Losing Buy to Let Property Due to Non Paying Tenants
So many investors in the past would turn up their noses on LHA tenants or Ayslum seeker tenants. They thought this was below them. They wanted working tenants with nice new flats. However today many of these working tenants are not working. Rather they are causing anguish to many buy to let landlords.
We wanted to buy this 4 bed house that was let out as a Buy to let. However now the sale is in jeporday as the working tenant is not working and will not leave.
Read the email chain, it is heartbreaking for the landlord.
Good morning,
After speaking to the seller this morning he has let me know that if the sale doesn’t proceed he is on the verge of having to give the property over on a repossession order and doesn’t have any funds to pay the tenant or to take legal action against them.
If you could confirm if you are having to pull from the sale so I can update the vendor today.
Kind regards,
Our answer
Thank you. It will definitely cost the vendor a much greater amount of money by not offering the tenant to move out. Lost rents, legal fees to evict, lost sale plus most importantly the aggravation.
Plus your lost commission.
Today tenants there were deemed less desire able are now blue chip tenants. The UK Govt or council is actually our tenant with social housing.
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