Landlord’s message to Angela Rayner and Generation Rent: “Banning Section 21 will leave tenants unhappy”

Reply to the comment left by GARY RIVETT at 21/06/2024 - 09:43
The worrying part is that this just landlord basics and they fail to see through the propaganda from the pressure groups. What in gods name is someone like Rayner capable of doing to the country ? never mind buy to let. We know what will happen, labour will intrude even further than the tories have, rinse us for every penny they can , then go on to blame their actions on landlords. Its sickening. I am applauded by what the tories have done to the sector and cannot forgive them but Rayner is well and truly out of her depth being promoted to one of the highest office's in the land, and she has everyone dancing to her tune , especially Starmer !

Reply to the comment left by JB at 21/06/2024 - 11:44
Yes,

Tenants can't see this though & they not being explained to that this will happen by Labour & Generation rent.

Reply to the comment left by Trapped Landlord at 21/06/2024 - 11:47It is frightening to think that Starmer and Rayner could be running the country.
Starmer who promoted Corbyn for prime minister.
As the weather changes so does Starmer.
I heard Rayner on Good morning Britain today saying how she would stop landlords taking too much deposit and how she she would stop bidding wars.
This woman is clueless and out of her depth.

Either way if Labour win or there is a hung parliament the housing issue isn't going away any time soon. The pressure from the anti landlord groups is increasing and rent controls in some shape or form are coming in.
We will have to adjust our business practices to suit or we will sell up, there is very little point in putting energy into attention seeking like this, after all telling property 118 subscribers is pushing an open door.
I am in total agreement with Mick Roberts but honestly , Mick , you have got yourself far too emotionally tied up with your tenants. Put your portfolio on the market, take the money and move away.
Fortunately we don't have any benefit tenants and have sold the majority of our HMOs and transferred to commercial property or serviced accommodation to minimise the impact that the lunatic lefties have inflicted upon us in Wales.
If you are a smaller residential landlord with mortgages be prepared for 10 years of difficulty or cut your losses and get out now.

Reply to the comment left by Michael Johnson - Amzac Estates at 21/06/2024 - 15:35
Yes u right.
I could stop now & have 70 hours pw free. Not as simple as that when some have lived there 40 years, 25ish with me.
Even those I've only met once who's with Letting Agent, I can't just crap on em like that when it's their home & can see they wun't get anywhere else for same rent.

I've created a right trap with Benefit tenants that Pre 2015 could move & would move just like that. As we now know, Govt & Council's has made it impossible for em to do so.

Reply to the comment left by Michael Johnson - Amzac Estates at 21/06/2024 - 15:35
The smaller residential landlords must be really thinning out especially when they come to the end of their fixed terms and find out the interest swallows up most of the rent. Add to that a couple months of missed rent from the tenant and then, oh crap the boilers goes bang followed by a 2k bill to replace it. I agree that some kind of rent control will be coming but surely they are limited in how low they can go ? For example, current rent = £800 pcm, interest = £550 pcm, insurance voids arrears repairs average out at £50 pcm ?. Even if the property is held by your company , there is only £200 pcm maximum pre tax profit and that isn't even on a capital repayment mortgage.

Reply to the comment left by Mick Roberts at 21/06/2024 - 15:53
I am in the same position as you Mick, i have 2 bed terraces in Mansfield worth £100k + that i only paid £20k for years ago but i'm not willing to pay the capital gains. Financially speaking it just wouldn't make sense as i'd only have a fraction to reinvest at a lower yield, plus i don't need to cash out , i'd rather just hang tight, cherry pick the new tenants and live of the new high rents indefinitely.

Reply to the comment left by Trapped Landlord at 21/06/2024 - 16:13
I can give u a take on the Capital Gains if you've not thought of it.
Say you were thinking of selling em 4 years ago & they may have been worth 80k+.
So now if you've really had enough & sold em for 100k+, the extra has paid for your Capital Gains & you've now RECEIVED what you'd have only got for em for years ago.
That's how I'm thinking when get the opportunity to sell. Got 2 selling at moment with 5 way move, last one moving into one of mine, so I can sell hers at bottom of chain.
And another one boyfriend tried to stab her, so she's in women's refuge miles away. I kid u not, 30mins before the stab phone call, another tenant rang me, saying neighbour trying to stab her. AAAAHhhhhhhh I've had enough. Neighbour was Council tenant who Council has gone silent on the ASBO claim. Whereas Selective Licensing would have had us down the pan.

Yes life be so much easier with best cherry pick tenants wouldn't it.

Reply to the comment left by Mick Roberts at 21/06/2024 - 16:41
You need to wrote a book Mick!
I'm sure Red Angela would enjoy reading it

Reply to the comment left by JB at 21/06/2024 - 17:35
Yes they have no idea do they. Their plans are thought out for those tenants who may be paying top rent who's not telling all the story.

Is is Green Party who want to put 1% Wealth tax on us. Ok, so if I'm charging my tenants 70% of market rent & you want to come & charge us a whopping 1% of something I haven't got till sell them, where do you think that 1% is coming from? Cause I ain't paying it. And we got to remember EVERY penny I get comes from the tenants rent. Charge your 1%, the tenants rent goes up to pay for it.