From Another Planet

[Carryon Regardless]

I reckon it's official, MP's are not of this world.

https://www.telegraph.co.uk/money/property/labour-plots-ban-landlords-selling-up-two-years/#:~:text=Labour's key Renters Reform Bill,have to wait six months

Already landlords are getting out before more legislation further enslaves them to tenants.

Now Labour think causing us to be unable to 'make claim' on a new tenancy for repossession for 2 years is good. Then add the 6 months notice, then add the eventual passing of a wait for a court date. That to me looks like 3 years, and only if you get everything spot on with the claim.

A Tory thinks we should give up to 2 months rent, to help tenant relocation. Blimey soon it'll be us putting up the deposit.

The Green (behind the ears) lot want a national system of rent controls.

We already should allow animals.

As we know, there are a raft of compliance measures to adhere to, with housing inspectors and Shelter revving their engines to catch the unwary.

I wonder how this might affect the already increasing departure of BTL investors.

 

[Richlist]

On 4/23/2024 at 5:29 PM, Carryon Regardless said:

I reckon it's official, MP's are not of this world.

https://www.telegraph.co.uk/money/property/labour-plots-ban-landlords-selling-up-two-years/#:~:text=Labour's key Renters Reform Bill,have to wait six months

 

 

On 4/23/2024 at 5:29 PM, Carryon Regardless said:

I wonder how this might affect the already increasing departure of BTL investors.

 

I suspect it will speed the departure of many except the big landlords. The effect will be even fewer private sector rental properties available.

I'm also astonished at the optimism of people in general. Many think interest rates are about to fall. We have the potential for war in the middle east (WW3), we have Russia winning in Ukraine that require the UK & others to find many £ billions more, the potential for nuclear attack, we'll probably have a Labour Government next year and the country has no spare money.........and interest rates are gonna fall ? What planet are these people on ?

[kanrent]

The government is doing the exact opposite of what they should be doing, should deregulate the PRS to attract more landlords and more investment, or maybe they want small investors gone to make way for large corporations, that would explain the media landlord bashing, that's become a vote winner for the puppet politicians. 

[Carryon Regardless]

9 hours ago, kanrent said:

or maybe they want small investors gone to make way for large corporations

I've viewed that this has been a strategy in more than the PRS.

With a massive increase in compliance requirements, in pretty much all fields, the smaller operator finds it increasingly more difficult to turn a profit after paying for courses, registrations, and losing time on all of that.

I guess larger operators are easier for the taxman to monitor also.

[Melboy]

I came to the conclusion a few years back that this Conservative government was anti private landlord with all the legislation they were bringing in, some of which was OK and needed some reform, but in the main they wanted many restrictions on private landlords. The possible future Labour government is probably going to be a lot worse though.

The only reason I stay in the business is that I have been a landlord for 35+ years and have excellent long term tenants who give me no hassle otherwise I would have sold up and completely retired a few years back.

[bil8999]

8 hours ago, Melboy said:

I came to the conclusion a few years back that this Conservative government was anti private landlord with all the legislation they were bringing in, some of which was OK and needed some reform, but in the main they wanted many restrictions on private landlords. The possible future Labour government is probably going to be a lot worse though.

The only reason I stay in the business is that I have been a landlord for 35+ years and have excellent long term tenants who give me no hassle otherwise I would have sold up and completely retired a few years back.

Having bought my first rental property at the age of 24, (original tenants never paid any rent while living there) now 70, so values have risen over the years, so can't moan, like you i have many tenants who have been in the properties a long time, can't make up my mind when they move or pass away to sell, CGT springs to mind, will have to see what Angela brings to the table. Has anyone transferred properties into a trust?

 

[Richlist]

Yes we put some properties into a Discretionary Trust back in 2004 but that was to avoid IHT not CGT.

[bil8999]

14 hours ago, Richlist said:

Yes we put some properties into a Discretionary Trust back in 2004 but that was to avoid IHT not CGT.

My trouble is that I just can't be bothered sorting things out paperwork side, I am ok on tools, still got 6 to build which we will rent out, that will make a total of 47 properties,

Plus my yard which I rent out containers to other contractors, 12 at the moment but can get approx 38 on site, so, Angela will no doubt have a field day when CGT and IHT is to be paid, unless any of you are in a similar position and can advise.

[Richlist]

It's 20 years since the Trust was arranged & I can t remember everything associated with its set up. At the time I was working for a big multinational company who organised a talk by a couple of investment firms. They explained the advantages and offered to set up the Trust. I think the total cost was a few thousand pounds, I still have the documents and they are still live. I can't remember who we used, they employed various legal firms to deal with different aspects/paperwork but there are plenty who can offer to arrange similar for you. It places the value of the properties outside of your estate for IHT and therefore reduces the tax bill due on inheritance. It allows you to sell during your lifetime, replace with others and doesn't impose any restrictions on dealings.

[bil8999]

47 minutes ago, Richlist said:

It's 20 years since the Trust was arranged & I can t remember everything associated with its set up. At the time I was working for a big multinational company who organised a talk by a couple of investment firms. They explained the advantages and offered to set up the Trust. I think the total cost was a few thousand pounds, I still have the documents and they are still live. I can't remember who we used, they employed various legal firms to deal with different aspects/paperwork but there are plenty who can offer to arrange similar for you. It places the value of the properties outside of your estate for IHT and therefore reduces the tax bill due on inheritance. It allows you to sell during your lifetime, replace with others and doesn't impose any restrictions on dealings.

Thanks, will get my daughter to look into trusts