How does Buy to Let END!

[Chewing Grass]

7 minutes ago, MrXxxx said:

What you mean like an EPL?.....hope your pension provider has not committed your funds to any stocks in the energy sector and invested wisely in ESG stocks, otherwise how would you live with yourself'? :-)

Fuck knows where my pension(s) is/are 'invested', hopefully most of it is trickling into bonds, gilts, treasuries and other things as its a 2029 one that will probably be drawn on earlier.

[Wight Flight]

4 hours ago, Ash4781b said:

Vanessa Warwick's buy-to-let mortgage payments increased from £450 to £1,100 last year. Co-founder of online landlord forum Property Tribes, Vanessa cannot currently remortgage from her lender's SVR of 5.75 per cent because she does not charge enough rent to satisfy its lending criteria.

Vanessa, 60, charges her tenants £1,100 a month for a house in Basingstoke, Hampshire.

She's still breaking even and will be getting capital appreciation.

what's her problem?

if it was her only income she can always work in Tesco.

[Formerly]

3 hours ago, Chewing Grass said:

Another problem is peoples perception of Cold, we have no heating on in Chez Chewy oop north and we would be lucky to scrape a C. Paying £4000 to £14000 as quoted to save £150 per annum as per sheet 2 is fucking insane when it could be invested.

Another problem is ethnics who have to live at +22C minimum.

If you want to punish energy use it should be done via the price, not something people either have no control over or don't currently need.

That stick's already been used. However, the government can never have too many sticks, so expect another money grab/green iniative.

I've no doubt my 15 year old diesel car that gets 65 mpg will soon be deemed too polluting because the government would rather I spend a fortune buying an electric car. Of course the energy used to destroy my old car, build the new car and the  imported gas burnt to generate that clean electricity are completely non-polluting.

[spygirl]

7 hours ago, Wight Flight said:

She's still breaking even and will be getting capital appreciation.

what's her problem?

if it was her only income she can always work in Tesco.

Reading her comment on LL sicne 92 ... obs a case of buying into the late 80s dram and buying a place in Bstoke she could not sell.

If the rest of portfolio is in BStoke then shes fucked.

Loads - and I mean loads - of offices and places near the station were thrown up or converted into resi.

I each time I travelled to London there was another crappy resi block.

No jobs in the area.

Just a London/African slum estate  in the middle of Hants.

 

 

 

 

[DurhamBorn]

20 hours ago, MrXxxx said:

I note that it says D with potential B...what would be required to get to C or B?...its a mid-terrace so should be fairly efficient anyway i.e. only two walls creating heat loss; I assume given its age its a single skin rather than cavity...would just insulating the loft with insulation bump it up to C?

I can get a C rating for £1000 ,£250 fee,£750 cash in the hand fee.You need to be on a D already though.They bump up things they can say have been removed quickly if they need to.They will only bump one level though.

[JoeDavola]

10 hours ago, Wight Flight said:

She's still breaking even and will be getting capital appreciation.

what's her problem?

if it was her only income she can always work in Tesco.

I imagine Vanessa would see such work, and I imagine any work, as being beneath her:

 

[JoeDavola]

Oh turns out she was a telly presenter back in the day:

 

[Ash4781b]

17 hours ago, Chewing Grass said:

I think she might be more of an internet-shyster who needs to pass the begging bowl around for her 'legal costs'.

Blimey I typed her into google. That was an experience.

[spygirl]

2 hours ago, JoeDavola said:

I imagine Vanessa would see such work, and I imagine any work, as being beneath her:

 

Puntersnet awaits.

 

[spygirl]

13 minutes ago, Ash4781b said:

Blimey I typed her into google. That was an experience.

Ha ha 

Fuckwitted has been scammed by another properdee fuckwit.

That goign on TOS.

[spygirl]

https://www.property-investors.co.uk/tag/samuel-leeds-v-vanessa-warwick/

[spygirl]

Nohtign new - 

https://propertyindustryeye.com/third-of-landlords-could-be-forced-to-sell-up-after-failing-their-lenders-affordability-test-to-remortgage/

Gavin Richardson, MD of Mortgages for Business, said: “It’s a critical situation for small landlords at the moment. They are worried about Section 21 reform and EPC regulations and tax.  On top of that, they’re having to worry about higher mortgage rates.  They’re right to be worried.

“We’re seeing landlords coming off rates of 3.5% and being unable to remortgage because, according to the lender’s stress test, their loan is no longer affordable. Unable to secure a new deal and with nowhere else to go their loans are reverting to the lenders standard variable rate, which average about 7.5%.

“In fact, in the worst case scenario, they are moving to their lender’s standard variable rate at rates as high as 9.5%. Their only other options are to pay a socking-great fee to secure a more reasonable interest rate, which can cost them tens of thousands of pounds.  Or they can sell up and go home.”

“The money markets are proving tricky for lenders to navigate and many are sticking with ‘computer says no’. Having a good broker has never been important,” he added.

[spygirl]

LL porn continues.

https://amp.theguardian.com/business/2023/mar/03/eviction-cases-mount-in-northern-england-and-wales

That personal tragedy compounded efforts to solve mounting financial problems that had worsened since his retirement – including more than £60,000 in mortgage and interest arrears on his £300,000 home, for which Leeds building society is pursuing him.

The judge displayed some sympathy – ruling that the lender’s “interest can be protected in this case” before adjourning for 28 days to allow the defendant to raise about £48,000 via a bridging loan guaranteed against his share of his late mother’s £250,000 estate. The man – who was once a solicitor – thanks the judge and leaves, looking totally broken

Genius of LBS continues ...

Hes a fuckwit. He sells 400k house n buys a 100k flat.

It involves the eviction of a middle-aged woman receiving housing benefit that does not cover all of her rent. The court is told how she has been out of work for a “significant period of time” due to a string of illnesses including dermatomyositis, suspected cervical cancer and mental health issues – as well as how her case has previously been adjourned twice because she had received no legal advice.

Attempt three was not much different; partly because the defendant had failed to make enough effort to engage a local law firm (“I’ve never been in this situation, it’s quite confusing,” she tells the judge); but partly due to a nationwide dearth of legal aid lawyers able to address these cases.

She moves into a HMO with other deadbeats.

In another case, a young professional couple are seeking a remedy after renting out a property for £625 a month to a tenant they served notice on five months after he had moved in

The court is told how he owes them £2,550 in rental arrears as the pair show the judge a series of documents to demonstrate their futile attempts to contact their tenant. They appear to be entirely reasonable – telling the judge that they “just want their house back”. The tenant is not there to give his side of the story.

5 months at 625 is 310. Hes literally paid once to get the tenancy n stopped. Fuckwits LL has obviously not chased down references.

Besides, its not their house- its the tenants til hes evicted.

You dont let to people on benefits if you've dont own the house and dont have a strong stomach.

Here a landlord is being given his final chance to pay what he owes on a rental property. The mortgage company first pursued him through the courts in 2013, but the action was suspended when he paid what he owed.

A further 16 warnings from the lender about repossessing his property have been made since, and the latest means he is back in court to deal with about £11,000 of arrears on an interest-only mortgage relating to a property that might be worth £130,000.

The judge rules he must pay £5,000 within 14 days, plus an extra £127.60 a month on top of his usual contractual repayments.

Unlike most, he leaves the court looking reasonably pleased, saying he plans to renovate the property and sell it for a profit.

Ha ha ha.

https://www.property118.com/are-councils-acting-illegally-when-telling-tenants-to-stay-put/

 

Are councils following the law when telling tenants to stay put when they are facing eviction to protect them? Or is the council simply kicking the can further down the road?

The simple answer is – no-one seems to know.

Eh?

You get more points for being homeless. You are not homeless til an eviction notice is served.

If are in  house with no eviction notice  then you dont have enough points to be rehoused, so bottom of housing list.

The first step the guidance says: “Housing authorities should not consider it reasonable for an applicant to remain in occupation until eviction by a bailiff.”

That's correct. Eviction notice, followed by bailiff. Council will act before bailiff but not before valid s21.

Fuckwit LL think council ought to move on a verbal eviction notice. They wont. Get a valid s21 before a court.

Paul Shamplina, the founder of Landlord Action, told us: “It’s a common practice that has always happened, it’s not only stressful for the tenant but it’s an extra expense for the landlord.

“Once the Section 21 notice is served and the two months expires, the tenant goes to the council, the council then says, “We’ve got nowhere for you to go.

“The council may say, ‘We might have to put you in temporary accommodation. The council will suggest you wait for the bailiff’s eviction letter which usually is about another four months from when they received the Section 21 notice.

“The council is just kicking the can further down the road.”

He added: “Council waiting lists in London range from 20 to 25 years. You might have 10,000-15,000 people on a waiting list and there are no properties.”

If the council had housing then youd not have a tenant, fuckwit.

It's called a business expense. Suck it up.

 

Just A Queen

12:59 PM, 3rd March 2023, About A day ago

The council saying stay in property wait for bailiffs is costing the landlord. So isn’t it about time the council compensated the landlord for loss of rent sale or court fees. Why should the landlord loose out because of the council. This looks very illegal to me and I hope something gets done to stop the council being able to do this

Ian Brand

13:17 PM, 3rd March 2023, About A day ago

Having experienced exactly this, where a tenant who was £11,000+ in rental areas, and the whole S21 process taking over 8 months, the court finally placed an eviction order on the tenant. They were then subsequently advised by the local council to disregard this and wait until the landlord goes back to court and gets' an eviction order. I'm no lawyer, but to my mind is this not 'Contempt of Court' by both tenant and council?
To make matters worse on the day of the eviction, I was phoned by the council with a request that I give the tenant a letter stating they were the perfect tenant so that they would be eligible for council property and avoid homelessness !!!!!

Just A Queen

13:20 PM, 3rd March 2023, About A day ago

Reply to the comment left by Ian Brand at 03/03/2023 - 13:17
What a cheek they then asked for a reference. This is terrible it’s almost like they use landlords to suffer financially to save them money. It is so obvious this is not right. Council need to start compensating landlords

Your tenant, your problem.

dismayed landlord

14:57 PM, 3rd March 2023, About A day ago

Reply to the comment left by Ian Brand at 03/03/2023 - 13:17
and to Just A Queen,

Last year I was asked to supply a reference for a tenant I spent about a year getting out who had been told to 'wait for the bailiffs' by Gravesham council. Had rent arrears - single mother of 4. Actually a reasonable person and even tried to work to make ends meet. However the point was the reference I ignored first of as it asked for rent payment history. Which was not good - not her fault. Gravesham pursued it with another letter and a phone call. The call stated that if no reference was supplied the tenant would be offered a council house anyway. Made no sense to me at all

Dont rent to single mums with kids on benefits. Fuckwit.

I'm pretty sure your btl bank will state that.

Just A Queen

14:58 PM, 3rd March 2023, About A day ago

Looks like council government tenants are having a laugh at landlords expense

The cads!

Helen Houston

18:20 PM, 3rd March 2023, About A day ago

Reply to the comment left by Paul Power at 03/03/2023 - 18:09
What would or could happen if LL and T worked together?

 

Social tenant? Work???

JamesB

20:13 PM, 4th March 2023, About An hour ago

I am going through it now. I got a possession order for 3rd Feb and have now arranged for bailiffs on 20 March.

My tenants, who are several thousand in arrears on a low rent, were advised by council and Shelter to ignore the possession order and wait for bailiffs. It is 100% standard format now. Wait months to go to court, fight for a meaningless possession order date, re-apply to the court, pay again, wait, get bailiffs. Just another mick take out of landlords and why I am working hard on not being one for much longer.

 

[Guest]

On 04/03/2023 at 13:38, spygirl said:

Unable to secure a new deal and with nowhere else to go their loans are reverting to the lenders standard variable rate, which average about 7.5%.

“In fact, in the worst case scenario, they are moving to their lender’s standard variable rate at rates as high as 9.5%.

Creeping towards that double digit interest rate for BTL. Also if valuations start to fall then the secondary effect of increased LTVs contributing to higher interest rates begins to kick in.

Also if BTL LTVs start to rise the lenders may start making margin calls.

Edited March 6, 2023 by Guest

[eek]

Telegraph article with not a single bit of nice news (for landlords) within it

https://www.telegraph.co.uk/property/buy-to-let/mortgage-expert-buy-to-let-dead-buried/

Quote

Furthermore, lenders’ background “stress tests” are now hammering nails into coffins so hard it is drowning out landlords’ calls for help.

 

Edited March 8, 2023 by eek

[spygirl]

6 hours ago, eek said:

Telegraph article with not a single bit of nice news (for landlords) within it

https://www.telegraph.co.uk/property/buy-to-let/mortgage-expert-buy-to-let-dead-buried/

 

‘I'm a mortgage expert – buy-to-let is dead and buried’

The sector is crumbling under the weight of tax rises, high interest rates and red tape

https://archive.is/UhMBL

 

No, you are a broker whos had lucrative time with fuckwits borrwoign money.

He using 5%. Moron

Hes got to facor in 10% now for IO BTL.

 

Landlords face £7,500 losses as buy-to-let dream turns sour

Rising interest rates and harsher taxation mean letting isn't the safe bet it once was

https://archive.is/kWJof

 

[spygirl]

~6 months of slowly rising IRs and poof! ~20y of IO BTL model/bizzyness genisues/'I UNDERSTAND properteee ...' blows up.

Fuckwits.

 

[spygirl]

Gormless fuckwit.

https://www.property118.com/unfair-uk-taxation-of-privately-owned-rental-property-businesses/

The reality is that all businesses in the UK are subjected to various forms of Taxation. Surely the correct question to be asking is whether or not there is a fair and level playing field when it comes to taxation.

However, property rental businesses, especially privately owned ones, have a much tougher deal when it comes to tax.

This is the bloke offering legal services.

An incopersted property business can do that.

If the car company was a one man band trading outside a Ltd co then they get same taxes,

 

Graham Turrell, Landlord & Entrepreneur

10:49 AM, 8th March 2023, About 12 hours ago

Superb comparison Mark. Reveals in very clear terms the taxation injustices dealt out upon private property rental businesses. Your post deserves widespread distribution. Has it gone off The Guardian?

[eek]

8 hours ago, spygirl said:

Gormless fuckwit.

https://www.property118.com/unfair-uk-taxation-of-privately-owned-rental-property-businesses/

The reality is that all businesses in the UK are subjected to various forms of Taxation. Surely the correct question to be asking is whether or not there is a fair and level playing field when it comes to taxation.

However, property rental businesses, especially privately owned ones, have a much tougher deal when it comes to tax.

This is the bloke offering legal services.

An incopersted property business can do that.

If the car company was a one man band trading outside a Ltd co then they get same taxes,

 

Graham Turrell, Landlord & Entrepreneur

10:49 AM, 8th March 2023, About 12 hours ago

Superb comparison Mark. Reveals in very clear terms the taxation injustices dealt out upon private property rental businesses. Your post deserves widespread distribution. Has it gone off The Guardian?

Mark just wishes to find one more customer for his tax avoidance partnership scheme.

But his argument is wrong because asset classes should be treated equally - no loan on residential property (except new build blocks of flats) should be tax deductible. 

[spygirl]

3 minutes ago, eek said:

Mark just wishes to find one more customer for his tax avoidance partnership scheme.

But his argument is wrong because asset classes should be treated equally - no loan on residential property (except new build blocks of flats) should be tax deductible. 

Well, even more straightforward.

A private car rental would be a LtdCo.

A private house rental is normally owned by an individual.

Using the word 'private' just not add anything to legally..

Are the operations incorporated or not?

Then theres the well established rules - you cannot claim IR costs on investments.

Its less that HMRC are wrong with the likes of S24.

Its that the whole IR deduction was wrong from the start and only happened as until ~2002 no bank would lend LL IO mortgages.

https://www.propertyinvestmentsuk.co.uk/landlord-tax-planning/

Mark has been a portfolio landlord for 31 years and worked in property, finance, tax and law for 34 years.

Since 2009 he has gradually been doing less work and selling property in order to enjoy a much better retirement. That was always his plan.

He achieved financial independence in 2003 and by 2008 one of his companies ranked at #38 in The Sunday Times Profit Track 100.

He was a founder of the NACFB and also Property118.

He was also a non-exec Chairman for a Barristers Chambers until a few years ago.

His speciality is landlord tax and has published numerous articles on this subject.

He was a mortgage brokers. Thats stretching the finance n law bit.

To specialise in tax you need a a lot of legal training, He hasnt.

 

[spygirl]

‘Don’t kid yourself corporate landlords will be better – they only care about shareholders’

The toxic culture of private landlords versus tenants is metamorphosing the rental sector

https://www.telegraph.co.uk/property/buy-to-let/dont-kid-corporate-landlords-will-better-care-shareholders/

And a load of wibble.

Is there any io btler who isnt a clueless fkwit?

Corporate LL will be annuity/life  LL who are interested in yields n matching long liabilities on annuities.

They are not profit maximising.

Theyll also operate at scale.

 

 

 

[Wight Flight]

1 hour ago, spygirl said:

‘Don’t kid yourself corporate landlords will be better – they only care about shareholders’

The toxic culture of private landlords versus tenants is metamorphosing the rental sector

https://www.telegraph.co.uk/property/buy-to-let/dont-kid-corporate-landlords-will-better-care-shareholders/

And a load of wibble.

Is there any io btler who isnt a clueless fkwit?

Corporate LL will be annuity/life  LL who are interested in yields n matching long liabilities on annuities.

They are not profit maximising.

Theyll also operate at scale.

 

 

 

Yep. Which is why most Americans choose a corporate landlord.

I would too given the choice.

[Guest]

Every mom 'n pop landlord reckons they are one of the good eggs, it's like everybody thinking they are an above average driver.

[spygirl]

Link from TOS

If youve sat there, over the last 20y, thinking maybe that IO BTLers are playing a game of 3d chess that you are just too stupid to understand ...

 

I give you ....

https://www.facebook.com/groups/1447111702109702

FINALLY got our flat back today after tenants stopped paying rent in August, after months of paying less and less rent (but not quite less enough to meet the two-month arrears rule).

To help those of you who have tenants in arrears, here's how our timeline went (Wandsworth, London):

• Filed Section 8 in August
• Had hearing in Oct
• Hearing adjourned for a month because we hadn't copied and pasted the exact wording for the REASONS (there were four) for the Section 8 (there is very little room, and we didn't know all the wording was needed, thought it was just the number)
• Hearing resumed end of November
• Eviction date mid-December
• Tenants didn't move on eviction date, so we filed for bailiffs the next day
• Bailiffs sent paperwork in the post that never arrived, so had to chase for it to be sent again (apparently, post only option!)
• Bailiff paperwork arrived early Jan
• We returned it every way possible the next day (registered post, email, online)
• Finally received notice of the date the bailiffs would be coming a month ago
• That day is today

Tenant now nearly £10k in arrears, not including the significant damage to items in the flat.

So the courts just let them stay on for another four months by dragging their heels - or more like 7 months since it took so long for the hearing but one-month delay was our error.

Apparently, the tenants vacated more than a week ago, but didn't tell us, so luckily, there was no aggro on the day.

Anyway, they're out now.

On to the CCJ fun next.

 

 

Hi,

Never had to issue s21 before thankfully but may need to soon.

If it’s ignored by the tenants, all rent is fully paid upand I go court for a possession and then bailiffs, can any costs be claimed from tenants or does it all fall to me?

Thanks,

Richard

 

Hi,

I’m posting this as a group participant because don’t want people to recognise me.

But honestly as Polish family 2+2 we came to UK 9 years ago and since then we have been lucky to make enough money to buy and fully renovate 2 houses in South Wales. Both detached, nice places to live.

Now the thing is with current laws in place we feel that someone is trying to take this all away or at least we don’t feel real owners of the rental house anymore. Tenant is the king in every aspect.

About our main house I feel very stupid as we invested tons of money in the last few years in things like triple glazed windows, some insolation etc to make this building a high EPC C and still (!) we pay more than ever for heating etc.

I honestly have huge difficulties in last few weeks to even wake up for work. All this going on around just doesn’t make any sense as it used to.

We have put this rental house for sale few weeks ago. Once it’s gone I would like to invest into something else or even thinking of leaving this “communist country” for good as I don’t think it is run with any human principles any longer (not that Poland is any better!).

I know we have here extremely wise and some wealthy people so if any of you could give some clue where would you go and what to do to make decent living that would be fantastic.

If someone can show us the right direction it would probably save us a lot of stress and time.

I buy and sell electronic devices for living and it’s dying anyway since covid so don’t really care where to start and how but we are bleeding out here day after day.

Any warm country to move to where government at least pretend to take care of citizens?

Or can be a cold one but without struggling to pay basic bills.

Any advice will be appreciated.

 

 

My friend has received undeclared income letter. Can anyone suggest solicitors and accountant you have used in similar situation please. They want to declare but more than 11 years and 2 houses... how to reduce tax bill now ? Can you still go through " let property campaign "? Thank you.

TO CLARIFY, THEY ARE WISHING TO PAY THE TAX.

need some advice please on this very serious matter as it will in all likelyhood result in selling the house due to insufficient funds to pay the tax.

 

 

 

Anna W-ski

 

  ·

 

I'm going to split one bedroom into two bedrooms to increase the value of the property. I have two options:

1. Put the stud wall so it goes to the window and the window is splitted into two by the stud wall and the window touches the stud wall. Of course it is cheaper option.

2. Remove existing window, brick up where the stud wall is a mind put two new windows so it looks like ilthe house has always been three bedrooms.

What would you advise, which option would increase the value of the property?thanks

 

 

 

 

etc ....

 

One thing Im picking up from various post is comments along lines of -

Ive been a LL for almost 10y.....

 

 

Autumn statement 2014

 

George Osborne unveils stamp duty overhaul in autumn statement

This article is more than 8 years old

Chancellor says shakeup will cut tax for 98% of purchases while raising money from those buying most expensive homes

 

https://www.theguardian.com/uk-news/2014/dec/03/george-osborne-stamp-duty-overhaul-autumn-statement

 

 

 

 

[Wight Flight]

Oh dear...

https://www.property118.com/tenant-refuses-to-leave-until-council-re-house-her/#comments