If you are a landlord are you thinking of selling up?

[Didyousaysomethingdarling]

Are you reassessing your continued role as a landlord, due to the changes to tax (S24), proposals regarding EPCs, the recently published private rented sector white paper, along with interest rate rises and increased maintenance costs, etc? I'm having to let one of my properties go and my tenants can't find anywhere. Is it because lots of landlords are issuing section 21s at the same time? It looks like there's a bottleneck. How do you see it playing out in the short/medium term?

[manysummersago]

Have considered it but ironically since she’d have nowhere to go, I think it would be so drawn out and difficult.

[ShirleyPhallus]

Yes, I’ll wait until the end of the fixed term mortgage and for my tenants to give notice then sell up. It’s not worth it anymore IMO

[Frogpig]

We had exactly the same last year, wanted to sell to buy our own house, they had nowhere to go so we had to keep it. I don't know why landlords get such a bad reputation when we are providing a house. We put our rent up by £50 after 5 years and are still £150 less than market value.
I don't know at what point it's not worth it anymore, it's hard to gauge.

[Takingabreakagain]

Our tenants left of their own choice last year and we decided to sell up instead of reletting. It's an obvious first time buyer/BTL property but took ages to sell. Very few landlords were looking to buy.

[Didyousaysomethingdarling]

@Takingabreakagain
Was it a flat or a house that you sold?

[Takingabreakagain]

A house - 3 bed mid terrace. We had been accidental landlords anyway and there would have been a lot of expense on top of the normal redecorating etc. we just didn't think that long term it would be worthwhile.

[pastaparadise]

Yes hoping to sell imminently. Rising costs mean I'm making very little profit if any, and want to pay down mortgage where we're living.

Does a tenant have to agree to move? I think the original tenancy was for 6 months and they've been in for 2 plus years now.

[pastaparadise]

Yes hoping to sell imminently. Rising costs mean I'm making very little profit if any, and want to pay down mortgage where we're living.

Does a tenant have to agree to move? I think the original tenancy was for 6 months and they've been in for 2 plus years now.

[onmywaytooblivion]

I'm thinking about it but I can't work out the capital gains tax! It's so complicated

[Takingabreakagain]

@onmywaytooblivion

I'm thinking about it but I can't work out the capital gains tax! It's so complicated

I had to speak to an accountant about CGT but it was worth it. I found there's very little advice around to help you do it yourself

[Firstsitdowntoday]

We rent out the property attached to our home. We won't sell it so if renting it becomes too onerous we will leave it empty as we will be able to afford the mortgage with no tenants or look into knocking through and incorporating it into our current home.

[Didyousaysomethingdarling]

@pastaparadise
You have to serve a valid s21 notice, which asks the tenants to leave in 2 months, provided your tenant isn't within a fixed term.
england.shelter.org.uk/housing_advice/eviction/section_21_eviction/how_to_check_a_section_21_notice_is_valid

[FawnFrenchieMum]

@pastaparadise

Yes hoping to sell imminently. Rising costs mean I'm making very little profit if any, and want to pay down mortgage where we're living.

Does a tenant have to agree to move? I think the original tenancy was for 6 months and they've been in for 2 plus years now.

This is worrying that your a landlord and have no idea if the 'tenant has to agree to move', I hope you have more idea about the requirements to issue a legal eviction notice.

[Didyousaysomethingdarling]

@onmywaytooblivion
Here's a link to a capital gains tax calculator, you have to scroll down the page a bit.
www.charcol.co.uk/mortgage-calculators/capital-gains-tax-calculator/

[onmywaytooblivion]

@Didyousaysomethingdarling I tried ye govt one but got stuck halfway through as the calculations were a bit complicated to say the least. I think I'll owe the govt 45k 😱
Mortgage is nearly paid off.

Does anyone know if you go to live back in the property you still have to pay cgt?

[JustLyra]

@pastaparadise

Yes hoping to sell imminently. Rising costs mean I'm making very little profit if any, and want to pay down mortgage where we're living.

Does a tenant have to agree to move? I think the original tenancy was for 6 months and they've been in for 2 plus years now.

Please tell me that’s a very bad joke?

If you’re a landlord that has no idea how to legally end a tenancy, or the timescales involved, then you’re probably in for a rude awakening.

To answer the Op generally - I’m not selling. My tenants are long term and reliable. I don’t make a lod of profit, but it’s still more profit than having the money just sat in the bank, especially when you consider property values rising.

[Takingabreakagain]

@onmywaytooblivion
I know you get an allowance for any time you have lived at the property. We have lived in ours first then moved away for work and rented out with the intention of returning to live in it later.

[Didyousaysomethingdarling]

@onmywaytooblivion
Yes if you return to the property you still have to pay, unless you die there then it's exempt! I think you'll also lose your 9 month private residence relief by moving back in.

[Wombat27A]

Yep, I want to sell. Fed up of the reputation of btl. We're not all shit, I'm seriously qualified & experienced & try to be ethical at all times.

Struggling tho as my tenants stay long-term & I wouldn't serve notice as these are people's homes. Rents are getting pushed too high, shite landlords aren't prosecuted enough & too many houses are being let on short-term lets, therefore avoiding proper regulation.

Renting has a proper place in a well-functioning housing market as people need geographical mobility & are not always wanting to buy.

Don't even get me started on how awful buying & selling is. It is too expensive & polarising.

I'd like to sell to my tenants but they are waiting for a crash, I think.

The epc proposed changes will be "interesting"...

[eatingasatsuma]

We sold last year for all these reasons. Thank goodness it all went (relatively) smoothly and I'm pleased to be out of it all.

[whatatanker]

Yes. But mainly as a result of successive poor tenants. We've just had bad luck I think but its so costly each time. In an affluent area, too. Even with careful insurance and supportive agents, the experiences have really put us off.

[onmywaytooblivion]

@Takingabreakagain

@onmywaytooblivion
I know you get an allowance for any time you have lived at the property. We have lived in ours first then moved away for work and rented out with the intention of returning to live in it later.

Same here lived there for 5 years, holiday home for 3 years, let to tenants for 3 years

[Didyousaysomethingdarling]

@onmywaytooblivion
45k CGT points to you having made a healthy profit overall? I know sometimes you lose out to HMRC by letting the house you've lived in, if you hadn't let the house, your whole gain would have been tax free.

[GoldenMalicious]

We’re sticking with it for the foreseeable future. We’ve just remortgaged one and are in the throes of doing the same with another which effectively ties us in for another five years. In doing so we are paying down our own mortgage which is on a higher (and variable) rate. Our plan would be to begin to divest in a few years, hopefully making best use of whatever capital gains allowance might exist at that time. I’m keener to divest than DH so I’m not sure quite what will happen in the end!