Accidental landlord looking for advisor

AdrianC

steve866 said:

hazyjo said:

Why accidental though? It's a choice. They could sell. It's what I've always done.

Yes of course, she decided to become a landlord after his circumstances changed, this is obvious, but it still a different journey from purchasing a second properly specifically as an investment. I don’t know why people get their knickers in a twist with the term accidental landlord when everyone knows what it really means.

It's a cop-out to try to pretend that starting a business wasn't deliberate, therefore you shouldn't need to conform to the same standards when running it.

grumiofoundation

steve866 said:

hazyjo said:

steve866 said:

Irishpearce26 said:

steve866 said:

Accidental landlord seems to be quite an accepted term for someone who ends up being a landlord due to a change in circumstances, as opposed to purposely purchasing a property to rent out, but of course everyone posting here already knew that…

Moving in with spouse, neighbour asked if i would rent the house out to their daughter...sorry I tripped and whoops im a landlord.

Accidental landlord 101 

yes exactly, bought flat for herself but no now longer requirements due to spouse. Provably they biggest cause of accident landlord. Seems we are in full agreement! 

Why accidental though? It's a choice. They could sell. It's what I've always done.

Yes of course, she decided to become a landlord after his circumstances changed, this is obvious, but it still a different journey from purchasing a second properly specifically as an investment. I don’t know why people get their knickers in a twist with the term accidental landlord when everyone knows what it really means.

It's a different journey but that doesn't mean an 'accidental' landlord in some way should get treated differently.

Maybe the fact some (not all of course) 'accidental' landlords  despite the conscious decision they made to become a landlord, appear to have convinced themselves that it was an 'accident' and this in some way give them an excuse to not bother with their rights and responsibilities or not plan for the various issues a landlord can face. 

At least the OP is making sure if they continue renting they are doing it properly and trying to get advice (if only all 'accidenta'l landlords would do so maybe my knickers would untwist). 

lookstraightahead

steve866 said:

hazyjo said:

steve866 said:

Irishpearce26 said:

steve866 said:

Accidental landlord seems to be quite an accepted term for someone who ends up being a landlord due to a change in circumstances, as opposed to purposely purchasing a property to rent out, but of course everyone posting here already knew that…

Moving in with spouse, neighbour asked if i would rent the house out to their daughter...sorry I tripped and whoops im a landlord.

Accidental landlord 101 

yes exactly, bought flat for herself but no now longer requirements due to spouse. Provably they biggest cause of accident landlord. Seems we are in full agreement! 

Why accidental though? It's a choice. They could sell. It's what I've always done.

Yes of course, she decided to become a landlord after his circumstances changed, this is obvious, but it still a different journey from purchasing a second properly specifically as an investment. I don’t know why people get their knickers in a twist with the term accidental landlord when everyone knows what it really means.

I think the word 'accidental' gives people a subconscious reason to not be as 'knowledgeable' as someone who purchases a buy to let. It's the same 'job/business' with the same responsibilities so I don't see the need for the word 'accidental'. Would you say you were an 'accidental Doctor' because you decided at the last minute to change your studies from tapestry to medicine?

The tenants of a property should be afforded the same treatment, therefore every landlord should know their stuff.

I think the word is a bit like saying 'partly qualified' and that's just not how it should be.

csgohan4

steve866 said:

hazyjo said:

steve866 said:

Irishpearce26 said:

steve866 said:

Accidental landlord seems to be quite an accepted term for someone who ends up being a landlord due to a change in circumstances, as opposed to purposely purchasing a property to rent out, but of course everyone posting here already knew that…

Moving in with spouse, neighbour asked if i would rent the house out to their daughter...sorry I tripped and whoops im a landlord.

Accidental landlord 101 

yes exactly, bought flat for herself but no now longer requirements due to spouse. Provably they biggest cause of accident landlord. Seems we are in full agreement! 

Why accidental though? It's a choice. They could sell. It's what I've always done.

Yes of course, she decided to become a landlord after his circumstances changed, this is obvious, but it still a different journey from purchasing a second properly specifically as an investment. I don’t know why people get their knickers in a twist with the term accidental landlord when everyone knows what it really means.

Whether accidental or part of property empire, you are expected to comply with the legal and tax regulations. Giving an excuse that you were accidental and issuing an incomplete section 21 will not wash with a judge.

I don't know why people who get into property do not do their homework, either get an Agent to help them it or research it. Or sell it.  I wouldn't touch a BTL with a barge pole. Too much hassle. S+S ISA are better for me. 

OP if you want your money to grow in property, like any investment, you need to put some work in, research it, invest more money/time e.t.c. Info from internet strangers will only go so far

user1977

steve866 said:

hazyjo said:

steve866 said:

Irishpearce26 said:

steve866 said:

Accidental landlord seems to be quite an accepted term for someone who ends up being a landlord due to a change in circumstances, as opposed to purposely purchasing a property to rent out, but of course everyone posting here already knew that…

Moving in with spouse, neighbour asked if i would rent the house out to their daughter...sorry I tripped and whoops im a landlord.

Accidental landlord 101 

yes exactly, bought flat for herself but no now longer requirements due to spouse. Provably they biggest cause of accident landlord. Seems we are in full agreement! 

Why accidental though? It's a choice. They could sell. It's what I've always done.

Yes of course, she decided to become a landlord after his circumstances changed, this is obvious, but it still a different journey from purchasing a second properly specifically as an investment. I don’t know why people get their knickers in a twist with the term accidental landlord when everyone knows what it really means.

Do they? Apparently it includes people choosing to buy an already-let property...

https://forums.moneysavingexpert.com/discussion/comment/78515826/#Comment_78515826

steve866

AdrianC said:

steve866 said:

hazyjo said:

Why accidental though? It's a choice. They could sell. It's what I've always done.

Yes of course, she decided to become a landlord after his circumstances changed, this is obvious, but it still a different journey from purchasing a second properly specifically as an investment. I don’t know why people get their knickers in a twist with the term accidental landlord when everyone knows what it really means.

It's a cop-out to try to pretend that starting a business wasn't deliberate, therefore you shouldn't need to conform to the same standards when running it.

I respect your opinion, but in the OPs case and on other threads here it isn’t the case that people are trying to dodge standards. The OP here seems to have followed the rules, possibly undercharged rent and got an expensive problem fixed straight away, sounds like a great landlord to me. 

brianposter

I suspect that all this arguing in favour of professional landlords is intended to push up rental prices.

grumiofoundation

brianposter said:

I suspect that all this arguing in favour of professional landlords is intended to push up rental prices.

Oh certainly. Much better to have people cut corners to keep prices rental prices down. 

In fact these 'accidental' landlords who don't bother to follow even the most basic tenancy laws are clearly only doing it out of charity to enable them to charge cheaper rents.


P. S. Well done for adding another potentially misleading term into the mix.

Beverley

steve866 said:

AdrianC said:

steve866 said:

hazyjo said:

Why accidental though? It's a choice. They could sell. It's what I've always done.

Yes of course, she decided to become a landlord after his circumstances changed, this is obvious, but it still a different journey from purchasing a second properly specifically as an investment. I don’t know why people get their knickers in a twist with the term accidental landlord when everyone knows what it really means.

It's a cop-out to try to pretend that starting a business wasn't deliberate, therefore you shouldn't need to conform to the same standards when running it.

I respect your opinion, but in the OPs case and on other threads here it isn’t the case that people are trying to dodge standards. The OP here seems to have followed the rules, possibly undercharged rent and got an expensive problem fixed straight away, sounds like a great landlord to me. 

That's pretty much it. I'm sorry if I offended people by describing myself as an accidental landlord. I'd read that the term applied to someone like me, who didn't buy the property with the intention of letting it but instead found themselves with a property to spare after moving in with a partner. I didn't realise it was a term that people would object to.

I decided to keep the property as my late son was born, and lived all of his life, in that house and it's a link to him that my daughter values so she begged me not to sell. I thought it would be a good bequest in my will but obviously didn't want it to sit empty in the meantime.

My tenants are very happy with the situation. Any issues/repairs needed, however slight, are dealt with promptly. The property is insured and has all of the necessary annual safety checks.

MoJoeGo

Beverley said:

steve866 said:

AdrianC said:

steve866 said:

hazyjo said:

Why accidental though? It's a choice. They could sell. It's what I've always done.

Yes of course, she decided to become a landlord after his circumstances changed, this is obvious, but it still a different journey from purchasing a second properly specifically as an investment. I don’t know why people get their knickers in a twist with the term accidental landlord when everyone knows what it really means.

It's a cop-out to try to pretend that starting a business wasn't deliberate, therefore you shouldn't need to conform to the same standards when running it.

I respect your opinion, but in the OPs case and on other threads here it isn’t the case that people are trying to dodge standards. The OP here seems to have followed the rules, possibly undercharged rent and got an expensive problem fixed straight away, sounds like a great landlord to me. 

That's pretty much it. I'm sorry if I offended people by describing myself as an accidental landlord. I'd read that the term applied to someone like me, who didn't buy the property with the intention of letting it but instead found themselves with a property to spare after moving in with a partner. I didn't realise it was a term that people would object to.

I decided to keep the property as my late son was born, and lived all of his life, in that house and it's a link to him that my daughter values so she begged me not to sell. I thought it would be a good bequest in my will but obviously didn't want it to sit empty in the meantime.

My tenants are very happy with the situation. Any issues/repairs needed, however slight, are dealt with promptly. The property is insured and has all of the necessary annual safety checks.

I have nothing substantive to add other than to say good on you OP for coming back after that onslaught - as you can see, the 'accidental landlord' term gets very short shrift on here. Hopefully you can see that it's a lot more black or white - you're either a landlord (with all the responsibilities that entails) or you're not!