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Rentiers on FB already crying like babies


Southmartin
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2 minutes ago, Southmartin said:

Grab the popcorn

Am seeing loads of posts from wankers like "But how will I pay all my bills if my tenant doesn't pay me?" ... all of these are also the same people who'll very happily be taking the free 3 month mortgage payment window of course... Free money should only ever apply to them don't 'cha know!

Leveraged BTL\ers are going to get recked  - happy days

Id hope that the mortgage holiday whhch, is only ~5k/100k debt,  ~400/month, is for Owner occupies only.

LL mortgage insurance is available for commercial LLs.

The bigger fallout for LL will be the disappearing of tenants, most being younger, lower paid. Most are on 1 months notice. Get laid off then theyllbe back o parents, sharing a house, moving to cheaper area.

 

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Southmartin
1 minute ago, spygirl said:

Id hope that the mortgage holiday whhch, is only ~5k/100k debt,  ~400/month, is for Owner occupies only.

LL mortgage insurance is available for commercial LLs.

The bigger fallout for LL will be the disappearing of tenants, most being younger, lower paid. Most are on 1 months notice. Get laid off then theyllbe back o parents, sharing a house, moving to cheaper area.

 

Nah I think they'll just stay put and default. Changes of a Magistrate ordering an eviction at the moment is nil - suspect Government guidance will say much the same in the coming weeks

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7 minutes ago, Southmartin said:

Nah I think they'll just stay put and default. Changes of a Magistrate ordering an eviction at the moment is nil - suspect Government guidance will say much the same in the coming weeks

Yep LL should be way more scared than tenants. Isn't it normally 6+ months to actually get a tenant out ? That's going to be at least a year now imo. 

 

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Cosmic Apple
21 minutes ago, Southmartin said:

Nah I think they'll just stay put and default. Changes of a Magistrate ordering an eviction at the moment is nil - suspect Government guidance will say much the same in the coming weeks

The advice for a long time has been for tenants to stop paying the rent and drag out the eviction, before it was so the council will house them but I guess it still applies now. 

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34 minutes ago, ccc said:

Yep LL should be way more scared than tenants. Isn't it normally 6+ months to actually get a tenant out ? That's going to be at least a year now imo. 

 

Its more like 12 months.

Me n aunty got my cuz a nice flat when he came out of jail - ~300/month, South Cliff, big old ex guesthouse. We paid 6 months rent down, which cuz paid back from UC then wages.

Hed onyl been in ~3 motnhs when the LL went bankrupt and the LPA took possesion.

All ~6 other flats instantly stopped paying rent, pocketing the HB or rent money, knowing full well tere are plenty of ot4er flats available and very few tenants.

Cuz didnt as was on license for 2 years.

Hes still there, almost 30 months later.

The only person thats been round to see the flat has been the EA photographer.

 

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The renters will be in the shit if they default on the rent as their credit record will mean they won't be able to rent anywhere else half-decent and will be at mercy of the local authorities who will try to put them up in shit holes alongside the druggies, bennie scroungers, and other riff-raff that ain't playing the working man's game.

The government are trying to herd cats by micromanaging the situation. It'll end up with everyone needing a hand-out one way or another.

 

Edit: I notice on the news that Bozo is saying legislation will be introduced to protect renters from eviction and will avoid passing on the problem by taking further steps. i.e. this will likely mean pay the landlords the rent if they don't get it from the renter. As long as it doesn't cause a black mark on the renter's credit report then that may be a workable solution. All renters get free accommodation for x months while the government is willing to pay it for them. B|

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16 minutes ago, BoSon said:

The renters will be in the shit if they default on the rent as their credit record will mean they won't be able to rent anywhere else half-decent and will be at mercy of the local authorities who will try to put them up in shit holes alongside the druggies, bennie scroungers, and other riff-raff that ain't playing the working man's game.

The government are trying to herd cats by micromanaging the situation. It'll end up with everyone needing a hand-out one way or another.

 

Edit: I notice on the news that Bozo is saying legislation will be introduced to protect renters from eviction and will avoid passing on the problem by taking further steps. i.e. this will likely mean pay the landlords the rent if they don't get it from the renter. As long as it doesn't cause a black mark on the renter's credit report then that may be a workable solution. All renters get free accommodation for x months while the government is willing to pay it for them. B|

Nope.

Most young people - or the people likely to do a runner know the system.

In the case I highlighted, people are well aware of how much empty property there is.

In Scabby, one slumlords rogue tenant is another slumlords good tenant with a few months deposit.

Besides, most renters only need to 1 month rents before leaving.

 

 

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2 hours ago, Southmartin said:

Nah I think they'll just stay put and default. Changes of a Magistrate ordering an eviction at the moment is nil - suspect Government guidance will say much the same in the coming weeks

Not much chance of courts meeting at the moment is there?

 

2 hours ago, Cosmic Apple said:

The advice for a long time has been for tenants to stop paying the rent and drag out the eviction, before it was so the council will house them but I guess it still applies now. 

Not for rent arrears usually though.
You have to be seen to be trying to pay the rent. 
And you need to be two full months behind.

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Southmartin

told you https://news.sky.com/story/coronavirus-new-evictions-banned-to-help-renters-during-crisis-11959877

The government is promising emergency legislation to suspend new evictions from social or rented accommodation for the duration of the coronavirus crisis.

Under urgent new laws, landlords will not be able to start proceedings to evict tenants for at least three months.

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9 minutes ago, Southmartin said:

This is shaping up for the mother of all BTL obliterations!

Gutted my local shop is out of popcorn!!

I've got a couple of bags.

Fifty quid?

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Democorruptcy
39 minutes ago, Southmartin said:

This is shaping up for the mother of all BTL obliterations!

Gutted my local shop is out of popcorn!!

Is this why all the toilet rolls have gone? BTL landlords have needed them all, for some very sudden and large bowel movements?

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Landlords get a mortgage holiday and ability to go after the rent once the eviction freeze has ended. Tennants get a roof over their head but have to pay the rent eventually.

Don't see why either party will be bricking it.

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1 hour ago, Southmartin said:

told you https://news.sky.com/story/coronavirus-new-evictions-banned-to-help-renters-during-crisis-11959877

The government is promising emergency legislation to suspend new evictions from social or rented accommodation for the duration of the coronavirus crisis.

Under urgent new laws, landlords will not be able to start proceedings to evict tenants for at least three months.

Well ... they did ask for something from UKGOV...... just no what they wanted.

LL are fucked.

 

2 minutes ago, BoSon said:

Landlords get a mortgage holiday and ability to go after the rent once the eviction freeze has ended. Tennants get a roof over their head but have to pay the rent eventually.

Don't see why either party will be bricking it.

You really dont grasp how this will pan out.

Theres no sign of a mortgage holiday on LL mortgages. And it's a pause not a freebie.

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Democorruptcy
7 minutes ago, BoSon said:

Landlords get a mortgage holiday and ability to go after the rent once the eviction freeze has ended. Tennants get a roof over their head but have to pay the rent eventually.

Don't see why either party will be bricking it.

Must be annoying if they had a bad tenant, who has an extra 3 months to mess the place up. I wonder what happens to people on s21's before today, can they also stay now? 

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8 minutes ago, spygirl said:

Well ... they did ask for something from UKGOV...... just no what they wanted.

LL are fucked.

 

You really dont grasp how this will pan out.

Theres no sign of a mortgage holiday on LL mortgages. And it's a pause not a freebie.

BTL mortgages are included in the holiday as of today. :P

 

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1 minute ago, Democorruptcy said:

Must be annoying if they had a bad tenant, who has an extra 3 months to mess the place up. I wonder what happens to people on s21's before today, can they also stay now? 

Of course ... if they a court open....

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1 minute ago, Democorruptcy said:

Must be annoying if they had a bad tenant, who has an extra 3 months to mess the place up. I wonder what happens to people on s21's before today, can they also stay now? 

Yes, those landlords will be bricking it. xD

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Democorruptcy

It could be a chain of unintended consequences. At the top of the chain someone who was selling to rent, now cannot have a rental, if existing s21's were included and a rental doesn't free up. 

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