How does Buy to Let END!

[One percent]

1 minute ago, Wight Flight said:

I don't think it will.

you can't have a zone with no edge.

Nope you can’t but you can have lots and lots of 15 minute zones. 

[Wight Flight]

6 minutes ago, One percent said:

Nope you can’t but you can have lots and lots of 15 minute zones. 

We'll just have to drive that bit faster.

 

[One percent]

10 minutes ago, Wight Flight said:

We'll just have to drive that bit faster.

 

Have you seen the traffic?   Fucking tourists.  

[Wight Flight]

Just now, One percent said:

Have you seen the traffic?   Fucking tourists.  

Not here. It is the locals that get in the way.

if I need to take three minutes off my commute I might scare a few.

[One percent]

1 minute ago, Wight Flight said:

Not here. It is the locals that get in the way.

if I need to take three minutes off my commute I might scare a few.

Caravans, camper vans and wankpanzers round here.  
 

edit to add, lots of EVs too which is bloody stupid as there is 20 miles of open moorland to cross to get out in any direction.  Wouldn’t fancy getting stuck up there in the winter without an engine to keel me from freezing to death 

Edited April 9, 2023 by One percent

[Wight Flight]

Just now, One percent said:

Caravans, camper vans and wankpanzers round here.  

If I see someone with a caravan here I step back and applaud their bravery.

[One percent]

Just now, Wight Flight said:

If I see someone with a caravan here I step back and applaud their bravery.

I’ve just edited my post to include EVs too.  Most stupid place to bring one b

[Wight Flight]

5 minutes ago, One percent said:

I’ve just edited my post to include EVs too.  Most stupid place to bring one b

I think even a shitty EV can cope with 20 miles.

[One percent]

1 minute ago, Wight Flight said:

I think even a shitty EV can cope with 20 miles.

Well maybe if there were charging points.  Some prat here was parked in a pedestrian zone with a lead coming out of a fish and chip shop so that he had enough charge to escape.  

[Wight Flight]

3 minutes ago, One percent said:

Well maybe if there were charging points.  Some prat here was parked in a pedestrian zone with a lead coming out of a fish and chip shop so that he had enough charge to escape.  

Alligator Alley in Florida would be more interesting.

80 miles of nothing.

[spygirl]

Usual bizarre article from Undependents collection of half witted Marxists.

There is so much wrong with terminology you can see why the Independrnt doesn't exist.

I cant work out if I'm much smarter. Or that journos are getting fucking dumber.

https://inews.co.uk/inews-lifestyle/money/costs-extortionate-buy-to-let-properties-pension-2262130

‘I’m selling the buy-to-let I bought for retirement at a loss’: Is property still an alternative to a pension?

Some people have invested in properties to fund their retirement but not everyone has had a positive experience

George Osborne’s changes wiped out many landlords’ profit and thousands were forced to sell up (Photo: Lou Valdini)

Lou Valdini, 68 and living in Yorkshire, is one of thousands who bought into the buy-to-let dream, believing it would provide a steady monthly income and secure his retirement.

For years, that dream was a reality. Under Labour chancellor Gordon Brown, private landlords were able to purchase property, let it and claim the cost of paying the mortgage as an expense.

It meant tax was paid on profits only and yields were strong. Coupled with a rapid rise in house prices and rents, the allure of investing in property rather than into a pension was clear.

But after Conservative chancellor George Osborne announced he was axing higher rate tax relief in 2015 and would start to tax landlords’ income based on their revenue, things started to go wrong for buy-to-let.

The change wiped out many landlords’ profit and thousands were forced to sell up.

Now, those still in the market are facing a sharp rise in buy-to-let mortgage rates when they remortgage and the prospect of tough new energy efficiency rules forcing landlords to spend thousands of pounds upgrading their properties.

It has been the final straw for scores more landlords, with anecdotal evidence from property auctioneer My Auction suggesting that those looking to sell are willing to accept offers up to 30 per cent below market value.

For many who were relying on their buy-to-lets to fund their retirement, it has been catastrophic.

“I don’t have a final salary pension and was concerned my personal pension wouldn’t provide sufficient income during my retirement,” says Lou.

“I invested in two buy-to-lets with the sole objective of supplementing my pension.”

Based on the yield projections given by his sales agents, in 2007 Lou bought two leasehold flats in Yorkshire, borrowing 85 per cent of the purchase price.

“To cut a very long story short, the costs have been extortionate,” he says.

“The rents have been too low, I’ve had poor tenants despite the usual checks and the values plummeted due to the ground rents being over £250 a year and increasing by RPI every five years.”

He sold one property at a 20 per cent loss and is unable to sell the other because it is in negative equity, nor can he remortgage it.

“With rates now so much higher, the mortgage has increased from £294 in March 2022 to £621 in March 2023. I’ve increased the rent but by only 7 per cent, which is way below what I need to break even,” he says.

“Consequently, I am subsidising my tenant. I was forced to retire in 2020 due to Covid and am unable to realise any benefit from those buy-to-lets. Some may say I was naive and didn’t do my own research, but plenty of co-buyers are in the same boat, including professionals such as company directors like me, accountants and barristers.”

Lou’s nightmare experience is familiar to many private landlords across the UK, though some have been luckier than others.

Paul Lloyd, 57 from Redcar in the Tees Valley, has five buy-to-lets all in the same area (Photo: Paul Lloyd)

Paul Lloyd, 57 from Redcar in the Tees Valley, has five buy-to-lets all in the same area.

“I bought my first buy-to-let in 2008 after the global financial crisis forced me to fold my painting and decorating business,” he says.

“I had been about to set up a private pension but instead I was left with a cash lump sum and I reckoned it was better to put it into property.”

Paul is a basic rate taxpayer, meaning the removal of higher rate tax relief hasn’t hit him too hard.

“But I know plenty of landlords who’ve had to sell up because it’s just not worth it financially,” he says.

What the tax changes do mean for Paul is that he can’t take the part-time job he wants to without tipping into higher rate tax and losing money.

“All this getting over-fifties back into work is nonsense – this situation is actively stopping me getting back to work,” he says.

He plans to keep his buy-to-lets for the moment as he has good tenants and is able to live on the income they generate, something that can’t be said for his pension income.

“I have a Sipp as well and while it went up in value a lot between 2016 and 2019, the pandemic meant it is now a disaster. It’s recovered a bit but it’s still more than 20 per cent down,” he says.

“I’m glad I did the buy-to-let, even though it’s been a lot of hard work and it is getting more and more expensive to be a landlord.

“At least I have nice people living in my properties and luckily I don’t have to increase their rents. I’m hoping they’ll buy their homes from me eventually too.”

 

First fuckeit gas more than a sniff about Leeds city centre living.

2nd one needs to see a tax accountant pdq as he owes tax.

Iirc the 2p% btl allowance is a tax credit ie need to earn it.

2nd LL, assuming 500/m × 5 is going to owe about 1k/k in tax.

 

 

[One percent]

4 minutes ago, spygirl said:

Usual bizarre article from Undependents collection of half witted Marxists.

There is so much wrong with terminology you can see why the Independrnt doesn't exist.

I cant work out if I'm much smarter. Or that journos are getting fucking dumber.

https://inews.co.uk/inews-lifestyle/money/costs-extortionate-buy-to-let-properties-pension-2262130

‘I’m selling the buy-to-let I bought for retirement at a loss’: Is property still an alternative to a pension?

Some people have invested in properties to fund their retirement but not everyone has had a positive experience

George Osborne’s changes wiped out many landlords’ profit and thousands were forced to sell up (Photo: Lou Valdini)

Lou Valdini, 68 and living in Yorkshire, is one of thousands who bought into the buy-to-let dream, believing it would provide a steady monthly income and secure his retirement.

For years, that dream was a reality. Under Labour chancellor Gordon Brown, private landlords were able to purchase property, let it and claim the cost of paying the mortgage as an expense.

It meant tax was paid on profits only and yields were strong. Coupled with a rapid rise in house prices and rents, the allure of investing in property rather than into a pension was clear.

But after Conservative chancellor George Osborne announced he was axing higher rate tax relief in 2015 and would start to tax landlords’ income based on their revenue, things started to go wrong for buy-to-let.

The change wiped out many landlords’ profit and thousands were forced to sell up.

Now, those still in the market are facing a sharp rise in buy-to-let mortgage rates when they remortgage and the prospect of tough new energy efficiency rules forcing landlords to spend thousands of pounds upgrading their properties.

It has been the final straw for scores more landlords, with anecdotal evidence from property auctioneer My Auction suggesting that those looking to sell are willing to accept offers up to 30 per cent below market value.

For many who were relying on their buy-to-lets to fund their retirement, it has been catastrophic.

“I don’t have a final salary pension and was concerned my personal pension wouldn’t provide sufficient income during my retirement,” says Lou.

“I invested in two buy-to-lets with the sole objective of supplementing my pension.”

Based on the yield projections given by his sales agents, in 2007 Lou bought two leasehold flats in Yorkshire, borrowing 85 per cent of the purchase price.

“To cut a very long story short, the costs have been extortionate,” he says.

“The rents have been too low, I’ve had poor tenants despite the usual checks and the values plummeted due to the ground rents being over £250 a year and increasing by RPI every five years.”

He sold one property at a 20 per cent loss and is unable to sell the other because it is in negative equity, nor can he remortgage it.

“With rates now so much higher, the mortgage has increased from £294 in March 2022 to £621 in March 2023. I’ve increased the rent but by only 7 per cent, which is way below what I need to break even,” he says.

“Consequently, I am subsidising my tenant. I was forced to retire in 2020 due to Covid and am unable to realise any benefit from those buy-to-lets. Some may say I was naive and didn’t do my own research, but plenty of co-buyers are in the same boat, including professionals such as company directors like me, accountants and barristers.”

Lou’s nightmare experience is familiar to many private landlords across the UK, though some have been luckier than others.

Paul Lloyd, 57 from Redcar in the Tees Valley, has five buy-to-lets all in the same area (Photo: Paul Lloyd)

Paul Lloyd, 57 from Redcar in the Tees Valley, has five buy-to-lets all in the same area.

“I bought my first buy-to-let in 2008 after the global financial crisis forced me to fold my painting and decorating business,” he says.

“I had been about to set up a private pension but instead I was left with a cash lump sum and I reckoned it was better to put it into property.”

Paul is a basic rate taxpayer, meaning the removal of higher rate tax relief hasn’t hit him too hard.

“But I know plenty of landlords who’ve had to sell up because it’s just not worth it financially,” he says.

What the tax changes do mean for Paul is that he can’t take the part-time job he wants to without tipping into higher rate tax and losing money.

“All this getting over-fifties back into work is nonsense – this situation is actively stopping me getting back to work,” he says.

He plans to keep his buy-to-lets for the moment as he has good tenants and is able to live on the income they generate, something that can’t be said for his pension income.

“I have a Sipp as well and while it went up in value a lot between 2016 and 2019, the pandemic meant it is now a disaster. It’s recovered a bit but it’s still more than 20 per cent down,” he says.

“I’m glad I did the buy-to-let, even though it’s been a lot of hard work and it is getting more and more expensive to be a landlord.

“At least I have nice people living in my properties and luckily I don’t have to increase their rents. I’m hoping they’ll buy their homes from me eventually too.”

 

First fuckeit gas more than a sniff about Leeds city centre living.

2nd one needs to see a tax accountant pdq as he owes tax.

Iirc the 2p% btl allowance is a tax credit ie need to earn it.

2nd LL, assuming 500/m × 5 is going to owe about 1k/k in tax.

 

 

Not sure where to start with that piles of dogs vomit. Let’s go for geographical accuracy. When did redcar move into the Tees valley?   

[JohnnyB]

On 11/04/2023 at 20:38, spygirl said:

 

“I bought my first buy-to-let in 2008 after the global financial crisis forced me to fold my painting and decorating business,” he says.

 

 

The fuck?

[reformed nice guy]

11 minutes ago, JohnnyB said:

The fuck?

It went to the wall

[sancho panza]

@spygirl

https://uk.finance.yahoo.com/news/homeowners-planning-permission-holiday-lets-213000029.html

Homeowners will need planning permission for holiday lets in new crackdown

Holiday home owners will be forced to get planning permission to let their properties under government plans to protect 'cherished towns'.

The rules are set to see home owners in tourist hotspots blocked from listing their homes on websites such as Airbnb at the whim of local councils.

Levelling up secretary Michael Gove, announcing the plans, said local people were being “pushed out of cherished towns, cities and villages by huge numbers of short-term lets”.

[Option5]

5 hours ago, sancho panza said:

@spygirl

https://uk.finance.yahoo.com/news/homeowners-planning-permission-holiday-lets-213000029.html

Homeowners will need planning permission for holiday lets in new crackdown

Holiday home owners will be forced to get planning permission to let their properties under government plans to protect 'cherished towns'.

The rules are set to see home owners in tourist hotspots blocked from listing their homes on websites such as Airbnb at the whim of local councils.

Levelling up secretary Michael Gove, announcing the plans, said local people were being “pushed out of cherished towns, cities and villages by huge numbers of short-term lets”.

Final nail?

[Wight Flight]

8 hours ago, sancho panza said:

@spygirl

https://uk.finance.yahoo.com/news/homeowners-planning-permission-holiday-lets-213000029.html

Homeowners will need planning permission for holiday lets in new crackdown

Holiday home owners will be forced to get planning permission to let their properties under government plans to protect 'cherished towns'.

The rules are set to see home owners in tourist hotspots blocked from listing their homes on websites such as Airbnb at the whim of local councils.

Levelling up secretary Michael Gove, announcing the plans, said local people were being “pushed out of cherished towns, cities and villages by huge numbers of short-term lets”.

A shame he has gone down the planning permission rather than licensing route.

Planning is permanent, a license could be revoked (For anti-social behaviour for example)

However, I can see a planning application being tied in knots by the number of neighbours that will object. I wonder if their views will be taken in to consideration?

[spygirl]

11 hours ago, sancho panza said:

@spygirl

https://uk.finance.yahoo.com/news/homeowners-planning-permission-holiday-lets-213000029.html

Homeowners will need planning permission for holiday lets in new crackdown

Holiday home owners will be forced to get planning permission to let their properties under government plans to protect 'cherished towns'.

The rules are set to see home owners in tourist hotspots blocked from listing their homes on websites such as Airbnb at the whim of local councils.

Levelling up secretary Michael Gove, announcing the plans, said local people were being “pushed out of cherished towns, cities and villages by huge numbers of short-term lets”.

 

3 hours ago, Wight Flight said:

A shame he has gone down the planning permission rather than licensing route.

Planning is permanent, a license could be revoked (For anti-social behaviour for example)

However, I can see a planning application being tied in knots by the number of neighbours that will object. I wonder if their views will be taken in to consideration?

This is Little Mikeys look busy.

Ill do a bigger post later.

Does the planning permission move with the ownership?

Can it be revoked?

A lot of the problems with FHL are goign to be resolved by end of Coof (fly away) and higher IRs.

All sort of fuckwittery apepars possible when you can borrow cheaply and people spend freely.

Revrse those and - crash.

 

 

 

[One percent]

8 minutes ago, spygirl said:

 

This is Little Mikeys look busy.

Ill do a bigger post later.

Does the planning permission move with the ownership?

Can it be revoked?

A lot of the problems with FHL are goign to be resolved by end of Coof (fly away) and higher IRs.

All sort of fuckwittery apepars possible when you can borrow cheaply and people spend freely.

Revrse those and - crash.

 

 

 

Was out this morning in T’ord spot. A noticeable lack of wankpanzers trying to get up (and parking on pavements) church street.  Also lots of parking spaces on west cliff. This is easter week. 

[eek]

3 hours ago, spygirl said:

 

This is Little Mikeys look busy.

Ill do a bigger post later.

Does the planning permission move with the ownership?

Can it be revoked?

A lot of the problems with FHL are goign to be resolved by end of Coof (fly away) and higher IRs.

All sort of fuckwittery apepars possible when you can borrow cheaply and people spend freely.

Revrse those and - crash.

There's been a couple of cases recently where planning permission has been sought for serviced apartments in what were previously residential properties.

In all the cases the permission stops when the property is next sold.

[spygirl]

https://www.thisismoney.co.uk/money/buytolet/article-11975851/amp/Rocketing-mortgages-bills-driving-buy-let-landlords-sell.html

Neil France, a 66-year-old business consultant, started investing in property a decade ago, having become disillusioned with pensions. He thought buy-to-let would be a better way to fund his retirement.

But with the monthly mortgage payment on one of his properties having surged following the latest interest rate rise, he is wondering how much longer he can afford to hold on to his portfolio of four houses on The Wirral and three properties in Essex.

He says the property in jeopardy has an interest-only mortgage of £200,000. Originally, it cost £280 a month, offset by a rent of £700, so he was making a reasonable profit. Now, he lets it for £250 a month more, but his mortgage payments have gone up to £880.

He is now rethinking whether property is suitable as a pension. He's not the only one. Figures from the National Residential Landlords Association show that the number of landlords planning to sell is at a record high, while those looking to buy is at a record low.

[spygirl]

Sally Burtt-Jones, 43, from Kent, has just sold an investment property – a two-bedroom flat in Hackney, East London – after the monthly mortgage repayments rose from £430 to more than £1,800 when her fixed deal expired.

Sally, a self-employed business sustainability consultant, became a landlord in 2017 after moving to Whitstable in Kent and letting out her former flat to tenants. She saw it as a potential income opportunity.She says: 'I thought the rent would give me an income that could be used towards the mortgage on my current home in Kent.'

But rising interest rates and tax changes conspired against her. The rent barely covered the mortgage payments. She put the flat on the market in December and the sale completed early this month.

She says: 'I will use the money to reduce my mortgage on my Whitstable property and invest in my new business, 11 TwentyTwo. I also plan to start paying into a pension as soon as I can afford to.'

[One percent]

2 minutes ago, spygirl said:

Sally Burtt-Jones, 43, from Kent, has just sold an investment property – a two-bedroom flat in Hackney, East London – after the monthly mortgage repayments rose from £430 to more than £1,800 when her fixed deal expired.

Sally, a self-employed business sustainability consultant, became a landlord in 2017 after moving to Whitstable in Kent and letting out her former flat to tenants. She saw it as a potential income opportunity.She says: 'I thought the rent would give me an income that could be used towards the mortgage on my current home in Kent.'

But rising interest rates and tax changes conspired against her. The rent barely covered the mortgage payments. She put the flat on the market in December and the sale completed early this month.

She says: 'I will use the money to reduce my mortgage on my Whitstable property and invest in my new business, 11 TwentyTwo. I also plan to start paying into a pension as soon as I can afford to.'

I do hope she understands her capital gains tax position. Especially as she’s just told the world she’s flogged the btl.  

[spygirl]

9 minutes ago, One percent said:

I do hope she understands her capital gains tax position. Especially as she’s just told the world she’s flogged the btl.  

No mention of tax on rent income.

At least 30% of the rent is going to HMRC.

[Wight Flight]

Quote

There are so many small landlords like myself in the private rental sector – aiming to create nice homes for families to live in.

No. That really isn't your aim.