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Coronavirus killed my BTL


TheCountOfNowhere
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TheCountOfNowhere

Just spoken to a bloke with 2 btls, 3 mortgages. 

He's worried about his job AND his tennants jobs because of coronavirus. 

Someone said he'd not be allowed to chuck them out if they dont pay, you shoulda seen his face. 

 

The #### tho was happy to try and throw them out tho!!!! He acknowledged that it would take 6 months by which to get them out so he'd be fucked anyway. 

 

This is exactly why housing society must be done by government. 

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Frank Hovis
1 hour ago, TheCountOfNowhere said:

Just spoken to a bloke with 2 btls, 3 mortgages. 

He's worried about his job AND his tennants jobs because of coronavirus. 

Someone said he'd not be allowed to chuck them out if they dont pay, you shoulda seen his face. 

 

The #### tho was happy to try and throw them out tho!!!! He acknowledged that it would take 6 months by which to get them out so he'd be fucked anyway. 

 

This is exactly why housing society must be done by government. 

I don't agree with the last line, there shou dbe social provision but don't let government control everything,  but take away all the props to the housing market including on the floor interest rates and problem solved.  People like that chap gets three houses repossesed, bank sells tham cheaply at auction, house prices fall.

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TheCountOfNowhere
20 minutes ago, Frank Hovis said:

I don't agree with the last line, there shou dbe social provision but don't let government control everything,  but take away all the props to the housing market including on the floor interest rates and problem solved.  People like that chap gets three houses repossesed, bank sells tham cheaply at auction, house prices fall.

I would be happy with that.

 

If anyone hears of any more btl sob stories let us know, we could all dp with a bit of cheering up 🤗

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18 minutes ago, TheCountOfNowhere said:

I would be happy with that.

 

If anyone hears of any more btl sob stories let us know, we could all dp with a bit of cheering up 🤗

Not a BTL one but there's already the excuses for failing businesses being banded about. 

https://www.dailymail.co.uk/news/article-8111281/Deliciously-Ellas-disaster-Food-blogger-blames-coronavirus-crisis-shuts-delicatessen.html

Hard to tell from the article but it's going to permanently close. 

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3 minutes ago, spunko said:

Not a BTL one but there's already the excuses for failing businesses being banded about. 

https://www.dailymail.co.uk/news/article-8111281/Deliciously-Ellas-disaster-Food-blogger-blames-coronavirus-crisis-shuts-delicatessen.html

Hard to tell from the article but it's going to permanently close. 

For restaurants, bars and cafes that rely on people going into the premises for most of their business this is going to be brutal. Those operations are marginal at the best of times, but take away 50% of the footfall and they're a long way into the red. 

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Lightly Toasted

Much as I dislike BTL, I can see that landlords would be a bit peeved at being bankrupted while the banks (who'd also lose shed loads on a property crash/mortgage default scenario) are rescued again.

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20 minutes ago, Lightly Toasted said:

Much as I dislike BTL, I can see that landlords would be a bit peeved at being bankrupted while the banks (who'd also lose shed loads on a property crash/mortgage default scenario) are rescued again.

All the bailouts are just for the already obscenely rich. It has ever been thus.

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Wight Flight
24 minutes ago, Lightly Toasted said:

Much as I dislike BTL, I can see that landlords would be a bit peeved at being bankrupted while the banks (who'd also lose shed loads on a property crash/mortgage default scenario) are rescued again.

Why would they be bankrupt? Surely every landlord has three or four months rent at the very least in cash just in case a tenant defaults or a boiler blows up?

I can't think that this will cause a problem to any landlord; quite the opposite as cruises will be cheaper, as will Range Rovers.

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19 minutes ago, Wight Flight said:

Why would they be bankrupt? Surely every landlord has three or four months rent at the very least in cash just in case a tenant defaults or a boiler blows up?

I can't think that this will cause a problem to any landlord; quite the opposite as cruises will be cheaper, as will Range Rovers.

I'll add to that: since debt is wealth, they'll be even better off than before.

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Frank Hovis
26 minutes ago, Wight Flight said:

Why would they be bankrupt? Surely every landlord has three or four months rent at the very least in cash just in case a tenant defaults or a boiler blows up?

I can't think that this will cause a problem to any landlord; quite the opposite as cruises will be cheaper, as will Range Rovers.

I foresee a crash in nearly new luxury car prices

tumblr_inline_n4g0tbK0k81r5rxdk.jpg

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Happy Renting

A BTL Landlord going bust will not add nor remove a single home from the housing stock. It will just change hands.

BTL  landlords have enjoyed record low interest rates and extremely favourable taxes on their 'business ventures'.

Some are good, some are bad. All are capitalists who should not now be demandng to socialise their losses. Zero sympathy.

(Nothing against capitalists. I am one).

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Green Devil
2 hours ago, TheBlueCat said:

For restaurants, bars and cafes that rely on people going into the premises for most of their business this is going to be brutal. Those operations are marginal at the best of times, but take away 50% of the footfall and they're a long way into the red. 

I think the under 30s will still go out to bars and pubs. It will those that consider themselves at higher risk that will stay home.

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Uptherebels
2 minutes ago, Green Devil said:

I think the under 30s will still go out to bars and pubs. It will those that consider themselves at higher risk that will stay home.

Well, they will until they've all been shut down.

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9 minutes ago, Green Devil said:

I think the under 30s will still go out to bars and pubs. It will those that consider themselves at higher risk that will stay home.

I don't know how well this translates as Canada had a much bigger problem with SARS than the UK did so people maybe more wary in general, but the pub/restaurant at the end of my street was nearly empty when I walked past it last night at about 7 PM. It's normally about 75% full this time of year.

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2 hours ago, TheBlueCat said:

For restaurants, bars and cafes that rely on people going into the premises for most of their business this is going to be brutal. Those operations are marginal at the best of times, but take away 50% of the footfall and they're a long way into the red. 

Indeed. But it's very strange that in this case it has happened so quickly, only a few days in. I call bullshit and they were suffering already and closing down and this gave them an excuse. The "clean eating" fad was only going to last so long, I bet the Deliciously Ella ranges in the supermarket start getting reduced down too.

And anyway their target market for £6 avocado toast is going to be millennials who aren't going to be anywhere near as badly affected. The real suffering is going to be at garden centres - or specifically the cafes inside them - they're literally God's waiting rooms! Full to the brim with old biddies any day of the week.

I was going to say I might go into them now but I don't fancy reheated Brakes meals... surrounded by old biddies or not. :o

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3 minutes ago, spunko said:

Indeed. But it's very strange that in this case it has happened so quickly, only a few days in. I call bullshit and they were suffering already and closing down and this gave them an excuse. The "clean eating" fad was only going to last so long, I bet the Deliciously Ella ranges in the supermarket start getting reduced down too.

And anyway their target market for £6 avocado toast is going to be millennials who aren't going to be anywhere near as badly affected. The real suffering is going to be at garden centres - or specifically the cafes inside them - they're literally God's waiting rooms! Full to the brim with old biddies any day of the week.

I was going to say I might go into them now but I don't fancy reheated Brakes meals... surrounded by old biddies or not. :o

Well, on the bright side, it's less irritating than her blaming Brexit, which I'm sure she would have done otherwise.

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Wight Flight
40 minutes ago, Green Devil said:

I think the under 30s will still go out to bars and pubs. It will those that consider themselves at higher risk that will stay home.

One of the food pubs here has just announced that they can deliver food to any self isolators.

I guess more will follow.

Given that we don't have just eat or Uber here, I think they might have just found a lifeline.

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Wight Flight
7 minutes ago, spunko said:

The real suffering is going to be at garden centres -

They won't suffer. Garden centres are in reality plots of land waiting for planning permission.

Which they will probably now get.

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MrLibertyRedux

My little part of the world (Nottinghams arts quarter/Hockley) prides itself on being none chain and all independent.

It's going to get fucking hammered by this, which is a shame as the lack of corporatism (along with the bars, restaurants, cafes, music venues, theatres, shops, etc) is one of the main attractions of living here.

 

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3 hours ago, TheBlueCat said:

For restaurants, bars and cafes that rely on people going into the premises for most of their business this is going to be brutal. Those operations are marginal at the best of times, but take away 50% of the footfall and they're a long way into the red. 

Phew, just as well all UK migrants are highly skilled, high earning workers.

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19 minutes ago, Wight Flight said:

They won't suffer. Garden centres are in reality plots of land waiting for planning permission.

Which they will probably now get.

Nope, not so many oaps now.

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The Idiocrat
26 minutes ago, Wight Flight said:

One of the food pubs here has just announced that they can deliver food to any self isolators.

I guess more will follow.

Given that we don't have just eat or Uber here, I think they might have just found a lifeline.

I never understand this. What's to say the people preparing the food aren't contagious? And surely eating something that's been infected is an ideal form of transmission. Would rather prep my own. 

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2 hours ago, Wight Flight said:

Why would they be bankrupt? Surely every landlord has three or four months rent at the very least in cash just in case a tenant defaults or a boiler blows up?

I can't think that this will cause a problem to any landlord; quite the opposite as cruises will be cheaper, as will Range Rovers.

Just been talking about an idiot btler we know.

She 'makes' 100/m rent from the 1000/m rent.

She spends it, as it's her money.

 

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I expect property to become accessible going forward - this is the Millennials chance, this is their time.

I'd expect at least 20% off going forward as a minimum. The UK government will step in, but there maybe no interest from foreign money if travel is restricted and they'll have their hands full trying to save the airlines, leisure and tourism industries.

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