Right to buy on privately rented homes

westernpromise

MobileSaver wrote: »

Similarly, how would it work for properties with large mortgages? The government is going to force banks to take a haircut?

I would think the idea is that the government would deliberately bankrupt the landlord, because it hates landlords.

MobileSaver

westernpromise wrote: »

I would think the idea is that the government would deliberately bankrupt the landlord, because it hates landlords.

So bad news for landlords but even worse news for the roughly 10 million people privately renting right now.

On the bright side it's a moot point as back in the real world it won't happen the way the HPC dreamers think anyway.

DannyGold

MobileSaver wrote: »

So bad news for landlords but even worse news for the roughly 10 million people privately renting right now.

On the bright side it's a moot point as back in the real world it won't happen the way the HPC dreamers think anyway.

How is it bad news for ten million renters being able to buy their rentals property for great reduced rates?

babyblade41

DannyGold wrote: »

How is it bad news for ten million renters being able to buy their rentals property for great reduced rates?

I would say 10 million renters with very few houses to buy, most private LL's would be selling at the right price well before any labour gov't come along and make them sell for a lot less

MobileSaver

DannyGold wrote: »

How is it bad news for ten million renters being able to buy their rentals property for great reduced rates?

Because a large number of those 10 million either don't want to buy or can't afford to buy even if a discount is available. All they will see is rents rise and supply reduced, that's bad news for them.

buglawton

chucknorris wrote: »

It wouldn't be a bung though, it would merely cover the discount, and put the landlord in the same position as if he had sold the property on the open market and paid the CGT. The bung would be to the tenant buying.

It won't smash landlords, they will leave the market, and it will actually hurt renters.

Thinking about long term retirement plans, my idea was to sell up completely before renting a while then being able to make a cash offer on something far from the expensive commuter belt. I've used temp accommodation in the past as the best way to get the desired house.

Plans would be on hold anyway pending a better stamp duty regime. But if Corbyn or his party wrecks the rental market, that's really going to scotch my plans I'll be in this house forever.

RealElement47

babyblade41 wrote: »

I would say 10 million renters with very few houses to buy, most private LL's would be selling at the right price well before any labour gov't come along and make them sell for a lot less

Don't you think that all these LLs rushing to sell at the same time before labour gets in will hve any effect on prices?

Of course there are plenty of buyers lining up to buy all these buy to let properties that will all be flooding the market in a rush to sell quick as the crash picks up speed

Cakeguts

DannyGold wrote: »

How is it bad news for ten million renters being able to buy their rentals property for great reduced rates?

Because the houses that the renters will be able to buy at reduced rates are the ones that were bought cheap by landlords because no one else wanted to buy them. They will be the only ones left in the rental market all the decent ones would have been sold on long ago. If you have a rental property that can be sold easily you are going to do that and get out.



Remember the moan about landlords buying first time buyer properties and increasing the prices of those properties? What will be left will be the properties that first time buyers don't want. The ones in really bad areas and too small for families. All tenants who cannot get a mortgage or who don't want to buy will be stuck in these properties paying high rents because of the competition to get somewhere and they won't be able to move nor will they want or be able to buy them. That is why it is bad for renters.

RealElement47

Cakeguts wrote: »

Because the houses that the renters will be able to buy at reduced rates are the ones that were bought cheap by landlords because no one else wanted to buy them. They will be the only ones left in the rental market all the decent ones would have been sold on long ago. If you have a rental property that can be sold easily you are going to do that and get out.



Remember the moan about landlords buying first time buyer properties and increasing the prices of those properties? What will be left will be the properties that first time buyers don't want. The ones in really bad areas and too small for families. All tenants who cannot get a mortgage or who don't want to buy will be stuck in these properties paying high rents because of the competition to get somewhere and they won't be able to move nor will they want or be able to buy them. That is why it is bad for renters.

There will be a rush to sell BTLs all at the same time infact it's already started.

Even there mere mention of this proposal has got everybody thinking of selling

Maybe the H PC brigade will be right after all

MobileSaver

RealElement47 wrote: »

Maybe the H PC brigade will be right after all

For the HPC zealots to have been right after all, house prices would have to drop by 70% from today's prices... even the looniest HPCer can't believe that will ever happen! :rotfl: