Summer Budget 2015 – Landlords Reactions

Reply to the comment left by "Mark Alexander" at "04/12/2015 - 23:12":

The "Less To Let Tax" Love it!

Reply to the comment left by "Jim S" at "04/12/2015 - 23:24":

As long as people remember to say 'less property to let' and don't say 'less houses' (a grammatical no-no).

Reply to the comment left by "Costas Tzanos" at "04/12/2015 - 23:14":

The revenue has always been happy to tax "illegal" occupations.

It's all just money to them.

The line is that the question of the legality or otherwise of any given profession is a matter for the police and the courts, not HMRC.

Any landlords in Wincanton area

Can you write to the councillors of Wincanton and let them know exactly what it will mean to landlords and tenants all over the UK

Reply to the comment left by "KATHY MILLER" at "03/12/2015 - 07:12":

Hi Kathy,

''banks and building societies have been ordered to allow elderly borrowers with interest only mortgages to stay in their homes
Big lenders have been told they cant force thee homeowners to pay off their mortgage even if it means the loans they were granted are never repaid
Instead the mortgage debt will be taken from the house sale when the resident dies
Different view from government who want them to down size to free up the larger homes''

Personally, this could be very interesting....I may not have to remortgage my residential mortgage to a BTL when the time comes!

Where did you get this info? .... Who has told the big lenders this? Surely not GO? and what constitutes an elderly borrower?...

Reply to the comment left by "Lisa Stux" at "05/12/2015 - 09:44":

This arrangement - on the face of it - seems a better deal than an equity release contract.

Reply to the comment left by "Mark Shine" at "04/12/2015 - 17:42":

That is not what I said or think. My response to your original question related to wealthy landlords - that is, individuals with several million currently available to invest in BTL, would C24 be likely to make a significant difference to them? I don't think so, C24 is coming in over four years and these individuals are just as likely to invest before C24 impacts the market.

Is it possible that as a result of C24 some properties may transfer from leveraged landlords to cash buyers? Of course it is possible, however I do not think that there are large numbers of wealthy individuals throughout the UK with cash available to buy up the properties that may come on the market as a result of C24.

As for new builds and competition for these between landlords affected and not affected by C24, I think the 3% increase in stamp duty will distort any likely impact of C24 and demand from all landlords will reduce, at least in the short term.

Hi all ,

Do we know anyone who is landlord with a just one or two leveraged BTL 's and a full time job willing to be interviewed by a BBC tv journalist?.

We need a real life case study along the lines of the Megan Shaw endorsed example /scenario showing a loss on their investment properties to take part in the news item .

Filming is starting next week so pease get back to me quickly if you would be willing to take part .

Cheers

Charmaine

I haven`t read all 625 pages - Sorry

I am a portfolio landlord who will be hit by this tax invasion into my net income . I try to take myself out of my landlord bubble and see what is the most effective way to reverse this law. I receive little sympathy from my non property peer group.

I have more than quadrupled my public sector income over the last 16 years through investing in BTL. And now when the full effects of this tax is implemented I will come down to only tripling it. Even if I only doubled it my peers would say. – Well you are not working anywhere near an 80 week to achieve that income so what are you complaining about. They have a point.

And I thought about VAT 20% tax surely that`s not fair either . But I pay it routinely and grumble yes but i pay it. We accept it because we know the government has to balance the books. You had the bankers now us. We are an easy target. The signatures on the petition has reached about 40K when i last looked. We are not powerful enough to even get to 100K so our voice is heard in Parliament. Others achieve it so we have to be realistic about our influence on the world outside 118. The outside world does not care about our plight enough. I can understand that

My point is many landlords will survive but we just wont be as rich as we had hoped to be and the majority of the country is Ok with that

So how do we focus our energies on changing this tax back. I dont have the answer. We try everything though and see what works and what doesn’t. But I do have an idea…. One has to find the governments Achilles heal.

The press love a tragedy. A single picture can galvanise a country into taking action. I`m thinking of that poor young Syrian child washed up on the beach in Turkey. That picture changed the thinking. Things started to happen.

So my bank balance going down a few thousand however unfair is simply not headline news. If my peer group who didn’t get into BTL smile at me and say gosh thats tough Jonny boy i know in fact some will be secretly pleased i am getting taxed more . Cruel world
Humans are quite unforgiving sometimes as well as having great ability to show compassion.

I do a lot of LHA. So here`s my thoughts . Get the TV bods to follow the family who will be a victim of this tax when i serve a Sec 21 as a direct result of Georges tax. Watch their fear as the 2 month deadline approaches and they pack up their belongings and I unpack their life of the last 10 years. See their already often somewhat dysfunctional lives become even more increasingly chaotic. The increase of tension and the spill over into violence / health problems / drugs / drink / crime as they battle to survive. Some use food banks already. They are one step away from stealing to feed their kids.

The knock on effect will cost the country far more than the chancellor will ever collect from me in tax. I`m am a victim of this tax but the tenants are more of a victim. Maybe we should focus on them more to win a change of heart from the taxman.

I put forward legitimate lawful but direct action ( take a leaf out of Fathers 4 Justice book) . Have a multiple / countrywide Sec 21 day . We then have people power. If all the 40,000 landlords who signed the petition served a Sec 21 on the same day in a deliberate coordinated action the council homeless departments would be overwhelmed.

It would be like a tsunami of homelessness all coming at once. We need to get all the support networks of tenants like Shelter on board first so they work with us not against us.
They have to understand this is short term pain for long term gain

The government would have 2 months notice to respond to our class action. We have no union we cannot strike in the traditional sense . But collectively we can in effect go on strike just like firemen/ junior doctors / teachers can do if push comes to shove for them. That forces the governments to renegotiate terms and conditions far better than a letter to our MP`s. We force the equivalent of ACAS to step in.

Imagine the build up with the press. 40,000 people being made homeless on the same day. They turn up in councils foyers countrywide simultaneously waving their sec 21`s with a placards round their necks like Paddington Bear saying ` Please look after this tenant`. It can happen if the will is there. In the 11th hour showdown George would have to capitulate and reverse his ruling and our tenants could all return safely to their home . The equilibrium has been restored

A Sec 21 is our equivalent of going on strike.

Please can someone co ordinate this.
.

Hi Jonathan

That is a really good idea I am due to be serving a few early next year and selling my larger family properties with bigger mortgages.

It would be good if we could draft up a template letter to accompany the section 21 explaining the reasons for doing it and that it is out of our hands.

Also have in it a part urging them to contact there MP as in the areas I am selling there is next to no rental accomodation making what's happening even more bizarre

I am drafting another Letter for the tenants in my properties I am not selling explaining that rent will be increasing by X amount over the next four years and why

I totally understand ur points about the general public not caring about our plight you are right and it will be tenants some of which I have had for 10 odd years that will suffer the most