Gove going after the LLs

[kibuc]

52 minutes ago, Hancock said:

I agree to an extent, but it should be raised for landlords and 2nd homeowners, as they don't need to move for work.

It was the fact they got a SDLT holiday, at a time when more people than ever were priced out ... its a sick joke.

I think we should try and use correct tools for the job. Just because SDLT might make life more difficult for BLTers and people hogging residential property doesn't mean it's the way to go. You tax things you want to discourage, and what we want to discourage is, let's say, ownership of 2nd homes, BTL or any residential property by non-residents. If we consider such properties excessive / luxury items, annual value tax seems more appropriate. It's taxation on capital being used to the detriment of wider population instead of being put into more productive tasks. SDLT is not only much less effective as it only applies once, but it's also taxation (read: discouragement) on mobility. Ideally, moving houses should be just as easy and tax-free as moving from one rental to another.  

[Hancock]

1 minute ago, kibuc said:

I think we should try and use correct tools for the job. Just because SDLT might make life more difficult for BLTers and people hogging residential property doesn't mean it's the way to go. You tax things you want to discourage, and what we want to discourage is, let's say, ownership of 2nd homes, BTL or any residential property by non-residents. If we consider such properties excessive / luxury items, annual value tax seems more appropriate. It's taxation on capital being used to the detriment of wider population instead of being put into more productive tasks. SDLT is not only much less effective as it only applies once, but it's also taxation (read: discouragement) on mobility. Ideally, moving houses should be just as easy and tax-free as moving from one rental to another.  

Yes id go with that, bang up the property tax to USA levels for such people. 

Instead the tax rises are going on workers, which puts people off doing productive work.

Obviously we'd no doubt agree the govt should spend less, but as that isn't going to happen its a case of going for the biggest parasites in society, and landlords have to be up there.

[spygirl]

On 09/02/2022 at 08:49, DurhamBorn said:

I know four BTL landlords,none have any leverage,zero.There is lots of leverage in the sector,but also lots of equity.The ones getting out are the ones with no debt.Lots of equity will transfer out of the sector and be invested elsewhere.Asset managers will do very nicely out of it i think.

 

On 09/02/2022 at 08:52, spygirl said:

Youre probably more in the region of buying houses for cash.

Outside of the old mining areas its mainly - or was - IO BTL.

IN scabby, its quite common to come across some self employed tax driver, plasterer, etc etc whos carry 1m+ of IO mortgages.

Its insane.

 

 

On cue ...

https://www.onedome.com/property/sale/A528B807E163BA_102785013024?utm_source=home.co.uk&utm_medium=affiliates

A rare opportunity to acquire an established mixed use portfolio of properties that include over 77 Lettings units of, 5 houses, 1 flat, 11 blocks of flats, 2 commercial retail units, 9 industrial units and additional car parking in Scarborough town centre. All located within a 4 mile radius of Scarborough the portfolio generates an outstanding income in excess of, £490,000 per annum with scope to improve. The portfolio is to be sold as a going concern with all the tenancies in place. To be sold Freehold and subject to the tenancies that are in place. Viewing Strictly via sole agents Colin Ellis Property Services on 01723 363565  

 

Either a massive fucking repo.

Or some who cannot afford to have them unlet.

The sheer stupidly of try to sell them all in one lump, still let.

Mental.

2m million tops for that level of hassle.

 

 

[sarahbell]

1 hour ago, spygirl said:

 

On cue ...

https://www.onedome.com/property/sale/A528B807E163BA_102785013024?utm_source=home.co.uk&utm_medium=affiliates

A rare opportunity to acquire an established mixed use portfolio of properties that include over 77 Lettings units of, 5 houses, 1 flat, 11 blocks of flats, 2 commercial retail units, 9 industrial units and additional car parking in Scarborough town centre. All located within a 4 mile radius of Scarborough the portfolio generates an outstanding income in excess of, £490,000 per annum with scope to improve. The portfolio is to be sold as a going concern with all the tenancies in place. To be sold Freehold and subject to the tenancies that are in place. Viewing Strictly via sole agents Colin Ellis Property Services on 01723 363565  

 

Either a massive fucking repo.

Or some who cannot afford to have them unlet.

The sheer stupidly of try to sell them all in one lump, still let.

Mental.

2m million tops for that level of hassle.

 

 

 

Nasty HMO 

And I say nasty because they've turned a family home into hell for 5 people.
I can only imagine how small the flats are.

[spygirl]

2 minutes ago, sarahbell said:

 

Nasty HMO 

And I say nasty because they've turned a family home into hell for 5 people.
I can only imagine how small the flats are.

Not sure.

Most likely to  be old BnBs, Scaby n all.

They will be flophouses though.

If the fuckers had put up the addresses Id be able to find out how these are. I do have suspscions.

But, gain, theres lot of very modest people with immodest IO BTL portfolios - 1m, 2m 3m +++.

All relying on the kindness of the mortgage lender and the UKGOV bennie system.

Again, when I go about n about with mate whos more plugged into the greatngood (shitnleveraged)? we meet people say hello, then ,when they go, he goes - See him, hes borrowed low single number millions of property and hes fucked.

These are small town self employed./business me - tax drivers, painters n decorators etc.

Some had the good sense to LtdCo before it was required.

Heres one. Idiots bought into running a Rental agency - 

https://find-and-update.company-information.service.gov.uk/company/11418021/filing-history

Look at the accounts.

2.5m of 'tangible assets' yeah right, in your dreams.

Theyll be worth 50% less than the idiot paid for them.

With 2m of debt to pay back some time shortly.

Higher IRs - kaboom!

Change in bennies - kaboom!

L regulation - kaboom.

The debt is what youd expect a large company, employing 100s to have. Not some one mna band scumlord.

 

 

 

 

 

 

 

 

[Lightscribe]

12 minutes ago, spygirl said:

Not sure.

Most likely to  be old BnBs, Scaby n all.

They will be flophouses though.

If the fuckers had put up the addresses Id be able to find out how these are. I do have suspscions.

But, gain, theres lot of very modest people with immodest IO BTL portfolios - 1m, 2m 3m +++.

All relying on the kindness of the mortgage lender and the UKGOV bennie system.

Again, when I go about n about with mate whos more plugged into the greatngood (shitnleveraged)? we meet people say hello, then ,when they go, he goes - See him, hes borrowed low single number millions of property and hes fucked.

These are small town self employed./business me - tax drivers, painters n decorators etc.

Some had the good sense to LtdCo before it was required.

Heres one. Idiots bought into running a Rental agency - 

https://find-and-update.company-information.service.gov.uk/company/11418021/filing-history

Look at the accounts.

2.5m of 'tangible assets' yeah right, in your dreams.

Theyll be worth 50% less than the idiot paid for them.

With 2m of debt to pay back some time shortly.

Higher IRs - kaboom!

Change in bennies - kaboom!

L regulation - kaboom.

The debt is what youd expect a large company, employing 100s to have. Not some one mna band scumlord.

 

 

 

 

 

 

 

 

Don’t forget the likes of ‘property expert’ Emily Evans who amassed her portfolio by age 30 being indebted up to the eye balls.

She’s been on This Morning so she must know her onions. I’m sure the next few years will go great for her. But at least she’s honest and says she ‘was never good with maths’

https://www.emilypropertyexpert.co.uk

 

https://www.dailymail.co.uk/news/article-6785993/Millennials-property-empire-worth-1-5m-turning-30-buying-home-aged-19.html

[23rdian]

13 hours ago, spygirl said:

 

On cue ...

https://www.onedome.com/property/sale/A528B807E163BA_102785013024?utm_source=home.co.uk&utm_medium=affiliates

A rare opportunity to acquire an established mixed use portfolio of properties that include over 77 Lettings units of, 5 houses, 1 flat, 11 blocks of flats, 2 commercial retail units, 9 industrial units and additional car parking in Scarborough town centre. All located within a 4 mile radius of Scarborough the portfolio generates an outstanding income in excess of, £490,000 per annum with scope to improve. The portfolio is to be sold as a going concern with all the tenancies in place. To be sold Freehold and subject to the tenancies that are in place. Viewing Strictly via sole agents Colin Ellis Property Services on 01723 363565  

 

Either a massive fucking repo.

Or some who cannot afford to have them unlet.

The sheer stupidly of try to sell them all in one lump, still let.

Mental.

2m million tops for that level of hassle.

 

 

I wonder if it's corporates buying these up via these shady middle men? Paying full price no concern if you have the taxpayer as established backstop?

[spygirl]

5 hours ago, 23rdian said:

I wonder if it's corporates buying these up via these shady middle men? Paying full price no concern if you have the taxpayer as established backstop?

Are you smoking crack?

What sort of corporate would by a rag tag of property in Scabby?

Where the fucking diversity

Wheres the employed to pay the rent?

~5m is the sot of debt a medium sized company , employing 10s/100s, with revenue of a several 10s of million might carry - unlikely as most small business tend to avoid bank debt.

Yet here we have a FlophouseRUs Ltd Co, carrying a few million with a revenue (rental income) of 490k- and having to lug the moudly body of an OD tramp out a few times a month.

This is an idiot individual and idiot banks.

[spygirl]

Id add - with a quick scan of houseprices.io - that 5m is probably more than the total number of properties in Scabby that sell in 1 month.

2002-2007 saw very large number of sales to IO BTL idiots, as they started overtaking FTBs, out pricing OOOs

Woohoo $$$$$$$$$$

However, now all that fuckwittery needs to deleverage. And FTBs can afford prices ~30-50% less than the idiot LL paid.

Mix that in with IRs raising and areas with lots of IO BTL are fucked.

 

 

 

[spygirl]

There'll be more than Gove after LLs.

7 years ago now.

https://www.housepricecrash.co.uk/forum/index.php?/topic/205887-a-goodbye-to-all-that-buy-to-let/

The bland poster looked the S24 changes, worked out would happen and

Fuck all sold up...

I dont think even HMRC thought btlers were so stupid to carry on and not pay tax.

Stupid us as stupid does.

And the frog boiling of s24 peaked in April 2020, just time for covid....

Evictions banned. Temporary, and now looking at being permanent.

5 years before 202p. And they didnt take it.

Then you get still get these gormless articles -

https://www.thisismoney.co.uk/money/buytolet/article-10477727/amp/Will-putting-buy-let-limited-company-reduce-landlords-tax-bill.html

It's gone.

LtdCo mortgages are hard to get and limited leverage.

The average two-year fixed rate mortgage for someone owning a buy-to-let their own name is 2.94 per cent, according to Moneyfacts. For those buying via a limited company, the average interest rate is 3.47 per cent.

That's a 3% over base rates.

Imagine what they be paying if whenn base rates hit 3%-4%

And fucktards are renting at sub 4% yield

 

 

 

[Hancock]

On 11/02/2022 at 19:53, spygirl said:

 

And fucktards are renting at sub 4% yield

 

But getting 10-20-30% HPI depending on the area they bought.

I just dont see this govt going after the one group of people who will definitely vote for them.

As was said many years ago on HPC, it'll be when the markets take the decision out of the Tory govts hands that prices crash .... i.e. interest rates spike.

 

[eek]

20 hours ago, Hancock said:

But getting 10-20-30% HPI depending on the area they bought.

I just dont see this govt going after the one group of people who will definitely vote for them.

As was said many years ago on HPC, it'll be when the markets take the decision out of the Tory govts hands that prices crash .... i.e. interest rates spike.

 

For every Tory voting landlord there will be 2 to 20 tenants and their votes vastly outnumber the one the landlord makes. 

[spygirl]

7 minutes ago, eek said:

For every Tory voting landlord there will be 2 to 20 tenants and their votes vastly outnumber the one the landlord makes. 

Fat Fuck Fergus - 2 votes

Tenants - 1000+

 

The Tory LL thing is overdone.

One, its MP, so they tend to have seconds houses.

Two, they rely on votes.

 

[reformed nice guy]

Im just waiting for the kite flying to begin for them to go after SIPPs (again I suppose) and ISAs