Summer Budget 2015 – Landlords Reactions

Reply to the comment left by "Ros ." at "20/01/2016 - 14:14":

We are also not just rogues now, but ‘abusive’ . . .

Shame on you Ros, you omitted to add 'Snivelling Parasites'.

Reply to the comment left by "David Price" at "20/01/2016 - 15:01":

Yes, I don't see talk about the rogue and abusive tenants - and I am sure the numbers are a lot more significant. I've had a fair few screaming banshees down the 'phone line over the years and I don't scream back, even when they wreck my property and don't pay the rent they are contracted to pay. And then they get help from the likes of Shelter, and get told to stay put by the council and the very 'caring' Labour MP Siobhain McDonagh who 'argues with landlords' to get them to house the homeless and then tells the tenants to then stay put until the bailiffs come. She likes us to provide free housing for rogue and abusive tenants but when I asked if she was going to offer any similar free housing, she didn't reply. She thinks this makes her caring.

Reply to the comment left by "Ros ." at "20/01/2016 - 16:21":

This afternoon I have received a letter from a tenant complaining about the lighting in his flat with the alleged help of CAB. The kitchen light does not work (he destroyed it), the main room has inadequate lighting (try a larger bulb, or table lamps) the hall and the bathroom light have unspecified problems. All must be repaired immediately or else (whatever else is).

The individual he consulted at CAB to help him write the letter was unfortunately totally uneducated in the use of English.

This letter is of course not complaining about disrepair but about the fact that he has been issued with a section 21 notice because more often then not he will not pay his £10 top up and hence represents a real risk when Universal credit is introduced in a few days time.

Reply to the comment left by "David Price" at "20/01/2016 - 17:08":

Yes, David, no-one mentions this 'retaliatory reporting to the council' or to a so-called 'housing charity' (a misnomer with Shelter as they provide no housing just try and attack those who do). I also had this last year with an extremely abusive tenant after I told her she would get her notice as I don't tolerate being spoken to like that by anyone.

When the council then demanded that various work be done within 8 weeks and knowing it would take longer than that to get her out, I asked if they would indemnify my maintenance person if he was willing to go into the house while she was still in occupation as there was a possibility she might physically assault him. I had an email back within the hour saying the work could wait until after she had vacated!

Just found this on the net, watch it on BBC 2 tonight. All the town asks for is a level playing field.

http://www.dailymail.co.uk/money/news/article-3408080/Crickhowell-Welsh-town-taking-Google-Amazon-Starbucks-takes-business-taxes-offshore.html

If the big boys paid their tax then us little landlords would not have to be targeted (dream on you snivelling parasite).

Reply to the comment left by "David Price" at "20/01/2016 - 17:32":

You've reminded me, David, that Crickhowell is a lovely little town. I shall go up and have a coffee some time soon - but not in Cafe Nero or Starbucks. Luckily, my daughter works in Costa, who I believe do pay their taxes and also have fair trade coffee and education projects in the coffee-making areas. It's just not fair is, it, that these little independent cafes have to compete with cafes where the owners pay no tax?

We can see that, so how come people can't see that the same will be true for us under C24 compared to institutions and also compared to OOs (free to accrue massive equity and no tax to pay and free to have lodgers paying up to £7,500 a year with no tax to pay)?

381654 have read the document on this site alone up to now.

The petition to overturn this has only reached 58000 to date.

Join the fight and please sign this petitionhttps://petition.parliament.uk/petitions/104880/
before its to late

Reply to the comment left by "Demented Landlord" at "20/01/2016 - 20:52":

Hi Demented Landlord.
One of the most useful things you can do is write to your MP and then follow this up with a visit, explaining your personal finances and what will happen to them and to your livelihood if Clause 24 is not reversed.

They only seem to pay attention when you visit them. I wrote my MP 5 detailed emails over July and August, but it was only when I got to see him in September and explained it with the use of the spreadsheets that he understood and agreed the whole thing was outrageous.

If you use the spreadsheet (the link is in the main text above), you can work out your exact position. It is helpful to work out a few scenarios factoring in interest rate rises as this gives a fuller picture of what we are facing.

Brewin Dolphin had a worked example, of what a typical invester tricked by Alice and his new pension freedom to do the useful thing of providing decent homes....

HOW PROFITS COULD TURN TO A LOSS

A landlord has a gross rental income of £10,000 with an 80% loan to value mortgage worth £160,000.

(£200k property, 5% yield)

He or she pays mortgage interest of £8,000 a year, leaving a gross profit of £2,000
Currently a higher-rate taxpayer would pay £800 in tax i.e. 40% of £2,000
The £8,000 mortgage is added to the £800 tax bill to give total expenses of £8,800, leaving £1,200 of profit for the landlord

However, from 2020, their tax bill will be charged on the full £10,000 (40% of £10,000 equals £4,000) less a 20% tax credit on the mortgage interest, totalling £1,600 (20% of £8,000 is £1,600), which, when subtracted from the £4,000 tax bill leaves a payable tax bill of £2,400.

Add that to the mortgage interest costs of £8,000 and the result is total expenses of £10,400, which translates to a £400 loss

Landlords in Ireland to get tax relief for social tenants. Such tenants in the UK will suffer from under-supply unless the buy to let tax grab is scrapped.

http://www.irishtimes.com/news/social-affairs/landlords-to-get-tax-relief-for-social-tenants-1.2500252