So my landlord is now NAMA

TheDriver

Looking for advice and reassurance.......
Living in an unfinished estate, half sold, half unsold and mostly rented out, some empty. Builder is landlord, have had good relationship for number of years, rent is cheap for 3 bed semi and we're all happy.

Today, met 2 nice people from KPMG walking around. They informed me that NAMA had taken over and they were receivers. We are to stop paying DD to landlord and to forward lease and rent by cheque to receiver, they will set up bank a/c in due course. They said that they will be honouring leases and rents.

I am 1 year, 3 months here. Can anyone tell me what should I expect? What rights do I have i.e. am I part 4 tenancy? can they suddenly up my rent?

D3PO

if you haven't signed a new lease then yes your in a part 4 tenancy and the rules of that allow them to increase rent once every 12 months so in theory they could up the rent.

however id expect they wont. Now before I hand them any lease or rent Id want written confirmation they now have your deposit and will be responsible for returning it when you come to move out whenever that may be.

TheDriver

thanks. We actually gave no deposit because builder knew the wife and trusted us so no worry there. Can they up the rent when they feel like it or on the anniversary of the lease signing? We signed nothing other than 1st day lease which had no minimum contract or anything.

freedominacup

D3PO wrote: »

if you haven't signed a new lease then yes your in a part 4 tenancy and the rules of that allow them to increase rent once every 12 months so in theory they could up the rent.

however id expect they wont. Now before I hand them any lease or rent Id want written confirmation they now have your deposit and will be responsible for returning it when you come to move out whenever that may be.

For starters. Don't give them an inch. Don't forget they took a conscious decision to get involved in a career that involved actively heaping misery on people already in a terrible situation. They won't hesitate to screw you at every turn, all in a days work to them.

D3PO

TheDriver wrote: »

thanks. We actually gave no deposit because builder knew the wife and trusted us so no worry there. Can they up the rent when they feel like it or on the anniversary of the lease signing? We signed nothing other than 1st day lease which had no minimum contract or anything.

it can be at any stage so in theory they could do it tomorrow but they then cannot do it again until 20th aug 2014 same applies for whatever time they choose to up the rent (if they do)

D3PO

freedominacup wrote: »

[/B]For starters. Don't give them an inch. Don't forget they took a conscious decision to get involved in a career that involved actively heaping misery on people already in a terrible situation. They won't hesitate to screw you at every turn, all in a days work to them.

get off your soap box will you. What would you rather they do ? leave a builder who clearly cant pay their debts keep the estate

The only people that complain about NAMA are those that actually have no idea how they operate or what kind of peoples assets get moved into NAMA.

NAMA don't take ownership of john smiths one BTL property, but you seem to have no concept of this. Maybe learn a bit about NAMA then come back and post about them.

Marcusm

freedominacup wrote: »

[/B]For starters. Don't give them an inch. Don't forget they took a conscious decision to get involved in a career that involved actively heaping misery on people already in a terrible situation. They won't hesitate to screw you at every turn, all in a days work to them.

Contrary to your doom and gloom, I would expect receivers taking over a half built unfinished estate to be a positive thing for tenants and/or house owners. They have greater potential exposure than a bankrupt landlord/builder. Much more likely to have the site cleaned up and made safe. That, certainly, was my experience of a Dublin apartment block.

freedominacup

D3PO wrote: »

get off your soap box will you. What would you rather they do ? leave a builder who clearly cant pay their debts keep the estate

The only people that complain about NAMA are those that actually have no idea how they operate or what kind of peoples assets get moved into NAMA.

NAMA don't take ownership of john smiths one BTL property, but you seem to have no concept of this. Maybe learn a bit about NAMA then come back and post about them.

I wasn't refering to NAMA:rolleyes:. OP said he had been approached by reps from receiver.

D3PO

freedominacup wrote: »

I wasn't refering to NAMA:rolleyes:. OP said he had been approached by reps from receiver.

Yes and the receive is working for NAMA :rolleyes:

mogrady14

The problem is that your contract (Part 4 Tenancy) is with your old landlord not Nama. U really have no rights. I should know as this happened to me. I was told to move my stuff and be gone in 3 days. I complained and sweet talked the Bank's receiver into giving me more notice and ended up getting me and my flatmates a month's free rent. Nama may want to sell the house and need u to get out.

Talk to the other tenants

Talk to Threshold

Talk to Nama and be polite as U don't currently have a contract with them and its their house. So u have no rights legally

Get something in writing from Nama

mickdw

D3PO wrote: »

get off your soap box will you. What would you rather they do ? leave a builder who clearly cant pay their debts keep the estate

The only people that complain about NAMA are those that actually have no idea how they operate or what kind of peoples assets get moved into NAMA.

NAMA don't take ownership of john smiths one BTL property, but you seem to have no concept of this. Maybe learn a bit about NAMA then come back and post about them.

Like when we were all told that nama were 'buying' in loans at discount then chasing developers etc for every penny but then found that they are actually paying the developers a generous salary to manage their portfolios with a view to maximising profits only to find that a buddies club exists when it comes to sales of property and the prices achieved, resulting in friends of the original now salaried developers acquiring cut price properties. In effect, bankrupt developers getting the better assets back at cut price while the state is being saddled with the waste lands.

freedominacup

D3PO wrote: »

Yes and the receive is working for NAMA :rolleyes:

And your point is what exactly? I was refering to the receiver and those who work for them not NAMA.

Victor

TheDriver wrote: »

We are to stop paying DD to landlord and to forward lease and rent by cheque to receiver

Do ask for a copy of the court order before handing over any money.

I am 1 year, 3 months here. Can anyone tell me what should I expect?

Only the receiver can say for certain. They are looking for money - in the short term, that means they need paying tenants.

What rights do I have i.e. am I part 4 tenancy? can they suddenly up my rent?

It would seem you are on a Part 4 lease, with all it's rights and obligations.

If there has been no change in the rent in the last year, they can seek a market rent.

mogrady14 wrote: »

So u have no rights legally

As a sitting tenant, the OP does have rights. They may be at risk, but they still have rights.

Victor

freedominacup wrote: »

[/B]For starters. Don't give them an inch. Don't forget they took a conscious decision to get involved in a career that involved actively heaping misery on people already in a terrible situation. They won't hesitate to screw you at every turn, all in a days work to them.

Constructive posts only please.

Creating an adversarial relationship with his presumed landlord does nothing for the OP.

mickdw wrote: »

Like when we were all told that nama were 'buying' in loans at discount then chasing developers etc for every penny but then found that they are actually paying the developers a generous salary to manage their portfolios with a view to maximising profits only to find that a buddies club exists when it comes to sales of property and the prices achieved, resulting in friends of the original now salaried developers acquiring cut price properties. In effect, bankrupt developers getting the better assets back at cut price while the state is being saddled with the waste lands.

If you want to get into a philosophical / political discussion about NAMA, do it elsewhere.

Moderator

miezekatze

The place where I live was taken over by NAMA/the receiver just a few months after we moved in. We've been living there for a good few years now without any major issues. We just pay the rent to the receiver now instead of the landlord and it takes a little bit longer to get stuff fixed if there are any issues, because the receiver has to approve every little thing that needs to be fixed or replaced. Apart from that, no issues. I'd say you'll be fine.

D3PO

mogrady14 wrote: »

The problem is that your contract (Part 4 Tenancy) is with your old landlord not Nama. U really have no rights. I should know as this happened to me. I was told to move my stuff and be gone in 3 days. I complained and sweet talked the Bank's receiver into giving me more notice and ended up getting me and my flatmates a month's free rent. Nama may want to sell the house and need u to get out.


I'm sorry but this is WRONG. It doesn't matter who your landlord is a change of landlord does not negate your rights under part 4. You still have the exact same rights. They can give you notice to vacate if they want to sell just like any LL can but they must give you the appropriate notice based on your tenure.

Talk to the other tenants

Talk to Threshold

Talk to Nama and be polite as U don't currently have a contract with them and its their house. So u have no rights legally

Get something in writing from Nama

Please know what tenants rights are before you go scaremongering. Everything you have said is incorrect.

zl1whqvjs75cdy

Interesting one OP. I would definitely be getting something in writing from KPMG before I started paying them rent. MAybe contact the landlord/builder and see if its true? I wonder if KPMG will ask you for a deposit now?

foggy_lad

Kaliyah Gentle Backgammon wrote: »

Interesting one OP. I would definitely be getting something in writing from KPMG before I started paying them rent. MAybe contact the landlord/builder and see if its true? I wonder if KPMG will ask you for a deposit now?

Of course the builder/landlord is going to say it's not true and to keep paying them but might say instead of direct debit pay into a bank account of some wife or girlfriend or evwn the dog or cats account; D

TheDriver

We did get a letter from KPMG handed to us along with a copy of the NAMA agreement. They also said verbally that they intend to honour leases and not change rents and ultimately will be looking to sell properties (however they didn't have a clue what properties are even in the place).
I get the feeling they won't be looking for change or hassle in the short term. They also said they will be appointing a letting agent so I assume the bank a/c details will folow after that and the letting agent won't bother us because they will be collecting a fee for doing nothing.

My problem is that I have an unfurnished property (hence big hassle to move) along with possibly buying in coming months so don't want to sign up to a year somewhere else.