The Big Short Time and Furnished Holiday Let thread ...

[With a crooked smile]

1 minute ago, Bobthebuilder said:

As usual with your posts I am referring to the whole industry in the UK, not just fucking Penrith.

I love it when you mention Penrith that's 30 mins away and not in the National Park! Fucking Londoners!

But yeah I just like to speak about what I know is going on locally. I wont make stuff up about other areas. I have for instance zero idea about what's going on in Cornwall. 

[One percent]

1 minute ago, Bobthebuilder said:

As usual with your posts I am referring to the whole industry in the UK, not just fucking Penrith.

There is something a bit similar in Whitby.  Large houses turned into fhl, requisite hot tub in the garden. Party house, think stag and hen dos. The neighbours love it.   Not.  Especially the ones who thought that by buying big in certain areas, they could avoid the scratters.  

[Paulie]

17 minutes ago, spygirl said:

Getting the days let in a year.

It needs to be let 105d/y. Fail 210 over 2 years and it fails as FHL.

That's harder than it looks.

If you dip the money then you'll cockspur your income numbers, which tge bank use to make sure you've got the agreed yield/income.

If you raise the charge, to make up yield, then you risk voids.

It's a very narrow, dangerous  path to walk. 

Let to friends. Reverse cash payments off the balance sheet.

Edited March 6 by Paulie

[spygirl]

Just now, Paulie said:

Let to friends. Cash payments off the balance sheet.

Everything goes thru the books.

Hmrc may want to see bank records.

And it doesn't help if you've a mortgage on the property.

[With a crooked smile]

2 minutes ago, Bobthebuilder said:

 

Quite a distance from us but I know people who gave been there to pay homage https://www.geograph.org.uk/photo/3329440

[Democorruptcy]

2 minutes ago, With a crooked smile said:

Most places seem to have got rid of public toilets in the uk tourists areas accepted.

And I didn't say holiday let's were empty. I pointed out that one area was struggling( very large holiday let's for multiple people) and that another area was booming (more couples or standard sized family lets).

Here on Anglesey lots of toilets are now closed all winter and you are lucky if a pub is open for food other than Fri-Sun. I spend some time in Cheshire over winter and there are lots of toilets and pubs open there because there are more residents.

[One percent]

1 minute ago, spygirl said:

It does sound doable. Until it isn't.

Agree. I think since the scamdemic, it’s gone mental and they’ve all piled in.  Last year looked quiet, appart from the knuckle dragging day trippers. I was talking to someone who should know last week. He was saying bookings are very few and far between.  
 

easter, summer, a couple of the half terms, Christmas, you should be ok. The rest of the time you are fighting with others to get yours let.  It’s only three additional weeks which you could make with weekend deals. It’s not outside the realms of possibility.  
 

government should have set it at 20 weeks, that really would separate the sheep from the wolves.  

[One percent]

6 minutes ago, Paulie said:

Let to friends. Reverse cash payments off the balance sheet.

You would have to prove it was let for the 15 weeks so would have to show a revenue stream. Thus you would be paying tax on money you hadn’t really made. Rock and a hard place.  

[Bobthebuilder]

14 minutes ago, With a crooked smile said:

Fucking Londoners!

My favorite thing about being a Londoner is that we know all the shires hate us, but we just come to your area and have a holiday and act like cunts, but when you lot come to the capital we just mug and rob you. Its fucking brilliant.

[One percent]

1 minute ago, Bobthebuilder said:

My favorite thing about being a Londoner is that we know all the shires hate us, but we just come to your area and have a holiday and act like cunts, but when you lot come to the capital we just mug and rob you. Its fucking brilliant.

Are you black or Indian?   

[With a crooked smile]

Just now, Bobthebuilder said:

My favorite thing about being a Londoner is that we know all the shires hate us

Tbf I dont have an issue with native Londoners at all. I was only messing with you. Even with the migration to Cumbria I think a lot is actually from within the North these days. Lots of youngish  familes buying cheaper properties than they can find elsewhere. Theres a lot from Manchester and Liverpool that have taken their equity and bought here. I didnt realise until recently the Liverpudlians have started calling West Cumbria "The Scouse Alps" - that made me smile.

[Bobthebuilder]

3 minutes ago, One percent said:

Are you black or Indian?   

There's 36 houses in my street, 2 black, 2 Chinese and 1 Indian, the rest are Eastenders love.

[leonardratso]

13 minutes ago, Bobthebuilder said:

There's 36 houses in my street, 2 black, 2 Chinese and 1 Indian, the rest are Eastenders love.

thats a lot of takeaways for a residential street.

How many public toilets have you got?

[InLikeFlynn]

The FHL council tax changes are overdue and welcome. I think this is the governments main motivation. Increasing the number of liable properties will make a material difference to local council income in many parts of the UK. 

Here in Devon the number of FHls has increased dramatically post COVID as downsizers from the SE move in en masse and setup holiday businesses. I let part of my house through Airbnb etc. and saw a big fall in demand this spring: many more rental.properties chasing a smaller number of visitors. I've jumped ship and let to a lodger. Others may not be willing/able to go down the residential route.

Edited March 7 by InLikeFlynn

[wherebee]

8 hours ago, With a crooked smile said:

Looking at forward bookings a performance in Feb I expect it to do 22-25k a year.

That's why people have been getting out of resi lettings.

another reason, not talked about, is that with AirBNB you can discriminate away and knock back bookings without the risk of some human rights shit suing you; airbnbs rating system for users is also more reliable than most estate agent 'suitability checks' for tenants.

I use airbnb, have a very anglo name, often mention I am travelling for business, etc, and never get knocked back.  I know a bloke with an arab sounding name and he's always getting cancelled on.  Like it or not, airbnb owners can get a free market more than rental landlords can.

[With a crooked smile]

5 minutes ago, wherebee said:

you can discriminate away and knock back bookings without the risk of some human rights shit suing you

Yes this is true, I'm not necessarily saying people are using their properties on airbnb tho. The platform in my view really opened up awareness of short term letting and its exploded as a result. People using apartments for business not just holiday letting is a big part. 

Despite the tax changes and what people on here wish for it's going to be difficult to put that genie back in the box.

People on here as usual are saying stuff like holiday let's will need change of permission when sold, that's not what has been said publicly. In fact the opposite. What's been said is all existing holiday let's will automatically get permission to continue.  I bothered to look.

[Micky Roberts]

9 hours ago, Bobthebuilder said:

My favorite thing about being a Londoner is that we know all the shires hate us, but we just come to your area and have a holiday and act like cunts, but when you lot come to the capital we just mug and rob you. Its fucking brilliant.

Edited March 7 by Micky Roberts

[One percent]

10 minutes ago, Micky Roberts said:

I can’t resist a repost of this.  

 

[ashestoashes]

18 minutes ago, Micky Roberts said:

warms the cockles of me heart to see such modesty

[Wight Flight]

3 hours ago, With a crooked smile said:

Yes this is true, I'm not necessarily saying people are using their properties on airbnb tho. The platform in my view really opened up awareness of short term letting and its exploded as a result. People using apartments for business not just holiday letting is a big part. 

Despite the tax changes and what people on here wish for it's going to be difficult to put that genie back in the box.

People on here as usual are saying stuff like holiday let's will need change of permission when sold, that's not what has been said publicly. In fact the opposite. What's been said is all existing holiday let's will automatically get permission to continue.  I bothered to look.

FHL is either a business or it isn't.

If it is a business then it makes sense to require change of use planning consent.

[spygirl]

5 hours ago, InLikeFlynn said:

The FHL council tax changes are overdue and welcome. I think this is the governments main motivation. Increasing the number of liable properties will make a material difference to local council income in many parts of the UK. 

Here in Devon the number of FHls has increased dramatically post COVID as downsizers from the SE move in en masse and setup holiday businesses. I let part of my house through Airbnb etc. and saw a big fall in demand this spring: many more rental.properties chasing a smaller number of visitors. I've jumped ship and let to a lodger. Others may not be willing/able to go down the residential route.

FHL are businesses

Businesses pay rates rather than C tax.

Business rates are ~3x ctax.

SBR is probably going to be removed.

The FHL changes seem to be removing all tax advantages.

If SBRR is removed, as well as the tax relief, then the average leverage FHL will go from grossing ~3k/y + HPI, to a loss of ~15k+/y.

 

 

[With a crooked smile]

8 hours ago, Wight Flight said:

FHL is either a business or it isn't.

If it is a business then it makes sense to require change of use planning consent.

I've no issue with that - I just have an issue with posters on here making stuff up like "FHL will require planning permission on change of ownership" - thats not in anything thats been released so far. In fact all they have said is that all existing holiday lets will automatically be approved.

[Wight Flight]

31 minutes ago, With a crooked smile said:

I've no issue with that - I just have an issue with posters on here making stuff up like "FHL will require planning permission on change of ownership" - thats not in anything thats been released so far. In fact all they have said is that all existing holiday lets will automatically be approved.

That seems quite foolish as many people will convert to FHL before the legislation changes to grandfather in the rights.

And of course there are never any guarantees in life. It might be down to local councils to decide, which would be very interesting.

[Bobthebuilder]

14 hours ago, Micky Roberts said:

That's Bradford, they are just confused with Stratford.

[roundhouse]

7 hours ago, With a crooked smile said:

I've no issue with that - I just have an issue with posters on here making stuff up like "FHL will require planning permission on change of ownership" - thats not in anything thats been released so far. In fact all they have said is that all existing holiday lets will automatically be approved.

I'm sure Cornwall Council have said in recent weeks that change of ownership/selling will mean the fhl house reverts to residential and new owner has to reapply. But can't find it on quick search so maybe bad memory...