EU Trying To Kill Buy To Let – sign the petition to STOP it now.

I would add one more thing to that list. More new properties need to be built, otherwise we will all be priced out of the market by foreigners spectulating on our supply vs demand problems.

Surely one of the biggest scandals which has been highlighted by the recent Channel 4 programmes is the amount of empty property in the UK.
As has been demonstrated it is a lot cheaper and easier to refurbish existing properties than build new ones.
Academic really as builders don't want to build as they can't sell them.
There is massive pent up ongoing demand for decent rental accommodation which could be brought onto the market if relatively minor grants which would be repayable were provided.
Most empty property is like it is as the owners are unable to access the monies from the banks to fund such refurbishment.
The banks have proven themselves to be not fit for purpose.
We need to to dispense with their dysfunctional service and go straight to the horses's mouth such as councils and government.
Obtain those funds directly for owners to refurbish all these empty properties.
Of course all these councils etc would register a 2nd charge or interest on the legal title until the grant is paid off.
The govt would win both ways as it brings hundreds of thousands of property back into the letting market; which is going to suffer a crisis if this stupid EU regulation is enforced.
Plus they house the burgeoning rental demand WITHOUT having to build on greenfield sites; saving all the hassle about planning.
Pre-owned property is often of a better standard in the form of space etc compared to rabbit hutch new build properties that for minor amounts of money may be brought back into use.

Brilliant comment, well said Paul

** BREAKING NEWS **

Related story just released here >>> http://www.property118.com/index.php/cameron-veto-may-mean-buy-to-let-regulation-by-eu/22209/

As several of our regular commentors are following this thread I wanted to give you a heads up about our Christmas competition. As I'm feeling generous I'll give you this tip - the answer has six figures.

Sorry - do NOT wish to sign the petition. Am saving a deposit to buy a flat but being shut out of the property market by BTLs

Also, saw recent Panorama documentary "the Great British Property Scandal" where I learned of a million empty homes perfectly habitable with a bit of renovation with 2 million families on a waiting list needing a home. A national scandal.

Need to pull back on the BTLs and foreign buyers who abandon their properties. Housing first, profit after is my order of priorities. Sorry guys but it seems this new legislation will go a long way to fixing that. Bring it on.

May I put these points up for discussion:

The EC proposal, ableit as yet undefined in implimentation for UK, has a point about viability of projected BTL.
The lenders should lend responsibly, not just to gain their commission with out culpability.

Channel 4 Property Scandal - Interesting programme, however I emailed C4 twice with suggestions of a bond to finance there restoration projects.

NO REPLY WHATSOEVER!

I question with C4 costings of approx 120K to restore some examples shown. We are based in South Devon, a very expensive area, where we restore old barns for residential use. Recently we converted a large barn from only 3 remaining walls into a luxury 4 bedroon home with garage and garden, including a bespoke kitchen with appliances, old timber fitted wardrobes and carpets, ready to move in, for approx £ 140k inc vat where applicable.

A similar 2 bed barn cost £ 78K, and a
1 bed 2 floor small barn was £ 36K

My suggestion is to set up a bond to provide finance for renovations, the bond holders receive a better rate of interest than the pitiful rate offered by banks , building societies etc, and the invested sums are available to turn derelicts into homes. The rents are paid back into the scheme to provide the income for investors. The ownership of the property should be held in common until the renovation costs are repaid.

Some details need knocking into shape, but the bones of it are there.

I would invest in such a bond

Can we survive outside the EC?

Will other EC countries stop buying from us if we leave? I doubt it.

Comments please.

Merry Xmas & peaceful New Year to you all.
John Lown.

I have created a You Tube video to try to drum up more support for this campaign. There are 1.5 million buy to let landlords and only 3,000 have signed the petition. I am hoping you will share the video by email, facebook, twitter and any other means you can think of with as many landlords, websites, forums and blogs as you can think of. To make it easy for you there are buttons below the video labled as "Sharing is Caring". The link to the video is 
http://www.property118.com/index.php/eu-buy-to-let-regulation-please-share-this-video/22642/ PLEASE watch it and share it with as many landlords and letting agents as possible.

 I agree.  I have been speaking to other first time buyers and we are thinking of getting a petition for the UK government to support the EU regulations providing a safer banking system and affordable homes for first time buyers.

I think we could easily get 10 times the amount of signatures this petition has.  They have only about 2800 at the moment. lol

It is certainly time for the PRS to up their game. If this EU regulation comes to pass it will affect millions of homeowners who will fall into negative equity, thus trapping in their current homes regardless of their circumstances for several decades. Anybody with a big mortgage, whether they are a landlord or not, needs to sign the petition to prevent the EU imposing mortgage criteria on our country which fails to serve the vast majority any good purpose. We need more housing but current rules make it impossible to sell them for what it costs to build them. This will continue to fuel rental demand due to the laws of supply and demand and homelessness and overcrowding will get even worse than it is already.