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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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sarahbell

https://www.rightmove.co.uk/news/articles/property-news/renters-reform-section-21-to-be-banned-england/

Under the bill, Section 21 evictions – also known as no-fault evictions – will become illegal in England, and landlords will need to provide a reason for reclaiming the property. Section 21 evictions are already illegal in Scotland, while Wales and Northern Ireland are looking to extend no-fault-eviction notice periods.

It will be illegal for landlords to impose blanket bans on tenants who are in receipt of benefits, or families with children. It will also be easier for tenants to share their homes with much-loved pets, with all tenants having the right to request a pet in their house. Landlords must consider these requests, and cannot unreasonably refuse.

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Wight Flight
1 hour ago, Herby said:

Some interesting noise in the landlord world relating to increases in insurance to cover non-payment..

https://www.propertyreporter.co.uk/landlords/rising-demand-for-landlord-insurance-highlights-concerns-in-the-btl-market.html

New data from Quotezone.co.uk highlights an increase of 37% in demand for landlord insurance in the first quarter of 2022, compared with the same period last year. Landlords are rushing to ensure they have additional income protection as they are hit by the highest buy-to-let interest rates in seven years, on top of an increase in buy-to-let tax bills, as they can no longer claim the tax back on mortgage repayments.

Yes. A lot of them are saying they are going to sell up because the government interference makes it unprofitable.

In reality they overpaid for properties, leading to very low yields which is the Real reason it became unprofitable 

That 4% yield isn't going to look too clever with rates at 6%.

 

 

Edited by Wight Flight
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Wight Flight
2 minutes ago, sarahbell said:

It will also be easier for tenants to share their homes with much-loved pets, with all tenants having the right to request a pet in their house. Landlords must consider these requests, and cannot unreasonably refuse.

This is excellent news for me. Landlords hate tenants having pets. What we all know will happen is on the initial application the form will ask if you have pets. Anyone who says yes will get binned.

People will wake up to this and tick the no pets box, then ask for permission as soon as they move in - which cannot be reasonably refused.

I will ensure that I note on my form that I am allergic to all animals, letting the LL know that I won't ever be seeking a pet. Every little helps.

 

 

 

 

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2 hours ago, Wight Flight said:

The current two months just leads to problems. Most properties here are advertised more then 2 months in advance and snapped up immediately. Therefore it you receive 2 months notice, almost everything you could move to has already gone. 

You either become homeless or refuse to move out.

You'd be entirely within your legal rights as a tenant to remain past the end of the S21 notice as long as you keep paying rent, expiry of the notice just means the landlord can start court proceedings to evict. But most private tenants (and no doubt most landlords and letting agents) will not be aware that this is how the law works, plus most tenants will have never done anything wrong in the eyes of officialdom in their lives and will find the idea of being taken to court highly intimidating, plus they won't want the possibility of a bad reference to make it harder to find housing in future.

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2 hours ago, sarahbell said:

https://www.rightmove.co.uk/news/articles/property-news/renters-reform-section-21-to-be-banned-england/

Under the bill, Section 21 evictions – also known as no-fault evictions – will become illegal in England, and landlords will need to provide a reason for reclaiming the property. Section 21 evictions are already illegal in Scotland, while Wales and Northern Ireland are looking to extend no-fault-eviction notice periods.

It will be illegal for landlords to impose blanket bans on tenants who are in receipt of benefits, or families with children. It will also be easier for tenants to share their homes with much-loved pets, with all tenants having the right to request a pet in their house. Landlords must consider these requests, and cannot unreasonably refuse.

Michael Gove's proposed changes to tenancy law all seem pretty weak to me, I doubt any of it will significantly improve the private renting experience for tenants. The ban on S21 evictions can be easily worked around - just claim you are evicting to sell when you issue notice, then once the tenant is out advertise it to rent again. Who is going to bother enforcing? The police won't care and councils won't allocate the budget.

Or get the tenants to evict themselves by issuing a massive rent increase.

Edited by Darude
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Wight Flight
23 minutes ago, Darude said:

You'd be entirely within your legal rights as a tenant to remain past the end of the S21 notice as long as you keep paying rent, expiry of the notice just means the landlord can start court proceedings to evict. But most private tenants (and no doubt most landlords and letting agents) will not be aware that this is how the law works, plus most tenants will have never done anything wrong in the eyes of officialdom in their lives and will find the idea of being taken to court highly intimidating, plus they won't want the possibility of a bad reference to make it harder to find housing in future.

 Think the word you are looking for is impossible.

Just because you can do it doesn't mean you should.

I have experience of a bad landlord reference. It isn't a good place to be.

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43 minutes ago, Wight Flight said:

 Think the word you are looking for is impossible.

Just because you can do it doesn't mean you should.

I have experience of a bad landlord reference. It isn't a good place to be.

How did that work? Were you still a tenant looking for a new place? Seems risky bad mouthing a tenant when they are still living in your house. If the landlord did that to me I'd smash the place up. Nothing to lose because he's already given a bad a reference.

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Wight Flight
3 minutes ago, Joxer said:

How did that work? Were you still a tenant looking for a new place? Seems risky bad mouthing a tenant when they are still living in your house. If the landlord did that to me I'd smash the place up. Nothing to lose because he's already given a bad a reference.

It's a long story. He didn't protect my deposit so I didn't pay the last month's rent. (I told him why)

Ended up in court. He lost a lot of money.

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Seems to be a hell of a lot of First time buyer places being swooped up as FHL/Airbnb now if you’re in a location that’s remotely tourist friendly or has people visiting for work.

Friend has been outbid by others to the tune of 20k on a couple houses all with their intention to use as FHL/Airbnb (they know these buyers as well).

Hope it’s not a case of out of the BTL frying pan into the FHL fire.

Edited by mh9000
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Wight Flight
4 hours ago, mh9000 said:

Seems to be a hell of a lot of First time buyer places being swooped up as FHL/Airbnb now if you’re in a location that’s remotely tourist friendly or has people visiting for work.

Friend has been outbid by others to the tune of 20k on a couple houses all with their intention to use as FHL/Airbnb (they know these buyers as well).

Hope it’s not a case of out of the BTL frying pan into the FHL fire.

They are doing their sums based on last year's prices and occupancy rates.

Fools.

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On 20/06/2022 at 11:34, mh9000 said:

Seems to be a hell of a lot of First time buyer places being swooped up as FHL/Airbnb now if you’re in a location that’s remotely tourist friendly or has people visiting for work.

Friend has been outbid by others to the tune of 20k on a couple houses all with their intention to use as FHL/Airbnb (they know these buyers as well).

Hope it’s not a case of out of the BTL frying pan into the FHL fire.

I think it could be for a while but renting out a house on airnbnb is a massive pain in the arse as I know quite a few instances of people who did it for a while with a house in Belfast suburbia and then came to the conclusion it was more trouble than it was worth.

It has definately been affecting Belfast city centre apartments however adding a few tens of thousands on the price as they're being sold as businesses rather than residences.

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With a crooked smile
29 minutes ago, JoeDavola said:

I think it could be for a while but renting out a house on airnbnb is a massive pain in the arse as I know quite a few instances of people who did it for a while with a house in Belfast suburbia and then came to the conclusion it was more trouble than it was worth.

It has definately been affecting Belfast city centre apartments however adding a few tens of thousands on the price as they're being sold as businesses rather than residences.

I got in very early with airbnb. In fact we started with crashpadder a British site airbnb took over to give them more hosts and scale.

I took a flat that was generating 10k ish a year and started getting 25ish k  . In the end tho the market got flooded. People weren't doing their sums and although I could make more than residential it wasn't worth the hassle for about 3-4k extra after costs. Went back to residential. Never looked back. Once tenants settled in I find we never hear from them again for ages.

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