Rent increase - fuck fuckity fuck!!!

[BlondeWaves]

Moved into my house 2.5 months ago and now having to move as had a letter from the landlord to say rent is going up by 150 a month. I KNOW I am being unreasonable but I am sat here sobbing because I've just settled here with my young child and the thought of having to go through all that upheaval again is so stressful. I can't afford the extra 150, I'm already stretched with the way everything has increased. This could happen again and again and I just hate our government and the way things are at the moment. I have no resentment towards my landlord as I know his mortgage has realistically gone up by more than 150 a month, but fuck, I'm so stressed. Don't even know what I want from this thread, maybe a handhold, maybe to be told I need to suck it up (weirdly I respond well to tough love) but I need something. Anyone there? 😭

As I suspected. Not your average family renting so no, they probably could buy.

i stand by what I said. For the average family renting. We just want stability and security in the home we have for our children. For the average renter it’s home for a landlord it’s business. That’s the problem. Neither is wrong in their view, they are opposing mindsets though.

I give up with the link OP. Try googling Discretionary Housing Payment.

Yes I have. I think that the people who made the choice to take on an investment and the risk should be the ones to bear the costs of this as they are the ones who reap the profits. I am not sure why this is controversial. It's the same for all investments.

Property used to be purchased with the idea that you would profit from rising prices at the end so you didn't need to get all the mortgage paid by the tenant to make it worth your while

As it is the tenant pays the mortgage but doesn't see the capital gains at the end of the day

There needs to be either much more rent regulation or massive low cost council house competition

It was my post you responded to.
I didn’t want a blanket ban. I just said secure stable homes shouldn’t be business

You talk as if all tenants want to be tenants, when the majority just want a secure, stable home and can't afford to buy one so have to rent.

Landlordism is just parasiting off the inequalities of this system. Immoral, basically.

I've said it before but we need to winkle the DIY BTL landlords out of the market.

1. Cap rents
2. Stop no-fault evictions
3. When distressed landlords are priced out then local councils can buy the property at below market value and turn the renter into social housing tenant.
4. Funded by government bonds raised on the capital markets which are attractive by dint of an underlying asset and an ongoing income stream - rent.
5. Labour are starting to look at solutions such as how to solve the chronically dysfunctional housing market.

There needs to be either much more rent regulation or massive low cost council house competition

that single move would solve a hell of a lot of the issues surrounding housing.

They are very successful professionals, they are getting exactly what they want.

You think they want to pay you more rent so that you can keep your 1.2 million pound investment?

They system is broken and unfortunately the people without the investment and security of property ownership are expected to pay for this.

OP you say you have an agreement in place.

What does it say?

OP, how much is the max UC housing allowance for the property size you have in your area? I.e how much of the current rent are you effectively paying yourself? Do you also work?

@Lilithslove

'Hoarding!?? Don't be so ridiculous. It was her home & for some reason (business/schooling/moving near presents to care for them etc) she's rented it out while living elsewhere. Makes sense as in the future she wants to live there again. It's hardly hoarding!

she's providing a rental property. Where do you suppose all the current renters go if all the LL sell their properties, buying a house is not going to be affordable over night.

.

But they / we do. If the property drops in price, or a tenant can’t be found or it won’t rent out for the costs then if course quite rightly the owner is on the hook for the costs.

You seem to be suggesting though that the landlord should not be allowed to increase the rent at all, which doesn’t make any sense.

I'm sorry everyone I need to leave this thread for a bit. It's not just the rent that I'm finding overwhelming today. I've already had to cancel my son's club that he loved. Cut back on everything. Looking at selling my car. Sold my jewellery. Etc. I just can't afford to live like this anymore and it's all getting too much. I work full time, get no CMS from child's father. Get universal credit but it doesn't cover everything with childcare fees and rent so high. I can't get a council house as I'm not priority. I just give up. I'm going to switch off for a bit. Thanks everyone for your advice. I'm going to see what I can do.

I can see the flip side as in our family we actually have 3 BTL properties but they're split between my DM/DB/me and DM manages them with a letting agency. This is partly because DB didn't work paying NI when he was younger so kind of a pension fund/investment for him and it tops up DM's pension (she only got a small teachers one for various reasons). It also helps me as an investment for the future. We won't sell unless we need to.

We rarely, if ever put up rents, unless there's an agreement in place. And then follow all the rules. We'd prefer to have good and happy tenants in place. We do use a letting agency but that was after going through a few bad letting agencies.

I used to work for a solicitors and a few of our clients were either older with more cash and wanted the odd BTL here and there, e.g. a flat or a flat in student accommodation etc. If they've had to sell these flats in time due to cost of living increases then I can't say I blame them. However, if you have a property portfolio of upwards of 200 properties then that's a business and although I admire their business model, unless it is extremely well run and managed then naturally you have the tenants/general public think you're evil and out for yourself to make profits. I reserve judgment on that!

OP - I'd go back to your landlord and come to a compromise, try Shelter, are there housing associations you can register with?

I agree with a PP that rents are very high and not in line with most people's salaries. Housing ministers need to address this issue, but yet again they don't. Fat cat central for those with lots of money in government and big business.

Thank you for posting this information. I’ve never heard of signing a periodic tenancy from the word go. I also thought a tenancy is for a minimum of 6 months. I know rents can only be increased once every 12 months.

I just have one question for the op. Is there ever a case, where a rent review clause could be added to a periodic contract and actioned before the 12 months? The ll thinks she can and realistically she can give notice to op to vacate at the end of the 6 months.

Sorry you're feeling so stressed. You do need to try to get CMS from your child's father. Good luck.

I don't think it's helpful to the OP for this to become a thread where landlords complain about landlording being hard.

OP, could we have some more info about the kind of contract you have? What's your notice period? Were you allowed to paint the bedroom or is it likely you'd have to paint over it before you leave?

Bless you.

Ok. Before doing anything drastic take stock

Is the different place going to be any cheaper.

The cost of moving again may well outweigh the increase

Is there anything else you can cut back on

Can you take on a service for someone to earn extra cash.

Cleaning. Ironing. Etc.

@walkinginsunshinekat
But ultimately, you are in an immoral business, you want the poorer in society to pay for your house or in your case houses? these people are a captive audience & when they can't pay, the tax payer has to pay your mortgage in the form of housing benefit.

If you have a work pension scheme much of it will be invested in huge companies that let property.
Therefore you too are part of the immoral business.

mummyoflittledragon - I've stayed in shared houses and as a lodger where there was no written contract at all but a verbal one month notice agreement, but that's a very different situation from taking on responsibility for the entire property.

Landlords aren't a charity, they have to cover their costs

No one is wanting them to be a charity.

Who is worse off though? The renter or the landlord??

I know where my sympathies lie.

You genuinely seem not to understand how any if this works, do you?

£1.2m is the mortgage, not the value of the flat, and yes, they actively prefer to rent. It means that they don’t have to care, at all, about maintenance, building insurance, repairs, service charge or any of the other issues that come with ownership, and they have the freedom to give me a single month’s notice if they want to move out.

It suits them; they are happy there, and they know that in exchange there is a risk that periodically the cost of rentals may change.

How can you not understand that there are people who prefer this over owning?

Sorry OP. This post doesn't add up.

Any Landlord who rents on a month to month for a whole flat should question who they are renting to, its the reserve of short term renters ( people between houses, only in town for 6 month contract, etc) It isn't for a mum and child looking for stability for fucks sake, the landlord sounds like a right c*nt if he's let you sign up for this , knowing he's putting the rent up - he's running a fucking business , he knew he would if he has half a brain. He's taken the piss and running his business in a really shitty way.

If you can afford 850 a month rent, you qualify for fair rent schemes from housing associations ( rented properties for people working, not on benefits). If you have a child, you'd be high priority. These lists don't have long waiting lists, you have to look out for new developments in your area and sign up on release day.

On the other hand, if your rent is getting paid by benefits top ups,
if you can't afford the rent, get the landlord to evict you and the council will have to house you, may not be nice, but you wont be homeless. You can work out your next move from there.