1 million additional renter's to be made homeless(evicted)?

MultiFuelBurner

noitsnotme said:

Simonon77 said:

Also plenty of landlords won't need to sell anyway. If they bought a flat ten years ago then there is plenty of movement for mortgage rates to go up compared to their repayments and the rent they can get for it. It will only badly effect those amateur ones who only bought in the last few years or people who thought it was a quick way of making money. Most will just ride it out until rates drop again. 

Exactly!  There are lots of landlords that own outright and don’t care about mortgage rates too.

I have 3 rental properties.  One is on a tracker and the mortgage interest has doubled but is still less than 50% of the rental income.  The other 2 properties will have the mortgages paid off in full by the end of the year so any further mortgage rate increases won’t make any difference to those.  I’ve also paid off the mortgage on our home early thanks to the previous income from the rentals.

I can therefore be fussy about tenants and wait for the best.  Rental voids are no longer a problem.

There are plenty of other landlords in similar or better circumstances than mine.  As someone else mentioned above, we’ll be the ones snapping up these bargain price properties if it does actually happen.

It really is good to hear other LL's thoughts are along the same lines.

The key takeaways are most established LL's are not beholden to interest rate rises and the legislation will just mean they will be more fussy/diligent over who they rent to.

Same here at the right price point we too will be snapping up extra property for rent.

noitsnotme

Yellowsub2000 said:

MultiFuelBurner said:

LegallyLandlord said:

It’s all based on assumptions. I’m buying another rental property at the moment as I’m in it for the long haul. If rents go up, that will encourage landlords to stay rather than sell. 

I think there’s been a lot of nonsense said about the Renters Reform Bill. It’s a bit more admin and landlords will need to be choosy with tenants. I already accept pets and families. But I’m essence, it’s a good thing. 

I think you are right but from previous posts on this board the reform bill is scaring away a number of single property landlords.

It will be a bit more admin and I agree again we will definitely be more choosey over tenants.

It’s a lot more than a bit more admin.

many things are now in the tenants favour, LLs have to pay for the ombudsman while it will be free for the tenants to keep contacting them if they are unhappy about anything.

It’s Avery good thing for tenants who before we’re asking the LL to sort out a problem and they didn’t do anything. From now they will have to go pay for a pest control service or fix things that need it.

otherwise there could be a £25k fine

Still spreading misinformation I see.  The landlords will pay a relatively small fee to join…

”Will landlords be required to pay for the mandatory redress scheme?

• Yes. The fee will pay for the operation of the Ombudsman to ensure a good service is delivered. We will work to ensure that the fee is proportionate and good value. The fee will be a relatively small amount per property.”

https://www.gov.uk/guidance/private-rented-sector-ombudsman-renters-reform-bill

For most landlords there won’t be extra admin at all apart from signing up in the first place.  The ombudsman will only get involved if the landlord fails to fix a reported issue.  The majority of landlords already do this anyway.

Yellowsub2000

Yellowsub2000 said:

MultiFuelBurner said:

LegallyLandlord said:

It’s all based on assumptions. I’m buying another rental property at the moment as I’m in it for the long haul. If rents go up, that will encourage landlords to stay rather than sell. 

I think there’s been a lot of nonsense said about the Renters Reform Bill. It’s a bit more admin and landlords will need to be choosy with tenants. I already accept pets and families. But I’m essence, it’s a good thing. 

I think you are right but from previous posts on this board the reform bill is scaring away a number of single property landlords.

It will be a bit more admin and I agree again we will definitely be more choosey over tenants.

It’s a lot more than a bit more admin.

many things are now in the tenants favour, LLs have to pay for the ombudsman while it will be free for the tenants to keep contacting them if they are unhappy about anything.

It’s Avery good thing for tenants who before we’re asking the LL to sort out a problem and they didn’t do anything. From now they will have to go pay for a pest control service or fix things that need it.

otherwise there could be a £25k fine

Which part of this do you disagree with noitsnotme?

Yellowsub2000

Yea With the abolishment of no fault evictions, LLs who want their tenants out but can’t get them out may be thinking to raise the rent and then say the tenants are not paying it.


this is why the ombudsman is there to stop this loophole of LLs doubling the rent to get them out.


the tenants will have to provide evidence of damp or mould or pest problems or saying the fudge freezer/washing machines/ cooker/ bathroom isn’t working properly and LL refused to sort it out.


then the ombudsman will decide fair rent based on all these things.


it will be interesting to see how it works in practice what if the LL says they are lying about all these problems in the house, how much investigation will the ombudsman do?


ever since that boy died of mould last year they are really coming down hard on LLs who don’t sort out issues straight away and many will get the £25000 fine and be told a low fair rent with all those issues and the LL just can’t get the tenants out

noitsnotme

MultiFuelBurner said:

noitsnotme said:

Simonon77 said:

Also plenty of landlords won't need to sell anyway. If they bought a flat ten years ago then there is plenty of movement for mortgage rates to go up compared to their repayments and the rent they can get for it. It will only badly effect those amateur ones who only bought in the last few years or people who thought it was a quick way of making money. Most will just ride it out until rates drop again. 

Exactly!  There are lots of landlords that own outright and don’t care about mortgage rates too.

I have 3 rental properties.  One is on a tracker and the mortgage interest has doubled but is still less than 50% of the rental income.  The other 2 properties will have the mortgages paid off in full by the end of the year so any further mortgage rate increases won’t make any difference to those.  I’ve also paid off the mortgage on our home early thanks to the previous income from the rentals.

I can therefore be fussy about tenants and wait for the best.  Rental voids are no longer a problem.

There are plenty of other landlords in similar or better circumstances than mine.  As someone else mentioned above, we’ll be the ones snapping up these bargain price properties if it does actually happen.

It really is good to hear other LL's thoughts are along the same lines.

The key takeaways are most established LL's are not beholden to interest rate rises and the legislation will just mean they will be more fussy/diligent over who they rent to.

Same here at the right price point we too will be snapping up extra property for rent.

There are a couple of posters here who like to spread an Armageddon version of anything related to renting and landlords.  Both have been here under other account names that have been previously banned.  

One apparently “sold to rent” 15 or so years ago and has been waiting for a 50%+ crash ever since.  The other seems to be in persistent debt and is always asking about debt relief orders or bankruptcy whilst simultaneously talking about which Steam Deck or PS5 to buy.    They will be renting for life and appear very bitter towards anyone who owns property.

They seem to think that every single landlord will suffer with all these changes without realising that a large majority of landlords are actually not really affected.

So yes, it’s good to hear from those that actually live in the reality.

Yellowsub2000

You still haven’t answered the question which parts you disagree with noitsnotme?

what part of this do you not agree with-


With the abolishment of no fault evictions, LLs who want their tenants out but can’t get them out may be thinking to raise the rent and then say the tenants are not paying it.


this is why the ombudsman is there to stop this loophole of LLs doubling the rent to get them out.


the tenants will have to provide evidence of damp or mould or pest problems or saying the fudge freezer/washing machines/ cooker/ bathroom isn’t working properly and LL refused to sort it out.


then the ombudsman will decide fair rent based on all these things.


it will be interesting to see how it works in practice what if the LL says they are lying about all these problems in the house, how much investigation will the ombudsman do?


ever since that boy died of mould last year they are really coming down hard on LLs who don’t sort out issues straight away and many will get the £25000 fine and be told a low fair rent with all those issues and the LL just can’t get the tenants out

noitsnotme

Yellowsub2000 said:

Yellowsub2000 said:

MultiFuelBurner said:

LegallyLandlord said:

It’s all based on assumptions. I’m buying another rental property at the moment as I’m in it for the long haul. If rents go up, that will encourage landlords to stay rather than sell. 

I think there’s been a lot of nonsense said about the Renters Reform Bill. It’s a bit more admin and landlords will need to be choosy with tenants. I already accept pets and families. But I’m essence, it’s a good thing. 

I think you are right but from previous posts on this board the reform bill is scaring away a number of single property landlords.

It will be a bit more admin and I agree again we will definitely be more choosey over tenants.

It’s a lot more than a bit more admin.

many things are now in the tenants favour, LLs have to pay for the ombudsman while it will be free for the tenants to keep contacting them if they are unhappy about anything.

It’s Avery good thing for tenants who before we’re asking the LL to sort out a problem and they didn’t do anything. From now they will have to go pay for a pest control service or fix things that need it.

otherwise there could be a £25k fine

Which part of this do you disagree with noitsnotme?

Read my post it’s clear enough.  That seems to be your problem, you don’t read things properly.  You’re so desperate to see all landlords punished, you latch on to things without reading the finer detail.  I know you’re young and feel aggrieved with what life has dealt you but perhaps if you stopped following some of the more fringe offerings on social media and the internet as a whole, you wouldn’t have such a negative view of everything.

Yellowsub2000

So you don’t disagree with my assessment of how the rents and ombudsman system will work

it sounds like you are frustrated and unhappy maybe you should go see someone about that?

I mean this with all sincerity life is too short to be all bitter and twisted 

better to be happy 😁

Yellowsub2000

noitsnotme said:

Yellowsub2000 said:

Yellowsub2000 said:

MultiFuelBurner said:

LegallyLandlord said:

It’s all based on assumptions. I’m buying another rental property at the moment as I’m in it for the long haul. If rents go up, that will encourage landlords to stay rather than sell. 

I think there’s been a lot of nonsense said about the Renters Reform Bill. It’s a bit more admin and landlords will need to be choosy with tenants. I already accept pets and families. But I’m essence, it’s a good thing. 

I think you are right but from previous posts on this board the reform bill is scaring away a number of single property landlords.

It will be a bit more admin and I agree again we will definitely be more choosey over tenants.

It’s a lot more than a bit more admin.

many things are now in the tenants favour, LLs have to pay for the ombudsman while it will be free for the tenants to keep contacting them if they are unhappy about anything.

It’s Avery good thing for tenants who before we’re asking the LL to sort out a problem and they didn’t do anything. From now they will have to go pay for a pest control service or fix things that need it.

otherwise there could be a £25k fine

Which part of this do you disagree with noitsnotme?

Read my post it’s clear enough.  That seems to be your problem, you don’t read things properly.  You’re so desperate to see all landlords punished, you latch on to things without reading the finer detail.  I know you’re young and feel aggrieved with what life has dealt you but perhaps if you stopped following some of the more fringe offerings on social media and the internet as a whole, you wouldn’t have such a negative view of everything.

What makes you think I have a negative view? I’m happy about the proposed changes it will be very good for tenants.

this is a money savings website and it’s always good when people save money. 

The ombudsman will be great thing and will save many tenants lots of money with rents.


once again nothing I have said is negative it’s all positive it’s all great when people save money

noitsnotme

Yellowsub2000 said:

So you don’t disagree with my assessment of how the rents and ombudsman system will work

it sounds like you are frustrated and unhappy maybe you should go see someone about that?

I mean this with all sincerity life is too short to be all bitter and twisted 

better to be happy 😁

Well yes I do disagree, you’re wrong about how the ombudsman will deal with rent disputes.   This is what I’ve posted on the other thread…

According to government page I have already quoted several times, the ombudsman won’t manage rent disputes.  That will remain the responsibility of the courts.…

”The First-tier Tribunal is part of the courts system. Disputes which will still require judgments from the First-tier Tribunal include rent disputes, appeals by landlords against financial penalties imposed by local councils and applications to recover prohibited fees under the Tenant Fees Act.”

Here’s the link (again!) https://www.gov.uk/guidance/private-rented-sector-ombudsman-renters-reform-bill

I’m certainly not bitter and twisted.  All these changes are great for good landlords like me.  I’ll be able to purchase more properties at cut down prices and I’ll be able to charge higher rents for the best tenants out there.  No mortgages will mean no worries about interest rates and no worries about void periods.  It’s all looking rather rosy from where I’m sitting.