BTL - rent arrears question

[The Samaritan]

Part of me gets where you're coming from, however for some (many?) being tied to a regular mortgage payment comes with its own risks. Take the tenants I'm referring to in this thread, young couple, 3 kids, she doesn't work, he seems to get jobs that aren't secure, so he finds himself in/out of work. In a rental, and obviously I don't think this is great from a LL's perspective, they can slip into arrears. Here in Scotland, it's becoming ever more difficult to evict tenants (clauses that used to be mandatory are becoming discretionary to the court) so they can often remain in a rental property month in month out running arrears.

I'm not sure they'd have the same flexibility if in a mortgaged property? I'm not saying they wouldn't, I'm saying I don't know.

Based on what you said, I'm guessing that many may be selling up or will sell up once they go through that type of hell.


Years ago a friend of the family in the early 90's lost their home and the btl. They jumped on the bandwagon re rising property prices, met a awful T, interest rates shot up - the AST the LL drew up himself was good as worthless especially we fraudulent T's who were also subletting - the bloke lost both properties then his wife left him with the younf kids. It was awful. My parents and others helped him set up a rental place and my parents and others gave him money to get him back on his feet after depression, unemployment, etc. The bloke now in his 70's new wife a younger one now lives happily in a modes house in a not so nice area in Essex.

T's have items repaired FoC but owner-occupiers will lose everything even if they have paid tens and thousands of pounds off on their property should they not pay the mortgage.

 

[Dork Lard]

Ah so!!! So you moved the goalposts now and now "she wanted to move"

I didn't have any goalposts to move. You jumped to the conclusion that as an eviction was involved I must be a nasty landlord. You assumed I evicted a 72yr old widow because she couldn't pay her rent.

It must fill you with sadness that "jumping to conclusions" isn't an Olympic sport.

 

[diy_fun_uk]

When I heard about that and saw the headlines last night, I though it was already back lat year.

The last right to buy was the biggest vote winner. Many made masses of money on it, spent it and some went back into taxpayer-funded homes.

The right to buy is wrong at every level - the T's will be demanding the same in the private rental sector.

I'm not sure if you recall but Jeremy Corbyn and John McDonnell floated the idea years ago of tenants in the private sector having the right to buy the property they were in ... whether the landlord wanted to sell or not! And at a lower than market value.

I struggle to see how any government would get around the legal challenges of such an approach, although no doubt they'd find a way if they really wanted to. Of course all LL's experiences and strategies are different. I scrimped scraped to get deposits together over a decade to buy 3 flats as BTLs, part of my retirement planning. They are not high value in resale or rental income, however I do make a small profit from them ... how DARE I in some peoples eyes.

It really annoys me to think they could consider a scheme whereby a tenant of mine, if they pass certain checks, could apply to buy a property I own, at an attractive price, whether I actually want to sell or not.

I think when Corbyn & Co floated the idea they were hit with multiple challenges as to why it legally couldn't happen. Hopefully that still holds true.

 

[The Samaritan]

I'm not sure if you recall but Jeremy Corbyn and John McDonnell floated the idea years ago of tenants in the private sector having the right to buy the property they were in ... whether the landlord wanted to sell or not! And at a lower than market value.

I struggle to see how any government would get around the legal challenges of such an approach, although no doubt they'd find a way if they really wanted to. Of course all LL's experiences and strategies are different. I scrimped scraped to get deposits together over a decade to buy 3 flats as BTLs, part of my retirement planning. They are not high value in resale or rental income, however I do make a small profit from them ... how DARE I in some peoples eyes.

It really annoys me to think they could consider a scheme whereby a tenant of mine, if they pass certain checks, could apply to buy a property I own, at an attractive price, whether I actually want to sell or not.

I think when Corbyn & Co floated the idea they were hit with multiple challenges as to why it legally couldn't happen. Hopefully that still holds true.

I wrongly assumed the clowns were referring to HA property which is labelled as privately rented I think, but not 100% cert

I noted with HA property that often, in my experience the T's were nastier but possibly because the job i did i just got to meet those with a chip on their shoulder.

Labour wants it all for themselves eg those in power and warm up those that often have little money and often becuse they don't want to work or save a penny.

Tories, want it for selves and often lie to the people in the middle that pay for all ie the middle ground taxpayers that have worked hard, have a few quid saved up as they did not spend it all on hols/cars/cigs/drink/mobiles/etc etc and paying these off on cc's.

I'm glad we own our own properties and been able to give money to our respective children (none of them asked for any money, we insisted) ie me and my OH - but at times when you think about old age, nursing homes etc - you think, was it all worth it. This cap on care home fees set well about what was recommended by an independent body does not cover food and rent for the room in a care home

Some of the HA property I visited at times was set in very plush roads and mansions converted to massive flats but the last ten years or so the coucils have been selling those of when the T moves but the HA are keeping them.

Taxpayers like us are ofted f/d hard by those that don't want to work, the big business boys and many of those that work/run a private business and cash in hand and or Selfassessment

I can't wait until the UK goes cashless as many of the privateers will be paying proper taxes.

 

[Dork Lard]

I wrongly assumed the clowns were referring to HA property which is labelled as privately rented I think, but not 100% cert

I noted with HA property that often, in my experience the T's were nastier but possibly because the job i did i just got to meet those with a chip on their shoulder.

Labour wants it all for themselves . . . . . <waffle snipped>

Can I have a pint of what you drinking?

 

[Dork Lard]

I learned a lot from my BiL. When he & my big sis were an item he already had 15 properties & plans for many, many more.

One of his favourite stories from his early days is when his mate asked him if he still owned this certain house. Yes, he did still own it, in those days he'd be buying a house & living in it while he refurb'd, then letting it out when he moved on to the next one.

His mate told him he'd just been 'round there to buy the garage door, it was advertised in the local free ads paper for £150.

 

[The Samaritan]

Can I have a pint of what you drinking?

Only if you promise not to kick your tenant that is a recently widowed woman in her 70's from your BiL.

Please do not move the goalposts again to cover yourself in that smelly glory again

Btw, I don't do "pint's" but will offer you a cup of tea and cake.

 

[Dork Lard]

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[The Samaritan]

inappropriate content

Please stop the abuse. No need to abuse poster/s just because I and others pulled you up on your BTL post.

is not nice but it is who you are.

I've seen your posts attack others before, I will let you have the last word.

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[Dork Lard]

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[Notch7]

I'm not sure if you recall but Jeremy Corbyn and John McDonnell floated the idea years ago of tenants in the private sector having the right to buy the property they were in ... whether the landlord wanted to sell or not! And at a lower than market value

Ideas like that are the reason Corbyn never won power.

It is tantamount to stealing and not the solution to the housing crisis.

 

[JohnD]

Right to Buy might be coming back ...

there must be an election coming up.

 

[The Samaritan]

Update

I thought the right to buy was back and it was for council

property but not HA property and this news is for the HA property.

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[The Samaritan]

On top of the above, just read this story in the link below.
Nothing wrong with that as I know of family living in Fulham
and two out of four children have had to move well outside Fulham
as the prices for a decent property are around 1.6 mill.

One of aunts in NW3 London, all of her childred moved to the outskirts of London or Kent
as they dod not want to be lumbered with mortgages of over 700k each.

If you want to live where you want to live, you have to buy.

https://www.dailymail.co.uk/news/ar...l-250-miles-Cornwall-Wales-accommodation.html

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[JohnD]

David Cameron, the former Tory prime minister, first announced the proposals in 2015, claiming that enabling tenants to buy their social homes at a discount would create a new generation of homeowners.

instead, it created a new generation of tenants without security, shovelling money into the pockets of those who snapped up what used to be social housing. and putting home ownership ever further out of reach of the young and the not-wealthy.