Buy to let

[lollipoprainbow]

Has anyone else been in the situation of being a sitting tenant when your landlord decides to sell? The estate agent are adamant that it's being marketed as a buy to let investment but when I looked on Rightmove it said nothing of the sort! Feel like I have been lied to. Are they always advertised as buy to let or just marketed and made clear to potential buyers there are tenants in situ.?

A lot of LL are selling one property each year now as it will cost so much (often up to £15k) to upgrade Victorian single skinned buildings to meet the EPC target of C. I think there will be far less rental properties on the market due to this. I know 3 LL selling one property each year now because of this.

I'm a landlord and over a 10 year period, one of my rents have fallen below market value by AT LEAST £750 a month. I don't know how to begin the conversation with the tenants . The longer I leave it the more I just feel like selling, especially with all the government changes to tax and letting rules. I strongly advise you to contact your landlord directly and let them know you're willing to pay current market rates. He may well decide to leave his money in the property if he gets a better return or sell one of his other properties instead. Best of luck.

@Didyousaysomethingdarling thanks, I'd be so happy if he put the rent up so I could stay, I'm that desperate!!

@caringcarer

A lot of LL are selling one property each year now as it will cost so much (often up to £15k) to upgrade Victorian single skinned buildings to meet the EPC target of C. I think there will be far less rental properties on the market due to this. I know 3 LL selling one property each year now because of this.

Government should buy them.

Council housing.

Morally right, but also cheaper for the taxpayer longer term than the cost (many billions) of temporary accommodation and housing benefits for ever increasing private rents

@Tealightsandd agreed

I think the government legislation is behind many LL sales. I know one LL who's own house is EPC D grade but will be forced to spend £15k improving his only btl from D to C to save tenant £37 per year but can leave his own house as it is, as can millions of other homeowners. It is only btl LL that have to meet C standard. Hence many LL will sell up before 2025.. Less rental houses on market. Price increases on the cards to claw back some of expenditure. Government won't buy them up because then they would have to pay to upgrade before they could let them out. FTB could buy them if they can afford deposit and mortgage. They won't have to upgrade them.

@caringcarer great

I would just ring myself they don't know it's you - hide your number if they have number recognition and ask away.

@CheesePlantMurderer I'm going to get someone to call and ask and I'm going to ask the estate agent today as well. I haven't slept a wink I'm so bloody anxious all the time.

@lollipoprainbow yes do, bless you I don't sleep when I have things on my mind, everything feels worse as a result. It's definitely better to know either way, at least you can plan if need be.
Will keep an eye out for an update

@caringcarer just checked and my energy rate is c so that's a relief !

Can't be that in your case then. I hope LL reconsiders and takes house btl off the market.

@caringcarer the estate agent said it was for tax reasons

@CheesePlantMurderer the estate agent said it's still on as a buy to let and there are a couple of people interested in viewing. He doesn't think the other landlord is interested in mine sadly. He said that the vendors might have to think about putting it out on the open market. So it's just a waiting game

That hasn't helped you much has it then sadly! How about being a little proactive and looking out there for a new place? Maybe something better out there?

In your shoes I would be on the lookout for somewhere else to live. Your LL could have chosen to sell to another LL and leave you as a sitting tenant but after all the time you have been his tenant, he chose not to do this. Very mean of him in my view.

@caringcarer there's zero properties out there in my price range. I've been incredibly lucky to have paid well below the market date for so long. Just don't know what I'm going to do when it sells.

If you have a 1 bedroom flat alone could you share a 2 bed flat with a friend. I know it is not the same, but it works out a lot cheaper.

@caringcarer I have a daughter 10 so could share with her if necessary.

I assume you've told the landlord you are willing to pay more rent if the property is withdrawn from sale?

He will save a lot on estate agents fees and legal fees compared to selling.

@Mosaic123 no I haven't, that's a good idea.

LL wants to sell because of tax reasons so presumably rental income tips him into higher income tax bracket. That along with no longer able to write off mortgage interest as a business expense has meant a lot of LL have put up rent and many are selling up. I don't know what answer is as over next 3 years a lot of btl LL will sell up and a lot of good tenants will end up evicted through no fault of their own. I hope you find something. It must be very worrying for you.

Tax reasons could mean anything. It could mean he's worried about inheritance tax for example.

Good luck with asking him about upping the rent.

When I was first notified by the managing agent directly she said she was retiring. I imagine that's why they want to sell up.