Summer Budget 2015 – Landlords Reactions

Reply to the comment left by "Rachel Hodge" at "11/11/2016 - 15:56":

Well done, Rachel. If you want any advice regarding tactics, there will be people behind the scenes at 118 who can help you. Otherwise, good luck and let us know how you get on. Actually, there would also be one or two people who could come with you if you like. Strength in numbers and all that. The Autumn Statement is 23rd of November.

Excuse my ignorance but where can I find this report please ? Been very busy sorry

Reply to the comment left by "NW Landlord" at "11/11/2016 - 16:22":

You can find it in this article:

https://www.property118.com/hole-bucket-action-fighting-fund-update/92181/

I spoken to my MP today and I have been advised that "Keep my ears and my eyes wide open on 23rd Of November (Autumn Statement).

Reply to the comment left by "Simon Hall" at "11/11/2016 - 18:53":

The thing is, I hadn't actually asked to meet my MP as I felt I had written a very personal and factual email to start with, which included details of my tenants' circumstances, showing that two families would be unable to buy even if they wanted to, and would very likely have trouble passing checks to rent with another LL.

My further emails gave more details, the last one with Ros' report. So I find it quite remarkable that I have been contacted for a meeting without having specifically requested one. I think something may be going on. My first email was January of this year - almost a year ago. Why offer a meeting now?

http://www.dailymail.co.uk/news/article-3931060/Theresa-widens-rift-Philip-Hammond.html

Philip Hammond may quit cabinet due to his alleged rifts with Theresa May according to his friends. (details in above article).

Reply to the comment left by "Simon Hall" at "13/11/2016 - 09:44":

It was published in the Daily Mail so it must be true‽

Reply to the comment left by "David Price" at "13/11/2016 - 11:51":

LOL

I promised to report back when I had met with Kenneth Clarke which happened yesterday. Prior to the meeting he had been sent the tenant tax circular, a letter from me countering his initial warning letter that stated that he “was not instinctively in favour of providing tax relief on any interest debt!”
I also sent him Ross’s report in full and a full on 8 page document as to how my partner and I would be affected differently (we have 8 X 50:50 BTL properties and I have 3 in my sole name. Her part time teachers’ income is £6,000 less than my retirement income). I made strong reference to our tenant’s positions, emphasis the duration of tenure, with examples of duration min the 5 -10 yr. bracket. I have offered to sell to some and they have declined the offer.
He was running late in a busier than usual surgery. I have had occasion to visit before and learned that it is tricky to get your point across because he appears to do more talking than listening.
This time was just as frustrating!!
I started by asking if he had read our correspondence which included Ross’s report in full and he stated he had. His secretary had suggested he should look at it. He said he had read it the night before, normally preferred to read a book, but was used to having to sort out red boxes etc.
He had read everything prior to all participants in today’s surgery and ours was the most voluminous. A not surprisingly disarming open gambit! It became apparent that any scan reading he might have attempted did not acquaint him with many of our arguments.
Hard to get a word in edge- ways. He is a master politician with 2 law degrees from Cambridge, ministerial posts as Chancellor, health minister, Justice minister e.t.c. and has had his hat in the ring for P.M. Recently he has written his memoirs.
So in the limited time available he significantly said that:
I have read all the correspondence, but of course I don’t agree with it but it is a good Lobby.
I will follow the debate but at present I don’t think many M.Ps are picking up on this as a problem.
There is little chance of it being reversed in the Commons. I have no idea what the labour party think about it but they will not back your position. BTL landlords are preventing 1st time buyers from buying homes and that is a real social issue. (Stern confronting look).
This whole BTL thing has been gathering momentum for far too long. It should have been stopped long ago and George has sorted it. It is not the only reason that house prices have gone out of control but it is a contributing factor which needed to be addressed.
In the limited time available we came to our plight. After 11 yrs of hard work, setting up our portfolio under GAAP, we are to be robbed of £170K carry forward losses, spent to revitalise poor standard properties, now forced to sell to avoid bankruptcy at a time when our exit strategy is being dictated by the government and feel justifiably robbed. Reply, nothing but a noticeable wry smile.
I managed to say (after he had offered nothing) that our problems and our tenant’s problems would evaporate if this legislation simply became prospective and not retro-active! That seemed to penetrate, and he wrote something down in his notes.
As I said we would give it our best shot, and did. I came away disappointed but not surprised and went straight to a local pub for lunch and liquid refreshment.

Reply to the comment left by "Chris Novice Shark Bait" at "13/11/2016 - 15:50":

Well done for trying, Chris. Of course landlords are generally not competing with first time buyers and the legislation will make things worse for FTBs anyway, because it will be harder to save with rents being forced up, and also BTL only plays a very small role in house price increases. He was just coming from a position of prejudice as are most politicians at the moment. If he had really read my report he would have seen that his assertions were false.

If he is right and it doesn't get reversed or amended in the next Autumn Statement, we will have to play the waiting game and keep pushing our point. As rents continue to rise and it becomes clear that first time buyers are not being helped by s24 but rather hindered, the tide may turn.

I also think that when MPs are visited about this and things are explained to them that a little remnant of doubt will be placed in the recipient's brain and this may gradually spread - even if they are explicitly disagreeing with you (my mother's brain works like this).