Summer Budget 2015 – Landlords Reactions

Did you know, there are 2 million "declared" buy to let investors in UK..however more than 50% of properties are jointly owned by husband and wife to make it tax efficient.

Let's assume 50% of properties are owned jointly this makes landlord population to whopping 3 million which equates to 25% OF TOTAL VOTES THEY RECEIVED"

If you noticed there were number of constituencies where they only won marginally from opposition, therefore it would have been virtually impossible for them to WIN without buy to letters VOTES.

Reply to the comment left by "Ros ." at "25/07/2015 - 15:39":

Hi Ros,
Surprisingly, I got a reply from Zac Goldsmiths office today.
Less surprisingly, it merely said he would pass it to GO for a response.
I've told him that I'd be interested to hear HIS views on this very important subject.

I intend writing to all members of the Treasury Select Committee. Here is the list of members and their contact details:

http://www.parliament.uk/business/committees/committees-a-z/commons-select/treasury-committee/membership/

Reply to the comment left by "BTL INVESTOR SCOTLAND" at "25/07/2015 - 18:34":

Good idea BTL. My impression of some of them I saw speak was that they weren't that bright - but I didn't see all of the 15th of July meeting last night, because I can't record programmes (ever since I cancelled my contract with a very well-known global company, sued them through the small claims court and got a nice out of court settlement!).Mark Garnier was especially annoying, talking about 'tax relief' like we were being given something and doing the usual comparing of us to owner-occupiers.
That is why I am writing to the 'witnesses.' But I think it is a good idea you've had - it all spreads the message to the people who presumably are interested and might make a difference.
What I wonder is what happens after the discussion they had. I wonder if George Osborne will even know what has been said....
We need to think how we can get directly to him. Personally, I think there should be a thorough impact report, taking in the repercussions for landlords, at whom the policy is aimed, at tenants, with whom we are in a symbiotic relationship, for the housing sector in general, for other businesses, mortgage companies, the 'economy' as a whole - any big impacts or ripple effects and so on. And including realistic projections of what it will do to Government revenue; not just some simplistic assessment of how much money they will get from gradually confiscating our assets until all of our wealth has been transferred to Government, but the impact of some/many of us then needing to rely on state handouts for the rest of our lives, maybe, and the loss of tax from rents as we go bankrupt. And the cost of tenants having to be rehoused in the expensive B and Bs, if enough of these exist. It would be good if someone here could draw up something on this which we could then circulate. Any volunteers, BTL INVESTOR SCOTLAND?!

Reply to the comment left by "Ros ." at "25/07/2015 - 19:44":

Ros - I will continue my research on the potential implications of this ill thought out policy and post my findings here. I am also in touch with the Scottish Association of Landlords (SAL) who will lead the campaign in Scotland. SAL has confirmed that they are working closely with the Residential Landlords Association (RLA) and will be making joint representations. With Parliament now in recess, time is on our side. We have time to do our research and lobby our MPs and others to try to get this proposal withdrawn. I suggest that landlords on this forum send copies of their representations to SAL or RLA as appropriate or to any other landlord association they are members of.

Reply to the comment left by "BTL INVESTOR SCOTLAND" at "25/07/2015 - 23:43":

Great BTL. Can you do me a favour and use your connections to see if the SLA could perhaps set up the e-petition? That would be a good move as it is not the RLA or NLA and so hopefully both the latter will then be happy to cooperate with it. I have asked the DPS if they will circulate it - not had a categorical answer yet. But the first thing would be to set it up. I had some draft wording somewhere, but I'm sure others can think up something good. What do you think? Again, this would be a great thing to get started on asap as we can really use the time we have then to the fullest effect. When I looked into it a week or so ago, the 'function' was down and it said it would be down until the end of July, but the RLA might be able to make representations about this.
I've been mulling over things this evening - and think a major argument could be that as landlords will want vacant possession in order to make sure our houses are newly decorated etc., to get the best possible sale price, there is going to be a whole load of empty houses for sale for however long it takes and where are the tenants going to go in the meantime? The issue won't be first time buyers as the Government had it; it will be renters and homelessness...

Reply to the comment left by "Trendo " at "25/07/2015 - 15:43":

This is exactly what we have just been discussing, not one of our tenants wants to buy a home at this point in their lives! The majority have come into the area for work and have no idea where they will be in a few years time. I'd also add that we have also never bid for a house against someone who wanted it as their home, The majority of our properties have been repossessions and have usually been wrecked by the previous owners, needing full refurbishment, they've usually stood empty for very long periods before being sold and have not been the type of house a mortgage company would be happy to lend on until the refurb has been completed, which cuts out all the first time buyers! Who else is going to pick these houses up in the future and spend the time and money to make them liveable!

Reply to the comment left by "Lorraine W" at "26/07/2015 - 03:12":

This is a great point Lorraine W. It will be the same for properties at auction. First time buyers don't buy there. If investors don't buy distressed and repossessed properties, who will?

Reply to the comment left by "Ros ." at "25/07/2015 - 23:59":

Ros – I have emailed SAL this morning and asked them to discuss this with other landlord’s associations. I have suggested the slogan:

‘Withdraw Osborne’s Landlord Tax Levy’

Well done Scottish Landlord! Keep your hard work going. Much appreciated.