rents will soon be rising and the poor will suffer

[bil66]

There is a new tax coming out called section 24 which the Government does not want you to know about.

The tax will put up the cost of renting properties dramatically and this in turn means that landlords will not be able to rent to people on low income.

Finding a property for people on low income is already very difficult but its about to get much worse.

Action needs to be taken to stop this tax and complaints should be made to your local council and MP.

My derelict cottages are mortgage free.

I have been doing holiday let's for a year now and much prefer it to housing benefit.

I get paid up front and the cleaning is delegated to others.

It causes me less stress and I don't have to keep going to the County Court to get rid of defaulting tenants.

I will be renting them to tourists in the summer and doctors in the winter.

I have been investing in property for 20 years and in all that time I have never bid against a first time buyer.Most of the properties I bought had serious legal issues and we're not mortgageable.

Many of the properties I have are blocks of flats so would not appeal to the residential owner occupier.

Most landlords are stingy and will not pay what FTB pay.

If your properties are not mortgaged, then S24 is not a problem for you. You are losing the automatic 10% wear and tear allowance, but that's all.

And I don't know what sort of holiday lets you're talking about, but all those I've ever seen or rented - which is a lot - are very different in location/decor/furnishings from the average low end rental property.

I suspect that you are a troll from one of the landlord forums that are endlessly bleating about how unfair it is that S24 is going to remove the lovely subsidies that help to pay their mortgages.

GETTINGLIKEMYMOTHER - said..... ''I suspect that you are a troll from one of the landlord forums that are endlessly bleating about how unfair it is that S24 is going to remove the lovely subsidies that help to pay their mortgages''.

This

Why am I a troll. Anyone in my situation housing the poor and then getting punished for it would do the same.

It's the poor that will suffer in the end after I restructure my business.

Sorry to disappoint you but no I'm not going bankrupt .

Anyone in my situation housing the poor and then getting punished for it would do the same.

Oh, please! If you really went into BTL to help the poor, you would restructure yourself a registered charity, and continue to claim mortgage interest tax relief. But it is obvious from your posts you are only in it for the money. You are trying to start a political campaign to try to make yourself more money. You are transparently motivated by greed, and your campaign will get absolutely nowhere.

I didn't go into the btl business to help the poor but the net effect of the tax laws together with various other problems such as universal credit means that I don't want to operate in that market.

I am not a charity but need to make a profit

I don't care if you ignore everything I say because soon you will face the music and I know I am right.

If you are in BTL purely for the profit, maybe you should change your attitude, and become less greedy and more altruistic. Changing yourself to a registered charity would mean you could avoid s24.

I find it odd that people target benefit recipients for tenants. Everyone knows that is more problematic. If you have lovely houses you get good tenants. Less hassle. Everyone is happy!

Cornwall has empty periods. I make more from my holiday let but it’s makntained to a very high standard and is worth double my other house that’s let. Therefore the return is not as good for the investment.

why would anyone rent out a house except for profit??? do you work for free? do you expect the supermarket to give away food?

what a silly comment.

If you are doing BTL for profit, stop trying to pretend your campaign is all about helping poor tenants.
Your campaign is purely about helping yourselves, and gaining more profit (provided by the taxpayer by way of housing benefit and mortgage interest tax relief).

When the rent was paid direct to landlords I gave housing benefit tenants a chance but under the new system that has gone.

The majority of my properties are of a high standard.

why would anyone rent out a house except for profit??? do you work for free? do you expect the supermarket to give away food? what a silly comment

We do.

We can't afford to buy in the area we want to live. Rents here are around half of the equivalent mortgage cost as the houses are very expensive but there's not a thriving rental market as it's more rural. However in other areas of the city the mortgage cost is roughly equivalent to the rent as houses are cheaper and the rental market is booming.

So we pay rent for the house we live in and we own a BTL in another area that we can afford that brings in in rent what we pay on ours (ish).

So we're in no more 'profit' than someone just paying a regular mortgage iyswim - a bit worse off in fact. But worth it for us to live where we want.

So why are you posting about helping the poor, if you have decided to have nothing to do with them?
If you truly wanted to help them, you would restructure as a charity, but instead you have turned your back on them. That is a very wicked attitude.

Bil you clearly have a point you want to drum home and as you say only time will tell, but in the meantime I don't think your attitude is doing your cause or us LL any favours! Also your story doesn't really seem to stack up IMO, if you had as many properties as you say and are as financially astute as you claim, you'd have a company set up already and this would no issue to you.

You rent high end property in top locations to 'poor' HB families? You've now replaced these with 'Polish' and 'Doctors' - seriously you just have one nationality/profession you take at a time!

No-one who actually had a holiday let would say they are easier than rental properties. The return maybe a bit better (depending on occupancy) but you become a holiday company - with all the associated workload of cleaning, paying all the bills, kitting everything out down to the knives and forks, and repairing/replacing it all, then all the marketing to fill it and being on hand 24/7 to accept bookings, take payments, chase up balances etc. I have both and they do not compare in terms of workload.

Please can I just re-iterate as others have said - if you are against the BTL tax relief, fair enough, but large corporate landlords making up most of the market will not be affected.

I am posting about it because I still have housing benefit tenants but have been reducing the number for the past 3 years.

I am exiting the market for financial reasons as I am not a charity and want to preserve my mental health as working with housing benefit is the equivalent of he'll on earth.

You are very worked up about housing benefit tenants, and you clearly are getting rid of them completely from your properties. Indeed, you say you have already mostly achieved this, which means you will not be affected by the tax changes, which you are protesting here intensely. However, at the same time you going to great lengths to convince people you want to keep and help housing benefit tenants, even though you want to get rid of them.

I'm sorry, but your arguments do not make sense, and you are continuously changing your claims, which leads me to believe you are lying.

bil66 is clearly a moronic troll. I very much doubt they have a property empire at all. There is no additional tax, simply a removal of tax relief. Rents are NOT set according to landlord affordability. Larger incorporated landlords are preferable to amateur small timers as they tend to be less emotionally invested and less exposed to market fluctuations so offer a more stable form of tenancy. They also have the distinct advantage or regarding their tenants as customers and not an annoying inconvenience.

What strikes me most about this thread is that the OP's first post indicated that he or she was confident of support on here
But quelle surprise you are getting roasted
the tide has turned against landlords
the general public do not like you they regard you was parasites who need to be brought under control

Do you really think the corporates are going to be interested in housing benefit claimants.??

You are very niave if you think that.They are only interested in lucrative markets such as city centre developments

I hope they fill the gap which is about to appear but I know they will not

There is no inconsistency in any of my posts unless you jump to conclusions.

However, Kamma, most posts on here object to BTL landlords because they have had the tax relief which gives them an unfair advantage and FTB's have lost out on properties as a result. Corporate landlords have and will continue to benefit from this tax relief. Thus the glut of properties that small landlords may be forced to sell could be gobbled up by corporate landlords who still have the advantage. No benefit to FTB's.

The general public needs the homes landlords provide. Many are very good. It is not fair to say everyone is bad. I’ve had the same tenants for years. I never ever say I only rent to Drs or Polish. I rent to people who pay the rent on time and the rent is the local market norm.

When we have large numbers of people living in the uk, housing shortages are inevitable. No one can build sufficient homes for sale at a cheap price, so of course there are landlords. Years ago, less than 50% of people owned their own homes. With mortgage relief and the right to buy, this figure went much higher. Demand exceeding supply and wage stagnation have caused problems and the fact that insufficient properties are built. If being a landlord is your income, I don’t see why that’s wrong. It is providing homes.

Large landlords with many properties may feel the squeeze if mortgage rates go up. With Brexit fuelling inflation, that’s likely. Landlords who don’t have mortgages won’t feel the squeeze as much.

Of course people own properties for profit but landlords pay income tax. For what it’s worth, the amount of tax paid by higher band tax payers is now more than all of the tax paid by lower band tax payers. We need successful people to pay tax or we do not provide the services we want to provide and you can totally forget about council homes if the tax take falls. It’s easy to moan about successful people, but everyone needs them!

Thus the glut of properties that small landlords may be forced to sell could be gobbled up by corporate landlords who still have the advantage. No benefit to FTB's.

I doubt corporate landlords will generally want to buy individual and isolated properties, often in poor condition. They will want blocks of properties that are easier and more convenient to maintain. This is why FTBs will now have first call on the properties that small, financially inadequate landlords are selling. And rightly so.

Corporate landlords may well be interested in building properties for renting out
So build to let rather than buy to let
Corporate landlords are more likely to actually provide homes rather than hoarding them like small buy-to-let landlords