Repossession

[kanrent]

Can anyone tell me how I can repossess my property if I decide to sell it after they have abolished section 21

[Richlist]

The Governments proposed changes to the S21 are still at the consultation stage. No firm decisions have or will be made until all of the fact finding work has been completed. Any changes, which are likely to include revisions to S8 and the court process are not likely to be any time soon.

[Acura]

I’ve been letting since 1987 and it’s time to get out. Fed up with all the rules and regulations - as necessary as *some* of them are - it’s becoming more and more a pain in the ass being a landlord IMO. 

I’ve got an offer on one, and the others will be on the market soon. Time to hang up my landlord hat! 

Sorry, that didn’t answer your question. More of a mini rant! 

[Melboy]

8 hours ago, Acura said:

I’ve been letting since 1987 and it’s time to get out. Fed up with all the rules and regulations - as necessary as *some* of them are - it’s becoming more and more a pain in the ass being a landlord IMO. 

I’ve got an offer on one, and the others will be on the market soon. Time to hang up my landlord hat! 

Sorry, that didn’t answer your question. More of a mini rant! 

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".  

 

[kerbut]

Off topic also, I have turned one of our properties into a holiday let, with good response in its first week of being on Blue Chip,s web site, our son has turned 6 of his properties in a South Coast seaside town into lets via. Bookings.com, airB&B and Trip Advisor, I am beginning to think this is the way to go and they are exempt from council tax ( only one) as they are a small business.

[Richlist]

I often complain, not only on this forum but, to anyone else who will listen about the problems of being a landlord. However, along with a few other things I've been involved in, i feel extremely fortunate to have had the foresight to have made an awful lot of money out of property. It looks like that is not going to change anytime soon.

OK, so the taxman takes takes lots and new legislation is introduced which cuts into profits but I just roll with the punches and still make enormous amounts of money.

Where else are you going to put your money? Unless you have an alternative business that's guaranteed to return considerably more than the 1.5% you might get on deposit. There is the potential for bigger returns but that comes with bigger risks. Long term property investment has always been a good bet. Follow some of the recommendations here to maximise your income.

Property prices are only going one way........there aren't enough of them.......so the rules of supply & demand dictate the outcome.

[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.

 

[Carryon Regardless]

While the Gov't's are keen to pass the burden of social housing to us we will see incresed controls by legislation.

The trend is very clear by now so it's either suck it up and get used to it or get out. Personal choice and that can be down to many factors.

 

Then we have the Bof E keen to prevent housing bubbles that interfere with the ideal inflation target, so by what ever means thare will be efforts to control property price increases. That also suits the Gov't some as there is greater opportunity for those wishing to escape the rental trap, that we evil LL's are totally responsible for, nowt to do with market forces apparently.

 

The future of the rental market is more and more down to revenue than capital growth. Demand will cause price increases but will be moderated by market controls from above. The increasing legislation that is definitley aimed at reduciing the LL's advantage will temper demand from us, one box ticked. Gov't incentives to make purchase more attractive to market newbies ticks another box. Increasing interest rates would be a deterant to all so taxing additional properties and reducing tax relief on them gets around that.

Mr Carny has warned again recently to expect % rate rises, that'll see a few of us off in this weeding out process, so more properties returned to the market, along with some displacements as collateral damage.

House prices in my experience haven't risen signifiacntly, like double, if at all in some cases since 2008. And while I have previously predicted a moderate bubble is due it 'aint happened and I now doubt the forces above will allow for it to happen easily. But ask any housewife and without doubt the value of our money has dropped very significantly. The stated inflation rates aren't borne out on the super market shelves.

Just some more thoughts

 

Edited May 19, 2019 by Carryon Regardless
illiteracy

[Carryon Regardless]

Where's me monkey gone?

Is this an animal rights thing? 

[Melboy]

Inflation and wage inflation is always linked to the rise in property prices. There is no doubt in my mind that if a Corbyn government is returned to power then you can expect turbulent times on the money front.

Corbyn does not need to win outright either as the Lib. Dems. and Scots. Nats. would sell their souls to go into coalition with him if it means a toe-hold onto power and for the Scots. Nats. another promise of an independence referendum and a host of other goodies to prop a Corbyn government up in power.

Already you can see UK inflation beginning to rise with oil prices rising rapidly due to the USA/Iran threat in the Gulf area deepening.

Many reports lately stating that the "smart money" is moving out of the UK in anticipation of the Conservatives losing power.

Going off topic a bit.     Never mind. 

[Richlist]

I'll give you a prediction......

If we do not leave the EU in a manner that the majority of leave voters expect ie out of the customs union, out of the single market etc etc AND there is a general election.......the Brexit Party will field 650 candidates and will win. Nigel Farage will be Prime Minister and it will certainly be good by to Europe then.

Remember you heard it here first.

[Carryon Regardless]

Apart from, 

today, the timing being coincidental of course, the eu are starting their efforts to control if not bring him down.

As this will suit all parties but the Brexit Party I only see a coalition of force against him.

I've forecast for a while that we won't leave the eu. The WA wasn't / isn't leaving as we remain tied to the eu. Now May offers a 2nd ref (if the WA is accepted), w/o any indication that I've heard as to what the choices will be. The choices possibly being the WA or Cancel. This is designed to reverse the 1st ref.

[Melboy]

Mrs. May certainly knows how to bow out of he premiership as the worst PM in living memory and certainly mine. Talk about hanging on with your fingernails to power.  Already her latest offering of a second referendum has been rejected by at least 50 of her own MPs so that's the end of that!

I would not be surprised if there were some major cabinet resignations today as the poor woman is totally deluded with what she is trying to achieve in the dying days of her leadership as PM and Conservative Party leader.

[Richlist]

If the UK doesn't leave the EU there is like!y to be civil war, major unrest, violent demonstrations, a total collapse of life as we know it.

Not leaving is NOT an option.

[Carryon Regardless]

I agree with the above comments, aside from not promoting any violence even if it is understandable. Not saying anyone here has promoted it.

The thought of Tommy Robinson and the like taking pleasure in gaining more footy style hooligans as supporters doesn't sit well, it will just make our streets less safe.

Until the majority of 'our' Parliament accept that we need to leave the greater force to remain is there. Even some of the ERG Brexit campaigners reversed their own moral stance when opportunity of power presented itself, and that was only as a vague possibility. They lost what respect I had of them.

As said the WA isn't leaving, and at least the majority of Parliament can see that even if our own patriot to the eu PM can't, or more likely can but sees this as the best way to appease the eu.

I feel democracy has become more important than the Leave / Stay debate, as important as Leaving is in my view. Certainly the Brexit Party get my vote tomorrow and until I see another Party that is truly democratic I can't vote for another, it won't be UKIP again that's for sure, and no other Party beside the Brexit Party are democratic in my opinion. But they are young, they are possibly going to fall into disarray as did UKIP. I don't see them as being good for running the UK just hopefully getting us out of the eu properly. The future 'aint orange.

 

[kerbut]

I know who I will be voting for tomorrow, milkshake down his suite or not.

[Melboy]

My EU vote today is a protest vote against the Conservative Party and Mrs May who, by her own making has been a disaster as Prime Minister for the UK.

That is my opinion of course and probably the millions of other voters today who will be voting for the Brexit Party.

[CommonLaw]

On 5/18/2019 at 7:44 AM, Melboy said:

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".  

 

I know a landlord sold portfolio 32 houses and took all money abroad, fed up of councils licking tenants backsides!

Social housing crisis, more people renting than ever, and landlords selling up, recipe for chaos!!! The queen and her government couldn't organise a piss up in a brewery!