How does Buy to Let END!

[One percent]

Australia but still

https://www.dailymail.co.uk/news/article-13011961/Mascot-Towers-sydney-dad-Anthony-Najafian-facing-financial-ruin-apartment-block-fiasco.html

A dad who purchased a one-bedroom apartment in a prime Sydney location is set to lose $450,000 from the potential sale of his home.

Like the 132 other owners of the bungled Mascot Towers apartment block, Anthony Najafian is in financial ruin because of his 2015 purchase.

More than four years after residents of the cracking and uninhabitable inner-south Sydney block were evacuated due to safety concerns, the government is attempting to broker a deal which would allow owners to sell their individual apartments to a commercial consortium.
 

However, because Mr Najafian bought his unit as an investment he is ineligible for government assistance.

"If we do manage to sell, I'd get about 133k out of what should be an $800,000 apartment, based on current values," he said.

The potential sale would leave his family with a remaining mortgage of about $450,000.

"We are just seeking just and fair help. We want to be all equally look after, we've (investors and owner occupiers) have all been suffering, and we also want to move on."

 

[Wight Flight]

Anyone's heart bleeding over this rather thick landlady?

https://iwobserver.co.uk/despair-at-delays/?

Quote

A landlady has been reduced to tears following a year-long red-tape battle with the IW Council housing department to sell her own home.

Janette Apsley, hotel manager at The Wheatsheaf, Newport, originally told the tenant in her Cowes bungalow last January that she would be selling the property during the year. She said: “My circumstances changed following a serious car accident in December 2022 and taking on this job. I no longer feel comfortable driving at night and wanted to move closer to Newport.

“I gave him plenty of notice. Over the next few months, he showed no sign of moving and I could not find anywhere to rent. I then put the property on the market, and there followed a series of exchanges with the council who knocked me back on the paperwork I submitted. On each occasion they asked me to complete another form.

“First, my Energy Performance Certificate was rejected. When I sent in a new one, I was then asked for a Gas Safety Certificate. This was completed but the housing officer said it wasn’t signed. This continued over several months, with long delays getting replies from the council. In July, I served a section 21 notice (a no-fault eviction notice), but had not ensured all required documentation had been included when serving the notice.

“By November, I had to serve a section 8 notice (served for a tenancy agreement breach, such as non-payment of rent). Finally, after contacting solicitors, he has gone, and I can sell. It has taken approximately a year for a request to have my tenant leave at a cost of nearly £3,500.

“I am just a nice person; this is all new to me and I have been left in tears. The IW Council has dragged it all out and it has affected my health.”

The landlord’s solicitor, from Lawdit, said: “This affected the landlord’s mental health and was extremely costly, because the tenant refused to leave the property for nearly a year. The council seemed to support the tenant, but for reasons which are unclear.

“It is important to ensure that the notice is served correctly, but it seemed the council really dug its heels in on this one. We have noticed there is little consideration or care given to support and guide landlords, but rather a lot of protection and loopholes for tenants to kick the can down the road, to the landlord’s detriment.

“Some landlords are forced to sell their home for personal reasons, but have to battle with a non-compliant tenant and, at times, the council.”

A council spokesman said: “We recognise the important role that private landlords have. However, the council is bound by statutory duties.

“When approached by somebody who is at threat of homelessness, the local authority has a statutory duty to establish they are legally at risk of homelessness. In the example of a tenant that has been served with a section 21 notice, this duty is to establish that the notice has been served correctly.

“The local authority also has a statutory duty to provide advice and information about homelessness, and the rights of homeless people or those at risk of homelessness. It is therefore our legal duty to advise somebody when a Section 21 notice has not been served correctly.

“Whilst we understand some landlords can be frustrated by this process, the local authority is following procedures set out in law.

 

[Bear Hug]

1 hour ago, Wight Flight said:

Anyone's heart bleeding over this rather thick landlady?

https://iwobserver.co.uk/despair-at-delays/?

 

My parents' btl friend has a similar story. They always get angry when they tell me about it, and I express my sympathy to his plight via laughter. 

[JoeDavola]

I can only assume that seven flats in the same development being on sale is an indicator of a major BTL exodus happening?

[Bear Hug]

Looked at rental search in my area (Reading) for 2+ bed houses, like the one I am renting. 

Never seen so little stock costing so much. Barely any houses, independent of size or cost. Just flats. Prices are double from when I moved here 15y ago. Not my rent, lucky, for now. But if I have to move, I am definitely not staying here. 

[spygirl]

The BBC spin on IO BTL defaults.

Landlord mortgages in arrears double in a year

https://www.bbc.co.uk/news/business-68239182

The number of landlords who have fallen behind on their mortgages has jumped, according to figures from the banking industry.

Buy-to-let mortgages in arrears more than doubled in the final three months of 2023 compared to the same period the year before.

The 124% rise was likely to be the result of high mortgage rates.

However, it still only accounts for a fraction of mortgages that are still being paid off.

....

What happens if I miss a mortgage payment?

• If you miss two or more months' repayments you are officially in arrears
• Your lender must then treat you fairly by considering any requests about changing how you pay, such as lower repayments for a short time
• They might also allow you to extend the term of the mortgage or let you pay just the interest for a certain period
• However, any arrangement will be reflected on your credit file, which could affect your ability to borrow money in the future

 

No.

BTL are commercial mortgages. There are not rules - BTL is the MMA of the mortgage world.

You miss a payment and the bank will want its money back. ASAP.

 

[Wight Flight]

Thought I would just leave this here from facebook...

Quote

I posted this on here in 2022.....

IM STILL HOMELESS, but now have a 13 year old and 18 month old....

Please please please can anyone help!?

Ive been looking for so long and ita starting to really affect my health.

We are in a bed and breakfast still and just dreaming of somewhere to call home!

Got 4 months upfront, deposit, guarantor, £32k a year income, references.

HELP

People made some very helpful comments such as 'if you earn that much, why don't you just buy somewhere'

FFS

[spygirl]

26 minutes ago, Wight Flight said:

Thought I would just leave this here from facebook...

People made some very helpful comments such as 'if you earn that much, why don't you just buy somewhere'

FFS

The 32k is prob mainly UC ......

In terms of the single mums - and there appears to be loads on IoW, most not from IoW ..., their hoem awaits them the other side of the Water ...

 

[spygirl]

Romford man's fury at Havering Council as it won't give back property

https://www.romfordrecorder.co.uk/news/24121224.romford-mans-fury-havering-council-wont-give-back-property/

The council is using properties spread across the borough to accommodate tenants but says there is a lack of other options available.

The Recorder recently reported on the case of pensioner Alan Pomfret, who said the council has refused for more than two years to give back two houses he had leased to the authority.

Now another family has come forward claiming they too have faced a similar situation.

Online tutor Paul Boulton claimed: ”The council is playing hot potato, passing it between them and getting nothing done.

“They are refusing to give it (our property) back.”

 

I dont know but I assume the LL signed up for n years.

if there is no contract than simply issuing a S21 would ge tthe property back. Eventually.

 

The Boultons, from Rise Park in Romford, originally bought a house in Archway, Harold Hill, partly from the money they had been left from a deceased family member, believing it would be a safe investment.

They leased the property to Havering Council eight years ago.

How much is partly?

But after a succession of interest rate hikes, they realised their dream investment was more like a millstone around their necks and needed to sell up.

Despite giving the council notice more than six months ago, they say they are no closer to getting their bricks and mortar back.

Paul, 46, claimed the council is not abiding with an agreement which said they could get the house back if they gave three months notice.

OK, I guess paltry would be more suitable if they are being affected by IR hikes.

Again, you tell the council, then you initiate a S21 notice. A proper, done by a layer who knows what they are doing one.

He said: "They have been using it and putting tenants in it for the last eight years. But now we are getting the brush off. It’s causing us great stress and worry. It is affecting our mental health.

DLA claim incoming????

“We have a mortgage on the house and this is now costing us a lot of money.

"I fully understand there are tenants in the property, but it is up to the council to re-house them elsewhere and give us our property back.

“It is not like we are rich and have 100 properties on our books. This was meant to be a little nest egg for our children when they grow up but it has turned into a poisoned chalice."

Ahh .... not the big swinging dick rich man then ....

https://www.romfordrecorder.co.uk/news/24082462.havering-council-wont-give-back-romford-houses-owner-says/

Former office supply boss Alan Pomfret, 70, leased two houses to the authority ten years ago after selling up his business.

Because he has no private pension, he now wants to sell the properties, pay off the mortgages and secure his future.

But he says he has been battling with the council’s housing department for more than two years trying to get his hands back on his properties.

He might not have much to show for his little venture ....

"The houses are supposed to be my pension but they will not give them back to me so I’m unable to sell them.

“My wife and I still have substantial mortgages on them and with interest rates so high, this so-called investment has turned into a complete and absolute nightmare. 

 

Interest rates so high .... Isnt this where he tells us he paid 15% mortgage in the 90s???

"My mortgage term runs out in five years and I’ll be sunk without a trace if I don’t get them back soon."

Whoopsy.

Wait for it ....

Its coming ...

Brace yoruself ...

“In many ways, it feels a bit similar to the Post Office scandal where the little guy is up against a giant corporation who are backed by layers of bureaucracy and a big legal team.

Oh, getting the big guns out .... and actually *paying* for stuff 

They have now taken legal advice and have been told it could take up to 18 months to get their properties back through the courts incurring thousands of pounds worth of costs.

 

[spygirl]

40 minutes ago, Wight Flight said:

Thought I would just leave this here from facebook...

People made some very helpful comments such as 'if you earn that much, why don't you just buy somewhere'

FFS

Thats quite an age spread 10 + 11 months.

And an impressive pair of trout lips...

 

Feb 21- 

 

Hi I am looking to rent a 1 bed flat,

I have got 1st months rent and deposit ready

Also a gurentor if needed

My limit is £550pm

Pretty desperate so any help will be greatly appreciated

 

Aug 21 - 

  · 

I am looking for a 1 bedroom 2 bedroom or just a room, 1/2 anything really! For myself and my boyfriend we both work, we have the first 3 months rent and deposit! We are able to pay anything up to 700pm! If anyone knows of anything please can I be tagged! Thank you xxx

 

Oct 22 

 

Hi, I’m looking for a 2 or 3 bed property for myself, 11 year old son and 10 week old baby. I’m desperate as we’re all in 1 room at the minute.

I have all of the money ready and a guarantor if needed. Any help would be amazing as I’m so desperate to be housed by Xmas for the boys.

Thank you. Xx

 

Jan 24 

 

Looking for a 2 bed property, anywhere on the island, for me my partner and 2 boys. can pay 2 months upfront, deposit and have guarantor if necessary.

We've got 21 days before we become homeless, so we really are desperate we can afford up to £900pm

Thank you

All reactions:

77

 

[roundhouse]

Spareroom email opinion piece and poll today. It's such a landlord-loving website with landlords are so entitled and suffering messaging that I don't respond to their polls. This one is the worst I remember, they can't even articulate an unbiased/unloaded survey question. They never put out surveys such as "is it fair that working renters who pay tax and receive no housing benefit should have their tax used to prop up landlords?"

 

Spare Room 16/2/24

The UK is currently suffering from a rental crisis. In our most recent poll, 77% of you said the rental market isn't working and 94% of you said that you don't have confidence in the Government's current approach to housing.

 

It’s hardly surprising. Over the past 5 years, demand for rooms has soared by 33%, yet supply has fallen by 15%, resulting in outrageously high rents. Renters are really struggling. We can’t physically create more supply, but we do want to help fix this.

 

Why is supply falling?

One of the key reasons is that landlords are leaving the residential market, with many switching to holiday lets. The number of short-term rental properties in the UK has shot up by 20% over the past four years. Holiday lets up 20% - residential lets down by 15%. It’s not hard to see where the problem is.

 

What can be done about it?

Simple. Government has to stop prioritising holiday lets over homes. Landlords of holiday lets get all sorts of financial incentives that residential landlords don’t. That makes no sense. So we’re asking the Government to prioritise homes. We’re not asking for any new incentives, just that those available to holiday let landlords are also available to people offering residential properties.

 

It’s very simple really - we have a housing crisis, not a hotel room crisis. More rooms for renters means a more balanced market and lower rents.

 

What do you think? Please let us know in our 1 question poll below:

 

Do you think we should prioritise homes over holiday lets?

Yes

No

Don't know

[spygirl]

Wheres @Wig when you need him?

Rents fall for third month in a row across the UK - and London prices drop 5%: Here's why

https://www.thisismoney.co.uk/money/buytolet/article-13092323/Rents-fall-month-row-UK-London-prices-drop-5-Heres-why.html?ico=mol_desktop_home-newtab&molReferrerUrl=https%3A%2F%2Fwww.dailymail.co.uk%2Fhome%2Findex.html&_ga=2.94552220.108560849.1708333397-1153876054.1674210976&_gl=1*ix084g*_ga*MTE1Mzg3NjA1NC4xNjc0MjEwOTc2*_ga_XE0XLFFF16*MTcwODM2NDEyMS4xMi4xLjE3MDgzNjQyMTkuMC4wLjA.

No imagine when the migrants leaving becomes a flood - and it will.

 

[spygirl]

I like the helpful BTL mortgage guide - 

BUY-TO-LET MORTGAGES

Provider	Rate (APRC)	Type
	3.69% (7.9%)	Fixed to 31/03/26
	3.79% (7.9%)	Fixed to 31/03/26
	3.84% (8.3%)	Fixed for 2 years
	3.90% (7.2%)	Fixed for 2 years

 

Whats the number in the bracket?

I aint paying scummer renters rates.....

Im a LL.

 

[onlyme]

2 hours ago, spygirl said:

Wheres @Wig when you need him?

Rents fall for third month in a row across the UK - and London prices drop 5%: Here's why

https://www.thisismoney.co.uk/money/buytolet/article-13092323/Rents-fall-month-row-UK-London-prices-drop-5-Heres-why.html?ico=mol_desktop_home-newtab&molReferrerUrl=https%3A%2F%2Fwww.dailymail.co.uk%2Fhome%2Findex.html&_ga=2.94552220.108560849.1708333397-1153876054.1674210976&_gl=1*ix084g*_ga*MTE1Mzg3NjA1NC4xNjc0MjEwOTc2*_ga_XE0XLFFF16*MTcwODM2NDEyMS4xMi4xLjE3MDgzNjQyMTkuMC4wLjA.

No imagine when the migrants leaving becomes a flood - and it will.

 

My Youtube feed suggests the natives are getting restless - all the normal reasons, cost of living, climate, state of the cities.

It won't be just the migrants.

[spygirl]

From TOS.

https://archive.ph/vq1ut

[leonardratso]

54 minutes ago, spygirl said:

From TOS.

https://archive.ph/vq1ut

long read that, theres a sucker born every minute.

Leeds might get on the wrong side of the wrong person one day, but mind you fergus is more likely to die of a heart attack than that.

[No One]

On 22/02/2024 at 17:37, leonardratso said:

long read that, theres a sucker born every minute.

Leeds might get on the wrong side of the wrong person one day, but mind you fergus is more likely to die of a heart attack than that.

Just read it. Very sad to hear about the Polish lad.

tl;dr: A scummy gen-z proprty investor (who is even regarded poorly in property tribers forum) is selling courses in the thousands to gullible people using social media. 
One polish guy offed himself rather than declaring bankrupcy.

Oh and the guy like to sue, like Fergus.

[spygirl]

Yorkshire solicitor and landlord, 63, who ran huge cannabis growing operation from his property portfolio jailed - and notes from brave Neighbourhood Watch co-ordinator helped bring him to justice

The diligent note-taking and record-keeping of a brave Neighbourhood Watch co-ordinator has helped to jail a rogue landlord who allowed a drugs gang to use his rental properties to grow cannabis.

https://www.yorkshirepost.co.uk/news/crime/yorkshire-solicitor-and-landlord-63-who-ran-huge-cannabis-growing-operation-from-his-property-portfolio-jailed-and-notes-from-brave-neighbourhood-watch-co-ordinator-helped-bring-him-to-justice-4505825?dicbo=v2-dG66TaL

Jeremy William Southgate, 63, brought stress and misery to residents of a number of streets in Hull, where he owned a total of 72 houses – 17 of which were found to contain cannabis farms.

He installed ‘ghost tenants’ in the properties, which were then taken over for drugs cultivation for an operation that generated millions of pounds a year in profit. The electricity supplies were bypassed.

He continued to recruit others to grow cannabis while on bail after he was initially arrested by Humberside Police, and even brazenly applied for Covid loans to help keep his businesses afloat. The court was told one of these grants has been paid back. Government energy grants were used to insulate the cannabis grows.

[One percent]

11 minutes ago, spygirl said:

Yorkshire solicitor and landlord, 63, who ran huge cannabis growing operation from his property portfolio jailed - and notes from brave Neighbourhood Watch co-ordinator helped bring him to justice

The diligent note-taking and record-keeping of a brave Neighbourhood Watch co-ordinator has helped to jail a rogue landlord who allowed a drugs gang to use his rental properties to grow cannabis.

https://www.yorkshirepost.co.uk/news/crime/yorkshire-solicitor-and-landlord-63-who-ran-huge-cannabis-growing-operation-from-his-property-portfolio-jailed-and-notes-from-brave-neighbourhood-watch-co-ordinator-helped-bring-him-to-justice-4505825?dicbo=v2-dG66TaL

Jeremy William Southgate, 63, brought stress and misery to residents of a number of streets in Hull, where he owned a total of 72 houses – 17 of which were found to contain cannabis farms.

He installed ‘ghost tenants’ in the properties, which were then taken over for drugs cultivation for an operation that generated millions of pounds a year in profit. The electricity supplies were bypassed.

He continued to recruit others to grow cannabis while on bail after he was initially arrested by Humberside Police, and even brazenly applied for Covid loans to help keep his businesses afloat. The court was told one of these grants has been paid back. Government energy grants were used to insulate the cannabis grows.

Fucking hate neighbourhood watch. Bunch of nosey curtain twitchers.  

[spygirl]

If anyone doubts there *isnt* an issue with IO mortgages.

Heres his account's - 

https://find-and-update.company-information.service.gov.uk/company/09700363/filing-history

Just under 1m still owed.

Let the proceeds of the cirme begin ...

 

https://www.hulldailymail.co.uk/news/hull-east-yorkshire-news/hull-landlord-vast-income-70-9079980

https://www.hulldailymail.co.uk/news/hull-east-yorkshire-news/how-police-took-down-breaking-9082680

[spygirl]

London rental market starting to ‘normalise’, says Foxtons

The London rental market has started to “normalise” after a year of short supply and record recent increases in rents, according to Foxtons, with fewer prospective tenants chasing each listing.

The London-focused estate agent said it had seen more properties come to market with fewer applicants for each listing, and expects rent increases to slow down this year — with rents rising more slowly from current historic highs.

Lettings revenue, which increased 16 per cent last year, helped Foxtons compensate for a 14 per cent fall in income for home sales. The company increased its total revenue 5 per cent to £147mn and adjusted operating profit by 2 per cent to £14mn.

[spygirl]

So ,,, thats demand and numbers collapsing in London then.

Again, when a renter loses their job and fails to get another theyll be off ASAP, end of the month.

 

 

[spygirl]

This is funny

Lending giant urges support for landlords in the Budget

https://www.property118.com/lending-giant-urges-support-for-landlords-in-the-budget/

Isn't that Howard from mid 00s Halifax ad?

He's not aged well.

One of the UK’s largest buy to let lenders, The Mortgage Works (TMW), has called on the government to use the Spring Budget to introduce four key actions that will help the private rental sector.

TMW, which is part of Nationwide, said that many landlords are facing difficulties due to increased regulation and taxation, as well as higher interest rates.

This has, the lender says, reduced their incomes and their ability to invest in properties, leading to higher rents and lower standards for tenants.

The struggles that landlords face have also hindered their efforts to make their homes more energy efficient.

Damian Thompson, a TMW director, said: “Landlords are a partner for the private sector and the government in driving the economy forward.

[spygirl]

Needs to have an end of the pier show....

[spygirl]

Michael Booth

14:59 PM, 5th March 2024, About 6 hours ago

Another bright idea ,when the landlords won't be there to lend to has they are and will be leaving the prs on mass, congratulations to shelter, goverment councils the lot of you are guilty of the mass destruction of the prs with all its consequences shame on you.