Melboy

100% agree with RL. Property prices are only going to go one way over the next 5 to 10 years and that is upwards. Ignore the "Doomsters" the present slow down blip in prices is but temporary. All the "Doomsters" have been wrong on their predictions for the last 50 years. Even though I have tried to "retire" I can't. Like RL says 1.5% in your bank /building society account is laughable. I went out and bought another property this time last year and renovated it to a good standard for renting out because of the low IR I was receiving. No capital rise in value as yet but the 1st year rental income exceeds the bank rate income by a huge amount even after taxable income. It's true follow good advice from where ever you can get it and treat the whole thing as a business. Youtube have some good videos on landlording for the 1st timers.

I guess you are not alone with your thoughts Acura. There are mixed messages on the reasons why landlords are quitting. I have been landlording since 1990 plus property developing as I go along. I have actually bought 2 rental properties in the past year. Was this a wise thing to do? Who knows. I have very good tenants in place and I am happy with everything right now. I will always stick by my theory that investing in property long term will be a good decision in the long term. I was told once way back in 1970 that "the value of property doubles every 10 years and the value of money halves". Probably not too far from the truth imo. Perhaps the "shake out" of landlords right now are some who entered the market to make quick money? I call them the "Dinner Party Landlord's".

Kanrent..........Yes, Positive. It is on the HMRC / Government Website Guide to what you can claim for with Capital Gains returns on resale.

I will as Grandpa has laid down a definitive quote on CT exemptions. I have been through this before with SBC but they have always told me that as from April 2017 no exemptions on CT are allowable. I would love to prove them wrong.

Funny how Swindon Borough Council don't accept the The Council Tax (Exempt Dwellings) Order 1992 Grampa. The nearest I got to any answer was that if a property requires a complete rewire then CT may be exempt. I have no doubt that SBC will have a smart answer to any CT challenge I put forward.

No council tax exemptions allowed from my local council. The semi derelict flat that I renovated and finished last March commanded CT from day 1 and I am still paying the monthly charge and have done so for the past 6 months. Hopefully the sale completes this month but I do know that the CT charge is allowed against capital gains made when reporting to HMRC on resale.

Well, perhaps I am upbeat more than most but it goes point to one fact that we have all been saying for years on this forum and that is to ensure that your prospective tenant who is going to occupy your rental property passes all the positive vetting that you can possibly have in place before you hand over the keys. I do accept that even then you can have tenant woes but the key is to minimise that risk right from the start and even I follow Richlists comprehensive list of "must do's and must have's" before accepting any tenant which is an extremely useful tool.

Couldn't agree more with the latest 2 comments on the subject but to quote...............Carry On Regardless.

Let's not get carried away. The new legislation proposed in only in the consultation stages so far. It's a long way off from being passed into law. The BBC, as usual, have only given out half a story and if anyone had listened to Mr Brokenshire, the government housing minister yesterday, it is not quite so bad as it is made out by the BBC report. Personally I have no intention of selling up, in fact, I am about to expand my rental properties by one more.

What it will actually means is that you will not be able to verbally state on any advertising that "DSS Not accepted". Fine, there are many checks to be carried out before you accept a HB applicant and most of which many HB will not qualify. Just another meddling interference from a Government Minister who has absolutely no idea how the rental business works.

Yes, what Grampa has written. Pass that court judgement info onto your freeholder. Of course making good by interior replastering is part of the fabric of the building and the responsibility of the freeholder.

You could do that but it would mean you would not have an HMO mortgage. You will have to go back on your plan and take out a BTL mortgage. If you do not declare an HMO and your mortgage provider discovers you have not disclosed this then they will shut you down and the financial consequences to you will be severe. When it comes to the rental business and indeed any business honestly is the best policy in everything.

Talk to your mortgage provider. I am sure they will arrange suitable mortgage finance to replace your existing mortgage. It is unlikely you will lose your property especially if it can be shown you are paying and keeping up with your existing monthly mortgage payments.

The purpose of any inventory is to record exactly what is in the property at the time of occupation. There can be no arguments when the tenant leaves over what was actually there. It has been known for unscrupulous tenant's to sell washing machines, fridges etc. If you have no signed inventory by the tenant then forget about making a claim against the tenant. I carry out my own inventory checks as this is something I prefer to do. It works for me. Download the necessary forms from this website.

Agree with above comments. It would take me less than 3 minutes to change a UPVc door lock at a cost of around £15 for a top quality Yale non-drillable-out stainless steel lock. I know, everyone has to make a living .

It should do. The only water that is not permitted to be treated is drinking tap water. I think in this situation with a top-end rental and the fact of non disclosure of an additional cost of water softner salt etc. you may have to accept that next time additional water softener costs should be mentioned. As Richlist has said you have to learn from this episode and move on.

A new one on me. I guess the answer to your questions is. How much are salt blocks and is it worth losing a tenant over it if this tenant is the one you want? OR It's in the TA and it's my requirement that you do this so you either comply with it or find somewhere else. I think the tenant has all the potential of being tiresome in the future but if they are paying a top-end rent for a top-end property perhaps they feel this way over the matter. You don;t mention this at all.

The electric meter man last year failed to secure my meter box lid correctly after reading the meter and that too lost it's lid to a broken hinge in strong winds. I didn't get any satisfaction either on getting it replaced by Scottish and Southern. Your "Plumber" has reported it to you as a matter of course. If my Son ( gas heating engineer) had to pay for every meter box lid that he has seen broken off whilst attending gas problems and gas system shut downs his company would be bankrupt in a week. Can you look to your tenants paying for a repair that they perhaps have no knowledge of? I doubt it. Good luck!

I would have thought that the full years fee that I have already payed covers both a finders fee and management throughout the year - as a result, if they have been disinstructed one month into the year, I should be able to claim back 11/12th of the management fee proportion? This is where I think you might have a problem in claiming back quite so much of the money. There will be deductions for tenant finding if you do cancel the 1 year management fee which you have paid up front ? Just a sideline on this topic I have just paid today £456 inc VAT for a tenant finding only fee from my LA...... 80% of the first months rent plus the dreaded 20% VAT. First time I have used an LA in 8 years but I am very happy with the service I received and the tenant they found for me but I did of course cross all the tee's and dot all the i 's for them.

So Grampa if a landlord decided to quit the LA for whatever that reason might be and it is usually from the reports you read on this forum because the management charges the landlord is paying doesn't meet the quality of service expectations, then the landlord can just say sorry LA I don't want your services anymore and quit after say a few weeks and take rent direct from the tenant? "I also want to be reimbursed for part of the management fees, on the basis that they have breached the agreement" Nerms 19 has paid management charges and is asking for some of that money back for poor service. What do you think his chances are? If the LA belongs to a professional organisation like the ARLA there is a slim chance of success or if a non member I would say virtually zilcho chance of any success.

You can almost guarantee that within their contract with you the tenant is theirs by virtue of the fact they have provided the tenant. If they have not clarified this then your right they are a slap-dash letting agent. You have the ball rolling so it's wait and see time isn't it.

First of all before you do anything you must inform them in writing and list your complaints and issues you have with them and allow them 7 days to respond. Tell them in your recorded and signed for letter they MUST within the 7 days though respond back to you. Keep a copy of the letter......not an email though. From what you are saying you sound as if you have the perfect right to terminate your contract BUT be aware the tenant belongs to the LA and not you and they may counter claim if you take legal proceedings against them and once again it all depends what you have signed up for from day 1 with your LA in your contract. Name and shame?

This cannabis factory problem for landlords has been well documented for at least 4 years to my knowledge and the warnings to landlords and LA's have been issued in abundance to be aware of the problem. It is essential for ALL private landlords and LA's to keep a check on what is happening in their properties and that includes an inspection or at least a minor check-up on the property and the tenant within the first 2-3 weeks of occupation to make sure things are OK. READING THIS THREAD FOR THE FIRST TIME? WHAT'S YOUR TENANT UP TO? WHEN DID YOU OR YOUR LA LAST LOOK AT YOUR PROPERTY? Mel.

Your case is not unusual and of course I wish you the best of luck in your efforts. You will see from my entry above on the 25th March that I am aware of this cannabis factory problem and I have to say that from what I have been told from other landlords who have experienced what you have experienced and also from what I know when dealing with insurance companies your chances of a successful claim are finely balanced and more than likely will go against you. The last Landlord I spoke to had his entire property burnt down and he did not receive a penny from the insurance company and he was through a property Letting Agent as well ! Please keep us all informed of your progress and to all other other Landlords........... Do you know what your Tenants are up to? When did YOU last have a look at your property? Mel.