Matt Cole

Wow. How many responses on this? Why is there so much ambiguity? This is the reason us landlords get such a bad name because our own rules, policies and the law aren't known.

The landlord may have insurance cover for such an event. Then what?... Read More

Hi Nelly, do you have a copy of your letter we could all use as a template?... Read More

Surely this should be part of the duties for the councils that have enforced licencing schemes?
I'm in Durham, and have now payed to obtain a draft licence. I cannot see where my £500/property will be usefully expended, nor can I see how or whom will police the councils to fulfill their obligations of these schemes.

Such databases should be set up.... Read More

Hi Mark,
I'm in general agreement with Lindsey and Alex but fully appreciate the amount of times you have banged the drum on S24.

The situation for many very small portfolio landlord's (1-4 properties) is that there just isn't the spare cash to sometimes refinance never mind financing the efforts to become a company! Many of us (myself included) dont understand all the tax rules and fear any change to how we currently operate, will leave a painful bill at the end. I'm talking about worrying over hundreds not the thousands!! Of course, my naivity and lack of understand to become a company may show my concerns to be unfounded?

My situation echoes Alex's in that the geographical situation does not mimick the story of other more lucrative areas. Housing is difficult to shift in the North, difficult to refinance and in some cases difficult to generate reasonable income. To exacerbate the situation, many house building companies now offer very good incentives for first time buyers making renting and even purchasing older properties less desirable.

My main point on all of this is that many landlord's live hand to mouth, making a mere few hundred quid a month if lucky (in total) which then gets absorbed into general family life, with the hope that the original plan of investing in property will pay off for a better retirement or go be passed down to the next generations.

Matt... Read More

I'm thinking of not asking for a deposit! What I am doing is setting up a 6mth tenancy with the deposit value divided over the 6mnths. It is then added to the normal rent value each month I. E tenant pays a higher rent. I have then agreed that the tenant provides 2 months notice prior to leaving and with satisfactory property condition on the day of check out, I will reimburse 1 months rent.

I guess I just need to make sure the tenant is always within contract. Your wise council greatly appreciated.... Read More

Completely agree with Darlington Landlord. Most houses in the North East are seeing the effects of negative equity due to the 'boom' prior to 2007/2008.

You can't give houses away in the north and I would really appreciate any good advice given on here to be tailored to the specific region of the country.

In my opinion, London has had it's day and maybe has spoiled it for the rest who cannot now yield similar returns to that of more lucrative areas such as London and the effects of Section 24 imminent.... Read More

A thoroughly informative excellent letter.

I despair with the decisions made by these people who we entrust to run our country!... Read More

Can someone please advise where the licensed areas are within DCC?... Read More

Thank you all for your comments. Taking on what Paul has said, maybe I need to change my game plan?

It was the intention to sell both propertities when at retirement age (I'm 39 now).

House prices have dropped in the north east and I have been hit with poor LTV rates making everything more difficult. One property owing 65k and the other 94k. Market values current would be roughly 67k and 115k respectively. They were 98k and 127k only 3 years ago! I guess that's the risk we all take. Rental income is £435 and £550.

I'm now considering to try and attack the capital as suggested, and even get the interest only property onto a repayment vehicle. I need to re-invest 2k to get the LTV below 80% for the interest only property which pains me as the valuation a while back would have covered this.

Upon retiring, hopefully both are paid off and the revenue streams will prop up my non existent pension. Both properties left to the children.

Obviously amongst all of this we need to absorb all the tax changes. I'm just below 40% and the wife is at 20% and works part time.

As probably with most, the new rules tips us into the 40% tax band, and if my calculations are correct, we make a loss in 2020.

To top it all off, repairs to one of the properties will be ~£2k for roof work and plastering and I've just renewed the boiler for the tenant, ready for the winter.

Who said owning property is easy......... Read More

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Well I think that's me pretty much done and certainly facing bankruptcy.... Read More

Same experience here. Property valued at 10k less than I paid and I'm now stuck on a standard variable rate at 4.99%! I need 3k to achieve an 80% LTV and I'm reluctant to put in any more money just for the Conservatives to screw me into the ground with tax and now falling house prices!... Read More

I actually think certain items fitted or not can be left as goodwill use for the tenant but not landlord responsible. Take for instance a dishwasher. We left one integrated but could have easily been removed and a space left for something else. It was left as a token of goodwill use. Dishwashers are not a necessary kitchen item unlike a fridge freezer. They are also extremely problematic in that they need regular user maintenance.

Same as an alarm systems. Not necessary but certain wireless systems need batteries etc and require regular maintenance contracts.... Read More

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Dear all, I’m hoping this is the right area but I’m extremely worried for me and my family regarding the changes the conservatives have recently imposed. I’m one of the groups of people who have fallen into property ownership by cicumstance and not as a business. I’m not a financial guy and get by in ignorance mainly loosing money as I have just realised by not claiming a penny for wear and tear etc. My scenario is this:

My wife and I both work and have two children. About 5 years ago we moved out of our 2 bed terraced when more space was required due to the second child. We could not sell the property so decided to rent. Mortgage is currently on a BTL and provides accommodation to a council tenant on benefits. The mortgage just about breaks even. We claim for nothing and actally pay HRMC £90 a year from an adjustment on our tax code.

The property we are currently in is for sale as we have found our resting place home, or at least until the kids leave. Again, due to the area we live in houses are not selling but are renting. Within two days we have found tenants and they are due to move in next month. We have the mortgage secured to purchase the new property and all seemed good…until I started reading comments on here regarding the budget. I have a contacted my current mortgage provider and they have agreed to a consent to let for 6 months, then they introduce an extra 1% interest taking it to 4.99%. My plan is to swap to a BTL once the tenants are in to hopefully have the rental income cover the mortgage and insurance costs.

We get £435 pcm from one and will get £550 from our current property. My job pushes me into the 40% tax bracket, the wife hardly earns anything.

I really don’t understand where we are going to be with all these changes, I doubt I can lift the rents to cover any increase in costs due to the areas the houses are locates (north east and still poverty stricken).

All I want it to provide quality property until we retire and either sell or pass to the kids. Am I likely to go bankrupt or is there nothing to worry about?... Read More

Dear all, I'm hoping this is the right area but I'm extremely worried for me and my family regarding the changes the conservatives have recently imposed. I'm one of the groups of people who have fallen into property ownership by cicumstance and not as a business. I'm not a financial guy and get by in ignorance mainly loosing money as I have just realised by not claiming a penny for wear and tear etc. My scenario is this:

My wife and I both work and have two children. About 5 years ago we moved out of our 2 bed terraced when more space was required due to the second child. We could not sell the property so decided to rent. Mortgage is currently on a BTL and provides accommodation to a council tenant on benefits. The mortgage just about breaks even. We claim for nothing and actally pay HRMC £90 a year from an adjustment on our tax code.

The property we are currently in is for sale as we have found our resting place home, or at least until the kids leave. Again, due to the area we live in houses are not selling but are renting. Within two days we have found tenants and they are due to move in next month. We have the mortgage secured to purchase the new property and all seemed good...until I started reading comments on here regarding the budget. I have a contacted my current mortgage provider and they have agreed to a consent to let for 6 months, then they introduce an extra 1% interest taking it to 4.99%. My plan is to swap to a BTL once the tenants are in to hopefully have the rental income cover the mortgage and insurance costs.

We get £435 pcm from one and will get £550 from our current property. My job pushes me into the 40% tax bracket, the wife hardly earns anything.

I really don't understand where we are going to be with all these changes, I doubt I can lift the rents to cover any increase in costs due to the areas the houses are locates (north east and still poverty stricken).

All I want it to provide quality property until we retire and either sell or pass to the kids. Am I likely to go bankrupt or is there nothing to worry about?... Read More