on view - it's a prime offering in every way.

But, given the uncertainty of the current climate, is there anything else we should be doing?

Many thanks.

D.
 
You seem to be doing ok with your current practices though unless it's a premium or unique property, getting 3 months up front will be more difficult these days. Is your rental agreement watertight?
 
If you are getting 3 months in advance and references then no there isn't anything else you should be doing.
You are doing great at that.
 
Thanks for the replies.

To be honest, I can't remember where we got the last rental agreement from.

Is there a downloadable one that is recommended?

Many thanks.

D.
 
I may be stating the obvious but are you registered with the PTRB?
PTRB will deal with landlord and tenant issues, not just there for the tenant.
 
Dinarius said:
My wife and I own a one bed apartment which we have let without a problem for the last three years.

Our current tenants are moving out in two weeks.

While there is always talk of tenants' rights (and rightly so) there is rarely much discussion about landlords' rights.

But, given the uncertainty of the current climate, is there anything else we should be doing?
Click to expand...

Sorry, but am not sure what you mean here. Do you mean:

* anything else you should be doing to get a new tenant, or
* anything else you should be doing to protect yourself

There's going to be a contradiction between the two of these. Not every tenant has the equivalent of 3 months' rent to hand over as a deposit. And considering how many landlords abuse the deposit and consider it as a payment to be used for normal wear and tear, I suspect that many tenants, with a glut of properties available, will simply refuse to trust you with that much money.
 
Thanks for the feedback.

Yes, I am registered with the PTRB. I have no idea what their record is like in the area of dispute settlement, but if insurance brokers are now offering policies in this area it may leave something to be desired.

On the issue of three months in advance instead of two....

Firstly, I resent the insinuation that I am not to be trusted with one month's additional rent. I never charge for normal wear and tear.

As I said in my original post, this requirement quickly isolates those who are interested in the apartment from those who are not.

In addition, I have never been the victim of someone giving me one month's notice and using the deposit as the last month's rent. (My policy of three months in advance obviously guards against this.) This tactic is common as muck as any landlord will tell you.

In fact, no tenant of mine has ever stopped the rent on the day of giving notice. Avoiding the loophole by asking for three month's in advance appears to create a more business-like realtionship.

D.
 
Dinarius said:
....

Firstly, I resent the insinuation that I am not to be trusted with one month's additional rent. I never charge for normal wear and tear.



D.
Click to expand...
? You're not allowed to charge for normal wear and tear.
 
As late as last Monday a tenant of mine text me, told me that he had moved out the previous day having given me absolutely no notice. The rent was due on Thursday! Left the house in a dire state. He left an esb bill of €296.

Yes the house is registered with the PRTB and no wont be lodging a complaint as still have one outstanding since January 2008. Waste of time engaging the PRTB, only fulfilling my tax obligations.

Moral of story always change the esb account or any services into the tenants name (which I had - the esb can chase him).
 
Cayne said:
Moral of story always change the esb account or any services into the tenants name (which I had - the esb can chase him).
Click to expand...

Do you phone up the ESB yourself and change it or get the tenants to do so? (just wondering for my parents who have a property)
 
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