Jump to content
DOSBODS
  • Welcome to DOSBODS

     

    DOSBODS is free of any advertising.

    Ads are annoying, and - increasingly - advertising companies limit free speech online. DOSBODS Forums are completely free to use. Please create a free account to be able to access all the features of the DOSBODS community. It only takes 20 seconds!

     

IGNORED

How does Buy to Let END!


macca

What happens when generation rent retire with tiny pensions and massive rent bills!  

137 members have voted

You do not have permission to vote in this poll, or see the poll results. Please sign in or register to vote in this poll.

Recommended Posts

1 hour ago, Hancock said:

Jesus fucken christ you'd think no man or woman alive would touch it until the house is empty and the shite that will inevitably be left is cleared up, and all damage fixed.

But in England they'll be queueing out the agents door.

Mad Hatter's tea party isn't it 

  • Agree 1
Link to comment
Share on other sites

1 hour ago, Hancock said:

Jesus fucken christ you'd think no man or woman alive would touch it until the house is empty and the shite that will inevitably be left is cleared up, and all damage fixed.

But in England they'll be queueing out the agents door.

It's remarkable what people will do to save a few £000 on stamp duty.

  • Agree 1
Link to comment
Share on other sites

Rouge landlord is fined £740K + £30k costs for renting out several properties on illegal rent-a-room arrangements, mainly to EE / Brazilians - most of which were receiving HB https://www.theguardian.com/society/2021/feb/28/brent-rogue-landlord-pay-back-illegal-london-housing “This penalty sends a clear message that rogue landlords will not be allowed to get away with ignoring planning laws.” 9_9 Sounds like a good result but...

His father who jointly owns some of the properties was convicted (& fined £544k) for their illegal conversion in 2014 and has getting away with is ever since  https://www.bailii.org/ew/cases/EWCA/Crim/2014/1658.html 9_9

Link to comment
Share on other sites

6 hours ago, Andersen said:

Rouge landlord is fined £740K + £30k costs for renting out several properties on illegal rent-a-room arrangements, mainly to EE / Brazilians - most of which were receiving HB https://www.theguardian.com/society/2021/feb/28/brent-rogue-landlord-pay-back-illegal-london-housing “This penalty sends a clear message that rogue landlords will not be allowed to get away with ignoring planning laws.” 9_9 Sounds like a good result but...

His father who jointly owns some of the properties was convicted (& fined £544k) for their illegal conversion in 2014 and has getting away with is ever since  https://www.bailii.org/ew/cases/EWCA/Crim/2014/1658.html 9_9

'Spanish'

You see these articles  and you can always guess the surname type.

 

  • Agree 1
Link to comment
Share on other sites

On 25/03/2019 at 00:30, macca said:

“What happens to generation rent!”

When they retire with tiny pensions and can no longer afford to pay their MASSIVE rent, never mind their food, gas, electric, water, council tax! 

The landlord will have had their houses paid for, but through the labour of their tenant..

Who pays/or doesn’t pay for the tenant to live thrive and survive? 

What if they need a nursing home? How do we fund that? They don’t have a house to sell? 

Can the tax payer afford to fund 100’000s/millions of poor tenants?  

Answer:

 

image.png.21b42c1fa9e7fd7c4bc76b5561b10682.png

Link to comment
Share on other sites

1 hour ago, Noallegiance said:

well spotted

"This measure introduces a new Financial Institution Notice (FIN) that will be used to require financial institutions to provide information to HMRC when requested about a specific taxpayer, without the need for approval from the independent tribunal that considers tax matters.

It will also allow information and documents to be obtained for the purpose of collecting a tax debt and makes some technical changes.

Published 3 March 2021"
Link to comment
Share on other sites

Tennant eviction ban has been extened until March 31st - at which time it will taper off  https://www.landlordtoday.co.uk/breaking-news/2021/3/eviction-ban-given-yet-another-extension-by-government

Info from one of the comments: The Debt Respite scheme comes in on 2nd of May and Debtors ( including tenants ) will be able to go to a Debt Advisor who will look for a 'debt solution' during a 2 month Breathing Space, where any action is frozen.
Solutions open to resolving a debtors arrears, are IVA, DRO or bankruptcy. Most cases will see a 75% or Total elimination of the debt.

Why would any tennant pay rent these days when the system is set up to allow them to continue linving in a rental place without paying rent, and to wipe out the rent debt once the ban on evictions come to an end.

:PissedOff:

Link to comment
Share on other sites

Noallegiance
5 minutes ago, Andersen said:

Why would any tennant pay rent these days when the system is set up to allow them to continue linving in a rental place without paying rent, and to wipe out the rent debt once the ban on evictions come to an end.

:PissedOff:

I'm hopeful that there are many quiet humans like me and my wife who operate in the system for maintenance of trust and integrity. We have a good landlord. I just couldn't bring myself to simply stop paying rent. 

Yes, there will be people who take advantage. They will be the morally repugnant. I am not. There must be yin to be yang.

But yeah, what a fuck.

  • Agree 5
Link to comment
Share on other sites

3 hours ago, Andersen said:

Tennant eviction ban has been extened until March 31st - at which time it will taper off  https://www.landlordtoday.co.uk/breaking-news/2021/3/eviction-ban-given-yet-another-extension-by-government

Info from one of the comments: The Debt Respite scheme comes in on 2nd of May and Debtors ( including tenants ) will be able to go to a Debt Advisor who will look for a 'debt solution' during a 2 month Breathing Space, where any action is frozen.
Solutions open to resolving a debtors arrears, are IVA, DRO or bankruptcy. Most cases will see a 75% or Total elimination of the debt.

Why would any tennant pay rent these days when the system is set up to allow them to continue linving in a rental place without paying rent, and to wipe out the rent debt once the ban on evictions come to an end.

:PissedOff:

Why would any bank extend mortgages to the LL?

Link to comment
Share on other sites

Wight Flight

Looks like the six month notice period comes to an end in May. So we revert back to two months notice.

Experience tells me it is virtually impossible to find a new home in two months. This could become very messy indeed.

Link to comment
Share on other sites

10 hours ago, Wight Flight said:

Looks like the six month notice period comes to an end in May. So we revert back to two months notice.

Experience tells me it is virtually impossible to find a new home in two months. This could become very messy indeed.

Two month notice but as your local housing department will tell you, you don't leave unless you have another property to go to.

Which means that the log jam in holiday areas is going to extend a long while longer.

 

Link to comment
Share on other sites

Wight Flight
1 hour ago, eek said:

Two month notice but as your local housing department will tell you, you don't leave unless you have another property to go to.

Which means that the log jam in holiday areas is going to extend a long while longer.

 

Which means no glowing reference and therefore no chance of renting somewhere else.

When all these outstanding evictions happen, we could have the very interesting situation of lots of homeless people and lots of empty properties as the landlords pick from a much smaller group of 'safe' tenants.

Link to comment
Share on other sites

Chatting to a mate in the outer London area. There were a lot of Polish people living near him. All working and renting places. The general idea was that these people woul make enough money in the UK to set themselves up for life back in Poland.

A group of them rented all the bedsits in a big house conversation only to find out the landlord was a complete shit.

Apparently the landlord would ignore their calls for repairs so when he ignored their calls to give him notice last June they just stopped paying rent and bills (utilities and council tax are in his name and he charged them pro rata with a huge mark up) and moved back to Poland. The landlord will be issuing section 21 notices as soon as they're allowed only to find they could have rented the place out from the middle of last year as it was already empty.

How sad..

  • Cheers 2
Link to comment
Share on other sites

13 hours ago, Wight Flight said:

Looks like the six month notice period comes to an end in May. So we revert back to two months notice.

Experience tells me it is virtually impossible to find a new home in two months. This could become very messy indeed.

Shows what a disaster things are when BTL landlords are allowed to run the show; in a market where supply is only allowed at a pace the Oligopoly of builders and the crooked Tory party allow.

  • Agree 1
Link to comment
Share on other sites

Wight Flight
45 minutes ago, Hancock said:

Shows what a disaster things are when BTL landlords are allowed to run the show; in a market where supply is only allowed at a pace the Oligopoly of builders and the crooked Tory party allow.

Agreed. But what is a better alternative?

Link to comment
Share on other sites

Chewing Grass
5 minutes ago, Andersen said:

Zoopla says the trend is an increasing number of LL's selling up (a perfect storm of increased taxation + legislation + compliance costs, protection favouring non-paying tennants rights above LL's, and the hot property market)  https://www.zoopla.co.uk/discover/property-news/house-price-index-some-investors-exit-market/ 

I know 3 small time Landlords the biggest one has 3 properties and they are all finished due to a combination of IR35, taxes of being a landlord and one in particular being forced to take his pension at 60 but still working as staff now.

They will all be forced out of the game in the next 12 months.

  • Cheers 1
Link to comment
Share on other sites

49 minutes ago, Chewing Grass said:

I know 3 small time Landlords the biggest one has 3 properties and they are all finished due to a combination of IR35, taxes of being a landlord and one in particular being forced to take his pension at 60 but still working as staff now.

They will all be forced out of the game in the next 12 months.

The biggest thing that will finish them off (after interest rate rises) is falling house prices, as there'll be a rush to the exit.

Link to comment
Share on other sites

3 hours ago, Chewing Grass said:

I know 3 small time Landlords the biggest one has 3 properties and they are all finished due to a combination of IR35, taxes of being a landlord and one in particular being forced to take his pension at 60 but still working as staff now.

They will all be forced out of the game in the next 12 months.

nice.

Link to comment
Share on other sites

Scenario

Loads of LL's sell up, loads of cheap properties become available for FTB's etc :Beer: 

Existing homeowners realise this new supply of homes has killed the value of their own home O.o 

Ex-tennants realise that the number of places available to rent has dropped *lots*, LL's now refuse to rent to anyone who has less than perfect credit score / can't provide 2 references from their grandparents O.o Rents won't drop - will they rise? How much?? 

Does anybody win? :/

  • Agree 1
Link to comment
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

  • Recently Browsing   0 members

    • No registered users viewing this page.
×
×
  • Create New...