Rent reform bill

ReadySteadyPop

https://www.telegraph.co.uk/money/property/landlords-could-be-forced-forgo-rent-year-labour-reforms/

RHemmings

ReadySteadyPop said:

Herzlos said:

RHemmings said:

elsien said:

R200 said:

Notice Periods for Renters

• The Bill will increase tenants' notice periods from one to two months when they wish to vacate the property, helping landlords maintain better control over planning.

Many tenants will just stop paying rent for last few months that is their way of giving notice they they will be moving out soon 

You do have a bad habit of making sweeping statements based on no evidence whatsoever. 

As an ex-tenant, I would never have dreamed of stopping paying rent for the last few months. 

I probably would, but then when I last rented it was virtually unheard of to ever get a deposit back. Things may have improved a bit now but there's still a lot of queries come up here about unreasonable deductions and the reputation is still there.

If I thought there was a reasonable chance of getting a deposit back, I'd pay up until I'd left.

 The deposit becomes negligible the longer you stay in a property, it is pennies a month on the rent if you break it down after a few years, getting it back is neither here nor there for most people, the landlord is at a disadvantage though because the average deposit nothing like covers any serious damage.

Out of curiosity, how much was your deposit and how long have you been renting?

If a deposit is £2000 and a tenancy lasts for two years (not uncommon) then that's £83.33 per month which isn't tiny. However, if it was a deposit two decades ago, and it was £1000, then that's £8.33 a month, which is trifling IMHO. 

elsien

The Telegraph does seem to have an awful lot of “experts” commenting on vague stories about things  that Labour “could” do, at the moment.
There are a lot of things that most of us could do, were we so inclined.  Doesn’t  mean that we will.

ReadySteadyPop

RHemmings said:

ReadySteadyPop said:

Herzlos said:

RHemmings said:

elsien said:

R200 said:

Notice Periods for Renters

• The Bill will increase tenants' notice periods from one to two months when they wish to vacate the property, helping landlords maintain better control over planning.

Many tenants will just stop paying rent for last few months that is their way of giving notice they they will be moving out soon 

You do have a bad habit of making sweeping statements based on no evidence whatsoever. 

As an ex-tenant, I would never have dreamed of stopping paying rent for the last few months. 

I probably would, but then when I last rented it was virtually unheard of to ever get a deposit back. Things may have improved a bit now but there's still a lot of queries come up here about unreasonable deductions and the reputation is still there.

If I thought there was a reasonable chance of getting a deposit back, I'd pay up until I'd left.

 The deposit becomes negligible the longer you stay in a property, it is pennies a month on the rent if you break it down after a few years, getting it back is neither here nor there for most people, the landlord is at a disadvantage though because the average deposit nothing like covers any serious damage.

Out of curiosity, how much was your deposit and how long have you been renting?

If a deposit is £2000 and a tenancy lasts for two years (not uncommon) then that's £83.33 per month which isn't tiny. However, if it was a deposit two decades ago, and it was £1000, then that's £8.33 a month, which is trifling IMHO. 

A deposit two decades ago would have been in the low hundreds in most parts of the country, and now with a sensible well financed private landlord it would probably be well under £2000 for many people, and even with your figures it is 2.70 a day or thereabout, and with all the legislation now very few people are not getting at least part of their deposit back after legitimate costs/damages..

ReadySteadyPop

elsien said:

The Telegraph does seem to have an awful lot of “experts” commenting on vague stories about things  that Labour “could” do, at the moment.
There are a lot of things that most of us could do, were we so inclined.  Doesn’t  mean that we will.

That is correct, but these media stories affect sentiment, and that is why the "Great Landlord Sell Off" that we have been hearing about for years isn`t really happening, higher borrowing costs and negative sentiment towards owning BTL mean they have nobody to sell to at the price many need to avoid losses.

RHemmings

ReadySteadyPop said:

RHemmings said:

ReadySteadyPop said:

Herzlos said:

RHemmings said:

elsien said:

R200 said:

Notice Periods for Renters

• The Bill will increase tenants' notice periods from one to two months when they wish to vacate the property, helping landlords maintain better control over planning.

Many tenants will just stop paying rent for last few months that is their way of giving notice they they will be moving out soon 

You do have a bad habit of making sweeping statements based on no evidence whatsoever. 

As an ex-tenant, I would never have dreamed of stopping paying rent for the last few months. 

I probably would, but then when I last rented it was virtually unheard of to ever get a deposit back. Things may have improved a bit now but there's still a lot of queries come up here about unreasonable deductions and the reputation is still there.

If I thought there was a reasonable chance of getting a deposit back, I'd pay up until I'd left.

 The deposit becomes negligible the longer you stay in a property, it is pennies a month on the rent if you break it down after a few years, getting it back is neither here nor there for most people, the landlord is at a disadvantage though because the average deposit nothing like covers any serious damage.

Out of curiosity, how much was your deposit and how long have you been renting?

If a deposit is £2000 and a tenancy lasts for two years (not uncommon) then that's £83.33 per month which isn't tiny. However, if it was a deposit two decades ago, and it was £1000, then that's £8.33 a month, which is trifling IMHO. 

A deposit two decades ago would have been in the low hundreds in most parts of the country, and now with a sensible well financed private landlord it would probably be well under £2000 for many people, and even with your figures it is 2.70 a day or thereabout, and with all the legislation now very few people are not getting at least part of their deposit back after legitimate costs/damages..

My estimates were based on a current deposit sum as above. So, if it is £2000 now I think an estimate of £1000 two decades ago isn't going to be far off. And, keeps the numbers relevent to the OP.  The last deposit I paid in London was over £900, and that was over two decades ago.  I'm not sure that turning the figure into a daily amount is useful in any way. 

Can I ask how long you have been renting and how much your deposit was when you moved into rented? 

ReadySteadyPop

RHemmings said:

ReadySteadyPop said:

RHemmings said:

ReadySteadyPop said:

Herzlos said:

RHemmings said:

elsien said:

R200 said:

Notice Periods for Renters

• The Bill will increase tenants' notice periods from one to two months when they wish to vacate the property, helping landlords maintain better control over planning.

Many tenants will just stop paying rent for last few months that is their way of giving notice they they will be moving out soon 

You do have a bad habit of making sweeping statements based on no evidence whatsoever. 

As an ex-tenant, I would never have dreamed of stopping paying rent for the last few months. 

I probably would, but then when I last rented it was virtually unheard of to ever get a deposit back. Things may have improved a bit now but there's still a lot of queries come up here about unreasonable deductions and the reputation is still there.

If I thought there was a reasonable chance of getting a deposit back, I'd pay up until I'd left.

 The deposit becomes negligible the longer you stay in a property, it is pennies a month on the rent if you break it down after a few years, getting it back is neither here nor there for most people, the landlord is at a disadvantage though because the average deposit nothing like covers any serious damage.

Out of curiosity, how much was your deposit and how long have you been renting?

If a deposit is £2000 and a tenancy lasts for two years (not uncommon) then that's £83.33 per month which isn't tiny. However, if it was a deposit two decades ago, and it was £1000, then that's £8.33 a month, which is trifling IMHO. 

A deposit two decades ago would have been in the low hundreds in most parts of the country, and now with a sensible well financed private landlord it would probably be well under £2000 for many people, and even with your figures it is 2.70 a day or thereabout, and with all the legislation now very few people are not getting at least part of their deposit back after legitimate costs/damages..

My estimates were based on a current deposit sum as above. So, if it is £2000 now I think an estimate of £1000 two decades ago isn't going to be far off. And, keeps the numbers relevent to the OP.  The last deposit I paid in London was over £900, and that was over two decades ago.  I'm not sure that turning the figure into a daily amount is useful in any way. 

Can I ask how long you have been renting and how much your deposit was when you moved into rented? 

The OP is asking if even more landlords will try to sell up, I`m not clear on how your points refer to that?

theartfullodger

Who knows.  Property is a long term game for those with strong stomachs.  Others avoid.

ReadySteadyPop

theartfullodger said:

Who knows.  Property is a long term game for those with strong stomachs.  Others avoid.

Not sure if most people understand that though?

ReadySteadyPop

ThorOdinson said:

ReadySteadyPop said:

ThorOdinson said:

BungalowBel said:

We have sold our flat because of this upcoming bill (because I am sure that this is only the first step ) and also the probable hike on Capital Gains tax.  We are not going to be the only ones.

The sale completes in a couple of days, then it is no longer our problem.

Hopefully that's right, there will be many landlords selling up. More property on the market means downward pressure on prices. The sooner you sell the better, probably.

Government in Wales seems to agree.

https://news.sky.com/story/council-tax-hike-on-second-homes-triggers-surge-in-sell-offs-and-mixed-emotions-13215310

"Despite the influx of listings, actual sales are at a record low."

Does this also apply to BTL?

That's because everyone is waiting to see how far prices fall, and what happens with interest rates.

The government has signalled measures to lower house prices, and hopefully economic stability will bring lower interest rates, so it would not be advisable to buy now. The measures may not work of course, but it sounds like the stuff to deal with landlords certainly is.

Landlords: if you want to sell up, consider selling to your tenants at a favourable price. Being already in there, it will reduce costs and hassle, and eliminate most end-of-tenancy issues relating to the condition of the property. The sooner you do it, the less money you are likely to lose as prices fall.

Most landlords won`t be prepared to take that kind of financial loss, people tend to wait until things are unwinding badly and then panic (they do it in the stock market too) it is why crashes happen.