Landlords fear being “taxed to the hilt” by Labour, rush to sell before November

I always said I’d never evict a good tenant. That’s changed.

In anticipation of yet another attack on those of us that worked for a living and invested for our retirement, I have decided to issue Section 21 Notices to some good tenants. I’m starting with the ones that I know voted Labour.

There are no social housing properties available to rent with 7 miles of most of my tenants. All private sector rents are much more expensive than I charge so it’s going to be painful for them.

I hope that those who voted Labour have the broadest shoulders.

Me too CD, ......all my D epc rated properties are gone, except two, one of which I have just done a section 21( longterm perfect tenants too, every rent payment on time for the last 14 years !) is now on the market, anticipating labours 2TK return of the epc jackboot by 2030.
Far too expensive to upgrade, solar panels and wind turbines !!
Just one more to go, again longterm tenants.
If the national database of landlords is announced the rest of the tenants are out too.

Reply to the comment left by Imout Ofhere at 27/08/2024 - 15:16
No point waiting around the tax changes will happen 2025 -2026.
If you issue a section 21 now you may just about get the property back for the festive period (Not Christmas that will be banned or deemed far right). Which gives you less than 4 months to sell and get the cash under the bed. The game is over people unless you are set up as a limited company and have a very good lettings agent with perfect tenants kiss good bye to control your properties. The Labour are going to trap you either by tax or legislation. Get those section 21 6a issued.

I'm out selling up going cash rich not property rich ...and yes taking all my money in cash or under bed no trace for sir stammer

What planet is this guy on?

" A fairer environment for tenants is completely justified"

How about a fairer environment for landlords? Like being able to deduct finance costs in full? Or getting your property back WHEN YOU want to?

Get out now. But not via his particular route. All my big yielding capital gain properties have or are being sold as tenants have left. Three out of thirteen remaining. Ten properties gone from the PRS rental stock in four years. And that's just me.

Better start building those houses Starmer you Marxist clown- you are going to need them.

These advertorial features predicting a PRS apocalypse are designed to make landlords dispose of their tenanted properties via a quick sale, no doubt at much less than market value. Landlords we are told are not buying, so who actually ends up buying these properties?
Are they bought by speculators who having no scruples just evict using section 21, do the places up a bit and sell them on at market rates?
Once section 21 goes I suspect that it will be made illegal for anybody who buys a tenanted property to increase the rent except by a minimal amount or evict the tenant in order to sell for say, a couple of years.

The night is drawing in. The Winter of discontent will seem like a summer holiday when 2TS's extra new policies are brought in.
CGT at 45% is ridiculous and is a state legalised theft of middle class wealth.
Of course 2TS will not stop there. They are talking of taxing wealth as in a house equity tax. Yet another wealth tax burden for us. We were told to save hard to make investments for our pensions and long term security, and now we are shafted by the very same govenment. They wish to steal from us the improvement in our lives we made from heavy sacrifices and by going without, when others were just spending everything they earnt, and just living for the day, and who are now broke and depending on taxpayers and state benefits. How fair is that?
When people around me were buying new luxury cars and going on expensive holidays abroad and maxing out their credit cards; while this spending spree of incredible proportions took place, I was saving everything I could to raise enough money for a deposit for my first B2L house.
Suddenly, I'm now the villain, labelled the greedy landlord who takes money from the poor to line my pockets with silver and gold. How ridiculous is that? How unfair?
I provided the highest quality housing possible to the highest quality tennants who were keen to rent my homes, and make a life for themselves. A partnership where both parties benefitted, now slowly being destroyed by the woke, Marxist govenment, who think they know what's best for you, and force you to obey their dictates.
I can only see doom and gloom ahead. 2TS will double down at every opportunity, and those that have any assets will be paying the price. Get out now as soon as you can, is still the best advice for landlords for the future, as its has been in the past.
I see a giant Tsunami coming, and it's coming for you, and it's coming for everyone. God help us!

Reply to the comment left by northern landlord at 28/08/2024 - 11:28
I think that's a safe bet and the 2 year rule will probably be means tested resulting in the LL not being able to sell which in itself is absolutely ludicrous. Do we own or do we not own that is the question ? If my owner occupier next door wants to sell their property they can do so no questions asked but just because I'm a LL I have to jump through hoops and will probably be refused to sell. Absolute discrimination and should not be anywhere near S8 clauses or any other clause for that matter. I agree with a minimum initial rental period but the house is mine and if I want to sell it that is my prerogative.

Re possible hardship test, how would this work for Ltd co's, or would it be aimed just at private ownership structures?

Can't see the big build to rent portfolio funds rolling over ...?

I now have 6 properties all paid for so S24 doesn't affect me. If I croak it they go to my wife, and with a bit of luck she has 20 odd years left. So CGT / Inheritance tax / S24 are not a real issue YET. We just have to wait till Labour get thrown out and a more tax friendly Conservative government is voted in (might have a long wait) BUT with 20 odd years left to get our affairs in order and restructure our assets. If the tenants leave I may just leave the property empty or register a 'ghost' tenant there (one that doesn't exist as the council cannot check on this) and pay the council tax - will still be cheaper that way.