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Legal & General plans to become large-scale landlord
Comments
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You should get out more. The stories you read on these forums are the exceptions, there are many happy renters out there.Graham_Devon wrote: »Should cause rents to fall too. If others are like me, and would prefer to rent from L&G operating a proper business from building to renting, I'd choose renting from them over renting from a landlord in an estate agents any day of the week - even if it did come at a slightly increased cost.
You should be able to comfortably assume that everything will run smoothly. Your deposit will be protected, you won't have to fight in a small claims court to get it back etc.
Theres a thread in the house buying section where a landlord is asking whether they should chase the outgoing tenants for £20 or £30 for damage to a second hand chair. It's got to the point of being ridiculous and some landlords appear to think they are simply hiring someone to look after their home on their behalf while wanting the income from it.
I should think L&G would have an overall policy which is very clear from the start, professionals running the service in house and a reputation to protect.
My sister now rents from a large company and it's a world away from the horror stories I hear of BTL landlords arguing over whether they can claim £50 from the deposit for wear and tear to carpets and curtains etc.
Getting out to the real world talking to real people is a much better feel for what goes on in the real world than reading stories on an Internet forum.0 -
Loughton_Monkey wrote: »I suspect it was the lure of a lucrative and rising property market, with high rents, that pushed them into this idea.
Insurance companies have invested in commercial property for many years. So see no reason for owning\managing their own developments. On a large enough scale the operation becomes extremely cost efficient. Similar in fact to the German companies that operate in the residential sector.0 -
OffGridLiving wrote: »This might be the first topic where everyone is in accord and believes it's a good thing. Amazing. We'll all be sat around a camp fire singing "come by are my Lord" and toasting marshmallows if this trend continues!
:eek:
A little bit off topic, but by using the word 'toasting' you reminded me of an incident in about 1998/9.
At that time I was working for a [larger] competitor of L&G and took part in our 'fire walking' event for Marie Curie. We all did our stint, raised a lot of money, and not a single person had any negative after-effects of the fire-walk. It was perfectly genuine, and no 'trickery' is involved.....
It was only a week or so later that we read in the papers of a similar charity fire-walk by L&G, noteable by the huge number of people hospitalised as a direct result of the walk. Apparently they had hired a bit of a cowboy firm to run it.... so naive that they put the scorching hot coals on a stainless steel runner, thus causing the heat to reflect almost 100% back up to the feet. A basic error, apparently, that no experienced fire-walk 'facilitator' would ever make.
However, due to GD's absolute faith in their quality as landlords, I will admit that my anecdote has nothing whatsoever to do with the price of fish [or indeed houses].0 -
MacMickster wrote: »This is great news for the UK, provided that idiot planners don't kybosh the whole thing.
Yeah, chance of great news is pretty small.0 -
Thrugelmir wrote: »On a large enough scale the operation becomes extremely cost efficient. Similar in fact to the German companies that operate in the residential sector.
Like real council housing not the grot that has been left to rot."If you act like an illiterate man, your learning will never stop... Being uneducated, you have no fear of the future.".....
"big business is parasitic, like a mosquito, whereas I prefer the lighter touch, like that of a butterfly. "A butterfly can suck honey from the flower without damaging it," "Arunachalam Muruganantham0 -
Graham_Devon wrote: »Should cause rents to fall too. If others are like me, and would prefer to rent from L&G operating a proper business from building to renting, I'd choose renting from them over renting from a landlord in an estate agents any day of the week - even if it did come at a slightly increased cost.
Should cause rents to fall but you'd be willing to pay more to rent from L&G?
I hope L&G set up an income fund - I thought rents were already eye-watering but some people are willing to pay MORE. Oh the power of branding.0 -
Should cause rents to fall but you'd be willing to pay more to rent from L&G?
I hope L&G set up an income fund - I thought rents were already eye-watering but some people are willing to pay MORE. Oh the power of branding.
I think it is very nice of L&G to stick it to their shareholders and give something back to society by helping out young people:
'L&G head Nigel Wilson told the BBC that there is "intergenerational injustice" towards young people, who can't get jobs, have to pay for very expensive education and can't afford housing.'Chuck Norris can kill two stones with one birdThe only time Chuck Norris was wrong was when he thought he had made a mistakeChuck Norris puts the "laughter" in "manslaughter".I've started running again, after several injuries had forced me to stop0 -
Should cause rents to fall but you'd be willing to pay more to rent from L&G?
I hope L&G set up an income fund - I thought rents were already eye-watering but some people are willing to pay MORE. Oh the power of branding.
If you are trying to make me look silly, you may find it has backfired somewhat.
Any extra supply in an area brings competition. Even though I'd be willing to pay more for a specific service from one supplier, it doesn't mean that the service itself would cost more across the sector.
Tesco don't put their prices up for instance as a waitrose has just been built 500 yards away. They compete. Same principle applies for the rental sector. If 100 new homes have just been built and up for rent, existing landlords will have to compete with them and make themselves more attractive.
Even if L&G do charge a little extra it doesn't mean the average rental price in that area goes up, as the extra competition may mean the larger number of existing landlords see a price fall and therefore, average rental prices fall.
This is a brilliant scheme from what we have seen and the intentions. Should be commended. Theres nothing wrong with a large company like this building its name on a social conscience.0 -
Legal & General aren't going to go into areas that they're not going to make a nice profit. They will go into areas that are already competitive with a good employment levels and demand to rent. Don't expect rents to drop.Graham_Devon wrote: »If you are trying to make me look silly, you may find it has backfired somewhat.
Any extra supply in an area brings competition. Even though I'd be willing to pay more for a specific service from one supplier, it doesn't mean that the service itself would cost more across the sector.
Tesco don't put their prices up for instance as a waitrose has just been built 500 yards away. They compete. Same principle applies for the rental sector. If 100 new homes have just been built and up for rent, existing landlords will have to compete with them and make themselves more attractive.
Even if L&G do charge a little extra it doesn't mean the average rental price in that area goes up, as the extra competition may mean the larger number of existing landlords see a price fall and therefore, average rental prices fall.
This is a brilliant scheme from what we have seen and the intentions. Should be commended. Theres nothing wrong with a large company like this building its name on a social conscience.
L&G are a business, they're there to make money for share holders. Don't think they're going to be your knight in shining armour who will make those BTLers sell their property for you to buy a cheaper house.0 -
Ooo, well the BTL investors don't much care for it, so it must be good news!0
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