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How does Buy to Let END!


macca

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

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On 28/05/2021 at 09:53, Wight Flight said:

With fewer rental properties available, they are in a very unsecure position.

Vote Corbyn get council houses built? 

To be honest Conservatives are going to kill allot more people so there should be loads of empty houses soon.

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reformed nice guy
9 hours ago, macca said:

Vote Corbyn get council houses built? 

To be honest Conservatives are going to kill allot more people so there should be loads of empty houses soon.

If their voting base is old grannies and the working class, and they are unlikely to want to kill off their voters, does that mean they will be killing ironicly moustached upper middle classed baristas with art degrees?

Should childless degree educated public sector workers double check that their free range houmous or hand polished avacados have been poisoned? The shock of their below minimum waged 3rd world cleaners leaving has already left them weak and vulnerable

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  • 4 weeks later...

https://www.property118.com/bailiffs-arrive-at-last/

Bailiffs arrive at Last! SO after serving notice for non-payment of rent on 1st November 2019 (Long before Covid-19 was even invented) and after a full year of waiting, a court date was finally set for 18 March 2021, at which the judge ruled for an eviction two weeks later on 1st April 2021 (AND that bailiffs could be called before the 30 June cut-off if necessary).

Now this LL was lucky in getting the eviction notice in before the coof.

Any devious tenant will be paying 30% of the rent, claiming covid.

Evictions are unlikely to be get thru the courts before 2023.

 

 

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Web discussion with an experienced LL & a LL legal firm.

Spoiler alert: 85% of LLs own 5 properties or less. They have seen arrears jump to unprecedented levels, ASBO complaints have also increased (lockdown fever? The number of LLs seeking evictions has jumped a lot now that the eviction ban has ended. Video is worth watching all the way through but should start where stats are reported.

If you have been renting, why not get yourself ready to snap up one of the bargain ex-rental places that will soon be swamping the market. Or not ... :/

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9 hours ago, Andersen said:

Web discussion with an experienced LL & a LL legal firm.

Spoiler alert: 85% of LLs own 5 properties or less. They have seen arrears jump to unprecedented levels, ASBO complaints have also increased (lockdown fever? The number of LLs seeking evictions has jumped a lot now that the eviction ban has ended. Video is worth watching all the way through but should start where stats are reported.

If you have been renting, why not get yourself ready to snap up one of the bargain ex-rental places that will soon be swamping the market. Or not ... :/

Not unexpected.

A smart tenant will drop to pay only a fraction of rent.

That way you an argue that you are trying to pay rent and avoid being evicted fro non payment of rent.

Evictions are going to take another 12 months to get through court.

Why in fuck banks ever thought that lending money to amateurs LL was anything but mental.

The more LL defaults go up, the higher IO BTL APRs are going to go.

 

 

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11 hours ago, Andersen said:

Web discussion with an experienced LL & a LL legal firm.

Spoiler alert: 85% of LLs own 5 properties or less. They have seen arrears jump to unprecedented levels, ASBO complaints have also increased (lockdown fever? The number of LLs seeking evictions has jumped a lot now that the eviction ban has ended. Video is worth watching all the way through but should start where stats are reported.

If you have been renting, why not get yourself ready to snap up one of the bargain ex-rental places that will soon be swamping the market. Or not ... :/

Why in fuck sake did all the banks lend several 100k maybe a few millions to these gormless grubby fucktards?

How in fuck did they think IO BTL was going to end???

The banks didnt even has the sense to make the loans repayment.???

The banks are stuck with these morons until the LL or the bank goes under.

IO BTL came about as ARLA convinced the banks that that SST rental agreement gave them a simple quick access to the property - 2 months - if it all went to shit.

Without that quick access to the house the bank would have never touched IO BTL.

Now, to all intents n purposes, thats gone.

The banks need to be calling in their IO BTL ASAP.

There will be a rush of banks looking at moving first, to get their claim at the front.

 

 

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Frank Hovis
2 hours ago, spygirl said:

Without that quick access to the house the bank would have never touched IO BTL.

Now, to all intents n purposes, thats gone.

The banks need to be calling in their IO BTL ASAP.

There will be a rush of banks looking at moving first, to get their claim at the front.

 

Yes.  There should now be a rush by banks to call in possession clauses and get their repossessed houses to market before the other banks do the same; depressing prices and making it possible that they will not recover the loans they have advanced.

This is really not a moment for banks to sit on their hands; the very low margins they have made on these loans have been underpinned by having good security in being charged against a home.  If the BTL portfolios start hitting negative equity then that's their profits wiped out on the whole book.

The time to take possession is now.

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1 hour ago, Frank Hovis said:

Yes.  There should now be a rush by banks to call in possession clauses and get their repossessed houses to market before the other banks do the same; depressing prices and making it possible that they will not recover the loans they have advanced.

This is really not a moment for banks to sit on their hands; the very low margins they have made on these loans have been underpinned by having good security in being charged against a home.  If the BTL portfolios start hitting negative equity then that's their profits wiped out on the whole book.

The time to take possession is now.

Id love to see the non preforming loans on certain banks.

if the tenant isnt paying rent then the LL isnt paying the mortgage.

Clusterfuck as far as banking goes.

And bear in mind a lot of BTL are up North. It would not surprise me to find that the majotirry if BTL are under water.

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Wight Flight
9 hours ago, spygirl said:

Id love to see the non preforming loans on certain banks.

if the tenant isnt paying rent then the LL isnt paying the mortgage.

Clusterfuck as far as banking goes.

And bear in mind a lot of BTL are up North. It would not surprise me to find that the majotirry if BTL are under water.

You are forgetting that landlords could take a payment break with no repercussion.

Unlike their tenants.

https://www.tmwdirect.co.uk/help-and-guides/important-updates

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News from Dept of stating the bleedin' obvious: "Older LL's are fed up of increasing legislation & taxes, and bennies scroungers living in their properties and not paying rent. They are selling their porfolios now that the Covid eviction ban has ended. The number of houses available to rent might drop significantly"  https://www.thisismoney.co.uk/money/buytolet/article-9725329/Are-heading-buy-let-exodus.html 

9_9 

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10 hours ago, Andersen said:

News from Dept of stating the bleedin' obvious: "Older LL's are fed up of increasing legislation & taxes, and bennies scroungers living in their properties and not paying rent. They are selling their porfolios now that the Covid eviction ban has ended. The number of houses available to rent might drop significantly"  https://www.thisismoney.co.uk/money/buytolet/article-9725329/Are-heading-buy-let-exodus.html 

9_9 

Unless the houses are being transformed into holiday lets - 1 house to an owner occupier = 1 less person looking for a rental property.

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8 minutes ago, eek said:

Unless the houses are being transformed into holiday lets - 1 house to an owner occupier = 1 less person looking for a rental property.

Here's hoping it's that simple & many of the folk now renting end up owning their own place :Beer: 

I rented for many years as it suited my lifestyle (regularly moving with work). There will always be a need for rented properties for people who are unable (or prefer not ) to buy, regardless if they're working FT or on bennies / 16 hour tax credits.

Relevant real life experiences by @Frank Hovis https://www.dosbods.co.uk/topic/16687-rental-nightmare-in-coastal-cornwall-and-coastal-devon-iow/

 

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48 minutes ago, Andersen said:

Here's hoping it's that simple & many of the folk now renting end up owning their own place :Beer: 

I rented for many years as it suited my lifestyle (regularly moving with work). There will always be a need for rented properties for people who are unable (or prefer not ) to buy, regardless if they're working FT or on bennies / 16 hour tax credits.

Relevant real life experiences by @Frank Hovis https://www.dosbods.co.uk/topic/16687-rental-nightmare-in-coastal-cornwall-and-coastal-devon-iow/

 

Why do you think I added the proviso about Holiday lets?

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Wight Flight
3 hours ago, eek said:

Unless the houses are being transformed into holiday lets - 1 house to an owner occupier = 1 less person looking for a rental property.

You forget the many years of mass immigration.

And also the under-utilisation of bedrooms in our current housing stock.

 

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Just now, Wight Flight said:

You forget the many years of mass immigration.

And also the under-utilisation of bedrooms in our current housing stock.

Nope my point was that if supply is consistent 1 property but by an owner occupier should equal 1 less renter looking for a property to rent.

Now that isn't 100% true (and it definitely isn't in somewhere like Cornwall and the IoW) but in large parts of the country where those properties are being sold it will be true. There just isn't that much demand for airbnb in a housing estate in Nottingham / Birmingham / Bristol. 

As for bedrooms what under-utilisation. Our 5 bedroom house is now fully occupied - 3 bedrooms in use as bedrooms and 2 as home offices. 

 

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Wight Flight
Just now, eek said:

Nope my point was that if supply is consistent 1 property but by an owner occupier should equal 1 less renter looking for a property to rent.

Now that isn't 100% true (and it definitely isn't in somewhere like Cornwall and the IoW) but in large parts of the country where those properties are being sold it will be true. There just isn't that much demand for airbnb in a housing estate in Nottingham / Birmingham / Bristol. 

As for bedrooms what under-utilisation. Our 5 bedroom house is now fully occupied - 3 bedrooms in use as bedrooms and 2 as home offices. 

 

Over a period of time maybe. But we have built up a huge backlog of people that want to buy but haven't been able to, so still living with parents. Every time the .gov come up with a new incentive scheme more of them get unleashed in to the market. The average age of a first time buyer is 33. It used to be about 24. That is an awful lot of people ready enter the market. 

Under utilisation because almost nobody is downsizing when the kids do eventually leave home.

Why would they with prices going to the moon and inheritance tax preferring housing over cash?

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4 hours ago, Wight Flight said:

Over a period of time maybe. But we have built up a huge backlog of people that want to buy but haven't been able to, so still living with parents. Every time the .gov come up with a new incentive scheme more of them get unleashed in to the market. The average age of a first time buyer is 33. It used to be about 24. That is an awful lot of people ready enter the market. 

Under utilisation because almost nobody is downsizing when the kids do eventually leave home.

Why would they with prices going to the moon and inheritance tax preferring housing over cash?

Htb is trapping naive people into shithole flats or tiny houses on estates that will soon be overrun by scum.

One of the htb estate in Scabby - middle of nowhere- already has a queue of people trying to sell up and leave.

 

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Bobthebuilder

I was reading about "make tax digital" which comes into force for all self-employed/ sole traders from April 2022. Rather than a yearly tax return, you will have to submit digital spreadsheets every 3 months, with fines if you don't, I presume.

Well, it applies to LL so it seems. Give HMRC your quarterly income details or pay the fine.

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7 hours ago, Bobthebuilder said:

I was reading about "make tax digital" which comes into force for all self-employed/ sole traders from April 2022. Rather than a yearly tax return, you will have to submit digital spreadsheets every 3 months, with fines if you don't, I presume.

Well, it applies to LL so it seems. Give HMRC your quarterly income details or pay the fine.

It feels like more than 5 years since I first heard the make-tax-digital with quarterly returns was going to be implemented, every time we get close to the date it gets delayed / pushed back / recheduled.

I set up as self-employed many years ago as a way to earn legal money and I fill in an annual tax return. Since first hearing about the quarterly returns I've been very clear that I will close my business the month before quarterly returns become a requrement. I'm selective about the work I do and have a work / life balance that suts me well, it's nice having a legal way to accept paid work but I don't need it.

Edited by Andersen
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Bobthebuilder
1 hour ago, Andersen said:

It feels like more than 5 years since I first heard the make-tax-digital with quarterly returns was going to be implemented, every time we get close to the date it gets delayed / pushed back / recheduled.

I set up as self-employed many years ago as a way to earn legal money and I fill in an annual tax return. Since first hearing about the quarterly returns I've been very clear that I will close my business the month before quarterly returns become a requrement. I'm selective about the work I do and have a work / life balance that suts me well, it's nice having a legal way to accept paid work but I don't need it.

I had never heard of it before today. Was in my industry monthly magazine. I have been self employed for over 25 years, really thinking of giving it up now tbh.

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On 30/06/2021 at 10:52, eek said:

Unless the houses are being transformed into holiday lets - 1 house to an owner occupier = 1 less person looking for a rental property.

Wrong since there are an additional 164K households formed each year. Probably made up of rich kids leaving home, well off divorcees separating and buying a house each, Hong Kongers etc.

https://www.ons.gov.uk/peoplepopulationandcommunity/populationandmigration/populationprojections/bulletins/householdprojectionsforengland/2018based#:~:text=Total number of households is projected to increase 7.1% by 2028&text=Between 2018 and 2028%2C the,164%2C000 additional households per year.

 
 
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9 hours ago, TMM said:

Different issue though - my argument was simply that houses don't evaporate when a property118 landlord sells their "portfolio" that they are renting via IO only loans from the bank.

There are a whole heap of demand side issues as you highlight above but that isn't the same thing. Although 164,000 households per year does mean 164,000 houses and flats need to be build which we all know ain't happening.

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Frank Hovis
14 hours ago, Andersen said:

It feels like more than 5 years since I first heard the make-tax-digital with quarterly returns was going to be implemented, every time we get close to the date it gets delayed / pushed back / recheduled.

I set up as self-employed many years ago as a way to earn legal money and I fill in an annual tax return. Since first hearing about the quarterly returns I've been very clear that I will close my business the month before quarterly returns become a requrement. I'm selective about the work I do and have a work / life balance that suts me well, it's nice having a legal way to accept paid work but I don't need it.

I'm sure that it came in for bigger companies about four years ago and had to be done.

I wasn't involved but heard about it.

This sounds like the extension to non-companies.

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