Ask Timpo: difficult landlords

by John Timpson - Thursday, 6th September 2007 -

You have a problem: you have signed up for seven years and there is no easy way out. You could talk to the landlord (you never know, he might be a very nice chap!) but don’t expect him to smile sweetly and let you off the hook, even if he is a saint. Be prepared to pay up.

He will expect to extract a penalty to allow you to break the lease. You might, if you are really lucky, find another mug to take over this rented property, but don’t expect him to be totally naive; you may have to offer a reverse premium to do the deal.

There is a more dramatic way to avoid paying rent – going into receivership. But that is probably not what you had in mind.

I think you are going to have to file this episode under the heading “Personal Development” and work that little bit harder over the next few years to pay your landlord.

But don’t let this setback put you off property for life: after all, The Sunday Times Rich List is full of fortunes that have been built on real-estate deals.

At least when you meet the next landlord you will have the benefit of some experience.