why dont landlords never sell up

AdrianC

theartfullodger wrote: »

Councils are heavily constrained with what they can do: For example when Thatcher bought Tory votes by flogging off council houses for a huge discount to the tenants the councils were forbidden to use the £££ to build new council properties.

The first party to promote the right to buy your council house as a manifesto promise was Labour, at the 1959 election, and local authorities have been allowed - encouraged, even - to use the money to invest in their housing stock for decades.

stu12345_2

my council says everytime it loses a right to buy, it loses its weekly pool of rent money from another property sold, thus they do hate selling.

what makes you think councils prefer selling an income producing asset that goes 70% discount via rtb

so ru saying if councils had a choice pixie they would offload every property they could as they are a liability or are they an asset

PasturesNew

Years ago, in my experience at the time, most private rentals were a small building firm/similar - and the property was part of the business, so would be inherited by the son in the trade, or sold as a whole business at some point, with the rentals being kept as rentals, ad infinitum.

Properties were inherited, not sold off.

Pixie5740

Ok so maybe they don't like selling but they do. I'd love it if councils were to sell properties that it was at full market rate and not with some massive discount to people who had subsidised rent for years.

AdrianC

stu12345 wrote: »

my council says everytime it loses a right to buy, it loses its weekly pool of rent money from another property sold, thus they do hate selling.

It's not about whether they hate to or not, they don't have a choice. That's why it's called the RIGHT to buy.

stu12345_2

thus landlords do right to sell after 25 yrs and it causes less of a stink than right to buy does.
perhaps btl should be forbidden to sell and can only rent out for life and stop moaning at council tenants on right to buy but concentrate on the wrongs of btl on interest only,
forgive for being obvious, but isnt interest only taking advantage of someone that could be buying themselves eg the tenant

Pixie5740

When private landlords sell they sell at full market rate after charging tenants full market rent. The tenants don't get given a whopping big discount if they want to buy it.

stu12345_2

forgive me for being obvious but a council tenant with a discount isnt such a crime compared to a btl landlord on an interest only mortgage where the tenant is effectively paying the landlords mortgage,which isnt a true owners mortgage.
its a take advantage of a tenant who could be using the rent to buy his own place. doesnt sound a good deal to me for the renter.

have i missed something being a council tenant all my life, but my workmate rents a house to his brother using an interest only loan for last 18 yrs.
i asked why doesnt ur bro get his own place, hes stupid was the reply.

jjlandlord

Some sell, some don't.

Many have interest-only mortgages, though, and the plan is to sell up at some point.

Pixie5740

Neither a council tenant exercising their right to buy or a BTL selling a rental property are criminal offences.