Steve Hards

Never mind which lodge...I think we will see the rise of 'landlord friendly' EPC assessors who are prepared to massage the rating upwards in return for a backhander.... Read More

Yes, Paul, and the cost of landlord's insurance, HMO or selective licencing fees, etc., etc...

Of course my original post wasn't about the economics of being a landlord but about the existing disincentive to stay invested as you get older. And it sounds like it is going to get worse.

Although we are by no means amongst the 'super-rich' who seem to be rushing to leave the country, we do have the option of selling up and becoming resident abroad - my wife is Spanish. But it's the draw of being with our young grandchildren (to whom we were hoping to have some wealth to pass on) that keeps us here. I'm beginning now to consider that the CGT and IHT combination is a 'Grandchild Tax'!... Read More

Tom expressed this tax trap perfectly and it may indeed affect more second home owners than landlords. The issue gets more acute as you get older - if I were still in my forties or fifties I’d have sold up by now and taken the 24% CGT hit in the hope that I could manage the released equity in a way that would mitigate future IHT implications. But the older you get the incentive to keep properties until death increases so that your heirs are spared the CGT hit.

Rachel Reeves is an economist and may be anticipating that increasing CGT rates will result in a decrease in overall CGT tax take, which leads us on to the concern Hugh has raised: the even worse scenario if the uplift on death is abolished.

When I also take into account the other taxes I pay as a landlord: the egregious SDLT on further property purchases; VAT on goods and services for property maintenance; etc. and, finally, income tax on the little that remains, it feels like I'm just working for the Government...except that I have all the tenant-related hassle and legal and financial risks that come with being a landlord and no benefits such as sick or holiday pay!... Read More

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Whisper it quietly, but the evidence on the various types of rent controls is mostly that it's landords who benefit most.
In the item above, Thomas Ashdown is quoted as saying: “It is unlikely that the authoritative and independent economic findings on rent controls across nations has been overlooked by the administration which begs the question as to why there has been no clear response." The reason is that the introduction of rent controls by left-wing governments isn't actually about the economic well being of renters but an example of their desire to control people's lives regardless of the unfortunate consequences that brings.... Read More

What a pity the good advice in this thread got tangled in bickering about the cause of inflation!

Anyway, back to the theme, it does no favours to tenants not to increase the rent every year. They get fail to adjust their expenditure expectations and it comes as an unpleasant shock when the landlord has to increase the rent eventually or they want to move but find that the market has left them behind.... Read More

I'm surprised I'm only the second to comment...perhaps everyone else is too depressed??
Anyway, another aspect of Pennycook is that he has behaved in the past as a classic nimby. Is he really now onboard with Labour's intention to change the planning laws to get more houses built despite nimby objections? See the following:
https://capx.co/nimby-watch-is-labours-housing-minister-a-nimby/... Read More

The headline (Angela Rayner cleared by police over housing allegations) is misleading. She wasn't 'cleared' by the police, they just said it wasn't a police matter. Could we have a bit more precision in Propperty118 reporting, please?... Read More

Totally agree and, if the changes so far have been a nail in the coffin of the PRS, the next thing down the line - rent controls - will be a stake through its heart.... Read More

"the media believes we are all bad." May I respectfully point out that it is not the abstract 'media' (which is neutral) but the newspaper, TV and radio jounalists and their editors that bias stories against landlords. They are real people with real biases.... Read More

Half-baked policy is what you get when ministers let their civil servants listen to left-wing activists so it's no surprise that the Renters Reform Bill is half-baked.... Read More

The first thing I'd do to test for leaks if areas of pipework are accessible in the ensuite is put kitchen paper where any water pipes go through the floor to downstairs and I'd put newspaper under the waste pipes and shower tray. Use the shower or bath and any leaks will show up straight away. If kitchen paper around the base of the water pipes becomes damp, particularly a cold pipe one, it may be due to condensation rather than a leak. Condensation on a short length of pipe is unlikely to be causing a serious problem in the flat underneath but seal around the hole with silicone and insulate the pipe as a preventive measure.... Read More

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Are deposits in the UK are difficult for tenants? In Spain, where tenants (and squatters) generally have more rights than owners, it is usual for tenants to have to lodge six month's rent with their bank in the form of a guarantee (un aval) against which the landlord can claim if rent goes unpaid. Not only will the bank use that large chunk of money on which they pay no interest but they charge for the 'service' as well!... Read More

Oh dear, just when landlords have enough incoming changes to worry about, the matters raised here open up a whole new can of pet worms!

By the way, does anyone know if the 1950 Allotments Act which allows tenants to keep hens and rabbits regardless of any tenancy agreement provisions about the keeping of animals is still in force? And will it be after the Renters Reform Bill?... Read More

The bully-boy council threats about the need to apply for a selective licence and the calculations of how much income the schemes will bring in reinforces the view that selective licencing has much in common with protection rackets. (https://www.property118.com/selective-licensing-if-i-were-a-criminal/)
Moreover, the small print disclaimer at the bottom of Southwark's HMO licences that landlords are required to display in properties confirms that licencing schemes are not actually about the protection of tenants from poor living conditions. There didn't used to be a disclaimer but now that their ability to inspect the large number of rental properties requiring some type of licence or another appears to be overwhelmed, the disclaimer includes: "This licence...does not guarantee that the property has been inspected and approved as being of an acceptable standard." It says it all!... Read More

With unincorporated landlords exiting the sector by selling their portfolios to investor companies at a discount, the Treasury is also missing out on reduced CGT and SDLT payments.... Read More

Wise words, Rupert. I hope Jay pays attention to them.... Read More

I recall seeing a TV programme about loan sharks where a single parent who was unable to pay her ballooning loan had her flat trashed as punishment. It's not an excuse, of course, but another possible explanation. But as TheMaluka says "Damage has been caused which is obviously not accidental so the police MUST take a report of criminal damage even if they cannot solve the case."... Read More

Why is there a link to Shelter's donation page four paragraphs from the end??... Read More