Renters rights bill

[MoneyNeverSleeps]

A question for LL’s please - what changes will you make in preparation for Labours Renters rights bill please? And what do you see as the wider consequences?

For those who simply wish to hate on LL’s, please don’t bother posting.

I believe this is correct.

It has to be nominated as your PPR.

It’s not that simple and yes I should have been clearer, . Yes primary residence relief is for each year you’ve lived in it, but also you then get relief for the last 9 months even if not lived in and you can deduct all costs and fees from the gain. So for example. A new kitchen, or boiler, or flooring, legal fees, stamp duty etc can all be removed from the gain, before tax applied.

we were lucky we sold 2015 so still had the 3 years exemption and then by the time discounts applied it negated any cgt.

as said. The op needs a tax advisor.

Thanks.

We will definitely take advice but I will crystallise a gain on all three BTLs.

Just happy to get out tbh.

I will let you know who buys them in time…

A PP mentioned that the Tories had drifted too far left, how far down the right wing rabbit hole do you need to go down to think the last iteration of the Tories were even remotely left wing and unsurprisingly the 'below market rent amazing landlord' OP agrees, I'm starting to question you're even a landlord OP tbh

@Josephinesnapoleon you aren’t wrong. I tried working through the calculations on my own and it’s not straightforward

I have a small portfolio of one bed flats, typically let to young professionals who move on after a year or two so have never had to contemplate eviction. The returns have become less than my other investment return however. My longer term plan is more linked to the end of fixed term mortgage deals, when we will probably sell as and when the current tenancies end, probably at a loss compared to purchase price.

no there aren’t - you have a £3k allowance and that’s it

Also meant to say, it will most likely go up in the budget as Labour have said CGT should be aligned with income tax, we are talking pot 45%

That’s my assumption, but there is no shame in a profit.

Lets just hope that Labour spend my tax revenue wisely.

Hint: They won’t.

Well, question no more.

I shall soon be out, thank fq.

Why would you give that much notice. By the time this goes to court Section 21 will be long gone. You might as well not bother.
Courts do also not automatically give you an eviction if your tenants are up-to-date with the rent. They do take circumstances into account.

Why? Because I’m a decent human being that’s why.

Do unto others and all that.

The tenants are all professionals- none of whom have ever been late or missed rent. So, I don’t see circumstances presenting an issue.

No they don’t,

Correct - not sure why the PP stated that.

Equally, I cannot see any of the tenants ignoring the S.21. We have been exemplary LL’s.

Yes, maybe wishful thinking, but courts apply the contract, as such, eviction always occurs, always, assuming the eviction process has been followed correctly. Courts do not tolerate anyting else. It’s not a criminal law case. It’s not subjective, the contract is applied, eviction is ordered and the tenant evicted.

once again it is not social housing.

In my experience as a tenant, it’s not so much ignoring the section 21 as having nowhere to go, literally being unable to secure any other property because the rental market is now so dire, even going well over our budget, considering too small houses, and extending the search to a 50 mile radius, despite needing to be near schools.

Councils require you to stay put and go through the eviction process, otherwise they won’t help.

They will be evicted. But that has to happen before the tenant can get any help to be rehoused.

Whoa.

All my tenants will find somewhere else locally -
yes, they may have to pay more, but so be it.

Yes that’s the issue that is going to grow hugely. But the councils don’t have the properties to house everyone. Anyone who is at max rental costs is in deep trouble, as if and when they get evicted when the landlord sells up, the next property will be out of reach financially , landlords can be picky so won’t allow over crowding, and that’s assuming they can act fast enough to even have a chance of somewhere, as they go so quickly already in many areas.

hopefully it changes, but Labour is so out of their depth. They are busy creaming off the top with their freebies, cowtowing to the unions and giving everyone pay rises we can’t afford and taking a couple of hundred quid off of pensioners, they are so desperate.

what an utter shambles.

I hope you’re right. But my experience is of 50+ applicants for every property, being unable even to secure viewings, let alone a tenancy, and fewer and fewer properties becoming available. Even offering months’ rent up front and offering above the advertised rent.

And not a case of not wanting to pay more. My rent when I finally did find somewhere is double what it was before. That’s because rents have soared.

However, this is Wales, where the law changed two years ago. It was just before the law change though.

I voted Labour, and would again, but on this I agree. This really isn’t improving the situation for tenants.

This is similar to another country with a scarce rental market

People who want this policy and this type of outcome are not thinking it through

Selling one - three into air b and b fully booked . Such an ill thought out policy levelling down race to the bottom no critical thought applied it’s a total bloody mess. Glad I got my son through public school with the rentals but now there’s no benefit to being a landlord Labour well out of their depth however not forgetting George Osbourne who started the section 24 abolition

Hi all

Sharing a very handy resource for the renters rights bill called Renters Rights Ready

I had a question about converting my ASTs into Assured Tenancies early and get ahead of the curve, however a very good (obvious in hindsight) nugget of advice - let it go right to the wire as converting before the grandfathering period means losing section 21 rights before we absolutely have to.

So essentially nobody be proactive with new agreements and let it become a mad rush otherwise we are penalised for it!!

Sx

Until the law has been enacted, there are no template tenancies available. There will be no changeover period and any existing tenancies will automatically be turned into periodical tenancies straight away. At least that is the proposal. There is some paperwork that will need to be provided to existing tenants but again, this cannot be issued before the law is in place.