Your house may never be worth as much again

chucknorris

macaque wrote: »

Six months I was assured that we could rent our house for another 3 years. Three weeks ago our 'hobby landlord' changed his plans and wants the house back immediately. I am dismayed, my family are dismayed and our neighbours are dismayed. The move will cost us huge disruption and £thousands. Our lives have been turned upside down on the whim of an idiot. Letting houses is not for amateurs.

I assume that you know that you are due 2 months notice from your LL (from the date that the rent is due) and your use of the word immediate is because 2 months is so short in terms of moving house that it is immediate to you?

JonnyBravo

chucknorris wrote: »

I assume that you know that you are due 2 months notice from your LL (from the date that the rent is due) and your use of the word immediate is because 2 months is so short in terms of moving house that it is immediate to you?

Doesn't look like he signed a 3 year tenancy agreement then eh?
[STRIKE]
I expect he wanted the freedom to give two months notice eh?
[/STRIKE]
I expect his landlord wouldn't let him sign a 3 yr contract but didn't think about what this might mean?

Blacklight

TRUSt_NO_1 wrote: »

Building costs...3 bed semi..materials + labour ...in truth £30k?

£30k would buy you one man for six months.

So you have 26 weeks worth of labour there.

How many people do you think it takes to build a house? Not just the skilled bricklayers, plasterers, plumbers, electricians, roofers, kitchen fitters, tilers, flooring specialists, scaffolders, window installers but also the site management team, safety team, office staff, surveyors, planners, procurement staff, payroll, and people who do the filing for the managing director... they all have to be paid for.

You'd have about 15 people full time and I'm being silly generous with that.

You seem to think it takes less than two weeks to build a house, the materials are free and you can build them where you like for nothing?

chucknorris

JonnyBravo wrote: »

Doesn't look like he signed a 3 year tenancy agreement then eh?
[STRIKE]
I expect he wanted the freedom to give two months notice eh?
[/STRIKE]
I expect his landlord wouldn't let him sign a 3 yr contract but didn't think about what this might mean?

Well this is the problem with renting, it's not just that buying allows you to (within reason) have excatly what you want (pets, furniture, decor etc) but also gives you much better security. I would be annoyed too in his position, but you can't have it both ways.

IveSeenTheLight

macaque wrote: »

Six months I was assured that we could rent our house for another 3 years. Three weeks ago our 'hobby landlord' changed his plans and wants the house back immediately.

Out of interest, did you negotiate a three year contract?

Gorgeous_George

Six months contracts are the norm and clearly unacceptable. Paying for credit checks and agent's fees every six months is simply unreasonable. I sympathise with macaque and others in his situation.

As a 'hobby' LL (hobby = it is not my main income), I wouldn't dream of asking my tenant to leave if s/he meets most of their side of the agreement. I get a little defensive when I am lumped in with poor quality landlords. I take pride in how I treat my tenant. And I don't use Letting Agents so there are no extra costs for my tenant to find (I know someone who has to pay £200 for a credit search at 'lettings r us' for example - despite have rented through them for three years).

GG

Graham_Devon

Blacklight wrote: »

£30k would buy you one man for six months.

So you have 26 weeks worth of labour there.

How many people do you think it takes to build a house? Not just the skilled bricklayers, plasterers, plumbers, electricians, roofers, kitchen fitters, tilers, flooring specialists, scaffolders, window installers but also the site management team, safety team, office staff, surveyors, planners, procurement staff, payroll, and people who do the filing for the managing director... they all have to be paid for.

You'd have about 15 people full time and I'm being silly generous with that.

You seem to think it takes less than two weeks to build a house, the materials are free and you can build them where you like for nothing?

LOL.

I take it this is all based on guess's and mere assumptions?

I know someone who had their house built for them about 2 years ago. The land and legal fee's made up 90% of the cost at least. The actual cost to construct the house, ignoring materials, was just shy of 12k. Up in 3 months from scratch.

I think you may be forgetting that you do not require all those people (of whom, many are the same person doing various jobs) full time every day of the build. You may need the window fitters for a couple of days if everything is standard, not the entire 3 month build.

chucknorris

Gorgeous_George wrote: »

Six months contracts are the norm and clearly unacceptable. Paying for credit checks and agent's fees every six months is simply unreasonable. I sympathise with macaque and others in his situation.

As a 'hobby' LL (hobby = it is not my main income), I wouldn't dream of asking my tenant to leave if s/he meets most of their side of the agreement. I get a little defensive when I am lumped in with poor quality landlords. I take pride in how I treat my tenant. And I don't use Letting Agents so there are no extra costs for my tenant to find (I know someone who has to pay £200 for a credit search at 'lettings r us' for example - despite have rented through them for three years).

GG

I don't use LA's either and my tenants tend to stick with me a long time, I usually allow them onto a periodical contract after the first year (to suit them rather than me, I think if they are happy and don't feel trapped they tend to stay longer)

Harry_Powell

TRUSt_NO_1 wrote: »

Building costs...3 bed semi..materials + labour ...in truth £30k-£40k ?

Land Value.......without the building...what other value does it have...

farming ..buttons..

A means to earn as it is near to your employer.How much is that really worth ?

With the public sector going in to crisis mode in next 2 years,the major source of revenue for many companies and individuals will dry up.
It will be a downward spiral.

Certain areas will be hit hard .Low income areas.
Some now valued in £10's of thousands will become almost worthless..as has happened before.

House prices will fall..everywhere.

Rural areas ,that don't rely so much on government expenditure will probably be least effected.These might be presented as safe havens away from the madding crowd if things turn nasty.

London will be affected.
Once the rot sets in, nowhere will escape.

The worst is yet to come.

It's a global economy.House prices are no different.The UK house prices are a joke.


Q.Who can afford to buy a £500,000 house ?
A. A primary school teacher on £220,000 /year

(what's the chance on him getting his £145,000 pension for the next 30 years ?)

lol, who let this nutter out of the pensions board? He's the internet equivalent of those care in the community types who shout at cars about God's grand plan and their important role within it. The reality is that they're always sad and lonely people at the fringes of society. Shame really, but I don't have too much pity, they should go to some self-help group or something instead of spouting this trash on the internet.

macaque_2

JonnyBravo wrote: »

Are you here expecting sympathy?
A mocking laugh to confirm that all bulls/hobby landlords are vicious swines?
To amuse?

Tis real life and hardly the worst fate anyone can suffer.

Just thank your landlord for kindly providing a roof over your head and laugh to yourself about how you'll now be paying for another landlords champagne and not his! That'll show 'im!

Er no, I was not expecting anything. I was merely using the example of my own experience to illustrate why amateur landlords are a legitimate target for criticism.

Hamish, JonnyBravo, Georgeous George saw the loss of my rented property as an opportunity for joy and mockery. Hmmm, presumably this is your response to posts like this? https://forums.moneysavingexpert.com/discussion/2583851

And to keep things in proportion, I was 'dismayed' not devastated and my life is turned upside down (at the whim of an idiot), not ruined. In a few weeks I will be in the new house. As serendipity would have it, we are getting more for our money.

Here is some bedtime reading for you.

Landlords struggle to cover mortgage repayments

http://www.ft.com/cms/s/2/53da7c84-8f5b-11df-ac5d-00144feab49a.html?ftcamp=rss

Game and 2nd set to the bears. New bulls please.