Summer Budget 2015 – Landlords Reactions

Reply to the comment left by "Harold Levine" at "19/09/2015 - 10:38":

Harold, we all managed to save for our deposits, and we had to buy in less expensive areas to build a business. Some people are unable to save and what you are suggesting is we become their interest free banks. My lodger bought a play station 4 for almost £300 and was broke over a week ago with almost 3 weeks before end of the month pay day. He doesn't understand the concept of saving. I am helping him save by retaining £30 from the rent, so in effect he is paying less than my other lodger. The 'boy' doesn't know this, only my older lodger does and even recognised that this is really my own money I am saving for someone else. I refused to take a week's rent from my older lodger who'd returned from holidaying in Spain so that he could buy food and cook for the 'boy' (24 years old) so at least the latter has food until the end of the month.

As was said, we're not charity workers but I can imagine the grief a lot of landlords get and the rent arrears and hassles, and now you are suggesting we should sell to tenants with endorsement and discounts (from the government? or are we giving the discounts?). Too much for some of us to bear, so you can understand the reactions here.

There are enough investors and those with pension freedoms to invest as cash buyers. There are also the corporates.

No-one offered me a hand as a first time buyer, and I managed it. The fact that I am hated now as a landlord is a different issue, but landlords are providing homes for people, as was discussed hundreds of pages before this. I wish I'd had a landlord like me when I was renting, and could rent the properties I rent out to professionals now. And no, I would not like to sell my properties on, having paid all the accompanying costs, under someone else's terms.

Reply to the comment left by "Connie Cheuk" at "19/09/2015 - 11:43":

You've completely missed the point.
If you read back to the other posters on this thread who were talking about how it would work...

If this is going to happen anyway, think of the most positive way it would work and influence the process before it happens.
So that means it is less likely to cost landlords...
Proactive campaign.
To ensure landlords have a choice not to do it but to create a market where it is possible for tenants to buy.
Couple this with longer term tenancies, (which are also on the political agenda) ie the tenant can have the agreement long term with right to buy as part of it or the landlord can choose not to offer that agreement and rent under standard ast.

If this campaign is lost or won this will be one of the next issue from now till at least 2020.
Create the legislation that benefits landlords well ahead of the curve.

Ifbit is going to happen anyway...argue for it...you will get heard but try to influence the details.
Just a thought.....

Reply to the comment left by "Harold Levine" at "19/09/2015 - 12:03":

Tenants can buy at the moment, there is nothing to stop a tenant offering to buy a landlords property. Of course the landlord can say no. I dont really see the difference here apart from what you are suggesting is that we should take part of the rent which will probably be the part that is profit and turn it from profit into a deposit for the renter. Effectively giving them money.

Errrr no thanks...

Reply to the comment left by "Harold Levine" at "19/09/2015 - 12:03":

Thanks for your 'thought.' Someone shared an article on here about 'right to buy' and 'rent to buy' and 'build to rent' and all the other ideas that are out there. That was in July / August.

I was there when council property was being offered to people on a great discount, but I for one considered it council stock and should be kept for people who couldn't afford to rent or buy. I said 'no'. In the meantime, council housing was sold off left, right and centre and ended up being sold on to PRS. I think YOU'VE completely missed the point. History will repeat itself and someone ends up footing an even greater bill. No more 'affordable' housing? Is it any wonder? The landlords are not to blame. I knew it back then, and I was not even a landlord.

Reply to the comment left by "steve p" at "19/09/2015 - 12:21":

As I described regarding my own lodger, at my own loss. Meanwhile, he has his Playstation 4 and complementary game.

Reply to the comment left by "Connie Cheuk" at "19/09/2015 - 12:26":

My pleasure.

It's nice that everyone seems to start talking
about something else.

If the government want to introduce longer term tenancies and give deposits to people who want to buy their landlords house
Would it not make sense to find out how to influence this process?
Be part of it.

Ideas about how they could work cohesively together may be listened to.

Be part of the next process of change.

The government would not be interested in your historical tale.

Reply to the comment left by "Connie Cheuk" at "19/09/2015 - 12:26":

Yes, Connie.
If tenants were offered our houses at a great discount, we would then sell and lose possibly all of the equity we built up over the years and/or the deposit if there has been no increase in equity. Then, if they were the type who could not or would not save deposits for themselves, they might also be the type to then sell the first chance they got, go back to renting and have pocketed and spent our money. (this might not be the case depending on whether there was a clause saying they couldn't - in which case, if they broke the clause, would we get our equity/discount back??) It's more complicated than the lunatic tax grab.

If Corbyn wants to go down that route, for me I might lose roughly £600,000 (if I was forced to sell all my portfolio at a discount and after I had paid my CGT bill). I would therefore expect Corbyn to forfeit his £600,000 house (it's the level playing field again) - assuming he has no mortgage on it now, we would both be donating a similar amount of our wealth to 'the poor.' He can give away his first and then I'll give away mine. He can then join me in my fall-back position - a caravan on the South Wales coast, on the dole. We can be neighbours, but judging by his reputation, I'll have to keep him at arms length, in case I lose mine, which is (currently) blemish-free!

(and Harold - can you go away now please - it's get boring)

Reply to the comment left by "Saeef Khan" at "19/09/2015 - 11:10":

Tyneside. Most of the small businesses I know of pay about 4-5000 rent a year and there are loads of empty office, shops and industrial units, many have been empty for years. There are also many. many buildings full of serviced offices (also with loads of voids). If could pick up something cheap, I would - if I wasn't hamstrung by the problems with residential portfolio. I need an office for my own business, but can't afford it now because of (probably) losing the ability to deduct interest as a business cost personally.

Reply to the comment left by "Connie Cheuk" at "19/09/2015 - 12:26":

Quite so. I worked for the Council Housing Dept during the early Right to Buy period.

Reply to the comment left by "Connie Cheuk" at "19/09/2015 - 12:26":

Yes, Connie. I also could have bought a council house at a great discount, but didn't as I felt it was not the moral thing to do. A friend who is a staunch Labour supporter and the type to agree with a lot of these anti-landlord policies (I'm not bothering with her anymore for this reason) bought her council flat! She's embarrassed about it, but it didn't stop her doing it, when she came into an inheritance (she didn't save up!)