Better the devil you know?

Better the devil you know?

16:25 PM, 10th July 2022, About 2 years ago 17

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With all the political turmoil happening and talk of a possible early general election – I took a look at the latest ‘labour’ manifesto proposals for the ‘private rental sector’:

1. Open-ended rental contracts.
2. Landlord Register
3. Yearly property M.O.T
4. £100,000 fines
5. Possibility of compulsory purchase.
6. Rent increases limited to the rate of inflation.

All this is on top of all the recent regulations! They blame the P.R.S. for the increase in homelessness but fail to see why!

Simple answer – Landlords are selling up due to being treated like criminals!

Lalo


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PH

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14:12 PM, 11th July 2022, About 2 years ago

Reply to the comment left by NewYorkie at 11/07/2022 - 11:58
I rent out just one property only for the last 12 months. The first tennant deliberately wrecked the mantelpiece and drilled holes in the bedroom wall for a TV stand without asking permission. He left after 6 months and still my agent hasn't put a price in for the repairs and the tenants deposit is still there. I use an agent (Your Move) because I live abroad .
The 2nd tenant seems ok and as far as I know looks after the place but if she decides to move on I'll probably sell up .

NewYorkie

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15:05 PM, 11th July 2022, About 2 years ago

Reply to the comment left by PH at 11/07/2022 - 14:12
Sorry to hear that. When you have one BTL, it doesn't take much to make it unprofitable. I hope you have capital appreciation to fall back on.

Gromit

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15:38 PM, 11th July 2022, About 2 years ago

Reply to the comment left by Emma Hayes, MD - Platinum Property Partners at 11/07/2022 - 13:58
This pre-supposes that this isn't part of "The Plan"!!!

"Own nothing and be happy!"

LaLo

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16:57 PM, 11th July 2022, About 2 years ago

It seems the gov’ can’t lose. Nice big juicy fines if you get things wrong and a nice big chunk of capital tax when selling up - lovely!

PH

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21:30 PM, 11th July 2022, About 2 years ago

Reply to the comment left by NewYorkie at 11/07/2022 - 15:05
I own the property outright which has appreciated in value quite nicely over the past year . At the moment I'm lucky to have retired lady tenant who seems to respect the place but I may not be so fortunate next time. Sometimes it pays to quit while you're ahead. I'd like to speak to someone regarding CGT if there's anyone around here .

Ian Narbeth

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14:31 PM, 13th July 2022, About 2 years ago

Reply to the comment left by David Price at 11/07/2022 - 08:35
David
The Govt has "trumped" that 5 years. It's up to 10 years in the slammer for sending out an invoice for the cost of cladding repairs.

And next year it will be 15 years for sending out too many late rent reminders! Only kidding, I think!

Old Mrs Landlord

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16:54 PM, 13th July 2022, About 2 years ago

Reply to the comment left by Ian Narbeth at 13/07/2022 - 14:31
Nothing would surprise me, Ian. The Tories have turned out to be the devil we thought we knew, but boy were we mistaken.

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