Pros and Cons

Pros

Rental Yields: Close to and sometimes better than private sector tenants. As a rough guide, between 4% and 6%.

No Rental Management Fee: Unlike most letting agents, we do not charge the landlord a rental management fee. We are a not for profit organisation and our costs are covered by a small charge to the Local Authority.

Long term tenancies: Our tenants have often come from a care home or are young people leaving their parents' home for the first time. As such, to be offered a home of their own really is a dream come true, and they almost always become long term tenancies. In our experience with Cameron Trust properties, 95% of our original tenants are still in their homes, 5 years on.

No set up or introductory fees: Unlike most Letting Agents, we do not charge any set up or introductory fees.

Free inventory: We complete a thorough schedule of condition on the property at the beginning of the tenancy and at least annually thereafter.

Regular property checks: In order to provide additional housing management to our tenants, we regularly visit them and also check the condition of the property.

Quality tenants: All our tenants have in house support staff from trusted support providers (not Lets for Life) to help them with their day-to-day life. Lets for Life staff provide housing support to our tenants on all aspects of their tenancy, from moving into the home to 24/7 emergency maintenance.

No Rental Arrears: Rent paid by the Government so no defaults.


Cons

No deposit: Due to the nature of our tenants, they do not have the capacity to provide the customary one or two month rental deposit. However, since the rent is paid by the Government, there will be no defaults, and since there is always someone supporting them at home, there should be no damage beyond wear and tear.

Ist rent receipt delay: There is a delay between the tenant moving in and the first rent payment arriving from the Local Authority. This is unfortunately, unavoidable. A Housing Benefit application cannot be accepted by the Local Authority until the tenant has actually moved in. So they will only start to process the application on the day the tenant moves in. When the application has been processed, however, all the outstanding rent up to that point is paid immediately, and this typically take 6 weeks. All other rental payments arrive reliably on time.

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