new member since Jan 2015. new tenancy, sharers.

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New Member Jan 2015
4 Posts
2 Thanks
My goodness, what a minefield.

Summary:

1- I'm wondering what agreement in order to reduce my maximum exposure time wise in order to evict a sharer should they a) stop paying, AND b) refuse to leave.

2- I'm seeking an understanding of the journey along that timeline, from first missed rent payment through to eviction, and any costs along the way.

With (1) and (2), I can minimize my maximum exposure, and plan for the worse case.

Urgency: found 3 lovely girls (2 sisters, 1 other) all in staff residence at NHS care homes who seek their own space. After a large group viewing last weekend, these 3 are chosen and they're just waiting for me to give them the next steps.

Salient points:
- this was my home for 15 years.
- 3 bedrooms. Flat. Shared kitchen, bathroom, lounge.
- I have no other property
- I'm living with gf, hence all 3 rooms available (I know if I live in one it becomes less risk)
- risk of leaving the gf always exists - will have nowhere to go but this property
- rent will cover mortgage and service charge, therefore I must protect the rental income
- I don't work so there's no buffer of me topping up mortgage payment


Desirable:
- if one has problems (refuses to pay, refuses to move out) I don't want the others burdened. Therefore I'm hesitant of a joint tenancy agreement. Also I don't want the other 2 to stop paying, which may happen if it's joint.


Outsourcing
- insurance: I would consider insurance that guarantees my rental income. It must "top up" as these are sharers.
- managing / eviction: I would consider subscribing to a service that handles and owns this problem.
- I would be very interested in a service that manages arrears, owns the problem and pays me missing rent until resolution (limited to eviction - it becomes my problem after to find a replacement sharer)
This member has been thanked by 1 member for this post.
16/01/2015 10:43

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