How does Buy to Let END!

[No One]

3 minutes ago, Wight Flight said:

You are doing well to get viewings. Are they pre-selecting or is it fastest fingers first?

Fast fingers over here.

My best chance is to arrange and make multiple offers on multiple proprties until I have something in hand. As the EAs paperwork status these are offers made, dont mean the tenant or LL is obligated to sign a tenancy. Its just an offer. So spray and pray might be the way to go.

[Stuey]

25 minutes ago, No One said:

Another day another rejection. Viewing number 4 on Saturday. 
Offer on number 3 pending.

Have you thought about buying? It could be a weight off your mind 

8 minutes ago, DurhamBorn said:

Asians in short skirts?

It's end of term now so they've all put on the fresher fifteen. Roll on September 

[No One]

4 hours ago, Stuey said:

Have you thought about buying? It could be a weight off your mind 

It's end of term now so they've all put on the fresher fifteen. Roll on September 

As a long term member of this site and TOS, and knowing what we know, my plan is to buy in 2024-2025 when the full impact of IR's forced BTL and accidental LL, as well as the overleveraged to exit the market. 

I have no intention to buy at peak, hence why I was to rent 12 month ast then rolling. Then go get the mortgage in principle and start viewing. (and offering well under)

[Stuey]

47 minutes ago, No One said:

As a long term member of this site and TOS, and knowing what we know, my plan is to buy in 2024-2025 when the full impact of IR's forced BTL and accidental LL, as well as the overleveraged to exit the market. 

I have no intention to buy at peak, hence why I was to rent 12 month ast then rolling. Then go get the mortgage in principle and start viewing. (and offering well under)

Just be careful you're not waiting until 2034-5 😙

[spygirl]

More subletting fun...

https://www.landlordtoday.co.uk/breaking-news/2023/7/young-renters-most-likely-to-sub-let-their-properties--research

• Nick Van Hoogstraaten
• 28 July 2023 09:47 AM

I had Romanians. Lovely people but sublet. I went to my property. Got there a bit early so waited around the corner. Caught an adult man taking the rubbish out who was not the tenant. Then I had my Nigerians. Once gone I have many letter for insurance of cars and bank letters for African people who are not the tenant....

[With a crooked smile]

On 28/07/2023 at 12:11, No One said:

a long term member of this site and TOS

How long have you been holding out? I'm interested in what rough area it is and how much youve paid in rent during that time. Everything I see indicates that even if a couple of years throth gets taken off people are well out of pocket for following advice on ToS.

That's part of the reason there's so much bitterness on here.  People got taken in and don't want to acknowledge how much it cost them.

[Bobthebuilder]

11 minutes ago, With a crooked smile said:

How long have you been holding out? I'm interested in what rough area it is and how much youve paid in rent during that time. Everything I see indicates that even if a couple of years throth gets taken off people are well out of pocket for following advice on ToS.

That's part of the reason there's so much bitterness on here.  People got taken in and don't want to acknowledge how much it cost them.

Sorry, I don't see much "bitterness" on here, just a few folk who would like to pay less than current asking, no one has a crystal ball, no one and I repeat, no one knows what the future will bring.

I joined TOS in January 2005, I did really well from opinions I followed oh there, wouldn't change anything I have done in the last 18 years.

One of my mates has recently sold his 4 bed house plus a BTL flat, he has moved into a rental that costs half what the mortgage at current rates would be, not sure if he is "out of pocket", in fact I would say quite the opposite.

The world turns in different ways for everybody, no single opinion is the correct one, just your own.

[spygirl]

https://www.localgovernmentlawyer.co.uk/housing-law/397-housing-news/53444-council-prosecution-sees-landlords-fined-434k-for-housing-offences

The district judge identified Aleksejs Cugurovs, 33, of St Leonards Road, Northampton, as the instigator of the scheme and imposed a fine of £270,000 - with a contribution to the council’s investigation costs of £5,000.

The other defendants included Maxims Borozdins, 37, who was fined £30,000 with a costs contribution of £5,000, and Valdims Oblikovs, 33, of Riga Latvia, who was fined £2,000.

The remaining defendants did not attend the Court and were fined in their absence, these included:

• Karlis Cernihs, fined £60,000 with a costs contribution of £5,000
• Dimitri Vinconschii, fined £40,000, with a costs contribution of £5,000
• Charlex Limited, fined £4,000
• Convid Limited, fined £5,000
• Civon Limited, fined £3,000

https://www.landlordzone.co.uk/news/landlord-duo-to-pay-tenants-12500-after-judges-say-innocence-is-no-defence/

Being ignorant of landlord law is no defence, a brutal legal point that has cost a landlord duo in London dearly after they were told by judges to repay their tenants £12,500 via a Rent Repayment Order.

The two Slovakian tenants, Amanda and Miroslav Jesensky, who do not reside in the UK any longer, have successfully claimed the cash off Mohammed and Ghazala Butt

This followed the discovery that their East London rented house owned (pictured) by the Butts had not been licenced under Waltham Forest’s long-established selective licencing scheme during their tenure.

The couple rented the property for nearly ten years during which two successive selective licencing schemes have been in operation, each promoted by the council via advertising, mail-shots and information on the council’s website.

The Butts pleaded innocence of the scheme, blaming the council for its failure to inform them of their statutory duty to licence the property.

[AlfredTheLittle]

More trouble for BTL landlords, tenants are going to be given free legal aid to fight eviction:

https://www.telegraph.co.uk/property/renting/renters-facing-eviction-free-legal-aid-fight-landlords/

Quote

 

Renters facing eviction get free legal aid to fight landlords

The support comes at a time landlords face long waiting times to reclaim their properties

ByLauren Shirreff2 August 2023 • 3:11pm

Renters refusing to leave a property will be given free legal advice to fight landlords – no matter how much they earn.

Those facing eviction or repossession in England and Wales are able to receive expert legal advice free of charge from Wednesday, with the taxpayer footing the bill.

The new support scheme, which aims to stop around 38,000 people from losing their homes, is part of an extra £10 million legal aid package.

It comes as landlords are facing long waiting times to reclaim their properties and put them back on the market ahead of rental reforms which will see no-fault evictions scrapped.

The average time taken for the property to be repossessed after the issue of a claim by a landlord is 21 weeks, according to Bindmans LLP. 

Landlord possession claims also increased by 42pc between September and December last year, the law firm found, with 20,460 such claims processed by the courts.

Free legal advice will now be available to tenants and homeowners as soon as a written notice is received from a landlord or mortgage provider, with free representation in court also on offer, the Ministry of Justice said in a press release.

The extra support for those in the early stages of a housing dispute should help to reduce the volume of cases going through the courts, the ministry suggested.

Justice Minister Lord Bellamy said: “Having access to the right legal advice at the earliest point possible is crucial for those who face losing their home, to ensure they have the support and help they need.

“We are creating this new service so that fewer people lose their home and can get help with their finances and resolve issues before they escalate.”

However, there are concerns that the new scheme could backfire and create even bigger backlogs. 

Ben Beadle, chief executive of the National Residential Landlords Association, said: “The NRLA wants to see tenancies sustained wherever possible. We have long argued that ensuring tenants can access legal advice much earlier in the process of a possession claim will benefit both tenants and landlords.

“The new service has the potential to reduce last-minute hold ups where a landlord has a legitimate possession claim due to tenants only being able to access legal advice on the day of a court hearing. 

“We are hopeful too that the service will help tenants and landlords reach agreements where there are disputes without the need for costly and lengthy court proceedings.

“That said, it is vital that the service does not add undue delays where landlords have reasonable cause to repossess a property. This is especially important in cases related to anti-social behaviour or where tenants have no hope of being able to cover serious rent arrears.”

 

 

Edited August 2, 2023 by AlfredTheLittle

[SCEPTICAL]

22 hours ago, AlfredTheLittle said:

More trouble for BTL landlords, tenants are going to be given free legal aid to fight eviction:

https://www.telegraph.co.uk/property/renting/renters-facing-eviction-free-legal-aid-fight-landlords/

 

Legal advice was very helpful for me during S21 eviction proceedings.

For information, it took approximately 7 months from issuance of notice to date of eviction issued by court. I don't have experience but I was told the eviction itself takes a few more weeks on top of that.

[One percent]

A whole portfolio is up for sale in scabby. Fill yer boots

https://www.rightmove.co.uk/properties/138241217#/?channel=RES_BUY

[spygirl]

12 minutes ago, One percent said:

A whole portfolio is up for sale in scabby. Fill yer boots

https://www.rightmove.co.uk/properties/138241217#/?channel=RES_BUY

See -

They put the pciuters in now.

Theres a lot of when fully let, when finished.

Whoever has those is fucked.

 

[spygirl]

Just how stupid are LL ffs?

https://www.landlordzone.co.uk/news/opinion-is-it-fair-for-councils-to-be-poacher-and-gamekeeper-for-property-standards/

The issue is that many local councils who regularly take private landlords to court or fine them over their poor property management practices are all too often themselves guilty of similar crimes and misdemeanours

[spygirl]

Councils are large orgs.

The bit that operates rental is seperate from the but that enforces housing rules ffs.

If one- of the fucking gormless LL advocates can't grasp that.....

He'd have a point if the LA avoided the fine. They don't.

[spygirl]

Bad BoE

https://www.landlordzone.co.uk/news/base-rate-rise-will-put-landlords-and-tenants-under-even-more-financial-strain/

Raising rates to average level.

One doesn't necessarily lead to the other...

Rob 4th August 2023 at 6:01 am

The incompetence of the Bank of England strikes. again.
How does this not feed inflation? Raising rates equals higher mortgage costs equals increasing rents which adds to overall inflation..
Sold my BTLs, paid off the mortgages and turned the last one Into an AirB&B.
The tenants are now Shelter, the. Government and the Council’s problem

 

[spygirl]

Cant remmber if ive posted this beore.

Worth reposting just for the nubmers

https://www.onthemarket.com/details/12217903/

Its been up for sale for at least 1 year.

I have a vague memory of them kickign aroudn on n off for a few more years.

Approximately £69,100 PA Income

At the min - if you fancy a lot of risk, flying by seat of pants, youd want 10% yield.

, ~600k tops.

300k cash, 300k mortgage @ 10%

Its listed at 1.3m.

I was listed at 1.55m

 

 

[spygirl]

On 04/08/2023 at 17:45, spygirl said:

Bad BoE

https://www.landlordzone.co.uk/news/base-rate-rise-will-put-landlords-and-tenants-under-even-more-financial-strain/

Raising rates to average level.

One doesn't necessarily lead to the other...

Rob 4th August 2023 at 6:01 am

The incompetence of the Bank of England strikes. again.
How does this not feed inflation? Raising rates equals higher mortgage costs equals increasing rents which adds to overall inflation..
Sold my BTLs, paid off the mortgages and turned the last one Into an AirB&B.
The tenants are now Shelter, the. Government and the Council’s problem

 

Id put that post in LL equity bragging.

Most IO BTL LLs - 70%+ -  have fuckall equity.

 

 

[dnb24]

Hattip Neil Hudson- big rise in BTL arrears this Q

[sancho panza]

7 hours ago, dnb24 said:

Hattip Neil Hudson- big rise in BTL arrears this Q

Thanks for psoting.Ive beenr eading some bank balance sheets last few days and all seems normal until you start estimating whats happening to LTV raios that are currently being marked to year end 2022.

A lot of BTLers I know were unaware that their home was in the default chain if the pyramid collapses.Suspect it may be dawning on some.

As stated prev,our family friend with 25 BTL's going under a tthe age of 70 odd will likely lose home.These portfolios are at the marginal end of the business,but we know fron Nationwide that 91% of their £40bn lona book is IO and IO is gettitng crushed.add to that S24 and you have the perfect storm.

Any idea where Neal got the data.Id like to follow that

[sancho panza]

8 hours ago, dnb24 said:

Hattip Neil Hudson- big rise in BTL arrears this Q

https://propertyindustryeye.com/data-shows-buy-to-let-mortgage-arrears-soaring/

UK Finance, which is the collective voice for the banking and finance industry, representing more than 300 firms, and has published data revealing mortgage arrears in the second quarter of 2023.

The figures show a very large increase of 41% in buy-to-let mortgage arrears in the band between 2.5% and 5% of the balance.

Mortgages in arrears accounted for 0.93 per cent of all homeowner mortgages outstanding, and 0.44 per cent of all buy-to-let mortgages outstanding in the second quarter of 2023.

There were 8,980 buy-to-let mortgages in arrears of 2.5 per cent or more of the outstanding balance in the second quarter of 2023, 28 per cent greater than in the previous quarter.

Within the total, there were 4,810 buy-to-let mortgages in the lightest arrears band (representing between 2.5 and 5 per cent of the outstanding balance). This was 41 per cent greater than in the previous quarter.

 

There were 81,900 homeowner mortgages in arrears of 2.5 per cent or more of the outstanding balance in the second quarter of 2023, 7 per cent greater than in the previous quarter.

Within the total, there were 30,940 homeowner mortgages in the lightest arrears band (representing between 2.5 and 5 per cent of the outstanding balance). This was 12 per cent greater than in the previous quarter.

610 homeowner mortgaged properties were taken into possession in the second quarter of 2023, 19 per cent fewer than in the previous quarter.

440 buy-to-let mortgaged properties were taken into possession in the second quarter of 2023, 7 per cent greater than in the previous quarter.

[sancho panza]

funny theyre never that bothered when the renters get kciked out

Also a plea of rmore free moeny for lawyers

https://propertyindustryeye.com/critical-need-for-housing-legal-aid-as-evictions-and-repossessions-continue-to-rise-law-society/

Critical need for housing legal aid as evictions and repossessions continue to rise – Law Society

August 11, 2023 | Eye Reporter

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Housing legal aid is increasingly out of reach for those who need help to keep a roof over their head, the Law Society of England and Wales has warned.

Quarterly statistics from the Ministry of Justice for April to June 2023, show that mortgage possession claims increased by 15% and landlord possessions (evictions) increased by 24% compared to the same quarter last year.

All landlord possession actions, including eviction orders, have increased compared to the same quarter in 2022. Thirty-three per cent of all landlord possession claims were social landlord claims and 32% were private landlord claims.

With rising evictions and repossessions, housing legal aid must be available for those who cannot afford legal help.

Law Society President Lubna Shuja said: “We have long voiced our concern about the lack of housing legal aid.

“The increasing cost-of-living and rising interest rates have heavily impacted people’s ability to afford their homes, so it is critical people are able to access legal help for their housing issues.

“Yet our research has found that 25.3m people (42%) do not have a local legal aid provider for housing advice.** More and more firms can no longer afford to offer this service, as legal aid rates have decreased by almost 50% since 1996.

“We are pleased the government recently launched the Housing Loss Prevention Advice Service (HLPAS) which provides free, non-means tested legal advice to vulnerable families facing eviction or repossession. However, without providers there to do the work this service will not be effective.

“The government has been unable to find providers for their HLPAS scheme in several major cities, notably Liverpool and Hull.***

“Without easy access to providers, the scheme does little to help people at risk of losing their homes. And with increasing demand, the few providers remaining will not have the capacity to take on new clients.

“Furthermore, families can only access this early legal advice service once a landlord or mortgage lender has given notice of intention to pursue repossession – leaving many already on the backfoot and in desperate need of advice.

“It is unacceptable that housing legal aid is not available for many people facing eviction or repossession.

“There must be immediate investment in housing legal aid to help people stay in their homes.”

[dnb24]

3 hours ago, sancho panza said:

Any idea where Neal got the data.Id like to follow that

https://t.co/BnFcNH4JdY

[sarahbell]

Serco will snap them all up 

[Wight Flight]

This place was £2,000 2 years ago, £2,250 last year and now £1,995.

Never seems to get a long term tenant.

Who says rents are only going up?

https://www.rightmove.co.uk/properties/137328206#/?channel=RES_LET

[Option5]

On 11/08/2023 at 16:42, sancho panza said:

“It is unacceptable that housing legal aid is not available for many people facing eviction or repossession.

“There must be immediate investment in housing legal aid to help people stay in their homes.”

But it's not their home, not until they've paid for it.

"I've bought a new house"

No you haven't, you're renting it until the company that actually paid for it have their money back plus interest.

It's the same viewpoint as "I've bought a new car" on PCP (or finance)"