Melboy

20 hours ago, Gengar said:

HI,

Can anyone advise what the position is on the £1000 tax relief with a rented property that has 3 or more owners. Can they all claim the the £1000 tax relief?

Short answer is no. You can claim £1,000 on the single rented property against expenses incurred and not how many owners it has.

If you have multiple properties then it is just the one off tax allowance against a single property.

Full details can be seen on the HMRC rental property website, or please read my opening comment on this topic,

From what you are saying it does look like he is halfway through removing his furniture from the property. You cannot enter the property just yet. It's a waiting game for at least 7 to 14 days. You could ask the neighbour to call you if he returns perhaps.  The important point here is to get your property back with no hassle and no damage.

                        Your tenant has their reasons for leaving which for some reason not clear to you he doesn't want to communicate anymore with you.  When or if you see the bed and fridge freezer have gone (if they do go that is) send him a text saying that you assume he has gone and would he confirm this as a fact and if no reply within 48hrs. you can inform him that the property has now handed back to you as agreed.

In any event what you must not do is enter the property before all reasonable steps have been taken to ensure he has vacated.

There are many points in your original post where you have followed what many would say are not the correct procedures for taking a property back.......... but we can talk about that later.

All hatches battened down here. 😀  I have at least two rent reviews coming up in August and I am of a mind not to increase rents on my current tenants. I will set up a meeting though and talk it through with them. It's no good putting decent  honest hard working people under unnecessary financial strain.  😇    We will see how that pans out over the next few months.

It was the Mansion House dinner last night and Andrew Bailey Governor of the Bank of England made a very big hint that IR will raise by 0.5% on August 5th.  Inflation rates is out today 20/7 and it has to be over 10% doesn't it? and in reality a lot more I would say.

I'm a saver so any increases would be welcomed by me after 14 years of virtually no interest on my savings. Anyone who failed to lock in when they had the opportunity is going to pay a big penalty for not doing so.  My Daughter locked in about 3 years ago into a 10 year fixed rate at some very low rate so that makes her a winner.

Nothing we don't know about already really but an interesting article from the Daily Telegraph. Perhaps one day Government and in particular this current Conservative Government will realise the damage they are doing with their anti landlord agenda.

Personally I'm not selling anything and will continue to fumble on in my own way as always. 😄

War on landlords will cost Britain 50,000 rental homes this year (msn.com)

Well that didn't take too long for the dirty ticks brigade to take action against Penny Mordaunt. Lord Frost didn't hold back did he when he gave his quick nasty resume on on PM did he. 😀    The "Establishment" are out to remove any candidate they feel doesn't fit their future controlling agenda.   

    John Tugendhat MBE  has been asked to step aside today rather than proceed to to the TV debates as has Kemi Badenoch with a thinly disguised statement as having absolutely no chance of proceeding any further than they already have. Perhaps in these two cases they have a point but Liz Truss supporters have asked their backers to back Liz Truss, desperation or what is beginning to show.

Anyway in the final analysis the Sun will rise and the Sun will set whatever happens in the next few days and whatever the outcome the Government will continue to interfere with your lives instead of leaving you alone to get on and live your life.  Any remote Scottish islands coming up for sale?   😄

As it happens I know of Penny Mordaunt quite well as I have been following her career for some while. I can see you have looked at her Wiki profile to gain information.  She is a very popular MP for Portsmouth North which is my home city or was for the first 28 years of my life. She is a Commander in the RN reserve. Straight talking no nonsense person but with a good grounding and common sense.

She lived with her parents in Cowplain just outside of Portsmouth and attended a RC school which I know of very well in Waterlooville. My Wife is also a Cowplain Girl. 

I hope she gets to be PM but as we all know the dirty tricks brigade of Conservative MP's will be out in force to put what they consider to be their Man Sunak into power. God knows why but in the seedy world of Westminster politics who knows what deals and future job offers are being concocted behind the scenes eh!  If this does happen then the Conservatives will lose the next election as they will have lost the confidence of the UK conservative voter. Fortunately my local Tory MP of 30 years standing fully understands this situation.

I fail to understand how Slimy Sunak can be the poster boy of the Conservative Government MP's.  To me, this Man as Chancellor has been a total disaster as a Chancellor and should disappear into the back-benches and never be seen again. Conservative MP's have failed to capture the mood of the Country regarding how much Sunak is disliked both for what he has done to the economy and back stabbing Boris J. and are pressing ahead with his Coronation to be PM.  If he does become PM then the Conservatives will definitely lose the next general election.

...............and to keep it on topic for a Landlord's forum any changes to previous Government landlord tenant reforms will be put on hold at least for a few months and some policies will be kicked into the long grass due to their unpopularity.

The radiator thermostat is an easy fix and work for that to happen should be booked in.

The building works should have been informed to you prior to occupation if the work was imminent to take place which would have enabled you to make an informed decision on whether to accept the tenancy.

Your next step is to discuss your rent reduction with your landlord for the reasons you have stated. Depending on that outcome depends on where you want to be. If there is no satisfactory outcome for you, you may be able to be released from your tenancy contract and move on.

Going down the legal route is expensive and time consuming and your chances of winning are very slim.

4 hours ago, Rohitstad said:

Now the economic state is even worse than it was, and I am not sure I want to take a loan anymore. I will most probably have to rent until I’m forty or something.

If you are still renting at 40 then you will probably be renting for life.

It never was easy buying a house and like others on here I bought way back in 1971 and it was as financially difficult back then as it is probably now but you just went without things. Inflation will, over the years, win through.

Well above my pay grade to answer this question Grampa but I would expect HMRC will have this covered and to give you an example of this:

If you leave or sell your primary residence to a member of your family under the 7 year rule of passing property on to escape Inheritance Tax obligations and that selling family member then rents the property from the buying family member then the rent paid must be at market value and not a peppercorn rent AND you have to have financial records to show this.  HMRC normally have all situations covered and probably what you are asking as well.

You are not alone COR.  😀  This is an extract I found yesterday in a Rental Landlord Investment Article.

"Amy Jones*, 50, who manages a portfolio of five buy-to-lets in Wales, said scrapping “no-fault” evictions means that many tenancies will be too risky for landlords to consider. She said: “I for one am selling up, all of them. I will sell one this year and the rest next year. By next year, you’ll be left with no small landlords and tenants will be left with higher prices".

Oh! .........and whilst I am here what's with the waving hand on my Avatar ( and everyone else's? )   It states I am a Newbie (1/14?)  'Scuse me but I have been a member of this landlords forum since 2005.    😅

Sorry COR Wales is definitely off my list which is a shame really as I nearly bought a smart modern 2 bed semi in Newport Wales a few years back but that was long before the the present Welsh Labour party had a real anti landlord agenda which I think is going to back-fire on them big time when the social housing queues stretch back into England.

Mind you with the news released today by this anti landlord Conservative Government regarding rental property re-possession criteria and even more tenants rights will, in time, smack them in the face as even more private landlords sell up and take advantage of the rapidly rising UK interest rates for their cash which are probably going to rise again today.

Anyone thinking of buying into the BTL property market now really should look at a 10 year time span as a minimum investment term for their money. 

Picking up on what Richlist said in another topic about considering re-entering the BTL again as he had a "stash of cash" sitting in a  "practically zero return bank account".

I too was faced with this same question 4 years ago last month RL. Mind you interest rates were really appalling back then and looking at mine at the time I was getting a massive 0.45% on my hard earned (over many years) wedge.  Being an older BTL'er landlord for many years. OK very old..... I was quite happy with my easily managed property portfolio and looking for an easier retirement but not a Sunseeker yacht in the Caribbean.

              It was back then a very nice smart'ish modern 2 bed semi with a garage became available across the road from one of my rental properties and that was that really. The mist descended and I had to buy it even though it didn't really make sense to do so at the time except I knew I could do something with it because it's in the blood.

Mrs Melboy was not impressed I have to say but she was sure of three things. 1. It was a bit overpriced. 2. Thousands of pounds to pay in extra SDLT payable due to being a landlord investor. 3. Why can't you retire gracefully like other Men and take up golf! 

Anyway, I bought it. I spent a Grand doing it up a bit to presentation standards and found a pair of very nice tenants who are still with me.   So was it worth it?  No doubt about it at all in my view. Capital appreciation on this property if I was to sell today would be a minimum of £35,000 due to the insatiable rise in property values over the 4 years. That's always a bonus but of course it could have turned the other way, but it didn't. Rental income over the 4 years has obviously exceeded any bank account IR and it has been profitable but there has been capital expenditure like new gas boiler, fencing and many other items etc. etc.

So looking back......no regrets at all.   D'you know what if something decent came along I reckon I would go for it again. Just one person to convince though. 😀

This morning on R4 Today program there was a discussion with a Welsh MP about the up and coming changes to housing law and the prospect of double council taxation on second homes including rental properties whereby the landlord pay some council tax as well! The Welsh government seem to have a built in hatred of landlords and holiday property owners it would appear.

If I was you COR I would sell up and get out of town on the first bus and perhaps buy a rental property in England.

Cavity wall insulation should have a certificate of installation given to the property owner as indeed I have one.

For some unknown reason I have always had a fear of "Experts" 😅

A first read would suggest nothing much changes apart from 6 months notice to be given. I guess if a landlord has good grounds for eviction and has to go to court it will still be same old  Court obstruction of common sense and everything favouring the tenant rather than the landlord.

I agree with Fionaf.    You have far more control over a person living with you as a live in landlord. As always picking the right person to live with you under a shared roof is the key here for you.

"The government has been clear that if a business cannot go digital, it will not be required to do so".

I would like to see the criteria that permits me to do this.   😃

If you're in Wales, or own a property there, you're probably aware that the Welsh Senedd intends to alter the way tenancies are created in Wales.

There are two basic things you need to know:

1. The changes are coming in from 15 July (for new tenancies).

2. Existing tenancies will need to be converted into new Occupation Contracts, but landlords will have a further 6 months to do this.

I know nothing about being a landlord in Wales but if COR's experiences are anything to go by it does not look like a bright future for being a Welsh landlord if this Welsh Senedd are getting involved in new contracts which I feel sure will be heavily weighted in favour of the tenant rather than the landlord. We shall see what the new policies will be.

It would be interesting to know how many existing landlord's sell up and get out of the business in Wales.

Almost off topic.............

A neighbours' Daughter has just quit Uni after almost 2 years as she has stated that the Covid epidemic has absolutely destroyed the student graduate learning process. Cancelled lectures and Uni staff not turning up and having to rely on working for your degree from an online computer course just didn't cut it for her.

This is the second person I know who has quit Uni. and my Grandaughter is about to embark on a psychology  university degree course as well in September. Only seems like yesterday she was sitting on my knee and now I shall be sitting on hers.   😅

..........and to add my comment to this article.   Why are Ukrainian refugees coming to the UK to have residential accommodation available to them whereby the property owner offering room service to them can claim £350pcm. (tax free?) government help but this scheme was not available to Afghan, Iraq or Hong Kong refugee's or any other refugee entering the UK.

That tells a tale to me that there is no hotel or redundant buildings available now to house the Worlds refugee problem in the UK. Oh well.

7 hours ago, Carryon Regardless said:

I sympathise with the Ukrainian situation, although I think NATO is complicit.

Are the Gov't offering some sort of assistance to us to provide accommodation. Some of us rent unfurnished so w/o more than just a few bob our properties are unsuitable.

Then should this 'special operation' reach a conclusion I would expect and hope for refugees to return to their home. What are we to do with 'stuff' left behind. In Wales that has become commercial waste and must be disposed of by a registered contractor.

If the Gov't offer us some assistance I believe this would be for a short time, and then we would be on our own dealing with what ever has become the result.

How long would visas be valid for before we need to become customs officers making sure they have legal right to remain?

I feel this would be too complicated for many.

   COR said:

"I sympathise with the Ukrainian situation, although I think NATO is complicit".

NATO is a defensive organisation and not an offensive one. Russia is wholly to blame for what is happening in the current Ukraine crisis. NATO military equipment (in large quantities) did not enter the Eastern NATO Countries of Europe until Russia invaded the Crimea in 2014.

I don't see how private landlords can really help the government out as most private landlords will already have tenants in place wont they?  No hotels available either as 30,000 rubber boat persons have taken them over including my hotel room I had booked for May on the South Coast which has been cancelled 3 weeks ago.

I wonder if this will include landlords?  Probably not as it would mean a massive rent rise for any tenant. Thank goodness I never went ahead and bought a holiday home in Pembrokeshire a few years back.

https://www.dailymail.co.uk/news/article-10568241/Second-home-owners-Wales-face-300-council-tax-rise.html