Richlist

Back in 1988 I sold my house, bought a plot of land with outline planning permission and looked around for alternative accommodation whilst I built a house. At that time, in my area there were only 3 private rental properties available. As we were a couple with 3 kids then the two flats weren't suitable. So, we had the fabulous choice of one 3 bed semi available to rent.....we took it.

The Tory Government had spent the early 1980's selling off council housing to their tenants at discount prices. The private rental sector has expanded over the past 3+ decades to fill the gap they created. Now they are trying to make life so, so difficult for landlords.

Despite the increasing difficulties, many landlords, myself included, considered it was still the right business to be in financially.

However, things are changing fast. A while back a 5% or 6% yield looked great when bank base rates were 1% or less. But now we can all get 6%-8% on deposit with no risk, no hassle and no problems then, rental income starts to look like hard work......more so if property prices stall or fall slightly.

Perhaps it's time to think about that cold drink on a hot beach, somewhere sunny !

I've never heard of that type of cover.

Wouldn't you be best to use a company such as Landlord Action ?.....search the name, they have a website, with fixed fees that cover most situations.

I don't agree. Labour do have their supporters but there are many others opposed to a Labour win.

I'm not so sure that Labour have the ability to win a majority......especially with Starmer and his lack lustre shadow cabinet.

It may be a close run result with no clear winner and then it'll get interesting as the smaller parties will come into play.

I'm old enough to remember when there were Labour Gov's that we could look up to and respect, the current Labour lot fall far short of expectations.

Still it's not all bad news......looks like there may be a new business opportunity for me soon. The Gov have apparently got thousands of good second hand inflatables and outboard motors stockpiled on the South coast and looking for a buyer.😉😉

Lisa Nandy is another in a long list of those in the Labour shadow cabinet who just do not impress me.

Starmer, Nandy, Thornberry, Milliband, Ashworth, Cooper, Rayner, Reeves & especially Dodds.......the rest I've never seen or heard of and hope I never do.

I can't think of a single policy, idea or suggestion that any of them have tabled that I've thought was good.

God help us if this lot are running the country in a couple of years time !

I have to agree, it's looking very bad for BTL landlords. But you know, we don't just discuss private BTL's on this forum, occasionally we cover other areas of property letting. 

I think the smart money at the moment is in holiday lettings......provided you steer well clear of Wales.

I'm puzzled by the term 'installation'. Whilst I'm aware there is a requirement to have a CO alarm(s) in a property, I'm not aware of any requirement to have a co alarm 'installed'. Many of the alarms just require a single nail or screw in the wall and the alarm hung on the nail. I know people who don't even do that, they just stand the alarm on a shelf or other suitable horizontal surface. Poor show on their part......complete overkill.

However, had you signed a contract or agreement saying you would comply with all legal requirements and then failed to comply, I suspect they could justify taking the action they did.

Hopefully there aren't any other legal requirements (of which there are many) that you have failed to meet ?

I don't understand the benefits this would provide. We use lettings agents, they deal with hundred of properties. They just print off a new blank tenancy agreement and using a pen fill in the details......just takes a few minutes. It's checked, double checked, signed and issued, job done. I guess if there were readily available software at the right price and it provided benefits or improved the process, they'd be using it. But they dont.

Let's put things in perspective.

I had a mortgage on my own home between 1973 - 2016.......43 years. During some of that time mortgage rates were 8%-11%. I had a wife & 3 children and one income. For a large part of that period we had no spare money for holidys or any luxuries. Apart from child benefit we had no Government help. So I kind of feel that I've done my bit, I've gone without, I've worked hard & come out the other side in a very comfortable position.

Often what I see now are people who don't want to put themselves out. Id like to know of those people pleading poverty just what their lifestyle consists of. Foreign holidays, smart phones, subscription TV service, couple of dogs, regular hairdresser & nail bar vists, latest fashions etc etc ?

There are going to be genuine hardship cases but I don't think the charities (of which my wife works for one) do enough checks before providing assistance. 

Buying a house has always been difficult.....it was back in 1973. But all my kids have managed it, all my cousins, neices, aunts uncles & friends. One or two of them have rented or moved in with family in order to save a deposit but they have all managed to buy. In fact I can't think of a single family member or friend who is currently renting. 

Renting is a lifestyle choice. The Tories sold off the Council housing stock so I guess they are to blame for the shortage. It ain't my problem.

If mortgage rates to up we pay more. So, why shouldn't tenant pay more ? What makes them feel they are immune to cost of living increases ? It's difficult to have sympathy. On the radio this week was a woman with 4 rental properties. Her mortgage rates have increased and she said she now has to do 3 jobs to bring in enough money to pay the loans because she doesn't want to increase her rents.  Good luck with that......why can't the tenants take on 3 jobs ?

Lots of landlords are selling up & leaving the rentals market because they have had enough. Can t blame them really.

.......and don't forget, any Government can introduce legislation at the drop of a hat. It can have immediate effect and/or be retrospective, especially if it panders to public opinion &/or gains them votes. It can destroy any plans, business model, platform, service or marketplace you have developed. That's why landlords are leaving the PRS in their thousands.  ALWAYS have a plan B and an escape route......you may need it.

There are, in my opinion, significant differences with scooter batteries vs other 'household' lithium batteries :

* they are much larger.

* they will operate at higher temperatures.

* their usage profile means they are subjected to much rougher use.

* they can be exposed to temperature extremes and water.

* overseas equipment may not conform to UK standards.

This is a UK web site. There is unlikely to be anyone knowlegable or experienced with letting property in the USA.

How do the tenants currently pay council tax, energy costs, telephone, broadband, TV licences etc etc ?

Given the number of electric scooters and the odd electric bike fitted with lithium batteries that have caught fire.......has anyone yet decided to make it clear that they are not to be stored or even parked inside their property ? I can imagine in some inner city dwellings that parking these in the hallway would be considered the norm.

Lithium battery fires are not easy to extinguish. They make their own oxygen so normal extinguishers are unlikely to work and the fire service often let them burn out first.

That's why you need RGI or a home owning guarantor.

You see......opportunities are everywhere if you apply yourself. Messiah cards for non Christians......this time next year you could join my millionaires club. Good luck.

Lawnmowers are so last year......you have to move with the times now. Energy crisis = opportunity. All you have to do is identify it & fill your boots.

Stamps ?........Well either there is gonna be a serious reduction in people sending Christmas cards later this year OR they are going to snap up stamps off of me at a discount. It's a simple choice discount vs full price. What would we do without Christmas ?

Stamp price increase on April 3rd.

1st class up 15% to £1.10,  2nd class up 10%.

So, buy 100,000 stamps now, then sell on EBay at £1.05 = £10,000 profit.

Simples.

I think in your shoes I'd employ the services of a professional. Presumably a lot of corners have been cut, documents dispensed with and legal requirements ignored as it's a family member. A professional will have the knowledge & experience to deal with this and may well have handled similar situations before. I usually point people towards a company called 'Landlord Action'. They are easy to find online with their prices. Good luck.

I'm of the opinion that there is never a 'should' where insurance is concerned......it's entirely optional unless specifically required by a lender or other official body.

* Leasehold property usually includes building insurance, so there is no need to buy it if covered by your service charges.

* Contents insurance is really up to the landlord.......it's a choice.

* Rent Guarantee insurance ........is only needed if you don't have a guarantor.

I've always viewed anything else as a total waste of money.

Someone will be along shortly with a totally different view.

We are all subjected to these questions which seem to be quite standard. So, I usually provide an equally standard reply to them if I don't have a definitive answer for e.g. 

* Not to the best of my knowledge.

* Not known, your clients survey may provide answers.

* This question is to vague to provide a detailed response.  Etc.

and if the buyers solicitor doesn't like the answers just tell him they have been answered to the best of your abilities and they are the best he is going to get from the vendor.

I did something similar many years ago.

I was buying a flat, the sellers were moving to a house that needed a lot of renovation work and they had young children who might be affected by the dust from building/plastering etc. I agreed to let them stay in the flat after the legal completion of my purchase, rent free, for as long as they needed to complete their renovation. I new they wanted to move to their new house as soon as possible and estimated at worst it would be 2 months.

Of course, all this came at a cost to them. I bought their flat for a few thousand less than they were asking in exchange for our 'arrangement'. In the end they moved out into their new purchase after 6 weeks, everyone was happy and I'd saved a few thousand pounds on my purchase. 

If you are doing something out of the ordinary, like this, you should be able to negotiate a financial incentive to make it worthwhile for both parties. They should not expect something for nothing.

Many thanks.....I didnt know that.

Would it be acceptable to frame the document that provides all the details and hang it on the inside of the entrance/ exit door ?

1 hour ago, AlecF said:

 

It's on the government's website, ons.gov.uk, the Office of National Statistics. Ignore the usual cost of living figures, which tend to be higher, but take a look at the chart of annual figures called the CPIH. The "H" refers to housing, based on rental costs. As I said, it's an average, but may be useful to others as a general guideline.

It's as useful as a chocolate teapot. Only people who 'think' these statistics are useful will take any notice. I'm my opinion much of the information produced by the ONS usually turns out to be wrong but the Gov (& others) support the organisation. If they closed down tomorrow I doubt they would be missed. Why you think this information is useful to you when a trip to any local lettings agents will provide far more local, focused, accurate data is beyond me. But I wish you luck.

Surely you would have obtained more than 1 quote for the repairs ? There are no limits to how many quotes you can get. If a contractor provides a ridiculously high quote it sometimes indicates that they don't really want the job !  Just get others to quote for the repairs, nobody suggested it was easy.

I'm sure there are a number of options.......here is one:

* Pay the Agents £600 exit fee. Get the new tenancy set up with new Agents and new docs etc......this may take a couple of weeks before everything is sorted. Then when everything is running along nicely and you are 100% sure you have a valid claim against the Agent, make a claim in the small claim court for reimbursement of your £600 due to their breach of contract.

Good luck.