Landlords, You Can’t Sell Up! New Rules on Evicting Tenants Within 2 Years

Reply to the comment left by PH at 07/08/2024 - 15:46
I assume you have another source of income?

Of course, long term, good tennants, are far more attractive than short term, damage causing ones, but ultimately you own a property, with a substantial value, to your inheritors.

When you reach such an age where inheritance becomes a consideration, do you:-

1. Sell up and gift your inheritors x hundred thousand?

Or

2. Gift them a tennanted property with a guaranteed income of a few hundred a month (after relevent insurance/taxes) but with the hassle that your great tennant might leave, and your inheritors never set out to be inexperienced landlords?

One solution that doesn't seem to be discussed, is forcing a tennanted property to only be allowed to be sold with tennant ongoing, for a defined selling period at least.

Rules or Laws? Proposals or reality? "Legislative changes" & "Rules". Now that's a contradiction which makes me rather think that this is pure scaremongering with Clickbait headlines.

To be blunt - this is BS. Where is the link to the source? There isn't one because it is not true.

Reply to the comment left by Judith Wordsworth at 07/08/2024 - 11:08
If they really want to wreck the BTL market then retrospectively introduce the legislation When landlords get to know it will, or even might, happen the estate agents will be busy. Or should I say even busier

Reply to the comment left by Cider Drinker at 07/08/2024 - 10:30
If the tenant is a good one, then you don't need a time limit, because the landlord wants them to stay long term, but if the tenants a bad one, and you've got to let them stay for 2 years, then they know they can do what they like. They can withhold the rent, damage the property, annoy the neighbours, and the landlord can do nothing about them.

Reply to the comment left by Craig Smith at 07/08/2024 - 20:04
What is the reason behind that question? I see no relevance.

I'm 30 years as a part time landlord and the last 11 as a full time professional landlord.

The recent legislative changes and proposals have changed the PRS so much it's almost unrecognisable.

Between 2013 and probably 2018 I'd sometimes list a property for rent and wait weeks to receive an enquiry.

Now, I list and receive dozens of enquiries within 24 hours. Unfortunately you can tell that a lot of those applicants are literally desperate and shattered when they don't even get a viewing.

Rents have increased as stock has dwindled and demand sky rocketed.

Because of all the upcoming changes I am now unbelievably cautious and try to only rent to super, over qualified applicants - think those who need a temporary second base for work, high earners, corporate let's etc. Now I'm probably going to demand a guarantor as well, regardless of applicant.

Net result? Even though I haven't sold up, my properties are no longer available to the people who successive governments think they're helping.

Everything that's been done and is planning to be done is hurting not helping renters and their lot will unfortunately only get worse.

Win-win for me though right? Not really because I didn't get into this to rent to big business or rich second home seekers - I used to like providing quality accommodation to young people or couples moving into their first home together. Now renting to 'normal' people is just too risky when there's other alternatives.

And it's that disillusionment which may ultimately persuade me to leave the sector and look for something more fulfilling to invest my time in.

Politicians are meddling morons!

So what happens if you are trying to sell, and bring in a tenant who knows this and is happy to leave if you sell, but if you don't sell the property is not empty?

Reply to the comment left by Yellard at 07/08/2024 - 14:04
Depends on the AST “most” revert to a periodic tenancy after a fixed term, I know I can add clauses to end the tenancy at the end of a fixed term or remove the periodic clause

Reply to the comment left by PH at 07/08/2024 - 15:46
Tenant leaves if you have issued s21 two months before the FT ends and then it’s not automatic that they leave even with s21 but hopefully they do. I’ve not read any different to this even with a FT tenancy.

Reply to the comment left by Fraser Hopewell at 10/08/2024 - 09:27
That is good to know! I’m going to read my TA again!