Melboy

10 Years ago I seriously looked at buying property in Wales (Cardiff/Newport area) being just less than hour from my location down the mighty M4. I am so pleased I didn't go ahead with that idea. The Welsh government will pay a penalty by way of a housing crisis if landlords do a mass sell up and get out of rental property.

Nearly 4 years ago I got fed up with the low interest rates (which have got even lower! Nationwide BS 0.2%!! ) and I decided to buy for cash another modern 2 bed property with garage which I had been watching for a while. I really fancied it and I already owned a rental property in the same road so in my disturbed head it made sense to buy it. At the time it probably wasn't the brightest of ideas and I could tell that Wifey didn't think it was particularly one of my best ideas BUT in this period of time the property has had first rate tenants who are staying put for the foreseeable future and the value has risen to an easy sell on capital profit in excess of £20k in fact, I could have sold it 2 weeks after buying it to a landlord friend of mine who offered me a 5k profit on it........I declined the offer. Not without it's problems though. New boiler this year and all new fencing required plus electrical work etc. etc. BUT it's all up together now looking very smart and in a prime requested location and I am pleased (smug grin) I did what I did and even the Wife grudgingly agrees now. Who knew that IR would remain so low for so long. I won't be buying any more though as I am getting too old now and I do have a few rentals which I look after more as an interest than anything else but good luck to anyone else who takes the plunge into BTL.

Could be a very useful service. 👍 I just hope I never need to use it though. 😀

I am amazed, but not surprised, that a tenant can cancel the rent payment being paid directly to the landlord without the landlord having an input into that change of arrangements that was agreed and in place.

I would never rent to any local council. Bad experience 12 years ago put paid to that idea. Never again. I had a very bad tenant (2009) and I needed to talk to the council about getting him out for anti social behaviour and damage to the property. I contacted the council offices to speak to the housing officer to be told that he was on long term sick leave. There was nobody else available to speak to and that was the end of the conversation. Luckily for me this tenant left the property (in a mess) and moved away within the month on his own accord and I got the property back which I then had to redecorate throughout and repair damage and replace the wooden front door which had been forced open by him with a pry bar. Never again will I act as a branch of social services and back then the rental payments went directly to the landlord and not the tenant thank goodness.

UPDATE: 25/10/21 Now that Covid restrictions are being eased the Government have issued this new warning. No doubt the local authorities will take advantage of the opportunity for extra cash and quite rightly so imo for those landlords who fail to comply with safety legislation. I know of at least one landlord who has failed to comply and the fact is his company owns over 100 rental properties. "Local authorities may now impose fines of up to £30,000 on landlords who are in breach of their electrical safety duties, the Government has warned in newly updated Guide for landlords: electrical safety standards in the private rented sector. The Electrical Safety Standards in the Private Rented Sector (England) Regulations 2020 apply in all cases where a private tenant has a right to occupy a property as their only or main residence and pays rent. This includes assured shorthold tenancies and licences to occupy. The regulations require landlords to: Ensure national standards for electrical safety are met. These are set out in the 18th edition of the ‘Wiring Regulations’, which are published as British Standard 7671. Ensure the electrical installations in their rented properties are inspected and tested by a qualified and competent person at an interval of at least every 5 years. Obtain a report from the person conducting the inspection and test which gives the results and sets a date for the next inspection and test. Supply a copy of this report to the existing tenant within 28 days of the inspection and test. Supply a copy of this report to a new tenant before they occupy the premises. Supply a copy of this report to any prospective tenant within 28 days of receiving a request for the report. Supply the local authority with a copy of this report within 7 days of receiving a request for a copy. Retain a copy of the report to give to the inspector and tester who will undertake the next inspection and test. Where the report shows that remedial or further investigative work is necessary, complete this work within 28 days or any shorter period if specified as necessary in the report. Supply written confirmation of the completion of the remedial works from the electrician to the tenant and the local authority within 28 days of completion of the works".

I can understand now why the cigarette smugglers are earning big bucks. It was about 5 years ago not far from my location that the police discovered a large barn on a remote farm producing cigarettes of all brands and with an output more than a WD & HO Wills tobacco factory. At £13 for 20 it has to be a worthwhile smugglers choice.

Ahem! 😀 Smokers feel the pinch: Pack of cigarettes goes up by 88p to £13.60 TODAY after Chancellor hiked tobacco tax. As far back as I can remember (and that's a long time) the Chancellor would always announce beer and fags tax increases in the Commons on Budget day. Anyway I have never smoked since I was about 20 so I don't really care. £13.60 Wow!! The last time I bought cigarettes a packet of 20 Embassy was 3/6d ......about 18 pence.

I, like may landlords looking to perhaps sell their rental were watching for any changes to CGT. It does appear some common sense has been applied here and that faint glimmer of common sense has at last prevailed in this Government in the fact that private landlords are essential in providing homes for those who prefer to rent rather than buy their own property. About time too I say. https://www.thisismoney.co.uk/money/buytolet/article-10136793/Budget-2021-Landlords-extended-deadline-pay-CGT-bill.html

I watched the budget. ☝️ I must have missed something. 😅 ( Don't worry over the next 4 weeks items that are popular will slip out to the National Press about increases)

I wouldn't mind if everything was actually disclosed on Budget Day but more often than not some items are left out and revealed a week later and of course the precise details of the Chancellor's budgets are often left out. Anyway I would say we are all in for an increase in the many taxes that the Chancellor has the opportunity to increase. I still can't get around the fact that thousands and thousands of diesel engine cars are only paying £30 for their road fund licence and I am paying 6 times that figure for the use of the same roads.

It's the silly season again with the Green Party Conference this week. Their latest agenda is to give every UK household a £320 Winter fuel payment which will cost Billions of ££££'s but fear not the money would be recouped by a Windfall tax on private landlords they have stated. No mention of the repercussions though I notice from the Green Party like huge rent rises (perhaps) to cover this tax. You couldn't make it up could you but in this age of keyboard fairness(!) please discuss. 😀

I have an emergency key lock safe attached to a wall on one of my properties with a 4 digit code key thingy that gains you entrance to the spare key inside. As it happens it has proved it's worth on 2 occasions when it comes to this particular tenant being locked out. They have the code on their phone now! Would I fit a key safe to other properties? Not really as this particular tenant has been the only person to have a key problem over the years but it is an option for landlord's to consider. I also think my Direct Line insurance covers for locksmith call outs but it is expensive I would imagine and probably nothing less than £100 for a simple entry back into the property.

You could get your tenant to sign a document of risk and expense but also important is to know what colours they are proposing to use. Also ensure you carry out a post painting viewing of the flat.

All the usual suspects I would imagine. 😀 Leona Helmsley will always be remembered for one of the most arrogant statements ever uttered: "We don't pay taxes. Only the little people pay taxes." That's you and me!

This is how I would go about it, or rather how I did go about it when I sold my property to my tenant a few years back. You agree a selling price with your tenant. Raise a document to reflect this with the both buyer and seller solicitors added. Standard estate agent practice at the beginning of a sold property. You officially serve your tenant with 4 months notice with the correct procedures for doing this and not your tenant. Your tenant and yourself will then instruct solicitors. You will need an EPC certificate. Your tenant must show that they have a mortgage arranged and agreed in principle by the mortgage company. If for any reason your tenant defaults during the buying/selling process then you can fall back on the 4 months notice already served for him to vacate and you have not lost that time opportunity to find another buyer. You will know within 4 weeks whether you will get to sales completion with your tenant serious about buying your property.

After 4 years and no follow up replies I would think that the OP has solved his own problem don't you Markel E.

My last word on this subject because after all it is only a Government think tank proposal at the moment and my view is they need to think it through a bit more before actioning their proposal. The average price of council tax for a 2 bed semi in my location is around £1,500 per year. £125 per month. I would have to add this to the monthly rent or at least a good proportion of it. This is not going to make the tenant very happy but there again they had been paying CT prior to the new legislation coming into effect haven't they. Personally I hope it doesn't happen.

Should these proposals become law it will lead to much higher rents and probably many landlords selling up. This action of course will lead to longer queues at the Council housing offices for those trying to obtain virtually non existent council housing.

Your tenant is not entitled to any compensation for no hot water if the boiler is being replaced. At most it would be a bunch of flowers if you were minded to do so but I certainly wouldn't. You cannot have a situation where the tenant is laying down unreasonable conditions on you, the landlord. LVT = Luxury Vinyl Tile. 😉

MTD = Making Tax Digital https://www.gov.uk/government/publications/making-tax-digital/overview-of-making-tax-digital

I can reveal to you all that I have had two Covid jabs One in January and 2nd one in April. On June 4th I contracted Covid D in spite of being very, very careful and I was very poorly for 2 weeks and almost put into hospital by the Doctor with chest breathing problems but my O2 level condition slowly improved and then I had another 3 weeks of convalescence. Doctor told me if I had not had the Covid jabs I would probably not have survived but I did and you will all have to put up with me for a lot longer now. 😀 So 2 jabs or 3 jabs it matters not. It can bite you in spite of ALL the precautions you take.

Mainly what Richlist has said already but you would need to tread very carefully allowing any letting agent to place their tenant of choice into your property. Personally I wouldn't never do this as I like to do my own tenant vetting and acceptance and fortunately for me it has worked satisfactorily for me over many years of letting property.

Just another ignorant labour politician who is clearly not aware that landlord's are already taxed on income. If his plan was to ever be implemented then it would just lead to even more landlords selling up and a shortage of rental property. Try getting social housing from your local council. The waiting list is long and depending on your requirements anything up to 10 years as my Niece found out.

I would be very surprised if CGT doesn't rise. What if the rumour is correct about a 1% tax on domestic property sales? Quite possible I would say.