How does Buy to Let END!

[spygirl]

13 hours ago, gibbon said:

I don't know who he is. I don't want to either.

Company created in 2009.

Vol liquidation in 2017 - 8 years later.

Bought ~10 houses, according to the Mail. Mainly around Salford. ~3mln 'portfolio'

3 years later, the company has not been wound up.

Quite an achievement for a company just holding houses and mortgages.

Have a look a last years liquidators statement. Total fuckup. Created a HMRC liability of 1.3m.

 

 

[leonardratso]

hes a useless comedian, got fat lately as well.

it doesnt surprise me any of this, he does come across as thick as pig shit, like a footballer, but just got lucky.

[spygirl]

18 minutes ago, leonardratso said:

hes a useless comedian, got fat lately as well.

it doesnt surprise me any of this, he does come across as thick as pig shit, like a footballer, but just got lucky.

I think hes going to come out of this venture well down.

This is not a divorce settlement

I would guess he might have leveraged up line a loon in 2009.

I would guess hes not declared rent to HMRC. I would also guess hes employed an accountant later on whos gone nuts when he found out.

The money owed to HMRC is far beyond capital gains due.

And the company is not closed down after 3 years, which is nuts for a 'property holding' company.. You dont need a liquidator to shut this crapdown.

 

 

[BearyBear]

On 08/05/2020 at 23:56, Green Devil said:

https://www.property118.com/new-scottish-landlord-covid-19-loan-scheme/

 

This one's even better. Scottish Gov are bailing out scummy landlords. Ffs! 

What's next? Free money for over-leveraged AirBnB landlords because of Fringe cancellation..?

[Green Devil]

1 hour ago, BearyBear said:

What's next? Free money for over-leveraged AirBnB landlords because of Fringe cancellation..?

Theyve already done this 10k business loan 

[BearyBear]

1 minute ago, Green Devil said:

Theyve already done this 10k business loan 

Can only hope the gov runs out of money to support these scums

[macca]

On 29/04/2020 at 13:44, spygirl said:

https://www.telegraph.co.uk/property/buy-to-let/coronavirus-means-losing-4100-per-month-landlords-businesses/

https://www.housepricecrash.co.uk/forum/index.php?/topic/231637-radio-4-you-and-yours-btl-landlords-selling-up/

https://www.property118.com/member/?id=362

Im pretty sure this is him:

https://www.encoltd.co.uk/metal-fabrications-and-pipe-work/

Small pipe fitting/welding business in Alifax, owns 23 BTL in London, on a pretty high LTV Id gues.

 

Wow that 118 bloke in the link is a proper twat.. If the house prices go down i will leverage up and buy more.. what are you going to do then?

what a cunt.. 

then goes on to complain how bad section 24 is for his tenants.. such a caring sole..

[Iamcynical]

On 15/05/2020 at 13:09, leonardratso said:

hes a useless comedian, got fat lately as well.

it doesnt surprise me any of this, he does come across as thick as pig shit, like a footballer, but just got lucky.

He's the guy that got caught 'sexting' a few years back.  At the time he'd not long had the one show gig and had to walk.  He's obviously good at pretending to care etc but beneath this veil I suspect is a real cunt of a man. 

[BearyBear]

https://www.edinburghnews.scotsman.com/news/people/dj-alexander-edinburghs-biggest-letting-agent-says-2008-crash-tea-party-compared-covid-19-around-15-jobs-be-cut-2856517

DJ Alexander: Edinburgh's biggest letting agent says 2008 crash a 'tea party' compared to Covid-19 as around 15 jobs to be cut

Nearly 20 jobs are set to be lost at DJ Alexander, one of the city’s largest letting and estate agents.

One of the Capital's biggest letting agents is predicting a “substantial” fall in rents as the property industry faces up to "the most horrific" set of circumstances he has experienced in 40 years of business.

Between 15 and 17 jobs are set to be lost at DJ Alexander across the company’s three main arms, sales, rental and maintenance, following the end of the government’s job retention scheme, the Evening News can also reveal.

David Alexander, who founded the firm in 1982, said the industry could take “years to recover” from the coronavirus crisis, and said the property market crash in 2008 was a “tea party” in comparison.

He said: “This is the most horrific thing I have gone through in my four decades. The 2008 crash was a tea party compared to this.

“Then there was a crash and then it stabilised. But now, would you want to move house or buy a new house during this? The market could take years to recover and we don’t know if prices will fall.”

The property veteran blamed the influx of former Airbnb properties which he believes will lead to a long-term reduction in rents and the complete freeze of the property sales market for the job losses.

He added: “I would doubt very many people will be looking at moving house at this stage.

“The Airbnb market has collapsed and more people are putting those properties on the long term market which makes the problem even bigger.

“You have a vast number of empty units, there are thousands of properties available and rents are about supply and demand and if you were looking at renting something to day, would you be offering £1,000 if the landlord was asking for it?

“My own thought is that there will be a substantial drop in rents and the Airbnb situation has exacerbated that.”

The jobs lost will come from across the business with Mr Alexander confirming around 17 jobs are likely to be lost from more than 100 employees.

Mr Alexander said there was little he could do but look to three or six months into the future and reduce overhead costs.

He said: “It is what the future holds rather than the last two months. We have managed to make use of the Job Retention Scheme, but we have got to look ahead and see how the business will look in three or six months time. Every business should be doing that at the moment.

“It is a very sombre conversation that we are having to have with some members of staff but the reality is that it is what it is.

“We are looking at other ways or redeploying other people, we are looking at every option that we can. The final figure, I don’t know. It will be sooner rather than later, there is no point keeping someone hanging on.

“Hopefully we will get back to where it was and we can recruit again and some of the people we are letting go, we would be delighted to have them back.

In November, the company received £7m from Santander to help launch their new online property business Apropos, now another potential casualty.

Mr Alexander said: “This has not helped at all. We were three years in the making and just at the time we were ready to go, the whole country is in lockdown.

“It is not ideal but we have just got to get on with it. We have to make sure people are safe but it will come to an end.

“The real difficulty is not knowing how it will end and how things will look in the future.”

[macca]

pwoperty only goes up..

Air b&b ponzi... pop..

lots in central London.. hope they are leveraged up to the hilt..

[BearyBear]

More taxpayer's money to keep the Airbnb brigade happy...

https://www.landlordzone.co.uk/news/edinburgh-council-to-buy-and-rent-empty-airbnb-properties-off-desperate-landlords

Hundreds of short-let properties normally crammed with tourists at this time of year are standing empty, but councillors have launched a scheme to return them to their ‘proper use as a home’.

Edinburgh landlords and holiday let owners left with empty homes due to coronavirus are being encouraged to lease or sell them to the council.

Landlords can either get guaranteed rent for up to five years, or are now being encouraged to sell them via the Link Group, which is investing up to £30 million in buying about 200 empty homes, including those used as short-term lets. Link hopes it can eventually lease up to 1,850 properties back to the council.

Edinburgh Council has a difficult relationship with the short-term lets sector and is cracking down on Airbnb rentals; Edinburgh Old Town has the highest incidence in the UK, with 29 active listings for every 100 properties, according to data gathering firm Inside Airbnb.

Council leader Adam McVey says:“This scheme offers a solution for private landlords who are unable to receive rental income during the pandemic, but more importantly for the city it increases the number of homes available to people experiencing homelessness.

[TheCountOfNowhere]

1 hour ago, BearyBear said:

More taxpayer's money to keep the Airbnb brigade happy...

https://www.landlordzone.co.uk/news/edinburgh-council-to-buy-and-rent-empty-airbnb-properties-off-desperate-landlords

Hundreds of short-let properties normally crammed with tourists at this time of year are standing empty, but councillors have launched a scheme to return them to their ‘proper use as a home’.

Edinburgh landlords and holiday let owners left with empty homes due to coronavirus are being encouraged to lease or sell them to the council.

Landlords can either get guaranteed rent for up to five years, or are now being encouraged to sell them via the Link Group, which is investing up to £30 million in buying about 200 empty homes, including those used as short-term lets. Link hopes it can eventually lease up to 1,850 properties back to the council.

Edinburgh Council has a difficult relationship with the short-term lets sector and is cracking down on Airbnb rentals; Edinburgh Old Town has the highest incidence in the UK, with 29 active listings for every 100 properties, according to data gathering firm Inside Airbnb.

Council leader Adam McVey says:“This scheme offers a solution for private landlords who are unable to receive rental income during the pandemic, but more importantly for the city it increases the number of homes available to people experiencing homelessness.

This scheme offers a solution for Councillors who are private landlords

[BoSon]

3 hours ago, TheCountOfNowhere said:

This scheme offers a solution for Councillors who are private landlords

Likely, there will be some of that in play, but the unexpected consequence of those desperate to fill their airb&b properties this way will find themselves on that slumlords and rogue tenants TV show after those homeless have trashed their properties and failed to pay any rent (if it's still paid out to the bennie claimer not directly to the landlord).

It's somewhat a different type of renter than those looking for a cheap hotel alternative via airb&b.

Oh dear, never mind.

[BearyBear]

See, this will be rolled over forever...

 

https://www.bbc.co.uk/news/business-52747514

The Chancellor, Rishi Sunak, is believed to be discussing ways of extending three month mortgage holidays with regulators and banks.

The Financial Times reports the government hopes to prolong the scheme for borrowers struggling with payments because of the impact of coronavirus.

More than 1.6 million mortgage customers have taken advantage of the relief from making payments.

The banking body, UK Finance, estimates this is an average of £755 a month.

The government brought in the mortgage break scheme in mid-March, which allows people to apply to defer their payments, without their credit reference being affected.

That respite from payments would end for the first applicants in June.

This is not free money. It will still have to be paid back later on, so mortgage customers will face higher bills once the so-called holiday comes to an end.

The problem the Treasury is grappling with is that an abrupt end to the scheme could produce a cliff-edge effect, with families facing money problems as bad, if not worse, as they did when the virus struck.

A spokesman for the financial regulator, the Financial Conduct Authority (FCA,) would not comment on any talks but said it was vital that customers should have advice and support at the end of a payment freeze.

He said: "We are currently considering what support will be needed for customers reaching the end of a mortgage payment freeze. We have not yet made any final decisions but we will make an announcement soon."

One idea is that the mortgage scheme would be extended for a further three months, but that there would be no blanket extension and the rules on applications could be tightened.

A spokesman for the Treasury said: "We're not commenting on speculation."

[Wight Flight]

16 minutes ago, BearyBear said:

See, this will be rolled over forever...

 

https://www.bbc.co.uk/news/business-52747514

The Chancellor, Rishi Sunak, is believed to be discussing ways of extending three month mortgage holidays with regulators and banks.

The Financial Times reports the government hopes to prolong the scheme for borrowers struggling with payments because of the impact of coronavirus.

More than 1.6 million mortgage customers have taken advantage of the relief from making payments.

The banking body, UK Finance, estimates this is an average of £755 a month.

The government brought in the mortgage break scheme in mid-March, which allows people to apply to defer their payments, without their credit reference being affected.

That respite from payments would end for the first applicants in June.

This is not free money. It will still have to be paid back later on, so mortgage customers will face higher bills once the so-called holiday comes to an end.

The problem the Treasury is grappling with is that an abrupt end to the scheme could produce a cliff-edge effect, with families facing money problems as bad, if not worse, as they did when the virus struck.

A spokesman for the financial regulator, the Financial Conduct Authority (FCA,) would not comment on any talks but said it was vital that customers should have advice and support at the end of a payment freeze.

He said: "We are currently considering what support will be needed for customers reaching the end of a mortgage payment freeze. We have not yet made any final decisions but we will make an announcement soon."

One idea is that the mortgage scheme would be extended for a further three months, but that there would be no blanket extension and the rules on applications could be tightened.

A spokesman for the Treasury said: "We're not commenting on speculation."

And the help for those paying their own rent is the square root of fuck all.

As it should be.

[BearyBear]

Confirmed today!

https://www.theguardian.com/money/2020/may/22/uk-mortgage-payment-holiday-extended-by-three-months-covid-19

The government has extended its mortgage payment holiday scheme by three months and the ban on home repossessions until the end of October.

More than 1.8 million homeowners have taken a three-month mortgage holiday since the scheme was announced in March to help borrowers in financial difficulty because of the coronavirus crisis, according to Treasury figures. It was due to expire at the end of June.

“We’re doing everything we can to help people with their finances at this difficult time and that includes making sure people get the support they need with their mortgages,” said John Glen, the economic secretary to the Treasury. “That’s why we’re working with the banks and lenders to extend payment holidays if people need them.”

The government said that while homeowners who had taken a mortgage holiday should restart marking payments if they could, it was extending the scheme to help those still struggling with the impact of the coronavirus.

“Everyone’s circumstances will be different, so when homeowners can pay some or all of their mortgage, they should work with their lender on a plan,” Glen said. “But if they are still struggling, I want them to know that help is there.”

[Option5]

Looks like the MSM are getting the message.

BBC News - Coronavirus: Renters struggle most with pandemic costs, report says
https://www.bbc.co.uk/news/business-52854699

 

[Wight Flight]

WTF are these all about?

https://www.guycharrison.com/life-tenancy-investments/

Example

https://www.rightmove.co.uk/property-for-sale/property-91391741.html

[AlfredTheLittle]

36 minutes ago, Wight Flight said:

WTF are these all about?

https://www.guycharrison.com/life-tenancy-investments/

Example

https://www.rightmove.co.uk/property-for-sale/property-91391741.html

You'd obviously need to know the age of the life tenant before buying.... a healthy 65 year old woman, or a 96 year old man riddled with cancer, that seems to be missing from the property description.

[Wight Flight]

Just now, AlfredTheLittle said:

You'd obviously need to know the age of the life tenant before buying.... a healthy 65 year old woman, or a 96 year old man riddled with cancer, that seems to be missing from the property description.

Yep. You can't inspect the property but you do need to inspect the tenant for coviderableness.

[AlfredTheLittle]

1 minute ago, Wight Flight said:

Yep. You can't inspect the property but you do need to inspect the tenant for coviderableness.

The agent must buy the house off the owner and sell them a lifetime tenancy at the same time, so they've picked it up super cheap. Then they make their profit selling on the house. I imagine the lifetime tenant gets no say in the house being sold on, and in fact won't know anything about it, hence the external inspection only. Not sure whether that matters for the tenant, but obviously not a very good idea for the new buyer.

[Frank Hovis]

43 minutes ago, Wight Flight said:

WTF are these all about?

https://www.guycharrison.com/life-tenancy-investments/

Example

https://www.rightmove.co.uk/property-for-sale/property-91391741.html

I remember those from years ago; I didn't realise that they had come back.

I think they stack up but the standard advice for these is to only buy them if you can buy ten or a dozen.  That way statistics work for you and you get regular paybacks.  If there are one or two that live to a record age it doesn't then matter.

Anyone buying just one or two could well find themselves seriously out of luck when the birthday cards start being delivered from the Queen.

[Wight Flight]

1 minute ago, AlfredTheLittle said:

The agent must buy the house off the owner and sell them a lifetime tenancy at the same time, so they've picked it up super cheap. Then they make their profit selling on the house. I imagine the lifetime tenant gets no say in the house being sold on, and in fact won't know anything about it, hence the external inspection only. Not sure whether that matters for the tenant, but obviously not a very good idea for the new buyer.

It should matter to the tenant. It is bad enough that the grandkids are waiting for granny to pop her clogs so they can inherit; even more worrying if it is some random bloke from Stoke on Trent.

[Don Coglione]

49 minutes ago, Wight Flight said:

WTF are these all about?

https://www.guycharrison.com/life-tenancy-investments/

Example

https://www.rightmove.co.uk/property-for-sale/property-91391741.html

I hadn't heard of these, but I did come up with a similar idea a few years ago to help fund our eventual retirement (no kids).

In essence, sell the family home to a landlord at a negotiated discount, then live in the property rent-free until death or death-home beckoned, at which point possession reverts to the landlord.

I had envisaged the landlord being able to carry out regular inspections, to ensure that we were holding up our side of the bargain by maintaining the property to an appropriate standard.

Thinking about it, I imagine a potential landlord would be happier with a single tenant, rather than a married couple.

Both sides rolling the dice; on balance, I reckon the dice are stacked in favour of the tenant?

 

[Wight Flight]

8 minutes ago, Knickerless Turgid said:

I hadn't heard of these, but I did come up with a similar idea a few years ago to help fund our eventual retirement (no kids).

In essence, sell the family home to a landlord at a negotiated discount, then live in the property rent-free until death or death-home beckoned, at which point possession reverts to the landlord.

I had envisaged the landlord being able to carry out regular inspections, to ensure that we were holding up our side of the bargain by maintaining the property to an appropriate standard.

Thinking about it, I imagine a potential landlord would be happier with a single tenant, rather than a married couple.

Both sides rolling the dice; on balance, I reckon the dice are stacked in favour of the tenant?

 

I think they are just a different way of achieving the lifetime tenancy kind of purchase that seem very popular now. Which I don't necessarily think are a bad thing if you have no one to inherit.

I would rather an institution hoping for my demise than an unknown individual though. A bit scary knowing that someone wants you dead, but you don't know who.