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.

This is such an idiotic fantasy, landords have been selling in their droves and mortgages have went up. People who can’t afford to buy still won’t be able to buy, where do you think they will magic up a deposit from. Do you even understand the current shortage of rental properties, as landlords keep selling up, rents get more expensive as there is a shortage of supply and it’s having zero impact on mortgages for gods sake. We have a housing shortage, if anything they will slow down building. The Bank of England will never let this impact how they manage interest rates.

good lord,

Certain posters are embittered, and that blinds them to reality.

I can only assume they’ve had some bad experiences.

The issue is lack of enforcement. That isn't going to change off the back of this bill.

"mortgages have went up"... Jesus wept. Mortgage interest rates have increased because the Bank of England controls them and you may recall a certain Liz Truss spooking them!

So many are, in their thousands, and so many more to come, it’s a shame, as so many renters are now struggling to find somewhere they can afford, rents are increasing hugely due to it. People are going to get so much less for their money, if anything. And of course it’s not being replaced with social housing, the housing lists are so so long already, they’d be building forever just to house everyone on it. Never mind all the new folks about to join.

people will be in cramped conditions, or in b&bs, living with family. Its disastrous, but no one can blame the landlords for walking. I would.

Exactly! Why the hell would anyone be so clueless as to think landlord’s selling up when there is a housing shortage will bring rates down, it’s the most ignorant thing ever.

Embittered, from someone with your username and tone?!

I should think people slogging to give others "passive income"(repulsive concept) have a right to be bitter when the quality of their home is poor.

I don’t understand how they are slogging to give someone a passive income, surely they are paying to rent a property like say renting a hotel room.

Following your logic, you should buy - and if you cannot afford to, then fear not, because according to other posters, there will be a deluge of cheap property coming to market.

That’s a reductive comment and you know it.

The pandemic played a much bigger part -
look globally and get real.

I think I'm keeping my single flat. The numbers still add up for me and I'm clearing an annual profit for little work. Reliable, long term (ish) tenants.

However, that's the key thing is I trust them not to put me in a difficult situation.

We have 8 years before we planned to sell which would fund university for DC. So losing a 'no fault eviction' as I understand it could be difficult but worst case we could remortgage to release the money if we had to.

So I'm playing a risky game and will probably not deliberately take on new tenants again - when the current ones leave I will look at selling.

What's to stop bad landlords simply raising rents to crazy levels when they want a 'no fault eviction' at the end of a fixed term contract??? Yes you can stay but the rent will be doubled. Oh, what's that, you want to end the contract you say? Of course that's fine bye bye.

It’s just wishful thinking, but based on a lack of knowledge. Which I find surprising. We know landlords have been selling up in their thousands for a couple of years now. We know the impact is higher rents, shortage of rental properties in many many areas. We also know there is a housing shortage, Christ Labour have been very clear. We also know landlords selling up in their thousands has had zero impact on mortgage rates or house pricing. The evidence is there,

all they will do is slow housing building to offset any impact of landlords selling up. Large companies will stay in but charge huge prices. People wanting to rent a 3 bed family home will be desperate trying to get a one bed, and won’t be allowed, due to over crowding, except slum landlords, councils and housing associations don’t have the properties to let people have, the housing lists are decades long. So so many people already in temp accommodation, and it will get so much worse.

so the poster thinking people shouldn’t be slogging to pay someone’s mortgage has no need to worry, those days will be over before this government leaves, they will be all in b&bs and hostels.

@Littlebitpsycho that's my fear too.

Also, is rent rise restriction included in the legislation, as if not that will simply be use to 'evict' by making rent unaffordable.

The government's guide says there will be a single simple process for rent increases with restrictions on how often rent can be increased.

If the tenant thinks the proposed new rent is above the market rate for the area they can ask the First-tier Tribunal to determine whether the amount is reasonable.

The casual way OP speaks about wreaking havoc upon people. "Simples" They even seem to find it amusing.

They are a result of an unworkable housing situation that's at its worst since post WW1. Landlords should be held responsible for their tenants. This one glibly says they've kept their rents low yada yada yada, but the tenants have still paid off mortgages on those houses, and the OP will profit by their evictions.

In other countries, being a landlord is a more corporate thing and landlords do take some responsibility for their tenants. In the U.K. it's used so the rich can manipulate and profit from the poor.

Bring on the hate OP? It's not worth it because it wouldn't even scratch the surface.

Unusual
You generally have to provide proof of this at Referencing stage.
I work with clients looking for rental properties and even though they are people with good jobs, no adverse credit and high incomes it can still be difficult finding siutable properties. I was looking for a client in York last week and within his not very strict criteria there were just 6 potential properties, when I tried to book viewings 4 had been reserved and the other 2 were full for viewings.
Anything that reduces the amount of rental properties available cannot be a good thing. Decent LLs are already doing things properly and the ones who aren't won't care about new legislation and people will be forced into even worse properties/situations as there will be even more competition for properties.
I recently inherited my Mums house and not for a second did I consider renting it out, despite the fact that its very very rentable

Dont twist things to suit your required narrative. There’s nothing amusing in this.

Noted that you blame individual LLs rather than Govt however.

That tells me everything I need to know.

We are going to sell up as and when our current tenants decide to leave. Our last tenants only left as they were buying a house and the new tenants are friends of the last tenants.

We have always provided a decent home that we would be happy to live in. We allow pets and the new tenants have decorated, we always wanted it to feel like their home. We charge under market value, mainly because we have wanted to keep the previous tenants and the new ones can't afford the market rate. Rents in the area have doubled in the last 10 years.

I wouldn't want the stress of getting completely new tenants in. There needs to be more done to protect decent LLs and tenants. The return just isnt worth it anymore and my shares are performing better now that house prices have stabilised.

And I know people will read this and make the boo hoo comments and tell me that I shouldn't have been making money off someone needing a home. But honestly you can all stick it. My bank has made plenty of money off me borrowing for a mortgage.

These are straightforward rules which any decent LL will be able to follow. This faux concern for the tenants, and threats to flounce are just laughable.

This is what the real issues are:

• 14% of private rented sector homes, or 615,000 occupied dwellings, are estimated to contain a Category 1 hazard according to the HHSRS. This is higher than for social rented (4%) or owner occupied (10%) dwellings.

• 23% or 990,000 occupied private rented sector dwellings are estimated to fail the Decent Homes Standard. This is a higher proportion than in the social rented sector (10% or 380,000 dwellings) and in the owner occupied sector (13% or 2 million dwellings).

The Act is to deal with the huge number of terrible landlords.

As for rental accommodation being way more efficient:

The most common household compositions for private renters were one-person households (34%), followed by couples with no children (22%) and couples with dependent children (19%),

I am sure you are all lovely landlords who would never use the threat of a Section 21 eviction notice to remove tenants who complain about standards. This act is not about you.

I completely empathise with you, seriously.

Is a potential rise in CGT a factor in this? Not sure what's happening there but some must be thinking about this

The trouble is - it throws out the baby with the bath water, and follows successive reforms, which have made the PRS untenable.

This one glibly says they've kept their rents low yada yada yada, but the tenants have still paid off mortgages on those houses, and the OP will profit by their evictions.

I just don’t get this thought process and I see it often on here. Do you go round Tesco telling staff you’re paying their wages. Renters pay to rent a property, they aren’t entitled to it for free. What the owner of the,property does with the money is irrelevant. Every single thing ne it our utilities, our fuel, our hotel room is charged. Renters aren’t providing some form of altruistic mortgage payment service. They are paying to rent a property.

Someone has a chip on their shoulder 🙄
Are you as angry at supermarkets and water companies, similarly to LL they are also making money in exchange for providing basic necessities to people?
As a tenant you pay for the right to use someone else’s property. The fact that the LL can then
use this money to pay their mortgage has nothing to do with the tenant - maybe they use it to pay for their holiday and pay the mortgage off another income: not anyone’s business.

Quite so.

And do they have investments, earning a return off the hard working employees?

Rank hypocrisy.