Summer Budget 2015 – Landlords Reactions

Summer Budget 2015 – Landlords Reactions

14:00 PM, 8th July 2015, About 9 years ago 9619

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Budget 2015 - Landlords Reactions

The concern is;

Budget proposals to “restrict finance cost relief to individual landlords”Summer Budget 2015 - Landlords Reactions

To calculate the impact of this policy on your personal finances download this software


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Connie Cheuk

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19:07 PM, 31st July 2015, About 9 years ago

Reply to the comment left by "Connie Cheuk" at "31/07/2015 - 19:02":

Distorted as their information is and they can't be bothered to check their wording. I hope their members don't end up with the wrong idea and do actually read up on it properly.
Ironic as we spent so long on wording and making the right impression. Sigh.

BTL INVESTOR SCOTLAND

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19:11 PM, 31st July 2015, About 9 years ago

Not sure if this article has been shared already. Apologies if it has.

http://www.thisismoney.co.uk/money/experts/article-3169353/I-want-fund-retirement-buy-lets-viable.html

Good headline.

Budget tax change scuppers retirement plans. Get involved – sign the petition.

https://petition.parliament.uk/petitions/104880

Connie Cheuk

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19:32 PM, 31st July 2015, About 9 years ago

As Ros says, we will encounter ignorance. There's no time to counter every idiotic comment.

I've just emailed Kevin Byrne, the Founder of checkatrade, hoping he will read the Q&A, sign and circulate to his employees, families, friends, trades people, etc...

I'm so behind: life keeps getting in the way!

Martin & co next. Are they nation wide?

Dr Rosalind Beck

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19:39 PM, 31st July 2015, About 9 years ago

Reply to the comment left by "Connie Cheuk" at "31/07/2015 - 19:32":

I get newsletters from them in South Wales. I'm pretty sure they're all over the valleys. Are they a franchise? They definitely send out a generic newsletter though. Why don't we both email them?

BTL INVESTOR SCOTLAND

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19:41 PM, 31st July 2015, About 9 years ago

I have sent the following message to the Chief Executive of my local council and copied it to the Council Leader.

Impact of Summer Budget on the housing market in XXXX

I wish to draw to your attention a part of the Chancellor’s Summer Budget 2015 that is likely to have consequences for XXXX Council if the Government’s tax changes go ahead in their present form. The proposal I am referring to is the proposal to restrict finance cost relief for private landlords. The reason I am bringing this matter to your attention is because I am certain that the proposals will have social and economic consequences for the people living within the XXXX area.

The issues are set out in the attached document which has been prepared by a small group of concerned landlords who want people to understand the issues. I would draw your attention the concerns about what will happen if there is a reduction in the supply of private rented accommodation, particularly the increased homelessness that is likely to result.

As you may have seen in the press, there is now an e petition to have this matter discussed in Parliament. Over 5,000 people have signed the petition in the past few days. Many of those who have signed are not landlords, they are tenants and home owners concerned about the possible implications for them.

The petition can be found at:

https://petition.parliament.uk/petitions/104880

I would urge you to have consider the issues highlighted in the attached document. I assume you will be preparing a report to committee on the implications of the Summer Budget for your council and would ask you to confirm if you will include this matter in your report.

Connie Cheuk

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19:42 PM, 31st July 2015, About 9 years ago

Reply to the comment left by "Ros ." at "31/07/2015 - 19:39":

Based in Dorset?

There's an email enquiry facility on their homepage. I may copy and paste a message to every single branch 😀

Do you have a better and more speedy suggestion, Ros? Mine's probably twice as time consuming 😀

Starts Aberdeen - ends in York. A lot of branch and hopefully a lot of names!

Trendo

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19:44 PM, 31st July 2015, About 9 years ago

Slightly off topic (apologies !) just had this email , a little reminder of how we dont run businesses and are just armchair investors :

The countdown to this new legislation coming into force has begun. It is intended that the legislation will result in:

improved standards of letting and management practice in the private rented sector
more information on landlords available for tenant verification and for local authorities to assist with strategic intervention and dissemination of information
raised awareness by landlords and agents of their respective rights and responsibilities
in turn, raised awareness by tenants of their respective rights and responsibilities.

From autumn 2015, landlords and agents must become registered and licensed via Rent Smart Wales (external link). This will mean that:

All private landlords who have a rental property in Wales must register themselves and the addresses of their rental properties in Wales
Landlords who undertake defined letting or property management activities at a rental property in Wales must apply for a license. If a landlord instructs an agent to do such work on their behalf, it is that agent who must become licensed
In order to get a license a person must be adequately trained, and also declare themselves ‘fit and proper’
Licensing training will be offered through Rent Smart Wales or people can choose to attend Rent Smart Wales approved training courses delivered by other bodies.

Powers are being given to the licensing authority from autumn 2015 to administer the new legal system and register landlords and grant licenses. After the initial year of operation, in autumn 2016, the range of enforcement powers in the Housing (Wales) Act 2014 (such as fixed penalty notices and prosecutions) will be introduced and landlords and agents found to be ignoring their new obligations will have action taken against them by local authorities and the licensing authority. This will give people a year to comply without fear of legal action.

The new legislation and Rent Smart Wales will replace the existing voluntary Landlord Accreditation Wales scheme, which has been operated by Cardiff Council on behalf of all local authorities in Wales. If you are a landlord or agent who is interested in completing training at this point, you can still visit their scheme and attend training that will be recognized under the new licensing system until autumn 2015.

Dr Rosalind Beck

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19:48 PM, 31st July 2015, About 9 years ago

Reply to the comment left by "BTL INVESTOR SCOTLAND" at "31/07/2015 - 19:11":

Hi BTL.
I just read it quickly. I think while it raised a few valid points, it wasn't spelling out that BTL is going to be a dead duck. It will be okay to invest in property if you don't have to rely on a mortgage. So if you have a £200,000 pension fund (no idea what people have in pension funds - my properties have always been my pension, as I never trusted pension schemes!), you could buy a few small houses in my part of the world, or one fairly big one and then see what profit you could make on them, after maintenance costs, meeting all the new legislation requirements etc. It doesn't sound attractive at all these days, even if you don't need a mortgage. I think this proposed change if it goes ahead and all the red tape that continues to be brought in is going to make renting property out a very specialised thing - maybe dominated by big business? But I'm only guessing. If and when I manage to pull my money out of it, I wouldn't start again. It's such a thankless task a lot of the time. I've got a 'tenant from hell' at the moment - she was screaming abuse at me down the 'phone and she's not paying her rent of course. People on the outside have no idea.

Dr Rosalind Beck

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19:52 PM, 31st July 2015, About 9 years ago

Reply to the comment left by "Louise Savoie" at "31/07/2015 - 17:56":

Sorry Louise, but I'm going to have to use one of my mots du jour:
DEFEATIST!
I hope you're also going to discuss in your meeting how everyone should campaign against this? Number 1 priority is to get it reversed. Number 2 is to mount a legal challenge if it is passed in November. Number 3 is to work out individual strategies if we fail. That's how I see it.

Connie Cheuk

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19:54 PM, 31st July 2015, About 9 years ago

Ros, it's okay, I think, not so slow. I'm just cutting and pasting a short message (adapted from another member) and sending with my name, etc (trying to remember to tick no related advertising from other firms).

I'm on Abingdon (?) now.

Dear Letting Agent,

As you may know Chancellor George Osborne has announced a plan to stop individual landlords offsetting our finance costs against rental income. This may have a huge, possibly disastrous, effect on individual landlords – in other words, your clients. And if your clients are adversely affected you will be, too.

A vigorous campaign has started counter this measure. Concerned Landlords on a property forum Property118.com has started a petition.

Large companies and social landlords will not be treated this way, so the extra tax is unfair and discriminatory. Please sign the petition against this new tax. Please pass this email, or your own version of it to your Landlords so they can sign it, too. Please circulate far and wide, to include your employees, friends, family, homeowners, landlords and tenants as the effects are far-reaching.

Thank you

Regards

https://petition.parliament.uk/petitions/104880

http://www.property118.com/budget-2015-landlords-reactions/

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