Emergency rent freeze laws passed !!??

[happyfishcoco]

Emergency rent freeze laws passed in Scotland
and Welsh maybe follow.

YABU = vote agree to rent freeze
YANBU = vote for not agree to rent freeze

www.bbc.co.uk/news/uk-scotland-scotland-politics-63164850.amp

www.bbc.co.uk/news/uk-wales-politics-63131075.amp

Nice idea in theory, but as much as I’d like it to, I can’t see it working in practice. IMO it would be better to massively increase the amount of social housing and increase regulation on standards of rental properties, and provide more protection for tenants. Basically they should copy Germany.

This will force the decision which I have been putting off for the last few of months on whether to end the tenancy on my BTL and sell, or to try and do the 'right' thing and continue letting my perfectly behaved tenants, who are a young family with another on the way, live there.

I will sit down and read the news articles and the Welsh government website once DD is in bed and then, more than likely, email letting agent instructing her to issue a section 21.

I hope some of you will join me tonight in lighting a candle for BTL landlords cruelly facing this blight upon their free money.

whilst we offer our thanks for their services, you’ll be able to donate to a GoFundMe specifically set up to help those taking advantage of others - to the sounds of tiny violins playing in the background.

As I understand it if the LL mortgage increases they will be able to raise rent. If the LL will be financially affected by not being able to evict a tenant they will be able to evict to move into or to sell the property. It will affect decent LL as rental simply isn't massively profit making.

The tenants ARE the first time buyers. They currently can't afford to buy because house prices are too high. House prices drop enough, and they can buy. Same house, same occupants, money is going to bank to pay off mortgage instead of into landlord's profits.

No they are not. If you think all tenants are just FTBs in waiting then you are very out of touch. Why dont

Maybe so but when you’ve been in the position of wanting to rent and it’s a bun fight the prospect of fewer properties and therefore higher prices due to excess demand is no great shakes either.

So there may well be people needing sympathy those who want to rent and can’t

The Scottish government actually restricted building of new student housing in glasgow too as they decided it was too concentrated thus making the problem worse. Also, not every student wants to live somewhere like that - mature students and students with families often prefer self contained flats.

Sorry posted too soon. Meant to add.. why don't people realise tenants aren't victims and renting isn't always inferior?

Remember though, when a tenant is facing a catastrophic situation that means they are behind with the rent - they are not a charity but a business.
But at the same time they are only letting out their investment out of the goodness of their heart.

All businesses claim tax relief on interest. Taxable profits are profits after interest is taken off. If you are so keen to focus on landlords as a business, then why do you want them treated differently to all other businesses. All those big student landlords you are trumpeting set off their loan interest against their taxable profits.

Students with children need their own secure housing.

this is bonkers. there is a massive shortage of rental properties. if it was such a lucrative get rich quick scheme then many more people in business would be doing it. being a responsible landlord is a bloody thankless task. constantly told how you are money grabbing and then dealing with tenants who dont pay for 18 months before you can evict them. the pendulum has swung too far in favour of the tenant. if someone stops paying rent you need them out in 3 months. laws should be looking to increase the amount of rental available not decrease it. If the fish woman and her broken record one issue party bring this in it means a whole load of business people in scotland will move to vote against independence. add to that the hospitality accommodation industry which is reeling from the changes for furnished holiday lets and really she is just alientating yet another sector.

And those who don't have a deposit? or don't want to buy? Or who don't earn enough to get the mortgage? Or who have disabilities meaning they can't work? The single parents with high child care costs? People on benefits who rely on housing benefit? Those who move frequently and for whom buying is a financial and logistical nightmare?

Where do those people go?

What % of students have children ?

Yes, secure rented housing. I didn't want to live in my university city for longer than necessary therefore didn't want to buy. I wanted to rent. I could also claim housing benefit whilst renting, but not if I had bought.

Not necessarily at all. Lots of people rent who already own property elsewhere (I do). Lots of people prefer to rent (uc pays part of rent, no need to pay for maintenance etc). Lots of people would rather rent as they don’t intend to stay somewhere long term. And so on.

And lots of people would love to buy and can not afford to.

ok then. so lets get all the people who are currently landlords to just shut up their businesses. stop letting completely. all over the country. throw the tenants on the streets, board the properties up and thats it. what do you think the housing market is going to look like then? successive govts after thatcher are to blame for the current situation. not one of them has tackled this. you are falling for the media bollox rather than the facts. without landlords privately renting out property the country would be in a bigger housing crisis than it is now.

My tenants should be first time buyers, but they chose instead to start a family having had the opportunity to purchase my BTL/their rental home at a very reasonable price. Since then house prices in the area have gone through the roof with my house going up by 30%, so even at a below average sale price without EA fees it will be a good 30k more than when they initially enquired about buying.

And LL selling up won't make that easier, there'll just be a larger number of people forced to buy when they'd rather not, often in good financial circumstances making them the preferred buyer.

And Drakeford will smile down upon you, one less greedy landlord draining the fabric of society.

The fact that there is a family who will be removed from their family home, and landlord no longer paying income tax, and a well maintained property is secondary.

Those pesky landlords will be gone (along with any small business that dare to try to better themselves in Wales)

State owned Green Mandfestivals and Airports. All just his next step to state owned housing.

So there are going to be less rental properties available. More properties may come on the market for sale but where are the tenants going to find the deposits to be able to buy them?

I can more than pay the mortgage myself. The worry is if interest rates go up a lot and you come off your fixed rate. Btl mortgages was never near 1% like residential mortgages. Do my ltv was 75% and yes of course I have massive equity but I don't want to remortgage it to cover the mortgage as that just feels insane. I could personally absorb an increase but only to a point. The harder it becomes to regain my property ( like in lockdown) the less willing I am to get close to neutral or negative profit. I'd be happy to take a few years hit on paying to top up the mortgage a few years ago. But I'm not willing to do that and risk loosing my right to sell up.

So that's a issue for a few landlords I guess? It's the known costs of interest rate rises

Indeed. Many students with families have no intention of staying where they study long term. Especially international students. Private rental properties in Scotland should be secure enough for them (provided they can get one at the moment).