Small landlords selling off isn't a great news after all

A clear breach then.

It's because the government are too lazy and shortsighted to put in place proper systems whereby rouge landlords are made to become responsible for their actions and decent landlords are left alone to do a good job. This new legislation does not take into account that there are many different situations for both landlords and tenants.

We were landlords of a 2 bedroom flat. We were absolutely lovely landlords
We had bought that flat from my husband's inheritance when his mum died.
We did not enjoy being landlords at all and when our last tenant disappeared without paying the last month's rent we thought enough is enough.
We had had three sets of tenants,

the first ( a pair of single girls ) complained about silly little things like a funny smell, the grass being too long to reach the washing line, they should have been tending the shared garden anyway ,.etc etc They went from one little complaint to another, but eventually went their separate ways.
The second set, a father and young son, basically never let us know about problems such as with water and heating etc, until there was a lot of damage. We were so relieved when he decided to live with his girlfriend and her daughter, because the flat was too small for the blended family. We had so much expense to repair the flat.
The third tenant and her dog , well we bent over backwards for her, getting her into the flat in 2020 just before lockdown. She seemed so nice, well she wasn't and we had complaints from her neighbours
She disappeared November 2021.
All we would ever hear about on the news were the terrible landlords!!!
We sold in June 2022 and were SO happy and actually, a year later we were able to help one of our daughters out of a situation we couldn't have foreseen, the amount she needed was exactly what we sold for minus the capital gains tax!
I would now always advise, never become a small landlord.

No one's asking you to cry & you can hate all landlords if you are so narrow minded.

People WANT to rent, people WERE prepared to enable this, but good landlords are being crushed & pushed out.

fine.

But the crying about that jack if rental properties is something that was warned about when people like you were moaning about all landlords being shit. They're not. But as always people who struggle can't differentiate.

& thise who could are nis paying the price.

Could someone tell us what the new rules asume?

Why are people on here so resentful about others making money. She’s done well to save the money and probably help secure her future and retirement. Just because your own financial situation may not be as solid, doesn’t mean you should look badly or be rude to those in a better situation

Ah the simplistic notion that a mortgage would be so much cheaper than the rent charged. Not unless you have about 50% deposit! The mortgage on our house for an FTB with 10% deposit would be £1k per month more than the rent we charged. And that doesn’t account for any of the additional annual upkeep/ repair/replacement costs - roughly £3kpa (averaged over 10 years as a LL). Also doesn’t include insurance costs.
We always saw it as a win-win that our house was looked after and our tenants (by their own admission) could live in a much nicer place than they could afford to buy.
We, as so many others on this thread, have had enough of all the hassle and future uncertainty and are selling. In the end our tenants overstayed their tenancy by 4 months searching for a new place because, surprise surprise, there are now fewer rentals and all in poorer condition and more expensive. It was shocking that they have ended up paying more now for a rundown place with one less bedroom and I really feel for them. I don’t think decent private landlords are the problem in this picture, but us leaving the market is creating one. There are now only 170 properties to rent in that town and over 1400 for sale. That’s not a “hoarding” of housing issue. That’s a lack of decent and affordable rental housing, in large part a dysfunction of this broken system.

Not just water and train companies, they've bought up vet practices, solicitors, accountants and IT companies too.

Yes, we are checking that. the lease is very old, from when holiday lets were not a thing (house is Georgian)

It says the flats are to be for 'one family only' also must not cause an increase to the insurance or noise or nuisance to other flats. So it may breach all of these, but not sure.

But if there was more commercial purpose built student accommodation the price might come down as there would be more competition?

dd pays £900 a month in a purpose built flat, includes all bills and laundry and a gym. Walking distance to uni in the city centre. If she lived in one of the main student areas she’d be looking at £700 a month, not including bills and no gym or laundry. 20 min bus ride each day with the cost of an annual bus pass.

@TonTonMacoute I was responding to the poster who seemed to be implying that rented properties were the reason that people can't buy their own property because they're all owned by landlords.
Of course, this isn't the reason at all...

That’s interesting, happened to my son in York - was given notice as landlord wanted to change his flat to an Air B’n’B. She was gradually working through the whole building (converted Victorian house).

Sold ours last december, was accidental, as family owners went into care homes, lovely long term tenants, we charged about 30% below market rent and they have gone home to romania so decided to sell, was already doing lots of paperwork for licences etc etc , we chose a good time to sell and paid the cgt, we wouldnt get the prices we got now. funds paid off care home fees outstanding and left a small sum for the family. the money can earn 5% now and no stress as did once have drug dealing mafia tenants who destroyed a house and caused 18k of damage which insurance wouldnt cover.

There is an industry body. The National Residential Landlords' Association.

It should be made easier to get rid of tenants who fail to look after a property but one of the issues is that people with a limited disposable income cannot always afford to heat the property appropriately which can and often does lead to mould and other delapidation. Hence careful landlords let only to professionals not in receipt of benefits.

It's very sad that the risk to landlords is elevated and so they cannot afford to take a risk when choosing a tenant.

It's usually a condition in the lease that the property is not rented other than as a tenancy. It would be worthwhile checking your lease to see if the leaseholders are breaching the terms.

Landlords do have a bad reputation and maybe an industry body would be a good idea.
@saraclara realise it's too late now, but an annual inspection would have helped both parties in your situation. Stressful though.
I doubt corporate landlords would allow tenants to trash the place like that.

Not necessarily, as inflation is no longer taken into account. The profit may be no more than inflation.

Companies like Experian can do a check for landlords. I use it (and pay for it). It tells you about affordability, validates employment, any defaults etc.
If the tenant doesn’t consent to that they don’t become my tenant.
The only bad tenants I had we when I used an agent. Sunce I started self screening they have been great.

Is the huge CGT bill because you made a huge profit? Poor you, my heart bleeds.

@thecatneuterer Yes, we live near a university ( in the US) and they’ve built some very nice student housing, but it’s really expensive. Not everyone in the area was thrilled when it was built either as some terraces had to be bulldozed to make space.

My DD is at another uni and she’s sharing a less fancy apartment - as she wisely says, she doesn’t want to waste money on somewhere she’ll only be living in for a couple of years. Plus they’re hardly ever in!

In theory it’s a good idea for universities to provide long-term housing, but getting it built and paid for is more complicated.

I understand your point, but purpose built commercial student housing is very much more expensive - probably somewhere in the region of 40% more on average.

Mind you - I think there are far too many people going to university these days - but that's another argument entirely.

@TeenagersAngst - I get that - but my meaning was they haven't even thought it up yet, though landlords will be expected to implement it as soon as they have. Here and now, it could be ANYTHING and could cost anything but landlords will be expected to suck it up and join or face penalty whether they like it or even agree with the wording or not.

Another former (good) landlord here who was charging below market rent. Then, after 20 years with no problems, we had a bad tenant - very antisocial behaviour including drug taking and not paying rent. It was extremely stressful but thankfully didn't take long to get the tenant out as we could serve a no-fault eviction and sell up.

Upcoming extra restrictions on landlords made that decision clear. I wouldn't want it to have been any more difficult to evict a tenant like that

Is that not at least in part, down to the tenants? The rental property (only 15 years old) that I've become responsible for, was in a shocking state, due to the tenants blocking all ventilation (so black mould all over the place) and their general lack of any care or respect for the property. They'd had a new bathroom, new carpets and various other work done promptly, not to mention no rent rise for 14 years. I've had to spend £2000 just to get it clean, mould-free, functional and the scrapyard that they'd turned the garden into, cleared. But the buyer will still have to completely redecorate, replace rusted radiators and put a new kitchen in.

None of that is down to me or a landlord that didn't do all that was asked of them