Landlords: This changes EVERYTHING!
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- Опубликовано: 10 июн 2024
- After five years of delays, the Renters Reform Bill is finally here - and some landlords will find it shocking reading.
As both a landlord and a tenant, I’m able to explain it from both sides - so watch the video to find out what it actually means for you.
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As am American living here in the UK, I have always been dumbfounded on the mortgage market here. 2yr -5yr (rarely ever fixed) and renegotiate multiple times over the course of the loan. Too much of the UK's wealth is tied up in real estate. In the US, many have a 401k or reasonable pension to rely on for retirement. So, many have been brainwashed into thinking the only way to wealth in the UK is through property. Then, sell up and downsize for your retirement pot. Any sizeable correction in UK housing will basically cripple a generation's retirement and lead to bigger issues.
I advise you to invest in stocks to balance out your real estate, Even the worst recessions offer wonderful buying opportunities in the markets if you're cautious. Volatility can also result in excellent short-term buy and sell opportunities. This is not financial advice, but buy now because cash is definitely not king right now!
You're correct! With the help of an investment coach, I was able to diversify my 250K portfolio across markets and produce slightly more than 670K in net profit from high dividend yield equities, ETFs, and bonds.
@@ThomasChai05 Would you mind providing details on the advisor who helped you?
CAMILLE ALICIA GARCIA can be found online; a straightforward search for her name will lead you to her online presence.
I located her, sent her an email, and scheduled a call; hopefully, she will reply because I want to start the new year off financially strong.
The issue is that either the renter or the owner must in some way pay insurance and property taxes if they want a "permanent roof" with utilities like electricity, gas and water. Because of this, many people at least in California, where I currently reside are living in tents. No taxes, rent, mortgages, or insurance. The number of people who tell me they live in their car that I meet amazes me. Its crazy out here!
It’s getting wild by the day. The prices of homes are quite ridiculous and Mortgage prices has been skyrocketing on a roll(currently over 7%). Sometimes i wonder if to just invest my spare cash into the stock market and wait for a housing crash or just go ahead to buy a home anyways.
Home prices will come down eventually, but for now; get your money (as much as you can) out of the housing market and get into the financial markets or gold. The new mortgage rates are crazy, add to that the recession and the fact that mortgage guidelines are getting more difficult. Home prices will need to fall by a minimum of 40% (more like 50%) before the market normalizes.If you are in cross roads or need sincere advise on the best moves to take now its best you seek an independent advisor who knows about the financial markets.
Personally, I can connect to that. When I began working with a fiduciary financial counsellor, my advantages were certain. I got into the market early 2019 and the constant downtrends and losses discouraged me so I sold off, got back in Dec 2021 this time with guidance Long story short, its been 2years now and I’ve gained over a million dollars following guidance from my investment adviser.
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Predicting the housing market in 2023 is challenging because it remains uncertain how swiftly and to what extent the Federal Reserve can reduce cost surge and borrowing costs without negatively impacting buyer demand for various assets, including homes and automobiles.
Consider reallocating from real estate to stocks. Severe recessions offer market buying opportunities with caution, as volatility can yield short-term trading prospects. Not a financial advice, but it may be wise to invest, as cash isn't ideal in this period.
Indeed, diversifying a $380,000 portfolio across various markets with guidance from an investment coach has proven fruitful. You've managed to generate a net profit of over $790,000 through high dividend yield stocks, ETFs, and bonds. That's an impressive achievement.
Can you suggest the investment coach you've been using? It appears you've had success with their guidance.
My advisor, Stacey Lee Decker, is a highly qualified and experienced professional in the financial market. She possesses extensive expertise in portfolio diversification and is widely recognized as an expert in her field. With her years of experience, she proves to be a valuable resource for anyone seeking guidance in navigating the financial market.
In my opinion, a housing market crash is imminent due to the high number of individuals who purchased homes above the asking price despite the low interest rates. These buyers find themselves in precarious situations as housing prices decline, leaving them without any equity. If they become unable to afford their homes, foreclosure becomes a likely outcome. Even attempting to sell would not yield any profits. This scenario is expected to impact a significant number of people, particularly in light of the anticipated surge in layoffs and the rapid increase in the cost of living.
I suggest you offset your real estate and get into stocks, A recession as bad it can be, provides good buying opportunities in the markets if you’re careful and it can also create volatility giving great short time buy and sell opportunities too. This is not financial advise but get buying, cash isn’t king at all in this time!
You are right! I’ve diversified my 450K portfolio across various market with the aid of an investment coach, I have been able to generate a little bit above $830k in net profit across high dividend yield stocks, ETF and bonds.
@@PatrickLloyd- Do you mind sharing info on the adviser who assisted you?
“Vivian Carol Gioia” is the coach that guides me, She has years of financial market experience, you can use something else but for me her strategy works hence my result. She provides entry and exit point for the securities I focus on.
@@PatrickLloyd- Found her, I wrote her an email and scheduled a call, hopefully she responds, I plan to start 2024 on a woodnote financially.
The main aim seems to be to push small decent landlords out of the market and bring large corporations in- possibly the ones who pay the tory party
Blackrock
Yep because we won't be allowed anything, including our own business.
Possibly?
EXACTLY !!! Private independent landlords out - big corporation black horse type companies own all ..
An absolute disgrace, remember they are only passing these through because it benefits the snakes who attend parliament and nobody else
What should be discussed and made as law is to remove ALL ground rent in all leasehold properties instead of just new leasehold where millions are stuck in ground rent / service charge hell, unable to sell their properties, unmortgageable so with that comes the lack of property value increase.
I appreciate tenants should be protected from scrupulous landlords but we have all been thrown into this one pot !!
Yep - Blackrock et al already heavily into this in the US and all part of the 'Great Reset' plan...
In Ireland the landlords have fled the market and now the tenants are totally screwed. Go figure!
In Ireland there are rent pressure zones where it is illegal to increase rents beyond a certain low limit. In times of high inflation the limit is capped at 2% per annum. Exactly the opposite to what should be happening. Older rentals are trapped in low rents while new rentals can attract 40 to 50% more even in the same estate. Luckily the Irish selling market does not depend as much on rental incomes applicalble to a particular property but this is not the case in the UK or with commercial property where rental income has a larger bearing on the price that can be achieved for a property. The large scale REITS are now leaving units vacant in order to clear the 2 year term from which rents can be charged without limit and without reference to past rents, hence avoiding the 2% cap.
Scenes where 100's of prospective tenants are queueing outside units to be let are now common as is the number of people in emergency accommodation.
This is the result of years of governments not building local authority housing in any great numbers and an increasingly hostile attitude demonising landlords encouraged by government and opposition politicians and some commentators.
Another factor is the increasing precariousness of many sectors of employment where small scale landlords once existed. These jobs and these landlords have died out or have cashed in on their investments and are not being replaced by a youngerr cohort of new landlords.
My prediction: In two years' time the headlines will mention a lack of rental properties available.
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We need to read between lines as when they push bills so quickly something smells not right.
2008 bank grabbing houses again? Their balance sheets are terrible? They might try it..
There are so many signs across so many sectors, there are organisations literally announcing their agendas, influeing politicians, and people still called WEF lead Globalism a conspiracy.
@@user-pf5xq3lq8i Bail-ins I think you are correct. Australia snuck in bail in legislation 2 years ago.
It's been a part of the Conservative party election manifesto since 2019....so you're wrong mate.
We bought a buy to let to top up our pension, cost us £16000 extra in stamp duty, got tenents in that pay when they feel like it. So have decided its not worth the stress, so are selling up and its costing another
£10 000 in capital gains. Really not worth the effort .would never do it again . Many landlords feel the same . If i dont pay the mortgage i get house repossessed, if they dont pay rent its , oh poor dears just stay where you are and let the landlord lose his house. Sick
It's very sad. It's almost as if there is a moral to these stories?
@@briansmith7256 There is. People who have worked hard and saved for retirement, however they choose to invest that money to tide them through their non working years, get kicked in the teeth by socialist interference more often than not.
Look into securitisation fraud. All mortgages are securitised (sold) unknown to us upon conversion of the original mortgage agreement into a security. There is no loan, never was. We entered unknowingly into a securities transaction and are not the 'borrower' of a 'loan' The bank gives up all rights to a mortgage upon securitisation. Ask for proof of an outstanding loan account receivable, ask outright has the mortgage been securitised, ask for the original mortgage agreement (they don't have it). Ask what they have done under the undisclosed Power of Attorney clause within the Standard Mortgage Conditions (they have sold it multiple times). My mortgage has been sold 8 times totalling over £609,000 on a £70000ish mortgage. Challenge it
the uk has become an utterly sick, degenerate, entitled place in the last twenty years or so.
You'd have been better investing it in the stock market. That's going up like a rocket at the moment.
Or taking financial advice and putting it into some solid investment funds, with a lower return.
No chance of bad tenants then.
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Run a quick online research with her name.
Evelyn Infurna
It’s a copy and paste of the legislation introduced in the Republic of Ireland. It’s destroying small landlords.
Yes, totally agreed.
Rents in Dublin are crazy, people could not find any where to rent!
The rent cap was suicidal.
Sady, tenants were deluded to believe any legislations are good for them.
Where did they get it from? This hasn’t appear out of nowhere.
The objective is to push out private landlords so big companies like Blackrock can take over. "You will own nothing and be happy...."
And it’s destroyed tenants more than landlords who just sell up and enjoy their lives leaving tenants standing in line to try and rent a box room.
@@anthhub where do you think? Ireland has become the test bed for one piece of restrictive legislation after another. If you want a crystal ball , look to Ireland and you’ll see the very same laws coming to a country near you soon.
This has been on the cards for a long time and has WEF origins. 'You will own nothing and you will be happy.' Energy saving legislation will make private home ownership almost impossible. Banks buyouts follow and theyl become the landlords. That's the plan.
Exactly. Then once they control ALL property they will dictate who can live where to make each town/street/area "diverse" so don't be surprised when people are kicked out or forced to moved 100s of miles away from family because "too many of your type" live in your area.
Isn't this already happening in pockets of the UK?
No way will this be tolerated by home-owners here in the UK. There will be uproar, not least from the middle-classes.
@@lornaprince8123yes in Wales
@bogie'strenchcoat Yeah but what will the middle class do about it?
I’m closing in on my retirement and I’d like to move from Minnesota to a warmer climate, but the prices on homes are stupidly ridiculous and Mortgage prices has been skyrocketing on a roll(currently over 7%) do I just invest my spare cash into stock and wait for a housing crash or should I go ahead to buy a home anyways.
Indeed, the recent market downturn serves as evidence that a vast majority of individuals lacked a sufficient understanding of the underlying financial dynamics at play.
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@@sommersalt88 True, we’re only just an information away from amassing wealth, I know alot of folks that made fortunes from the Dotcom crash as well as the 08’ crash and I’ve been looking into similar opportunities in this present market, could this coach that guides you help?
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I’m a landlord with a portfolio of 25 properties which are a mixture of student and professional let’s . First the was the loss of the tax relief on mortgage interest which means your paying tax on your expenses, then the increasing amount of legislation and licensing from central and local government then the increase of interest rates from Bank of England and now this Renters reform bill !!
I’m done ! And in the process of devising an exit plan from the property market in the next 2-3 years . This government are unable to see the woods for the trees and have created this housing crisis and if you think it’s bad now wait for 2/3 years when 40/50 percent of private landlords have left the market and rents have increased by 20/30 percent . There’s a lot of negative rhetoric against private landlords but most of them are helping with this chronic shortage of properties caused by the government. The profits are nowhere near what people think they are .
@Donald Duck 2000 haha, he most certainly will be missed, renters sobbing in desperation on the streets will be the new normal
@@DonaldDuck2000-rm6co He will be missed. In Ireland 3rd level students are now having to commute each way 2 hours from remote rural locations because there are little or no rentals available near the colleges. Many sectors such as nursing, teaching and police etc are finding it hard to recruit new entrants to their sectors and many private firms are delaying investments due to a shortage of rental accommodation available for the new workers.
Ireland has long had a history of villifying landlords and demonising those who have provided accommodation for rent in the past. There has been decades of neglect in providing social housing and the vacuum created by this neglect has been filled by private landlords, often at great cost to government and charity agencies when the monies spent could have been used to build publically owned and rented housing units.
Such sentments as villifying and demonising landlords may work as a vote getting exercise by unscupulous politicians but offer liitle in a practical way towards solving the housing crisis which is now affecting most if not all job-rich regions on the planet.
Ireland used to have a job crisis but now this has been replaced by a housing crisis as the huge increase in house-hunting jobholders is putting a huge strain on housing supply and rents.
Have you thought about buying property in say a different country with less taxes and easier rules for landlords?
50% increase in home repossessions, 28% increase in buy to let repossessions and more buy to lets in arrears, reported today on guardian.
It sounds like the Bank of England's policy is working then, apart from bring down core inflation that is.
Incidentally, I bet banks can evict tenants if the landlord doesn't pay the mortgage because ALL LAWS MUST FAVOUR BANKS.
Ah, if it's reported in The Guardian then it'll be bullshit.
Remember 2008 when the banks snatched houses quickly? Similar?
@@TONE11111 yes, securitised which extinguishes any 'mortgage' or the 'lender' banks rights to claim any REpayments. We are the creditor of the financial security instrument not the borrower of a non existent loan
The Governments war on landlords has caused so many to exit the sector that the remaining ones can afford to choose only the best tenants from dozens of applicants. In many instances only those tenants with high paying jobs, glowing references and home owning guarantors stand a chance of getting a property. This bill is only going to make the problem worse.
No matter how good the reference and background check, the tenant can change completely on meeting a new partner or friend and that person may just move in or just visit often and misbehave, cause a nuisance or/and damage the property. Sometimes life may change for the worse and maybe the tenant may take their frustration out on your property. I have been a good landlord for 10 years but with new rule changes I have decided no more and am moving back in. I had been looking after a relative but no will reclaim my home. So, unfortunately, another really good rental property is off the market. Such a shame
*Will* LLs be able to pick what they perceive as the best tenants though? The new law reportedly makes it illegal to have a blanket ban on benefit claimants, tenants with pets, people with children etc. What if I get an applicant with a good income, references, guarantors etc and other applicants with children, pets etc. If I turn the latter down and they get bolshie, can they now bring a court case against me for discrimination?
Similar to creating loopholes.
Of course. I have a property. I choose the very best tenant making sure they can afford to pay the rent.
Wouldn't you?
@@georgeparker7838 I’m a landlady and yes of course - this is exactly what I do!
Expect Black Rock to clear up here!
And idiotic Socialists will be clapping
It's often very difficult to prove non payment of rent or anti social behaviour, that's why l use section 21, my beautiful house will remain empty now.
i think the government should keep its nose out of other peoples business. A contract between two people, with reasonable terms and conditions for both sides etc should be, and is, enough. interference causes more problems than it solves and ultimately leads to less properties for rent, and therefore higher cost and struggling people lose out again.
This is not a Government decision. They are no longer functioning as a Government. They are totally controlled and following orders from the WEF.
yeah good luck with that. That ship sailed thirty years ago, if not before.
There are too many socialist parasites in this country and even the Tories know this
A great idea! Because complete lack of oversight, insufficient regulation and local authority Private Sector Housing Team's who are completely rubbish coupled with being understaffed and unwilling to take even truly awful Landlords to court due to the expense, has worked up to now hasn't it? However as a tenant you can always utilise the Fitness For Human Habitation legislation and spend thousands of pounds of legal fee's for private prosecution though can't you? Due to legal aid being completely non existent. It's a total shit show and you know it.
The only people to loose out on this will be the tenants. Despite being blessed with lovely ones, I'm selling off my lettings and going to invest in something else where my hands aren't tied behind my back, and expose me to picking up the cost. There will be a glut of houses available shortly.....is this a part of the government plans...more available property for first time buyers?
We were forced into private renting because of tragic circumstances - in the last 9 years we've had to move 11 times through no fault of our own, (one place we were there for 3 1/2 years!) 4 section 21's - 2 this this year.
The place we are now 'evicted' from was not fit to live in from the beginning! There needs to be a level of standard condition that a place should be in. Every place we have had to move into has been absolutely filthy, so every time there's a major clean up job! This is tiring, stressful, emotionally draining! is making us ill. And we're pensioners
So sorry to hear this ❤
Hopefully the property your in you can stay for longer 🙏🏽
Dorry to hear, have no words for this 😡 I hope things get better
Landlords are selling btl ue to all the reasons renters have all the rights and landlord’s none it took me 2years to get scum renters out of my house amd now after £14k in repairs its now up for sale not worth being a landlord and now there will be even less rental stock once again
@@ededdynova that's the very reason I sold my rental property, I was lucky in that it was in a good spot and I got a good price for it. It's definitely a load off my mind.
This happens all the time Lee and your story is very common, most properties are not to standard and their is no security for renters to build a stable life / home. Most of the time decent tenants have to clean up their homes, the general news narrative shows little light on your side of the story and the real issues for people looking to build a home. The other side for landlords / bad tenants is well known, however the old system of renting for life, making a house a home would sor a lot of issues out if they were done with affordable living costs in the real world.
I’m sure these changes will be hugely beneficial to SERCO and their plan to devour private rentals …. Think out who’ll be in these homes if SERCO will be filling them….
@Pауtоn Sаmuеls >>> Well if you had bought the car & the ticket are before you bought it they are void but as certain states are bad crazy liberal/broke/spending money they haven't got cough cough Democrat ran areas!!!! You have question it all..... if they ain't yours a purchase contract will cure any unwanted tickets.
The sector is being taken from small landlords and given to big ones. This began with Cameron and Osborne. Wealthy trustifarians and banksters are rubbing their hands with glee at the prospect of inflation-proof investment vehicles.
Exactly right - follow the money - Cameron, Clegg & Osborne got started on this war against private landlords back in 2012 when ‘increasing institutional investment in the PRS to fund large-scale, professionally managed developments’ was the coalition government’s stated aim.
Rents are skyrocketing due to Central Bank base rate increases. This parliamentary act will just add more costs and push rents even higher!
It's to distract from the government who caused the inflation. They can blame landlords, oil companies , supermarkets etc. In reality the government and the banks caused this. 2008 all over again.
They are creating the crisis and then pretend to be saviour.
Plus the tax increase, designed to only affect small time landlords with a job.
Frustrating, they are trying to kerb inflation and landlords just pass it on to the average worker to pay, then that average worker will ask for a pay rise and round and round it goes. Makes me think big companies owning all the rentals would at least be subject to more regulation and have their image to worry about... For example the supermarkets are recently getting stick for greedflation, they are big enough that it's convenient to tackle them
I've been issued a section 21, my landlord given me eight weeks to vacate his property, never missed my rent in ten years he wants to sell the house 😢
So?
Got rid of my 5 bed property because to much government interference never put rent up for 5 years all tenants were devastated thanks to government not understanding rental market
Nope, not governments fault, this is on you
Rents will only shoot up further for private rentals because of the forced upon additional admin/paperwork involved. It's not about good, complying and law-abiding landlords with nothing to hide just going along with it. It's the extra time, work and hassle involved and that means some will exit the market. This just worsens the situation for renters as our current supply of homes continues to dwindle and worsen. I agree there are some nasty and greedy landlords out there that should not be excessively hiking up rents above market rates or abusing no-fault evictions unreasonably if the tenant hasn't done anything wrong but problematic tenants also exist - we've all heard stories about nightmare tenants breaking things and not looking after the place.
I rented my property for 23 years
Just sold up
Best thing I ever did
Completed last week
@Donald Duck 2000 yes
@DonaldDuck2000-rm6co so basically got his investment paid for then sold up and left someone who had made it their home look for somewhere to start again
The long term objective is to do away with private ownership
Not exactly, the corporate-government entities will take out the mom and pop landlords. Same thing going in in farming, ask the Dutch or Americans!
Good luck in own my properties out right
We will own nothing and be happy.
@@Bevsmith6548Will you? Well, that's _your_ choice.
I'll give it a miss, thanks.
@@stevenhodgson834 you will own nothing and you will be happy comrade
As soon as I can, I will be getting rid of my tenant and selling my property. I had enough now..
LOL! You're the type of landlord people should avoid.
Sell it to the tenant.
Solves both problems at once.
Bye bye
@@goych bye, now earning more from the interest on the money from my sale than I was earning inrent, with no problems from the tenants like boiler breakdowns, cookers that need replacing, insurance, annual gas inspections, late rent etc. Peace of mind at last.
Not a major issue really. The big thing killing the rental sector is a) slow court system for evictions and no way to get rent back 2) cap gains on residential being 28% 3) ever increasing regulations on rentals that often such as with EPCs in cheaper areas cannot be recouped through rents
I just want rent capped.. I could have bought a house by now with the amount of rent I've paid over the years, should have just got a mortgage
I think the upcoming problem with being a landlord is the government planning to bring in mandatory upgrades to energy efficiency, but only requiring private landlords to adhere to the mandate.
That is very obviously a targeted attack.
I believe home owners have to do it too.
@@jackiegeritz5345 not seen that in the press but it would make more sense if that was the case.
@@SkotiM
Ursula von der Leyen has explained it.
It is her brainchild.
The EU spokesperson and the same vile creature who has already authorised the use of bugs in EU flour, pasta and bread.
@@jackiegeritz5345 nope the politicians would lose too many votes hence its only the `scumbag rogue` landlords that have to comply..hell I am a nice private property owner that agrees to rent my own property at an affordable rent to consenting tenants so what has it got to do with any interfering Gov Mob
Well after being a landlord for nearly 50 years I can assure everyone that nothing will change ! The demand will drive the rented system as usual so don't hold your breath. Landlords will not be paying anything extra, because the tenant is always at the end of the chain.
The renter is always the one that gets shot upon.
Yes we can never get a long term home because of it.
Rent increases once per year , landlords can put the rent up but every area has average rent, any landlord trying to over charge will find his house empty for long periods unless there’s a total shortage
@@flowerpower7389 if you want a long term home buy your own do not expect the lazy gov Mob to help you because they will not they will make it harder for you..wake up and smell the coffee
@Boxing Truth wow here is one smart hound who tells it as it is
The owners wont be paying the added associated costs, tenants will be. It will just be reflected within increased rental cost before this becomes law because everyone will know this is coming. It's your tenants associations that lobbied for those pro tenant changes that trigger additional costs to the owner, but it will be tenants who will end up footing the bill.
Shit always rolls down hill
My sister has had the fallout of recent new rules/market conditions and the up coming changes.
She’s been a reliable tenant for 15 years in Stockport.
Having put up with the property not being updated in general and being a single parent and not being able to afford much privately, (with social housing for a hard working person not that available)-the landlord has put up her rent £250 a month and she can’t afford it.
Having made the landlord delay this to get her deposit sorted to legal standards, she now faces eviction unless she can find a new property to rent. She’s looked at available properties for the price she can afford and of course there’s not much and as a single mum, the landlords are choosing ‘family units’ over her. Now she has to ‘use’ the system to not move out so emergency accommodation can be actioned for her and as a reliable person she hates that thought. As the market is landlord weighted due to lack of housing - she’s stuck. More council or affordable housing from the government plus the records or ratings for landlords being available will ensure these greedy people who let out sub standard properties will be punished by ppl not wanting or needing to rent from money grabbing landlords without going into it eyes wide open. I own my own home so I am not affected in this area, just seeing what’s happening is criminal and actually affecting people’s lives. One of anyone’s basic needs is a roof over their head with a feeling of security.
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In Montreal, if a landlord wants to evict you to have a family member move in, they need to give 6 months notice and a monetary compensation. Rent increases can't be more than 3% a year if the tenant is paying their own heating bill.
Canada is a left wing mess, no surprise there.
That sounds like a good system.
@@user-pf5xq3lq8i Yes for property owners. From what I understand rents are even more expensive in Canada than the UK.
I bet there's plenty of rental properties available for tenants to choose from. Must be so easy to find a place to rent. No? Maybe laws that penalize landlords make people not want to be landlords?
that s not true, the increase depends on many things. as for the 6 months i don t know.
Do landlords actually evict good tenants? Not likely very often in my experience.
According to people who rent, yes, landlords hate good paying tenants and will evict them for no reason. Baffling.
@@revorocks123 There is always a reason. Want someone they know in but that is fairly rare, or change of use or selling are the only reason out of the tenants control. Pay the higher rent request is still in the tenants control, but could be a possibly unreasonable hike. Otherwise, look to poor tenant behavior of some type for the reason.
A tenant with a better salary that wants in so the landlord increases the rent for the old tenant so they can earn more money.
@@steve00alt70A raise in rent option will usually be first if they are a good, known tenant. You cannot trust the other person will be a good tenant or reliable just based on a current salary. If a tenant cannot afford they need to end the lease and move on. Eviction follows when the tenant does not pay but stays on. The good tenants need to figure out extra income or cut expenses or do a barter. Communicate nicely. The bad ones will just stop paying. Even their original rent.
Expenses are up quite a bit. Rents need to at least make them. It is often a lot of stressful work to maintain a rental business. The owner needs a salary for that which is called profit and taxed. Most smaller mom and pops lately are probably just breaking even, though equity is growing in the property hopefully.
In the recent past, this happened. As letting agents could (and did) churn through good payers in order to keep collecting the £1000+ in "referencing fees" for a new tenant.
Well my landlord is getting more than a third of my pay cheque each month, so I’m sorry but I’m glad there is going to be more protection for renters.
Eventually it won't be worth the hassle to be a landlord. Bad tenants will get more rights and they will be impossible to get rid of without expensive lengthy court processes. They will sell up and that 'affordable' property will be lost to the rental market. The government is so intent on punishing bad landlords that it will affect the good ones as well.
No such thing as a good landlord. You are all profiteers making money off a basic human need without which we all die: housing. The idea that you are in any way providing a service is insane, as if you have any motivation other than income. We are currently in the middle of a housing crisis and you are on average increasing your rents by over 10% pa. You are the equivalent of a food hoarder charging extortionate amounts of money for food during a famine.
It isn't worth the hassle now! The private rental industry has been under fire over the past few years. I'm staggered landlords arn't rioting in the streets considering the way they're being treated.
I don't know, I've been a renter and a landlord and in my experience I've only ever been royally screwed as a landlord, losing a lot of money in the process. As a renter, the worst thing that happened to me was a failed attempt at a rent increase and my deposit being rightfully withheld. So I don't understand the reason for this new bill, seems like it's yet another way for the government to take your money to pay for its incompetence and screw-ups.
A perfect storm is brewing in the United Kingdom.
Inflation, bank collapse, severe drought in the agricultural belt, recession, food shortages, diesel fuel and heating oil shortages, sales drop, available automobile shortages and prices, the price of living place. It's all coming together and it could lead to a real disaster towards the end of this year (or sooner). With inflation currently at about 6%, my primary concern is how to maximize my savings/retirement fund of about £300k which has been sitting duck since forever with zero to no gains.
Me too. I thought about investing in the financial market, I heard that people make millions if you know the tricks of the trade, but I lack good knowledge and a strategy to outperform the market and generate good yields. I have $160,000 but it's hard to bite the bullet and do it. Money is hard to come by
The uncertainties accompanying this present market is more reasons I have my daily investment decisions guided by a portfolio-coach seeing that their entire skill set is based on going long and short at the same time, they employ a profit-driven strategy based on individual risk tolerance...
Fingers crossed but who knows might drag on for a few more years 🙄
Ahh a replaced populous that will work for £9 a day. That's the end goal.. issue with the uk is the goverment has been hijacked by billionaires and bankers.. the goverment itself its on its knees eyeballed into debt for contracts to billionare owned company's. Just get rid of the rights our fathers fought for! And the destruction of unions and everything else.. retirement? The long goal is, You ain't retiring..ever.. constant mortages and printing off fake money means 300k will get you a loaf of bread one day..
Your primary concern should have always been what the flying fuck is this life business about?
Private tenants have been ripped off for years, in fact since the great council house sell off. Blame this new law on the hundreds of dodgy private landlords throughout the UK. Now decent landlords will pay the price.
Unfortunately the bad landlords have let the good ones down, I am currently taking my former landlord to court, 8 pages of breaches, a faulty 20 yr old boiler for 3 year's, damp through out the house, anti social behaviour charge and many more things. His response was always " if your not happy leave " so I welcome these changes m
You sound like a d head of a tenant
@@boxingtruth2167tbh you can get a 150k-new-build flat ans get 850-950 in some cities like Glasgow, Newcastle, etc. That should give you 5k a year. 4k with management fees and some maintenance expenses included. It's x10 what you're saying and this is a realistic example. Things aren't great, but it's not an all-for-nothing situation. The estate agent tenant find fee is something you can avoid by looking for a tenant by yourself, it's not that difficult I think and agencies charge far too much for it so...
@@boxingtruth2167 Being a landlord is a business. A good businessman / women makes the circumstances they need to succeed. Snowflakes as you put whine about government making conditions hard. Your the snowflake you hate so much 😂😂😂.
Your reference " snowflake" I take it is to anyone who oppose your argument! Thanks for the data on your outlays, I see you made £360 profit on your investment! So you contributed nothing towards all the cost of the property in that year! That was all paid by the tennant! Whilst your property gains value year on year. Not a bad deal. I can't talk for all landlords only my experience with mine. He treated us like peasants for 5 year's! It took us that long to find a decent property to rent. As for my previous landlord he has ignored all our solicitors letters for a claim we have bought against him, in the hope we end up financially exhausted. Being a man of principle I am prepared to invest my life savings to bring this man to account. Once again I'm not saying all landlords are bad, but there are some dispicable ones out there driven by greed who are letting you down.
If in your own name you pay tax of the full revenue though so even allowing for a higher rent assumption , if you're unlucky with the tenant, cash would have been a more lucrative and less hassel investment. True there should be capital appreciation but prices have been falling so if you need for whatever reason to sell there's a timing risk, capital appreciation is not guaranteed.
So ... HOW do I get my issues sorted? I have lived in this property for over 20 years now. Until my "new" landlord took over, I was living in a ONE-BEDROOMED PROPERTY, that had a dining hall area. . Now, it has become a two-bedroom property, with an area that has an opening at each side, with the boiler, and where the fridge needs to be kept, now, according to the landlord, being called the "lounge". The council did come to inspect the property, when they began paying my rent ... and were happy it is a ONE BEDROOM ... but, the landlord has decided to claim it is 2-bedroomed now, and that I moved in originally with my daughter (who I have never had). He has increased my rent by first £100 to over £725, and is now slapping on a new increase to £780 - to cover the new boiler he had to put in as the old one (30 years plus old) packed up. I am disabled, alone, and have no one to help me do anything to sort all this out. I do not have the funds to move either. My property is like an icebox, and having heating on is a waste of time. The bathroom in winter isa nightmare, sitting between 4 to 10 degrees. In summer the property is about 15-18, so nice not having to need an Ir-con. but, in winter coping with 10 degrees, with the heating turned on full, is no fun. The place has damp issues, and portions of the heavy ceiling coving keeps falling off. I did have it painted, but the constant flooding by the upstairs tenants, has ruined that, wasting a lot of money I truly could not afford.
It's all about making the rich richer, this government is all about themselves not for us which is what it's supposed to be about, working for US
i would report him to the council ..a new boiler is not your issue and he may have got funding anyway towards the new boiler so why charge you...this sounds madness...you can ask the council for an inspection for repairs and they will send someone out to inspect the issues and send him a letter demanding he does the works or else they do the works and charge him...the only down side is the landlord can then give you a section 22 in retaliation and ask you to move out...which in saying that you dont need to move within the 2 months you can in essence stay as long as you need and let him go to court to get you out which costs them money and takes at least 6-12 months depending on how busy his local court is to process an eviction notice..im surprised the council didnt pick up on this if they came out...hell have split it into 2 now to get more money from the rent...when they know the council is paying they milk it more...i personally would look for a new place, if you are on benefits then i would give that money to another landlord, loads people prefer dhss tennants now over employed as they feel thats more secure financially so you may find you get a better set up than this place in the end
And what happens if the tennant has children because, at the moment, social services will do anything and everything to prevent eviction. My landlady had this problem with a smack head living in a rented property, she could not get her out despite rent arrears and egregious damage to the property.
this is the problem ... and why landlords are selling up ...
Call social services and say the mother is not fit to look after children.
What a shame there isn't a massive company out there that will eagerly buy up all the properties of small landlords who will be forced to leave the market, so they can relet to let's say government approved and paid for individuals
nobody is forcing anything.... if you dont like it ...then it is your own choice to sell up and then you can shut up and stop moaning about protecting tenents.
There is The Corrupt Banks! Part of The Great Reset , they don’t want property ownership…they are getting rid of small landlords first
Shhhhh
If it’s not 4 star they will remain empty 😮😮😮😮😅😅😅
I can understand this new system for NEW tenancies. But for a long term tenant having the relative security of a 6 month term removed will be un-nerving.
@@peterdavid1156 I can't see the connection between your reply and my comment.
The majority of landlords want good paying tenants who respect the landlords property and just as importantly respect the landlord and their agents. Landlords and agents will just raise the bar and make it difficult for any renter to get their foot over the threshold ... renters should be careful what they wish for as landlords exit the market and supply decreases ...
yes because once a landlord exists the market the house just *blink* disapears form existance and nobody can live there anymore....
@@DavidBennellnot a tenant because they generally can’t afford or want to buy a house.
I have two empty houses, locked up and clean I don’t want any filthy tenants ruining my houses any more.
The value will rise without a so called monthly rent
@@DavidBennell U.K. it’s HMO and they get paid by the government, sorry the taxpayer and we have no say.
@@hudson7354 Are you near Solihull?
Renters are always going to loose. It's unfair to say they cant afford to buy. Most have been paying your mortgage for years and have very little left to save for a deposit for a home. If a lender took this into account we would all be home owners. Dont judge renters until you have been one. Pride comes before a fall.
landlords act like kings these days, asking for a £60k income for a £1400 house. Then comes the deposits, credit checks, references, and when its time to leave they don't give you your deposit back for weeks even after a months notice and leaving the house in better condition than initially rented. happened twice now.
Because contractors want 35000 just to put vynal plank flooring down on a 2400 square ft home. The plumber wants 800 for a moderate boil fix. A minor one costs 683. Plus they don’t even fix it right & there’s another problem right after. Tenants damage the house & property which is one reason most landlords are not nice. The ones that are nice are because there tenants take care of the place. Just like you get cancer they temporary get rid of it only for it to come back somewhere else to get your MONEY. There are Good people trapped in the middle of this who still give breaks to others. Not all of us are BAD. I believe people should own their on property or a couple BUT owning hundreds or thousands of properties is wrong. People should be able to check the wealth of others & not give money to the Billionaires unless they are working & putting it to good use like Elon Musk going to Mars.
Excellent summary. Thank you 🙏
Thanks! Great job summarising, being objective (as you're both landlord and renter), and love the pop culture snippets! ^__^ all the best!
Some of these rules already exist in Scotland and hasn't helped tenants
"Reasonable" in legislation is the way politicians get out of avoiding responsibility. Its an open door to a mountain of court cases as its left to judges to decide what "reasonable" actually means. it costs everyone involved a fortune and clogs up the courts. It one of the most pernicious words used in UK legislation.
""Reasonable" in legislation is the way politicians get out of avoiding responsibility." This depends on who does the 'reasoning'.
You said it all right here. None of this legislation benefits the renter. It's what they call a 'ruse'. Or, a box of 'loopholes' for 'LANDLOARDS' to further oppress and take advantage of unsuspecting renters.
Therefore, in essence, cui bono, is the owner/landlords who get provided the guarantees.
Good call sirrodney.
@@peterboytRaKs Psst..I'm a landlord in London, soon selling up. Last flat I let I had 20 people want it in 4hrs. When I sell later this year it will be 12 more people that can't find a place to live. These regulations are absolutely stupid; we're just leaving. The flats will be bought almost certainly by wealthy recent immigrants, most are in my area, they will never be let again because it's just financially ridiculous: the mortgage repayments (80%) on a £900,000 flat in London are over twice what you can charge in rent, before you factor in all the other costs.
@@sirrodneyffing1 Good luck 'selling up'. Please let me know how that works out for you..
@@peterboytRaKs It's going to be fine thank you. It's a very popular area of North London, people fight to live here and most of the buyers are cash rich. Politicians always forget that the people they target have options; they react and aren't just pieces on a board they can move about to convenience themselves.
@@sirrodneyffing1 "aren't just pieces on a board they can move about to convenience themselves."
What part of Mars are you from? I hope this isn't too insulting Rodney. But everybody from the Crown on down, are pieces on "the board". That includes every American and everyone living in 'the West'. So sorry to disappoint. Whether you know it or not, you're "on the board" mate. That includes N. London. I do know N. London. Not much different from DC Proper. Please correct me if I'm wrong.
Trouble by decree and unnecessary overreach by governments. Some landlords deny tenants pets because, for example, they may bark all day until their owners return or cause damage by clawing,scratching, chewing ,create smells of faecal matter or urine , fleas or other problems such as carpeted areas being soiled in apartment complexes or
Shared communal areas or other problems caused by other types of animals. Animals moult and fur can be difficult to get out of carpet fibres or stained through female dogs breaking down.This should be a choice of the landlord to decide if he wants pets in his property or the tenant should look for a landlord who doesn’t mind pets. Badly house trained animals may cause smells that effect neighbours, leading to discontent and arguments with neighbours or unsuitable confined living conditions, causing pets to suffer . It is outrageous that the government should dictate this against landlords . Governments often bring in ridiculous rules without thinking them through, like a one size fits all ruling, not thinking where there could be problems or consequences by their rulings and this is a perfect example of their idiocy against landlords. A tenancy agreement should be what landlords and tenants mutually agree on without any government overreach whatsoever. If this is brought in, why shouldn’t landlords be able charge a £2000 deposit against any damages that they may have to rectify damage to furnishings, decor, carpets etc..
Any incurred costs will simply be put on the rent
This definitely changes the risk /
Reward assessment. I will certainly scrutinise every potential tenant more vigorously - although always had good tenants and am a good landlord for my 1 flat - ultimately more landlords will sell up as the hassle and stress levels will increase unless you are wealthy and are just look at capital appreciation. Bad tenants and long court cases could bankrupt you if not.
BlackRock will take all the mom and pop landlords. Then give the houses to boat people paid by the government. Anti social complaints will be brushed off by BlackRocks lawyers.
I exited in 2019 as it was just getting too risky back then, since then prices went up a lot so missed out but not looking to get back in.
I was a good landlord and pandered to every need of my tenants but still got shafted by tenants and agents and tradesmen, tax man was obviously lining up next ..
Only landlords left will be the big uncaring ones and they will charge the earth.
Trouble ahead.
No profit in it after all new rules, not even breaking even, EPC, Section 21, Section 24, Interest rate increases and the Rent cap , lol, Rishi the money printer created inflation 2 yrs later after contracts for his mates .sold n got out, renters can go and buy a property like i did, and save up 30k min on each house for a deposit, basically law is allowing and telling renters to not pay rent and the landlord cant do anything lol until 6 months later, nice way to save up by renters and wreck the place and clear off, thanks gov,
What do you mean you're not breaking even? House prices on average have risen £17k in a year.
Only this month a family that goes to my grandchildren’s school, had their rent increased by £1000 per month, yes £1000 per month!!! So they obviously could not afford it and had to move out.
The entire property market in the U.K. is doomed
Having been a landlord for 12 years im getting out. I rented out a property after extensive renovations. The tenants never opened the windows when cooking or bathing and has now caused so much mould etc which they want me to fix. Bugger that ive given them notice to quite and selling up.
you could have put extrractor fans into the property mate, be pro active, a tennant is forced to open windows, for many reasons people dont always open windows, security fears, working all day so the majority of time they are out the house, bad weather and it being cold which most of the uk has been this year freezing,...the issue is you, houses do not just get mouldy from not opening windows, i dont open my windows all the time and i own a lovely house with good brickworks, good ventilation in the brickwork, air purifier system in the lounge and upstairs and a good extractor fan in the kitchen....this to me suggests you are the issue and maybe get your wallet out and stop blaming your tennants...pay for a top of the range extractor fan in the kitchen, you dont need to open a window with a good extractor fan...how do you think posh hotels have no ventilation as the windows are sealed up they dont open but yet their bathrooms and rooms serving guests endlessly having showers and damp in the air, their rooms arent mouldy....you coould have bought air purifier machines too and a new extractor fan in the bathroom which absorbs 99% of damp...remember your tenant is only in a bathroom for a short period of time then they leave, most likely leaving the bathroom door open....so if youre getting damp then its your issue mate, you sound like a typical cheap landlord who wouldnt live in a house with damp yourself but play dumb and wanna throw people out blaming them...its you thats the issue...its easy to solve these issues spending some wonga and being logical..not illogical which i feel youre being
@@emmajones1183 there's not guarantee they will bother using the extractor fan either. asking someone to open a window for ten mins or so when you're cooking is not unreasonable.
I think they should create a Property ISA. Allow a person a max of 2 properties in your Property ISA portfolio, occupancy less than 6 people per property, must have efficiency rating of C or better. Then grant those 2 properties immunity from CGT and income tax. Property must be in your name, no stuffing the kids ISAs with your properties. BtL is an investment for many people and they count it as their retirement plan ... so why not treat it as such?
Why only 2 ? Why is it wrong for me to have 2-4 or more ? AND... What would you suggest if I (say) had 2 then decided to sign over my portfolio to my newly registered company who than can have as many as they want?
great that lets the big banks and BlackRock off the hook
the majority of tenants are renting properties and living in areas they could never afford to buy themselves but somebody did the landlord or the landlords family scrimped saved and went without so they could live in that house
So the mega banks like BlackRock can own 2 houses yeah..good luck, they OWN the government.
@Boxing Truth Agreed. I have no idea why people do BtL other than to show off to fiends that they have a property portfolio. I'd rather have a pension that gets all the tax benefits and takes zero effort. But each to their own.
I had a very rotten landlord, failing to fix heating, toilets, infestation issues, etc... Happy to hear this. Thanks.
So we all have to be punished because of the one rotten one? I look after all my tenants and bring them Christmas presents, give them lifts, make appointments etc....yet I am classed as a nasty person because I am a landlord.
I, unfortunately, have had a couple of tenants that destroyed my properties, stolen fixings , used the garden as dumping grounds, caused disruptions to the neighbours and left such a disgusting mess that I've had to redo the properties from top to bottom. it has been heartbreaking as I work hard for what I have...YET I don't class all tenants are bad people and wish them to be punished for the action of a few people. My concern is this action will make rental properties harder to find and push up rents.
My private landlord is bang out. For 9 years, he's never done safety checks, never increased the rent as he was left the property with others by his dad. Now he's telling me I'm costing him money, 😂 the local landlords have doubled the rents in the area and he's jumping on the bandwagon now. My home is damp as all of the pointing has gone, the boiler is condemnable, the electrics don't work, the roof needs a complete overhaul, the windows let light in around the frames, making winter really hard. I've just decorated and I'm wiping mold away weekly. My son lives with me and he has cystic fibrosis and gets ill, yet I'm stuck as social housing has nothing local, the nearest options are literally miles away. I don't begrudge rent increases but for a property that's falling apart is unacceptable. He's not even registered with the Landlords Association like my last one who was fantastic, this one I have is on another planet. I have no arrears and pay early every, single month. I'd like to see him in court and I'm finally getting fair rents out. Make it make sense please. He has 28 properties and all are falling apart, I've met his other tenants.
What is completely missing in all this - and has been for decades in this legislation is the concept of equity - that both parties to the contract are equal. It is a real shame that government and media focus on a tiny percentage of bad landlords and make legislation that isn't needed in most cases. The same bodies fail to recognise the growing number of bad tenants - career non-payers who know the system and move from good, small landlord to good, small landlord leaving a trail of debt and property damage behind them. Where is the support for landlords with that? Where is the legislation giving landlords rights in those cases? Where is the system by which we can flag to each other the problem tenants and prevent future landlords losing? I can't remember the last time a letting agent contacted me for a reference for a former tenant.
All part of an engineered default and asset grab.
Hear hear
If you're earning money from renters you are effectively a business and all business should to some degree plan for bad debt and defaults. No good business operates without that assumption. So called 'small landlords' don't get special dispensation - you're a small business and should be treated like one. These are primary shelters for human beings and as such your customers should have greater rights than you. Your business model and profit comes second to human beings need for shelter. If you don't like that maybe look for another business idea. And I say this as a landlord.
@@rossawilson01 Except the government doesn't consider us a business - if they did, we'd be allowed to fully offset our finance costs for doing business, just like every other business type is able to.
As well as being a landlord, I am a tenant. My morals and sense of right ensure that the first thing I pay every month is the rent for my "primary shelter". I would not dream of spending money on something else first. I recognise that people genuinely fall on hard times and as a landlord I am always willing to work with my tenants to help them through a rough patch. But what the law facilitates ever increasingly is for those who don't share my morals to take advantage of the system to live for free.
I had one tenant who didn't pay his rent yet at the same time was sharing photos on Facebook of designer beers he'd bought including how much he'd paid for them. He stayed in my property after the court ordered him to leave and finally went the night before I arrived with the bailiffs. The whole process took 5 months. He moved in with his sister - something he could have done at the outset - and my chances of recovering the £3.5K he owes me are very low.
Compare that to other businesses who, as you say factor in for bad debts (something I do too). A phone company doesn't let you carry on making calls, they terminate your line. If you leave a restaurant without paying for what you've eaten, it's a crime and the police can get involved. If you hire a car and don't take it back, it's theft and the police get involved. Living in a house with no intention of paying for it should be as much of a crime because you are stealing something.
I have rented out a property at low rent for 10 years. Good tenants and I was a good landlord. I charged rent that just covered my costs and could keep the rent low because all of my tenants kept the house like a show house and I had no expenses to repair anything when they left because it was always immaculate. When the last tenant left though, I decided NO more and am moving back in. I’d been looking after a relative for all that time. There’s no way I will rent out again now. For a start, I don’t want dogs in my house under any circumstances. Can’t stand the noise and I hate the the dirt they bring in on paws after being outside and the thought of their bottoms on my carpets and furniture - ugh, yuk, no way! Luckily, it’s in a very quiet road, full of older folk who have no dogs. Fantastic. No yap, yap, yap. No dog muck on pavements or in shiny bags hanging on trees! My Nan had a tenant who had a dog - it ate through carpets and a plasterboard dividing wall, amongst other things! Also, I have asthma and would have to pay for a really good deep clean before moving back in myself. I know I have been lucky with my tenants, very lucky but I’m not going to carry on being a landlord and continue to push my luck with all these rule changes.
@JLH-dg6ig what about the noise they make? little dogs can just be as annoying as big dogs I can't stand dog owners that have no consideration for others when their dogs start barking.
I take you like peace & quiet Wendy? me too, I don't mind building work because you can't build & be quiet, but barking dogs drive me mad, but it's the selfish inconsiderate owner I hate more, I've always said a dog is a reflection of its owner, just because they have a right to own dog doesn't mean they should, looking at most of them they don't make the time to look after themselves never mind a dog. I just wished those who have dogs & allow them to bark with no intervention need to realise that bricks windows & doors don't keep the barks out & your neighbours shouldn't have to put up with the noise of your dog it's called respect & consideration. I also can't stand hair's saliva eye gunk & the stuff that comes out the bits, disgusting.
Do not forget the fleas.
@@clintharper5509 I agree - it’s all quite gross BUT I am chuckling at how you describe it😂
My dog doesn’t eat anything except her dinner and she is beautifully clean.
If you are stupid enough to put down white or cream carpet as a landlord then you clearly have little life experience!
Get real
Most pet owners are responsible and fantastic tenants
I’ve rented from private landlords and they have been sad when I give notice to them because I respect the home and keep it clean!
As a landlord you don’t have to provide furniture
But if you do then put secondhand stuff in there
When tenants leave if they stayed for 5 years you should expect to have to re decorate that is called maintaining the property!
Wendy jones
The dog hating woman 😂
Unless the landlord lives in the property and tenant is an excluded licencee, or if they are living somewhere like a hostel again licencee ALL tenancies needed a s. 21 being served. There was no quick back door to evict tenants. As a landlord you should have known this.
This is good news I have a horrible landlord with really bad problems and numerous properties but doesn’t care, if you complain your out. I even moved in with no smoke working smoke alarms yet it was signed of as working. Its bad for landlords yes but as tenants (good tenants) who want to live and love the property it’s hard to get settled. I also agree that yes a bad tennants register should exist but you should be able to challenge them both sides so that it’s not revenge listing.
All this has been in place in Scotland for a number of years now and has greatly reduced the number of rental properties available as Landlords sell up which has driven rents up and made it harder for tenants to find somewhere!
Well i can tell you the effect it's having. People only want to rent to young people who aren't likely to hang around. Nobody wants an old single person who will stay for 10 years of they can't raise the rent.
At least in Edinburgh AirB&B reduced the number of renatl available pushing the rent up
Scotland is fine and there are enough rentals
@@MouldyCheesePie apart from the fact the housing Secretary has an idological agenda to destroy the PRS. Pat Harvey is utterly single minded with no room for nuance and has no consideration for landlords whatsoever. That is what makes him so dangerous.
@@MouldyCheesePie I advertised a one bed room flat in Partick in Glasgow last month and I got 220 enquiries within 1 week..several people actually begged me to rent the flat to them and even offered 30% over my asking rent which was £600 per month and which rent I asked for only just about covers my interest only monthly mortgage payments..Scots politicians have ruined the Scottish rental market with tons of crazy new rules and regulations over the past five years or so which not even most tenants want !!!!.. crazy Scots Gov rules placed on private home owners who wish to rent out their own property over the past five years or so which not even most tenants want !!!!most decent tenants cannot find a home to rent in the private rental sector in Scotland now without having to pay very high rents which as I say has been caused by idiotic politicians who know nothing about the private housing rental market and who only care about easy votes
As a tenant who has just waited 6 months for an unsecured, unlockable window that doesn't shut properly to be fixed, this is great news. The landlord's last business sold for £30m and the fix provided? Couple of window locks attached. I'm 25 years in rented accommodation and could give precisely zero fcks about the plight of landlords. They deserve nothing but contempt in my experience. What I am peaved about is having to give 2 months' notice though all that means is playing the lost deposit game and leaving on even worse terms.
Why did you pay the rent then? If they're not holding up their end why are you paying?
You're clearly just the sort of tenant that decent landlords don't want because a decent landlord wouldn't have left you in that position but your attitude and behaviour is unlikely to change regardless of how good your landlord is to you!
Also, if there are no landlords, you won't have anywhere to live......short-sighted anyone?
@dmc5001 🤣🤣🤣I'm the sort of tenant that offers to professionally decorate for free while I'm living somewhere. The sort that will change light switches to save calling a sparky out. Same re lock barrels, leaks and pretty much anything else to help a landlord out. I'm clean and polite. Unlike you're judgmental, uninformed ass. See, there are landlords and there are investor landlords. Pretty clear which one you are. Seems appropriate to also mention here that i am only ever instructed by investor landlords to tosh out end of tenancy redecs. But keep on feeding yourself the brokie, bad attitude andrew tate line. Im just working class, pal. 🤣🤣🤣 edit: the exception, of course, being properties targeted at higher incomes on the initial decoration. Even then, it's johnstons for them, farrow n ball for me lol
@111 111 other tenants aren't comfortable doing that, generally, for fear of being evicted. Frustrating but not fair to put that stress on them.
@@bluj78 Oh no I'm being evicted from a house I don't like with a landlord I don't like and I've cost the landlord I hate thousands. Nope really not seeing it.
Landlords of leased properties eg retirement flats need to be made more responsible for faults in their properties .
Landlords need to price in the future cost of rent into the monthly rent by increasing to a point where you can build up a pot to cover, including the cost of administration and the cost of renters reform. If tenants do not want to pay, they are free to go buy their own property and live there.
Landlords are also advised to take up thorough legal cover, and ensure they take every tenant to court which will stop them ever getting a loan, mortgage and in all cases even a mobile phone contract. This will ensure we get rid of bad tenants and make it a council's problem which will be paid for through council tax so it will be tax payers problem
Homes should not be a business. Family's are falling apart kids don't have their own bedrooms and grow up adults are renting rooms it's crazy. Nobody should be making money from homes.
💯Agree. Government has failed the people. System needs a complete overhaul so we all have security
the bottom line is that the more rules and regulations landlords have to follow, the less rented property will be available on the market, the worse the housing problem will become. from what you said here, no way would i be tempted to become a landlord in the UK. happy to invest elsewhere. this legislation will make things worse for those renting. prices will go up.
Well, I am another Duncan Smith who rents out a UK home while living and renting abroad. I will have to consider moving back home as I cannot afford the time and cost of legal cases. Bad for tenants and the market overall
@@duncansmith441 totally agree, Duncan. I can only see the current proposals being a major headache and money loser for landlords. My wife is Bahamian and I asked her to renovate the property she has there to rent it out and we will ditch any idea of renting out a UK property. UK has become a trap for landlords.
Thanks for the summary! I’ve been reading bits and pieces but good to see an overview.
Is there anywhere you can find info on market rents? There seems to be lots of guides from various sources but I can’t find anything concrete. My letting agents just talk about rental increases in % based on inflation. Though there’s going to be a big jump next year apparently.
In terms of pets, I’ve had to pay additional every month in addition the standard deposit.
Really informative, thanks 🙏
That's fantastic news! Especially for having pets. I'll definitely now be adopting that lovely orphaned baby elephant I bonded with in Thailand. I know she won't fit in our lift. However, we can always use the stairs to reach our third floor flat.
Brilliant 😂
Ok, as long as she is only for ornamental purposes.
My landlord gave me a section 21 and all his reasons are super stupid considering my health issues.
I have been trying to fight it but it's not going well.
Hopefully this will help people in the future
(I have fibromyalgia and am housebound and have been for 10 years , I've lived here for 3+ years and have always paid my rent early, his reasons to kick me out are that I haven't decobwebed my ceiling and that I own to many dvds books clothes and video games and they are considered clutter in his eyes.)
thank you so much for this, all great info as a landlord there is nothing wrong with giving more notice, but what if they then do not get out and time to be added on to that for the court process
Interesting video! Thanks for sharing.
Now tenants are informed by councils, Shelter etc. that they don’t have to move out until the court awards repossession they will sit tight . And the courts will be even busier .
Government are content with overspending money they don't have via the less visible tax of inflation via money printing (then spending it), and wants private individuals like landlords to pick up the tab on housing welfare.
The pets clause is a sticky wicket for a lot of people. Not only when you rent, but also when you buy in a leasehold arrangement. I guess this situation will also be applicable for that situation, since the law is stating the "landlord cannot unreasonably refuse". And in a leasehold situation your management Co and the freeholder are the landlords. Good news for people that want to have a pet, or already have one, and need this situation rectified.
I rent out a flat in a block of properties. Pets are not allowed, not just because I as the landlord don't want dogs and cats peeing on my carpets, but because it is a condition of the lease, no pets allowed in the block. Are the government going to force freeholders to rewrite the leases?
@r1273m Sounds like it since they are landlords. And it's not a bad idea in principal. As long as you have responsible pet owners it's not a problem. That's why you have conduct requirements in the tenancy and leasehold agreement 👍 banning everyone from this is reducing quality of life for many folks.
@@peterdavid1156 Dog owner that looks after them doesn't leave them for massive periods of time unattended doesn't let them foul everywhere around the property and does their best to keep them from causing any nuisance to the other residents. I would say....
@peterdavid1156 Not really if the house is cleaned properly. And not really if they don't have the animal use the garden. But to be fair it doesn't really matter what you do in that respect as the animals in the local area will all be doing so. So local cats don't shit in their own gardens for example, foxes, birds, rats.... etc etc. You're enjoying an idea of the outside world that doesn't exist if you think it is so clean you could eat your dinner off it...
No capping on the extortionate rents, only increases. Sound about right.
When you're hours in work are so bad you can't afford to pay your rent this has happened to me in the past I now have a decent job and can afford my rent but I've suffered in the past landlords don't seem to give a shit when you're suffering
More Govt intervention into a market. We all know what that means. Like here in Australia Govts are changing tenancy laws to favour tenants too much. Who bears the Risk. This is why I sold my investment last yr.
finally a landlord record database. I've thought this for years. New tenants have the right to know the previous renters landlord feedback
fair enough but there should be a db for tenants for exactly the same reasons
@nelsonmaodeferro5984 and what about a tenant data base too? Not all landlords are good and equally not all tenants are good too.
Very very helpful. Thank you!
Thanks for this
I wonder how lenders view the change and whether it will result in lower loan to value basis of lending when rents can cease on giving 2 months notice.
Trip Advisor/Ebay style reviews and recommendations on BOTH sides would work wonders without the need for all this legislation just to make decency into law.
Tenants already have to provide references and credit checks. That's enough.
I gave up and sold my houses a few years ago after being let down by tennants, Bury council (manchester) and the police
Great news for landlords. Even less properties available and rents will rise even more. 3 month rule makes evictions easy. So good job Gove.
I wonder how this will effect people on housing benefits and universal credit as these payments are consistently paid in arrears and would technically fall into that always paying late
This will be irrelevant once the new insulation laws come into effect. The capital cost will be too much for many smaller landlords and they are likely to sell their properties. Once sold, they may not be re-rented but used as a main domicile, so less property available to rent anyway. The landlords that do make the additions to insulation will need to pass that cost on to tenants, so rent will increase. This will mean some tenants can no longer afford private rent. In short, this is a shit show and is being orchestrated by our own government all in the name of carbon reduction. This is all based on a lie as there is no proof that man's activities are affecting climate change.
Thank you, WEF
Anyone who says there's no proof of humans causing global warming should not expect anything they say to be taken seriously....
@@pjay3028 And that someone thinks that short term renters should pay for the long term investment in their landlord's monopolised finite resource "nest egg".
The landlord signed the deeds and paid some fees. That's as much effort and cash as they want to put in.
Everything else is to be picked up by someone else until it's time to cash it all in.
Nice eh?
Not.
@p jay Prove your propaganda please.
@@psy-op ruclips.net/user/shortsdOI6Ivr0xjg?feature=share
You also have to take into consideration additional costs: referencing, deposit certificate, cleaning, damage, marketing - if there is a higher turnover then these costs will have to be taken into consideration
Very helpful, thank you.
A very good vlog - thanks.
A landlord database adjoined to the landlord licensing would make sense with the option to ban landlords for being unsuitable, or unfit would be superb. So too would a rents officer for the setting of fair rents if there is disagreement. We used to have those back in the 70's.
I speak as a landlord, but also as someone whose job entailed visit's to vulnerable people at home and too often find that their rented property was unfit for habitation.
Pets are a difficult one... three large noisy dogs in a small flat?
Everyone deserves a home irrespective of what pets they have, my biggest issue I have with landlords is their anti pet stance...yet you could have a single guy who works night shifts and have the small minded neighbours complain as hes coming home late and watching tv in the middle of the night or using his washing machine or inviting a friend over late at night....ultimately neighbours need to be more accepting of their neighbours and landlords not so discriminative about pets...some of the best tenants can be pet owners and this whole judging those with pets nonsense is just a joke
I own a nice 3 bed house in a upmarket area, but when ive thought about moving to London the amount of discrimination i get just because i have 2 cats is crazy...yet my house isd cleaner than most non pet owners, i have a top of the range dyson, vax smartplus carpet cleaner and clean daily...not because of pets, but i always cleaned daily, i like a clean house...whereas i know several friends without pets whos houses arent even anywhere near as clean as mine....so personally landlords i find need to wake up and get in the real world and stop discriminating against people with pets...as most home owners have pets so why cant they rent
@@emmajones1183 You make good points. Perhaps we need to rely on clauses in the tenancy agreements of not being a nuisance to neighbours, or anti social behaviour. Again, I am thinking more about flats.
Though my main concerns are with the dreadful state of some properties rented out by rogue landlords and gross overcrowding. Landlords need policing and rents must be controlled.
@@emmajones1183 I have personally seen a rental house destroyed by dogs which were left alone all day and they basically ripped the soft furnishings apart and caused a lot of noise.God knows what the landlord did to rectify the situation. On an anuual basis all the beds, matresses and soft furinishings had to be carted outside for removal to a dump and they were unfit for use after only one year due to careless pet owners. In the past year landlords have started charging extra for pets and insisting on larger deposits and more frequent inspections of rentals to detect pets not disclosed by the tenants..
@@peterdavid1156 That's an interesting idea.
Though who will place the tenants names on the list?
We cannot effectively condemn people on the evidence of a potentially rogue landlord.
The landlord lists are administered by the local council and there evidenced reports and at times criminal actions.
I would disagree about the more importantly part of your post.
As someone who's employment involved going to peoples homes over many years I have been shocked at the conditions some folk were living in. Some places were so foul I had to fight down wanting to vomit.
I speak as a landlord too by the way.
@@peterdavid1156 I don't want to go into fine detail on this.
Such legislation needs a depth of consideration I am unable to make.
Non payment of rent?
Some considerations.
Why were the tenants not paying? Is the first question.
And, were they paying in cash without receipts and the landlord stated non payment as a means for eviction?
Establishing these sorts of lists takes a great deal of thought and there must be safeguards and appeal processes.
I am not against the idea, especially when it comes to cases like some of the ones I have delt with as a manager of a small housing co-op. The tenant who was organising burglary of the other flats? The tenant who made the other tenants lives hell with loud all night parties and then threatened the other tenants at knife point for complaining. These things can be difficult to prove sometimes.
Be well.
My landlord is selling my flat because she wants to retire early and it looks like in about 6 weeks time I will be homeless, no help from the government or local council and I can't afford the high rents.
How much notice did she give you?
"My flat?"
@@user-pf5xq3lq8i the usual 2 months notice.
Whilst there needs to be rights for genuine renters renting from irresponsible landlords, there needs to be rights for responsible landlords and neighbours living next door to renters who act antisocial and are a nightmare to live next door to. Those kind of renters/tenants should be warned about their antisocial behaviour, and if they do not change their antisocial behaviour they should be evicted. Also, tenants should not be allowed to sublet because that can affect neighbours living next door who have to put up with the potential of antisocial tenants moving in.
So my rent as a landlord goes up by £200 per month, but i can't pass it on to the tennant. They can take it to a tribunal which will take months after which point they'll probably bugger off and I'm left with debt to the mortgage provider to pay.
Government are content with overspending money they don't have via the less visible tax of inflation via money printing (then spending it), and wants private individuals like landlords to pick up the tab on housing welfare (i.e. inflation at 10+% but rent increase cap at 1-3%). For good measure, got to add some extra rules to punish the private landlord for not acting as a social welfare program and accepting non-paying tenants who smokes or have destructive pets inside your property.