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150 residential pre-let units across the midlands

We don’t just say it, we’ve done it...

150 residential pre-let units across the midlands

tenancy portfolio takeover of 150 residential pre-let units across the midlands

the deliverables

Taking over management of circa 150 tenanted properties, under challenging circumstances, from a property investment organisation that was going into administration on behalf of the Receiver. Properties included both apartments and residential houses in various different developments/locations across Stafford and the Black Country. Scope of works included two members of the Centrick Property tenancy management team attending site for three days to collect and collate all historical property, tenancy and tenant information. In addition, information on commercial tenancies was collated, including units as far south as Plymouth.

the challenges

Lease/tenancy information

Poor quality leases and a lack of other tenancy information such as inventories, had left our client exposed to risk and the tenants equally unprotected.

With immediate effect we commenced a programme of resigning all tenancies where the fixed term had already elapsed and ensured that all other leases were renewed with proper documentation over the subsequent months as the remaining leases expired.

missing information

Very few of the deposits had been registered with a protection scheme, most of the older units did not have an EPC and many of the gas safety certificates were lapsed or missing.

Within one month, Centrick Property had obtained or re-instructed all of these necessary documents. The gas safety certificates in particular, were actioned immediately with all certificates being received within a week from handover.

rental payments

There were  historical complications where tenants’ rent accounts were seemingly in arrears when Centrick Property took over the management, but once these tenants were able to produce evidence of payment it appeared a lot of these funds had gone to the former borrower during the initial Administration process prior to Centrick’s management. These delays and various misinformation given by the previous owner made establishing the true arrears position very challenging. 

the successes 

The key deliverable was to develop a good understanding of the arrears position, enabling us to take further action to recover funds or, where necessary, regain possession and re-let the unit. Over £9,000 of arrears was recovered in the first three months alone. 

In addition, following a detailed inspection of all units, we discovered a handful of properties were uninhabitable and in urgent need of refurbishment. As the refurbishment cost was preclusive in view of the low rental value, these were earmarked for disposal to bring some revenue into the portfolio where previously they had just sat empty. 

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