S.21 and private landlords

Collapse
X
 
  • Filter
  • Time
  • Show
Clear All
new posts

    S.21 and private landlords

    After a gap of 12 months or so after selling a property that was rented out for 15 years we are thinking of buying another property purely as a BTL. Should we be, or is anybody else concerned about the government's threat to remove or meddle with S.21. We've had no trouble with any of the tenants in the past, but that's not to say we won't in the future and S.21 did offer some protection.

    #2
    There's a whole industry grown up now in ways of beating an s21 notice. Even some post here on Landlordzone. No doubt those efforts will be transferred to s8 if s21 disappears.

    Beware!

    Comment


      #3
      Thank you JKO. Slightly worrying for an innocent investor trying to secure a future.

      Comment


        #4
        Kryten
        investing in Property is similar to buying Shares , there are growth in both the value and dividend but equally as being shown today the market has fallen quite significant; unfortunately there is nothing which can be considered 100% but the overall benefits of owning investment outweigh the negatives particularly in the areas you have legitimately shown concern over.

        Comment


          #5
          The statistics behind s21 are revealing.

          These are from 2017 - "Four out of every five (81%) of all repossessions using Section 21 are in London, the East and the South East, and nearly two-thirds (62%) are in London alone, although London only has one-fifth (21%) of the private rented housing stock.

          Even within London, repossessions using Section 21 are highly concentrated, with a third occurring in only five boroughs."

          Depending on where you let property, the impact of removing s21 is likely to be quite small.

          Obviously, if you get unlucky with a tenant, it means a really useful tool has been lost, but it doesn't exist in Scotland, and the world is still turning...

          When I post, I am expressing an opinion - feel free to disagree, I have been wrong before.
          Please don't act on my suggestions without checking with a grown-up (ideally some kind of expert).

          Comment


            #6
            There will be ways round, ways to mitigate it, there will be money to be made.
            But do you really want all the hassle?

            Comment


              #7
              Originally posted by jpkeates View Post
              The statistics behind s21 are revealing.

              These are from 2017 - "Four out of every five (81%) of all repossessions using Section 21 are in London, the East and the South East, and nearly two-thirds (62%) are in London alone, although London only has one-fifth (21%) of the private rented housing stock.

              Even within London, repossessions using Section 21 are highly concentrated, with a third occurring in only five boroughs."
              I'd be very wary about claiming that is the statistics behind s21.
              That is just one cherry picked stat at a snapshot in time pumped out by a very vested interest for their own agenda.


              These are from 2017
              The report came out then but I believe the stats are taken from 2015.
              The main argument of the report was about the rapid increase in evictions. Evictions have been steadily been falling in recent years.

              Comment


                #8
                Sincere thanks to all for the sage counsel. As it happens we are looking at Northamptonshire, a fairly rural setting. I feel somewhat assured. Thanks again.

                Comment


                  #9
                  Originally posted by jpkeates View Post

                  Obviously, if you get unlucky with a tenant, it means a really useful tool has been lost, but it doesn't exist in Scotland, and the world is still turning...
                  The closest rental market comparatives between Scotland and England are the high population concentration areas of Glasgow and Edinburgh.

                  It could be argued the recent massive switch to short term lets in those places has indeed stopped their traditional private renting world;

                  https://www.heraldscotland.com/news/...ion-edinburgh/

                  Comment


                    #10
                    Be very wary of Corby and Kettering.

                    Comment


                      #11
                      Originally posted by loanarranger View Post
                      Be very wary of Corby and Kettering.
                      That's interesting LoanArranger. Could you be more specific?

                      Comment


                        #12
                        Originally posted by boletus View Post
                        I'd be very wary about claiming that is the statistics behind s21.
                        That is just one cherry picked stat at a snapshot in time pumped out by a very vested interest for their own agenda.
                        I took it from the house of common's briefing document about the government's plans for s21.

                        The Joseph Roundtree Foundation is an organisation I am happy to be associated with though.

                        I had some more recent figures (which I maddeningly can't find right now) which show that the localisation is more pronounced.

                        You are right to point out that the figures relate to court cases involving s21 notices - the number of s21 notices that were served and never got near a court is unknowable.
                        Should have made that clear.
                        When I post, I am expressing an opinion - feel free to disagree, I have been wrong before.
                        Please don't act on my suggestions without checking with a grown-up (ideally some kind of expert).

                        Comment


                          #13
                          As a Scottish landlord you would hardly know the difference with our new PRT.

                          Most tenants are honorable and it's very much a minority that require legal action and even then it's usually because the landlord is inexperienced and doesn't know what they are doing. Get yourself a property in a town centre (avoid ex-local authority), good letting agent who checks references and the probability of it all going pear shaped are very slim.

                          Comment


                            #14
                            House of Commons briefing paper here;

                            https://researchbriefings.parliament...mmary/CBP-8658

                            Interesting to note all the 'expert' contributors.
                            It's a multi million £ business 'improving' tenants rights.

                            Comment


                              #15
                              I have a client who acquired several properties in this area without undertaking due diligence ,with the exception of 2 units he experienced significant issues particularly as they were former local authority houses and they caused major issues and ultimately it took a considerable period to sell and at a price below acquisition and refurbishment.
                              I recall many many years ago whilst at school working as a van boy for Ideal Towels in the Summer holidays and one of the weekly runs involved going to Corby and Kettering, it left a lasting impression. I say no more as I am sure there are very good areas in these locations but caveat emptor .

                              Comment

                              Latest Activity

                              Collapse

                              • Reply to Mortgage News
                                by loanarranger
                                I participated in a mortgage related webinar this afternoon , the key participants were the MD and Head of Sales of Foundation Home Loans and arranged by the editor of Mortgage Introducer, for anyone with either a Residential Mortgage or Buy to Let loan which was originated through lenders like FHL...
                                09-04-2020, 17:02 PM
                              • Mortgage News
                                by loanarranger
                                The following article has appeared in one of the Mortgage Trade journals reporting on views expressed by the Association of Mortgage Intermediaries an influential trade body within the mortgage industry.

                                "Mortgage rates are likely to rise in the first quarter of 2016 as lenders look...
                                23-12-2015, 19:43 PM
                              • Reply to Mortgage News
                                by loanarranger
                                The following is an extract of a brokers briefing note from Coventry / Godiva relating primarily to Remortgage but with a note on making an application where presently a payment holiday is being taken on a current property.

                                “ ...
                                09-04-2020, 06:57 AM
                              • Reply to Mortgage News
                                by loanarranger
                                Updated correction re The Mortgage Lender
                                This lender has announced the withdrawal of the 80% LtV across its mortgage range limiting to 75%, additionally they have announced an increase of 0.3% across its entire mortgage product range. Before anyone questions the rationale of rates increasing...
                                07-04-2020, 21:24 PM
                              • Reply to Mortgage News
                                by loanarranger
                                Here are the following changes announced today , in the main they relate to residential home loans, the criteria indicated by HSBC for those persons furloughed is being replicated by some other lenders so if remortgaging or purchasing , I would advocate speaking with your broker or trying to called...
                                07-04-2020, 20:41 PM
                              • Reply to Mortgage News
                                by loanarranger
                                The market continues to change and not for the better judging from the following lender announcements.

                                Lenders who have paused accepting new mortgage applications:
                                • Clydesdale Bank are not currently accepting new Purchase applications on either Residential or Buy to Let
                                • Virgin Money
                                ...
                                06-04-2020, 20:38 PM
                              • Reply to Mortgage News
                                by loanarranger
                                HSBC have announced a system of restricting the daily acceptance of new mortgage applications and for the present have stopped the acceptance of maximum LtV applications ( 95%)
                                06-04-2020, 18:25 PM
                              • Reply to Landlord - Tenant financial hardship due to coronavirus
                                by The Secret Landlord
                                Have your tenants lost their job? It is not clear why they will be in hardship? Have they done a budget? Gone through all outgoings?

                                It's important for people to really get a handle on their finances and understand what the real issues are right now.
                                06-04-2020, 07:07 AM
                              • Landlord - Tenant financial hardship due to coronavirus
                                by Matthew_Wilde
                                I am really struggling to get any advice so wondered if anyone on here could point me in the correct direction, please?

                                I have one rental property which has a Barclays buy to let mortgage. The tenants have been in the house since I first let it - over 5 years. They have always paid on time...
                                25-03-2020, 14:21 PM
                              • Reply to Mortgage News
                                by loanarranger
                                Here is an extract from a briefing note on amended lending criteria from Nat West and Nationwide for those affected in employment terms ( Furloughed) and who are applying for a mortgage.

                                Nationwide and NatWest have outlined their affordability criteria for people impacted by the Covid-19...
                                03-04-2020, 12:18 PM
                              Working...
                              X