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landlord bashing

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  • LuckyG
    LuckyG Posts: 226 Forumite
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    I've never read any comments such as " some people can't afford 1 property, why should you have 2" on here.

    I really don't think anyone cares how many properties another forum member has, I'm sure we all have more important things to focus on other than being jealous of some unknown individuals "status" on a forum.
  • marliepanda
    marliepanda Posts: 7,186 Forumite
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    AdrianC wrote: »
    This comes very close.

    Taken from a post which had nothing to do with landlords, but with someone's post titled 'how to AVOID second home stamp duty'

    If you can't afford second home stamp duty, you can't afford two homes...
  • marliepanda
    marliepanda Posts: 7,186 Forumite
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    LuckyG wrote: »
    I've never read any comments such as " some people can't afford 1 property, why should you have 2" on here.

    I really don't think anyone cares how many properties another forum member has, I'm sure we all have more important things to focus on other than being jealous of some unknown individuals "status" on a forum.

    Especially as in the case quoted whilst the OP did 'own' two properties, the negative equity meant he just owned a massive debt to the bank...
  • AdrianC
    AdrianC Posts: 42,189 Forumite
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    marliepanda wrote: »
    Taken from a post which had nothing to do with landlords, but with someone's post titled 'how to AVOID second home stamp duty'
    Well, apart from the poster being the landlord of the first property.
    Moderatelymod2 wrote: »
    Property 1
    I have a mortgaged with a friend - purchased approx 10 years ago.
    This property has not been my residence for 4 years.
    We would sell it but it is in a lot of negative equity.
    It is now let out.
    marliepanda wrote: »
    Especially as in the case quoted whilst the OP did 'own' two properties, the negative equity meant he just owned a massive debt to the bank...
    I don't think mortgages work the way you think they do.
  • marliepanda
    marliepanda Posts: 7,186 Forumite
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    AdrianC wrote: »
    Well, apart from the poster being the landlord of the first property.


    I don't think mortgages work the way you think they do.

    Missed that bit about it being let out. But that wasn't the point of the post nor the reason for posting. He was bemoaning the stamp duty.

    And sorry if your house is worth 50 and you owe the bank 60, you don't own anything, IMHO. I certainly don't feel jealous of someone who 'owned' 100 houses if their worth was below the debt secured on them.
  • Guest101
    Guest101 Posts: 15,764 Forumite
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    AdrianC wrote: »
    This comes very close.

    I think that was more telling the OP how lucky he or she was, not that they shouldn't have two. I don't think anyone was advocating an extreme socialist agenda :)
  • AdrianC
    AdrianC Posts: 42,189 Forumite
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    marliepanda wrote: »
    Missed that bit about it being let out. But that wasn't the point of the post nor the reason for posting. He was bemoaning the stamp duty.

    Which he needed to pay SOLELY because he owns a property for his rental business activities.
    And sorry if your house is worth 50 and you owe the bank 60, you don't own anything
    Yes, you do. You own a house worth 50. You also owe 60 on a loan secured against it, and if you don't pay the house can be repossessed - but that doesn't mean anybody else owns the house. The very fact that the house CAN be repossessed shows that you explicitly DO own it.
  • AdrianC
    AdrianC Posts: 42,189 Forumite
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    Guest101 wrote: »
    I think that was more telling the OP how lucky he or she was, not that they shouldn't have two. I don't think anyone was advocating an extreme socialist agenda :)
    Don't give Comrade Time any more ideas.
  • theartfullodger
    theartfullodger Posts: 14,603 Forumite
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    There appear, sadly, to be more cheating/crooked/bent/ignorant/stupid landlords than for most other occupations:

    Shame on too many of the landlord community for not doing more about it, and, afaik, trying to block sensible reforms of the system!
  • cloo
    cloo Posts: 1,291 Forumite
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    I'd say blame the system, not the landlords, per se. It's ridiculous that this country ran down the idea of institutional private landlords post war and then made it a free for all for anyone to buy a house and let it, with no training, no solid pipeline of the information they'd need to do it correctly and fairly etc. And I say this having been one myself, I have learned not to to say 'accidental' here, but I didn't buy the property with intent to let and under the circumstances I made the decision to turn landlord. And I'm proud of how I acted - I responded to repairs fast, I barely raised the rent and I helped my tenants to buy their own property afterwards by having charged a low rent.

    Most landlords are fair and honest and have muddled through, a significant minority are incompetent and a small minority are outright crooks.

    Landlords do provide a service and homes, but the model is flawed because most landlords own just the one property, which means at some point they will need to sell it, unlike an institutional owner who can sell on without turning out the residents.

    One thing that does annoy me is the assertion I sometimes see that landlords are 'turning people out of their homes to make a buck' when they sell up. It may not help you much when you're the one losing your home, but I think people need to understand that your average LL who rents out one place (and may, aside from having the property, not be a big earner or have a big house themselves) sells up or needs the property back, it's likely for a significant reason, such as a they need a larger home for their family, they're retiring, they want to give their kids a deposit etc. Not because they want to pay for a luxury cruise or a gold-plated Mercedes.

    But as I said, it's a very bad model to rely on small landlords like this for the market - they cannot offer stability and you end up with people having to move time and again when the owner has to sell up or otherwise take the property back, and take their chances that the next LL might be rotten - it's no way to do things.
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