How does Buy to Let END!

[Wight Flight]

2 minutes ago, GTM said:

Lots of tourist traffic in the area, but they are usually heading for the cruise ships or the Red Funnel ferry. 

My guess is they want a short term winter let so they can revert to much better Air Bnb / Holiday lets in the summer.

Are they mainly fully furnished? A tell-tale is a fireblanket in the kitchen as well.

[GTM]

3 minutes ago, Wight Flight said:

My guess is they want a short term winter let so they can revert to much better Air Bnb / Holiday lets in the summer.

Are they mainly fully furnished? A tell-tale is a fireblanket in the kitchen as well.

Nope, unfurnished family houses. This sort of thing:

https://www.rightmove.co.uk/properties/115318280#/?channel=RES_LET

2nd one in a week that I've phoned up about and been told the landlord is looking for short term. Some others I haven't bothered as they've said short term only.

Who the hell wants to move into a 4/5 bed unfurnished place for 6 months? 

[Wight Flight]

7 minutes ago, GTM said:

Nope, unfurnished family houses. This sort of thing:

https://www.rightmove.co.uk/properties/115318280#/?channel=RES_LET

2nd one in a week that I've phoned up about and been told the landlord is looking for short term. Some others I haven't bothered as they've said short term only.

Who the hell wants to move into a 4/5 bed unfurnished place for 6 months? 

It's got a floorplan.

Normally means it is up for sale as well / has recently been up for sale.

 

[Wight Flight]

Just now, Wight Flight said:

It's got a floorplan.

Normally means it is up for sale as well / has recently been up for sale.

 

PS That is one hell of a reduction from £2,500 to £1,750!

[GTM]

5 minutes ago, Wight Flight said:

PS That is one hell of a reduction from £2,500 to £1,750!

Yes, it does have the air of a LL desperate for some cashflow while getting ready to throw in the towel.

[Wight Flight]

5 minutes ago, GTM said:

Yes, it does have the air of a LL desperate for some cashflow while getting ready to throw in the towel.

Last sold in 2001 for £315k.

Current estimate £900k.

Bit of a mystery.

 

[Bobthebuilder]

30 minutes ago, GTM said:

Nope, unfurnished family houses. This sort of thing:

https://www.rightmove.co.uk/properties/115318280#/?channel=RES_LET

2nd one in a week that I've phoned up about and been told the landlord is looking for short term. Some others I haven't bothered as they've said short term only.

Who the hell wants to move into a 4/5 bed unfurnished place for 6 months? 

No kitchen appliances, is that normal in a rental?

[Wight Flight]

2 minutes ago, Bobthebuilder said:

No kitchen appliances, is that normal in a rental?

It's 50 / 50,

I prefer to have my own, as landlord's are usually the cheapest second hand thing they could get.

 

[GTM]

13 minutes ago, Bobthebuilder said:

No kitchen appliances, is that normal in a rental?

I'm renting off a professional landlord and only a dishwasher was supplied and that was only because it was an integrated one. I'm seeing it more often now. I prefer having our own stuff as I can get stuff that suits us. When we were in a place where it was supplied it was a real hassle getting things repaired/replaced when they broke down.

[Wight Flight]

On 11/11/2022 at 15:30, Wight Flight said:

This is on the development I mentioned earlier.

https://www.onthemarket.com/details/1839631/?

was £895 two years ago. Now £1300.

Good luck with a 45% increase now that the main draw has gone.

And .... just as predicted.

Rent has now been dropped to £1,100.

 

[UmBongo]

Seeing a few reductions in rental prices where I am but it's just flats. Demand for houses and bungalows is still strong. 

[Inque]

https://news.sky.com/story/no-fault-evictions-driving-up-homelessness-rates-in-the-north-of-england-12754427
 

Increased costs and regulations are discouraging landlords from renting properties, while rising mortgages mean that those that do are putting up rents. The result is a 44% rise in households receiving homelessness support from their council because their landlord wants to sell or re-let.

[Inque]

Ouch 

 

[JFK]

Fungus better watch out, he's got some expenses to pay - can't go cap in hand to the gubbermint for these though

LOL at the headline , 'tycoon' hahahahahaha

He's a 'multi-millionaire' apparently!!! (on paper) ... what's that, all fur coat and no knickers?

 

Multimillionaire property tycoon branded 'Britain's worst landlord' loses fight for £1million compensation from police after he was accused of groping his tenant and arrested

• Fergus Wilson is a controversial figure who has caused outrage with comments
• The property tycoon previously tried to ban 'coloured' tenants from his houses 
• He was arrested over a 2014 allegation of sexual touching - no charges brought
• Mr Wilson sued the Chief Constable of Kent Police in 2018 but claim turned down
• Has now brought a bid to resurrect it but judge told him appeal has no prospect
•  

 

https://www.dailymail.co.uk/news/article-11476917/Property-tycoon-loses-fight-1m-compensation-police-accused-groping-tenant.html

 

 

[Wight Flight]

Quite a few rent drops here this week.

Looks like landlords are putting up rents to what they need, then reducing them to what tenants can afford.

[Bear Hug]

I am at my parents house and so was exposed to sky news for a few minutes. According to the news, we should care about landlords because without them tenants would become homeless. 

 

[markyh]

2 hours ago, Bear Hug said:

I am at my parents house and so was exposed to sky news for a few minutes. According to the news, we should care about landlords because without them tenants would become homeless. 

 

New law, when a Landlord goes bust the house must be destroyed. For flats they fill then 100% with expanding foam. 

[Wight Flight]

4 hours ago, Bear Hug said:

I am at my parents house and so was exposed to sky news for a few minutes. According to the news, we should care about landlords because without them tenants would become homeless. 

 

They have a point.

Landlords will put 5 complete strangers in a crappy house.

Without landlords nobody would choose to live that way, so at least 2 would be homeless.

[spygirl]

Sky, like all London lefty Marxists is keen on LL and people paying HB.

Why I am one of the many landlords thinking of leaving the business

Sean Gillespie, who manages around 50 properties, tells Sky News an "unpredictable and volatile" market has created a situation that is "unsustainable" for landlords.

By Sean Gillespie, professional landlord

https://news.sky.com/story/amp/why-i-am-one-of-the-many-landlords-thinking-of-leaving-the-business-12759653

I have been a full-time landlord since 2007. Myself and my partner self-manage a portfolio of around 50 properties which is very demanding, and at the same time very rewarding. We are fortunate to have good, loyal, long term tenants and we try to go the extra mile for people

50! Take some time with that number.

Even un Ull  you are talk at least 100k x 50 = 5m of debt.

But recently things have become more and more difficult for my business and we are now considering selling our portfolio. I am just one of many landlords who have either left the business or is considering doing , with government legislation, particularly something called Section 24, being the main driver to landlords exiting the market.

Section 24 is a tax which was introduced by then-chancellor George Osborne in 2015. It means that landlords are no longer allowed to offset any of their financial costs against tax. So instead of being taxed on our profits, we're now taxed on our turnover. So we are actually taxed on money that we don't have.

It's not a tax. It's a correction of a loop hole thet opened up when banks started lending IO mortgages to LL inform about 2000.

Anyhow, that's 7 years. As a professional didnt you sit down and work it out? I would if I had 5m of debt.

Besides, s24 us a minor problem now you've got io btl loans well above tge 4% theyve been assuming for rental yields.

For example, if we received £600 a month in rent and paid a mortgage and additional costs of £600 a month, you still need to pay tax of, on average, 40% on the full £600. Despite the fact that you receive no income. We are now being taxed on the money we give the bank!

No, you cant offset the rent against the mortgage.

Section 24 is also known as the "tenant tax" because what it is actually doing is contributing to many landlords deciding to sell up, leading to a shortage of rental properties - and an inevitable increase in rental costs. Hence the "tenant tax" moniker.

 

You  made that up Sean.

What other business can you not offset your costs? And being a landlord is a business - a business where we provide homes to people. So if the business is no longer viable people will stop doing it. Which is why landlords are leaving the market and why there are now less homes available for people to rent. We are seeing a real crisis in the private rental sector both for landlords and tenants.

 

Err if you were a business I.e a LtdCo, you could. You cant if you are taking loans out as an individual I.e zn investment. You've never been able to tax relief in investment costs.

 

[One percent]

3 minutes ago, spygirl said:

Sky, like all London lefty Marxists is keen on LL and people paying HB.

Why I am one of the many landlords thinking of leaving the business

Sean Gillespie, who manages around 50 properties, tells Sky News an "unpredictable and volatile" market has created a situation that is "unsustainable" for landlords.

By Sean Gillespie, professional landlord

https://news.sky.com/story/amp/why-i-am-one-of-the-many-landlords-thinking-of-leaving-the-business-12759653

I have been a full-time landlord since 2007. Myself and my partner self-manage a portfolio of around 50 properties which is very demanding, and at the same time very rewarding. We are fortunate to have good, loyal, long term tenants and we try to go the extra mile for people

50! Take some time with that number.

Even un Ull  you are talk at least 100k x 50 = 5m of debt.

But recently things have become more and more difficult for my business and we are now considering selling our portfolio. I am just one of many landlords who have either left the business or is considering doing , with government legislation, particularly something called Section 24, being the main driver to landlords exiting the market.

Section 24 is a tax which was introduced by then-chancellor George Osborne in 2015. It means that landlords are no longer allowed to offset any of their financial costs against tax. So instead of being taxed on our profits, we're now taxed on our turnover. So we are actually taxed on money that we don't have.

It's not a tax. It's a correction of a loop hole thet opened up when banks started lending IO mortgages to LL inform about 2000.

Anyhow, that's 7 years. As a professional didnt you sit down and work it out? I would if I had 5m of debt.

Besides, s24 us a minor problem now you've got io btl loans well above tge 4% theyve been assuming for rental yields.

For example, if we received £600 a month in rent and paid a mortgage and additional costs of £600 a month, you still need to pay tax of, on average, 40% on the full £600. Despite the fact that you receive no income. We are now being taxed on the money we give the bank!

No, you cant offset the rent against the mortgage.

Section 24 is also known as the "tenant tax" because what it is actually doing is contributing to many landlords deciding to sell up, leading to a shortage of rental properties - and an inevitable increase in rental costs. Hence the "tenant tax" moniker.

 

You  made that up Sean.

What other business can you not offset your costs? And being a landlord is a business - a business where we provide homes to people. So if the business is no longer viable people will stop doing it. Which is why landlords are leaving the market and why there are now less homes available for people to rent. We are seeing a real crisis in the private rental sector both for landlords and tenants.

 

Err if you were a business I.e a LtdCo, you could. You cant if you are taking loans out as an individual I.e zn investment. You've never been able to tax relief in investment costs.

 

Has he considered a proper job rather than grifting ay the expense of others. 

[eek]

On 03/12/2022 at 20:44, spygirl said:

Sky, like all London lefty Marxists is keen on LL and people paying HB.

Why I am one of the many landlords thinking of leaving the business

Sean Gillespie, who manages around 50 properties, tells Sky News an "unpredictable and volatile" market has created a situation that is "unsustainable" for landlords.

You missed the best bit

Quote

Sean Gillespie, a landlord in Hull,

He's completely and utterly f*cked. 

[Boglet]

On 05/12/2022 at 13:59, eek said:

You missed the best bit

He's completely and utterly f*cked. 

He didn't miss it, he just called it "Ull"

[Formerly]

https://monevator.com/greedy-buy-to-let-landlord-or-mortgage-prisoner/

 

For those who don't read the Monevator blog, this post outlines the current maths of BTL. Bear fodder!

[JohnnyB]

19 hours ago, Formerly said:

https://monevator.com/greedy-buy-to-let-landlord-or-mortgage-prisoner/

 

For those who don't read the Monevator blog, this post outlines the current maths of BTL. Bear fodder!

Haha, what a cunt

'its not a HMO! It's just 3 migrant workers who share a happy house together!"

"Yes one of the bedrooms is legally too small for human habitation - but the lounge is spacious!"

 

[spunko]

Still the commentary and headlines are focussing on the suffering of the landlord rather than the suffering of the tenant who now needs to spend on average 35% of their takehome on rent. (A new record)

https://www.telegraph.co.uk/property/news/landlords-face-crisis-tenants-rent-burden-reaches-10-year-high/