Update on Possession Hearings with My Reluctant Tenants PLUS What’s Going On in the Rental Market?

The majority of people are good and honest but as a landlord, you are likely to come across some people who are not and in this episode, David takes us through the court proceedings he has recently been through with a tenant. He shares great content on how the process works and the paperwork the landlord needs to have in place. In the proceedings, the onus is on the landlord to prove the case so having the right information in place is vital. David also reflects on the current situation with the rental market as demand continues to rise and the availability of properties remains limited.   KEY TAKEAWAYS Through Covid, there has been an eviction ban and local bailiffs have not been able to work with landlords before 1 June 2021 The landlord has to prove their case and you have to have followed the process correctly The tenant doesn’t have to do anything at all they can be rude, disrespectful, lie and ignore you Submit your paperwork to the court, there is an initial unattended review followed by an attended hearing around 4 weeks later A suspended possession order means the tenant stays in the property, pays the rent going forward along with an agreed monthly amount towards the arrears Selected licence areas are those where you need a licence from the council to have a single buy to let There is a perfect storm at the moment with Section 24 and COVID meaning there are less properties available There are more people needing rental accommodation because they can’t afford to buy Rents have gone up and there are very few properties available to rent. Tenants are offering future rent and guarantors to secure properties As a deal packager when you are putting together a deal make sure you are reflecting the right numbers.   BEST MOMENTS ‘The government may have thought they were helping tenants but they’ve made it worse’ ‘There are more people needing rental accommodation because they can’t afford to buy and less rental accommodation available’ ‘The demand for properties currently is extraordinary’   VALUABLE RESOURCES  Property Sourcing Profits Podcast https://www.progressiveproperty.co.uk/ https://unlimited-success.co.uk/ https://www.facebook.com/groups/progressivepropertycommunity/ Property Investors podcast   ABOUT THE HOST David is a property expert with over 25 years’ experience and his own portfolio of 26 units. His current rent roll is in excess of £10k per month. He is also a partner in a Deal Sourcing and Packaging business in the North West of England and has sourced over 250 properties for investors since 2004. In recent years he has, by necessity, had to develop an expertise in LHA strategies. This area is increasingly becoming a niche for him, and he enjoys empowering other landlords by sharing the knowledge he has gained. The ultimate purpose when sourcing properties in this sector for investors is to minimise risk while maximising profit. He has had to find answers to the challenges of Tenant Find, Management, ensuring rents are paid and the transition to Universal Credit. These are strategies he uses in his own business and also on behalf of investors. His investor clients regularly achieve annual gross yields of over 20% with high occupancy rates and voids resolved, sometimes within hours.   CONTACT METHOD https://www.linkedin.com/in/david-siegler-7b126316/ https://www.facebook.com/DavidSieglerInvestments/