Renters Rights Bill

[ByQuaintAzureWasp]

Thinking of renting a property out for maximum of 12 months (could sell but prefer not to just yet) but this RRB is putting me off as we won't just be able to give a few months notice to quit but will have to give a section 8 notice.

This Bill is going to cause mayhem for those that rent to students and can't have a fixed duration contract.

What are people's thoughts?

I do agree that landlords shouldn't be able to kick people out to increase rents ... before anybody jumps on me.

Don’t do it. Airbnb it. More money and more control over property. The biggest risks with the Renters bill are that you may not get rent at all, be sued for multitude of reasons by a tenant and be in a much worse position than before.

Way more work as well. Cleaning, fresh linen, has to be kept immaculate. It wouldn’t be worth the possible extra money to me.

Why can’t students have fixed term contracts @ByQuaintAzureWasp?, they know exactly when and for how they need the property. It’s one academic year.

It’s a nightmare. Coupled with the fact that councils and shelter now actually advise tenants to not leave a property unless landlords evicts. Which takes a long time and costs money.

I am desperate to sell my house which has tenant in … I can’t afford to evict them. The rent is £150 more than the mortgage and that profit gets eaten by all the gas/electric checks and general maintenance.

i served notice … they said they had been told to wait until I evict them and so won’t leave… shit show

I’m considering selling my BTL property and I certainly wouldn’t be getting into the rental market now . I think it’s really ironic that it’s been made harder and harder for landlords yet here they are now needing our help to house immigrants. Not a chance in hell .

the first house I bought, instead of moving into myself to fly the nest, I rented it out HMO style. Within a couple of years I’d saved enough to put a huge 40% deposit on my home, compared to the 5% deposit I put on the BTL. And for quite some time things were good. As time went on an tenants right became too too too much in their favour to the point where it was an open invitation to abuse them, I got pushed into a position where I almost lost my own home because of tenants exploiting renters rights. Ofc I don’t agree to tenants being evicted because greedy landlords want higher rents, but equally I don’t agree landlords being virtually bankrupted and made homeless themselves because tenants want to and can, pay no rent. Ofc not every landlord and every tenant is unscrupulous, just enough to put the fear into those thinking about going down that route.
landlords have to pay taxes on the rents and capital gains when they sell the property-which is effectively seen as a business-so as such, when people owe businesses money, they get chased and ultimately face CCJ’s and bailiffs to recover the owed money. This should apply to defaulting private tenants just as it does to council and housing association tenants. Tenants then may, just may not be as inclined to abuse the renters rights knowing the debt will follow them wherever they go and could actually make it extremely difficult to find a new tenancy as a reference search will flag it up.

IF I was going to buy a Rental property (and I wouldn't right now) I would do a Student Let. More lucrative and they are much more likely to leave at the end of the term

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!!

S

My friend owns a rental property, normally rented to medical students. He's been told that the RRB will mean they can end the tenancy with appropriate notice ... which will very likely be earlier in the final year. So he then has a property that's no rental payments coming in until next year's students start ... in 3 or 4 months' time.

That has been the advice for decades. It's not new. Landlords need to be aware of the law around renting out properties or they shouldn't be landlords.

We have two rental properties, and personally i cant wait to evict the tenants and sell the properties. Current tenants are very good but the regulations are just getting more and more. recently got new tenants in one property and we will make no money till month 8 in the contract.

Had one really bad tenant who didnt pay rent/trashed the place/had to be evicted. Was really stressful and costly - would have been better financially to leave the place empty for the period. And goodness knows what capital gains tax increases labour will come up with

Did you not take out insurance?

I was speaking to a Lettings Agent in Manchester today and she tols me that they have lost almost 70 properties this year from landlords selling up.
Getting a rental is hard, even for my clients with steady jobs and good incomes and it will only get worse

Very happy to have sold our rental property last year and we're now earning more in interest/ investment dividends that we did in income. We know at least three other people locally who have sold up too - all because of the incoming changes which simply make it too risky/ difficult for landlords to protect and recover their properties.

Meanwhile our local Facebook page is flooded with people working at the local hospital, or young professionals in the area (we're commuter belt) all chasing a diminishing stock of rental properties.

No there are too many exclusions, and we wouldnt have benefited from most that i've seen as our tenant went unemployed. Plus, with all the added rules the costs just mount up and up

Agreed. The only reason we havent is because there are so many 2 bed properties in the town for sale. Say 30ish 2 beds for sale and about 2 to rent. we are waiting for the amount on sale to hopefully drop and then we will stick it on the market.....sad for anyone who rents but being a landlord is getting worse and worse.

@ByQuaintAzureWaspis there a university nearby? Ciuld you let it via the university accommodation dept?

Does anyone know how the new act will affect guarantors for student houses? (I can’t find information on what’s actually been passed). Are students more or less likely to require one?

I read something saying there was a proposal that landlords can’t take a deposit and ask for a guarantor - did that go through?

The changes I have seen have all been around ordinary AST's rather than for HMO type arrangements so I am not sure if they will affect student lets