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Landlords screwed again

TimD81

TimD81

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Im not a landlord but it was always something that I'd fancied doing if my circumstances allowed, Iv read previous threads on here and on landlords forums about how tenants can literally get away with murder and cost you an absolute fortune. Just read this new landlord act thats been passed and it really seems like bad news 😏😏

www.bbc.co.uk

Renters' Rights Act: What it means for tenants and landlords

The biggest shake up of renting rules in England for 30 years affects millions of people.
www.bbc.co.uk www.bbc.co.uk
 
The pendulum has swung far too far in favour of the tenants, much as I support good conditions and fairness for tenants, there literally isn't any of this for landlords. The last eviction I done took almost a year, and I'm around £15k out of pocket through damage, legal fees, and non payment of rent - what can I do about it? - allegedly take them to court - with a 6/8 month waiting list, and then they simply say they don't have £15k and I get nothing anyway Head bang 65 But If I break the rules it's now a £7k fine per breach - and they will force me to sell my house to pay it :mad:

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jesim1 said:
The pendulum has swung far too far in favour of the tenants, much as I support good conditions and fairness for tenants, there literally isn't any of this for landlords. The last eviction I done took almost a year, and I'm around £15k out of pocket trough damage, legal fees, and non payment of rent - what can I do about it? - allegedly take them to court - with a 6/8 month waiting list, and then they simply say they don't have £15k and I get nothing anyway Head bang 65 But If I break the rules it's now a £7k fine per breach - and they will force me to sell my house to pay it :mad:

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thats exactly the same stories Iv previously read about 😕, wonder if the government are doing it intentionally to push landlords to sell up and get more properties on the market.
 
It's really sad, I'm selling houses I would otherwise have kept renting out, but where are my ex tenants going to live now Shrug tt

Bad landlords should be dealt with, the same as bad tenants, but sadly in the political climate we live in, successive governments persecute landlords for easy votes from people who don't see the big picture - mark my words, with fewer houses to rent and less landlords renting them out anyone renting will be worse off because of this - not better - it's just maths Head bang 65
 
TimD81 said:
thats exactly the same stories Iv previously read about 😕, wonder if the government are doing it intentionally to push landlords to sell up and get more properties on the market.
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They have to do something, look how steep that line has gone up in the last 5 years. I know a lot has gone on in the world but rents have just become stupid.

If you're a young family in a 2 bed house you can be paying £1100 to £1500 a month easily. If moves like this put more properties on the market (hopefully bringing prices down a bit) where these people locked into renting can transfer to a mortgage I'd love to know what the downside of that is.
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jesim1 said:
It's really sad, I'm selling houses I would otherwise have kept renting out, but where are my ex tenants going to live now Shrug tt

Bad landlords should be dealt with, the same as bad tenants, but sadly in the political climate we live in, successive governments persecute landlords for easy votes from people who don't see the big picture - mark my words, with fewer houses to rent and less landlords renting them out anyone renting will be worse off because of this - not better - it's just maths Head bang 65
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These houses aren't going to disappear. A big flood of rentals on the market will bring prices down, maybe those people can transfer into home ownership. If you can afford a £1000+ for rent then you can afford a mortgage, we just need to make sure they can get one.

I wouldn't be against the Government running subsidised mortgage schemes for families, below market rate loans, no interest loans for first time buyers, grants for families. Many countries do these things to encourage families and housing ownership. We have entire generations who will be lucky to buy homes, where are they going to live on a pension? Where are they going to raise a family? This is a very broken situation and I think this is far more important than supporting a system to allow the wealthiest among us to finance multiple homes.

You're making out like landlords are doing a public good here, they are just running a business. I'm not against anyone making money and wish everyone well but some times governments need to install guard rails for the good of everyone.
 
SirShootsALot said:
They have to do something, look how steep that line has gone up in the last 5 years. I know a lot has gone on in the world but rents have just become stupid.

If you're a young family in a 2 bed house you can be paying £1100 to £1500 a month easily. If moves like this put more properties on the market (hopefully bringing prices down a bit) where these people locked into renting can transfer to a mortgage I'd love to know what the downside of that is.
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That's an assumption I'm sure they will be happy with.
The reality will be more like private rented, will become corporate rented, as they will have legal teams and experience to manage the risks, once the private landlords are removed, there will be no options other than corporate, and they will be able to dictate the price, without independent competition.
The house prices won't move if the corporations buy up, like they are with farms, strange thing is with farming it is becoming almost impossible for the small farmer, but has farmland dropped in price?
These HMO's we hear of, are they private, or something else?

We are always sold the line, this one is "In the interest of new home owners" when in fact it is "cheer for the corporations!, you might get an affordable house out of it".
Good luck with that.

I feel terrible for honest working young people, they get no hand outs, no hotel places, no free internet or mobiles, but they, we, have to see through the smoke and mirrors before there is any hope of turning it around.
 
SirShootsALot said:
Sell the and put it into a pension then. No one is being robbed here, no one is seizing their properties. They are being asked to jump through a few more hoops.
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Yeah thats not really how it works for most personal name landlords who have 1 maybe 2 rentals.
I am not going to get into a debate about as its a massive complicated thing and I don't have the energy to type that much. But the reality is their is a huge difference between a landlord and a slumlord as well as a someone with 1 or 2 rentals in their personal name for a little extra and someone who has it in a limited company and does it more like a business.
Whether you like it or not landlords serve a purpose.
My tenants a young couple with a kid and ccj's haven't a hope in hell of a mortgage and recently wanted to move to be closer to their kids school, I gave them a good reference and everything and they couldn't get passed by any of the agents or companies to rent. So without small landords where would they be because right now they have a lovely house and any issue sorted asap if they call.
As it stands I will sell soon as its not worth the risk to have a rwntal now so they are screwed will probably have to move in with family and hope the council give them some crappy place.
Also just to point out the housing market has had a huge influx of ex rentals over the last 12 months and housing prices just went up, its only small landlords being pushed out everything is being bought out by the big housing associations and banks again effecting tenants like mine.
 
SirShootsALot said:
These houses aren't going to disappear. A big flood of rentals on the market will bring prices down, maybe those people can transfer into home ownership. If you can afford a £1000+ for rent then you can afford a mortgage, we just need to make sure they can get one.

I wouldn't be against the Government running subsidised mortgage schemes for families, below market rate loans, no interest loans for first time buyers, grants for families. Many countries do these things to encourage families and housing ownership. We have entire generations who will be lucky to buy homes, where are they going to live on a pension? Where are they going to raise a family? This is a very broken situation and I think this is far more important than supporting a system to allow the wealthiest among us to finance multiple homes.

You're making out like landlords are doing a public good here, they are just running a business. I'm not against anyone making money and wish everyone well but some times governments need to install guard rails for the good of everyone.
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There are also a lot of accidental landlords, couples getting together, properties left in wills etc, not everyone has a proper pension, there are many reasons why people end up as landlords but things would be dire without them
 
It's as much the Exchequer as it is the landlords who are responsible for sky high rents

Landlords pay income tax on the entire rent amount yet still have to pay their mortgage, agent fees, insurance and upkeep

You might be a landlord with an £800 a month buy to let mortgage
You charge your tenants £1100 a month
You pay income tax on the £1100, so around £275, leaving £825, you pay the mortgage and the estate agent fees and the only people not making a penny are you and the tenant
So you up £1100 to £1400 in order to come out with £150 each month
Then the boiler breaks and the tenants spill red wine on the carpet and your annual profit is all gone in one go and you're left with another 10 months of risk before you turn a penny of profit.....

Therefore rents have naturally gone completely insane - and while landlords make something, it's the government that's making all the real profit, with zero risk or liability or responsibility

From government perspective its the perfect model to replace the council housing one with

They own everything and we are all working for them
 
TimD81 said:
thats exactly the same stories Iv previously read about 😕, wonder if the government are doing it intentionally to push landlords to sell up and get more properties on the market.
Click to expand...
The problem becomes affordability.

People that rent either cannot afford to buy a place, don't want to buy a place or are saving up to buy a place.

Out of those renters that I know, the greater majority cannot afford to buy a place because they just are not earning enough.

Even if house prices fall, it will not be enough unless they drop by 75%, and if that does ever happen it will be those with money in their pockets who will be hoovering up those cheap houses, because house prices have a cycle of Boom and Bust. A guaranteed money maker. If that were me, id jeep the houses empty and just wait for the next boom.

I bought my house for £62500 in 1995. A recent valuation came in at £600,000 minimum. A tenfold increase (nearly).

Now, imagine that increase in value happening in a shorter timescale, like five or ten years, whilst you hold ten houses, let's say.

Id better ho and sit down, I think im having a moment!🤪
 
I can see it from the tenants point of view, regards our daughter.
She rents a flat in a nice converted old building,3 other flats .
Over the years it was very nice place NOW the other original tenants have left.
The new tenants are all nightmares. The landlord as not vetted the new tenants.
Its obvious just looking and talking to them they will not gel well with others.
2 bedroom flats and one couple as 4 children!
 
Bad landlords should be dealt with - the vast majority of landlords support this, but we are tainted by the scum landlords who hit the news :cry:

As for costs - I get no tax relief on the mortgage payments, all my houses are rented out between 10/15% below market value, and all my tenants are looked after well, most have been with me for over 10 years now Shrug tt

If I charge £800/month for a three bed house in Wigan - , my mortgage is £500 of that (BTL Interest only), my insurance and repairs are typically around £40/50 a month, leaving around £250 - BUT - I get taxed on income, not profit, which is unique to small landlords and most people don't realise that - so I pay tax on £750 at 20% = £150!!! I make about £1200 a year - IF, nothing goes wrong, and with the way things are now - and my last post detailing a bad tenant experience costing me over £15k - this basically means I'm doing it for free, as all the money I made in the past 10/12 years from renting that house went down the drain because of a bad tenant Homer face palm

So I'm not looking for sympathy or to give people a sob story - but the thought that all landlords are coining it in and over pricing rentals is absolutely wrong - but so many people like the idea of cheaper rents they jump on the band waggon to try and force that agenda - and honestly - it's got exactly the reverse effect as landlords like myself leave the market due to this, the corporate sector will wipe out any chance for tens of thousands of tenants - because the computer will say NO.

Once again I'll openly say it - I do not support bad landlords and they should be targeted - just the way the muppets giving our sport a bad reputation should be dealt with, but we are an easy target, and as we see it in gun legislation, it's happening in the private rental sector also :cry:
 
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