Gov allowing tenants to buy PRS housing

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    Gov allowing tenants to buy PRS housing

    I've just heard on the Andrew Marr show that if somebody gets in (I wasn't listening fully so I don't know who it was, I've no doubt somebody on here can name that person), they will allow tenants to buy their PRS property at a price that means the landlord will not lose out.

    Surely this will encourage tenants to ensure their property looks in poor condition when it is valued, and it will encourage landlords to let to UC tenants who are unlikely to be able to buy.

    What are your thoughts?

    #2
    John McDonnell and Jeremy Corbyn aren't the government (yet).
    I am not a lawyer, nor am I licensed to provide any regulated advice. None of my posts should be treated as legal or financial advice.

    I do not answer questions through private messages which should be posted publicly on the forum.

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      #3
      Originally posted by Berlingogirl View Post
      , they will allow tenants to buy their PRS property at a price that means the landlord will not lose out.
      Well 'not lose out' are weasle words anyway, aren't they? I suspect they'll subtract all the rent tenant has paid from the value of the property, so after 20 years tenant gets it for nothing. (And did not even have to pay interest on a mortgage.)

      I'd guess no landlords will be paying for any lease extentions for leaseholds now, if they're wise?

      BTW, how is landlord supposed to pay off his mortgage when tenant exercises his 'right to buy'?

      Comment


        #4
        I personally think this is a way to get council's off the hook, as they don't have enough properties themselves (especially since they sold them all off cheaply to their tenants who subsequently then sold them off making profits), by getting landlords to part with their properties and hand them over to the tenants, it would be similar to compulsive purchase orders. If they really want to take properties off a LL's hands they will do.

        I had one T, who was doing drugs, complained to the council that there was a leak and the electrics were dangerous, they came round investigated the complaint, found in my favour nothing wrong. I was in the process of evicting the T, the T then called again 2 months later, whereby without even looking at the property wrote to me saying they were going to place an order on the property, I told them to go round and look at the property - they didn't, once I got the property back a further 3 months later, I got the electrics checked and certified, I called in a plumber who checked, nothing was wrong with the place, even though the T decided to trash the place. The council then didn't take the matter any further. This is because the T has all the power, and the councils don't want them on their books, so will do anything to keep them where they are. The housing officer from the council then as a last ditched attempt, called me saying if they paid the 1 months deposit could the T stay, I said there is over 5 months rent arrears who is going to cover that, as well as drugs being used.

        I personally would not give my property to a UC T - council will be more on their side then anyone else. They may not be able to buy it but do you really want the headache that goes with it?

        Comment


          #5
          BG, if you click on the 3 horizontal lines top left of your screen (don't know what you call that) then scroll down to news, click that, and there is lots of stuff there including that very article.

          Comment


            #6
            This is a proper onslaught isn't it!

            Feeling a bit cornered where a labour government could effectively steal my pension! In the article by the independent they were talking about forced sale below market value.

            With the removal of s21 I was waiting until my tenant leaves before selling, but maybe this needs to be accelerated! 😐

            Comment


              #7
              Speculation = rumours, chinese whispers, fake news?

              We are seeing a lot of it at the moment, would you believe anything said today by any politician or political commentator? It will probably be different tomorrow.

              I personally, (from the work I used to do) know that the BBC put out a false news story yesterday, I'm guessing as a political distraction.
              And I'm not talking about the 2-headed snake or the 73 year old woman giving birth to twins. (Yes, both on the BBC yesterday).

              Wait until something happens before shouting about speculation.

              Comment


                #8
                All a gamble I suppose.. by the time you know it's in for sure, then it's too late!

                Comment


                  #9
                  Originally posted by flexy View Post
                  This is a proper onslaught isn't it!

                  Feeling a bit cornered where a labour government could effectively steal my pension! In the article by the independent they were talking about forced sale below market value.

                  With the removal of s21 I was waiting until my tenant leaves before selling, but maybe this needs to be accelerated! 😐
                  I'm going to put my rents up as much as possible, and thinking about S21 to all working tenants who might be able to buy, selling better quality properties, buying lower quality ones (with yards not gardens) and letting to unemployed who can't buy. Just waiting to see if labour get in. Forget being a good landlord with slightly below going rents and doing more than required repairs and upkeep. I'm going to have to get as much £££ as I can before being forced out of business.

                  Comment


                    #10
                    Originally posted by nukecad View Post
                    Speculation = rumours, chinese whispers, fake news?

                    We are seeing a lot of it at the moment, would you believe anything said today by any politician or political commentator? It will probably be different tomorrow.

                    I personally, (from the work I used to do) know that the BBC put out a false news story yesterday, I'm guessing as a political distraction.
                    And I'm not talking about the 2-headed snake or the 73 year old woman giving birth to twins. (Yes, both on the BBC yesterday).

                    Wait until something happens before shouting about speculation.
                    I don't believe anything at the moment, but I want to have a plan B. 2 headed animals are born from time to time. It might well be that a 73 year old woman gave birth to twins (in India, by IVF). Her husband apparently had a heart attack on the day they were born. The world's going bonkers.

                    Comment


                      #11
                      Originally posted by nukecad View Post
                      Wait until something happens before shouting about speculation.
                      Ahhh... but it's too late then anyway. All one needs to know is the grounding philosophy of these buffoons (which derives from that of Mao, Stalin, Hitler et al., who are their heroes in spirit) and it is pretty predictable how they will behave -- wrecking the economy, thieving, destroying all business, taking assets away from the productive in society i.e. the middle class and working class and generally doing what they do.

                      Comment


                        #12
                        Originally posted by AndrewDod View Post

                        Ahhh... but it's too late then anyway. All one needs to know is the grounding philosophy of these buffoons (which derives from that of Mao, Stalin, Hitler et al., who are their heroes in spirit) and it is pretty predictable how they will behave -- wrecking the economy, thieving, destroying all business, taking assets away from the productive in society i.e. the middle class and working class and generally doing what they do.
                        Exactly.. Will soon be time to have a word with my tenant I think.

                        Comment


                          #13
                          Just get a precautionary possession order if you are concerned guys. Then you can evict tenant any time in the next six years.

                          Comment


                            #14
                            If all this Brexit madness brings along a Labour govt then we as landlords truly are stuffed, i read an article on this and watched McDonnell i think it was who see's nothing whatsoever wrong with taking someone else's asset and giving it (well at a discount) to the poor and down trodden, i can see a real sell off of rentals if they do come into power which will make the recent tax changes etc look like child's play. I will be keeping my options open on this but for me there is no god damm way that some lefty toe rag is going to dictate if and whom i sell my properties too.

                            Comment


                              #15
                              Originally posted by flexy View Post
                              This is a proper onslaught isn't it!

                              Feeling a bit cornered where a labour government could effectively steal my pension! In the article by the independent they were talking about forced sale below market value.

                              With the removal of s21 I was waiting until my tenant leaves before selling, but maybe this needs to be accelerated! 😐
                              For any other sort of pension saving you would be told to diversify your investments. It seems that people relying on BtL as a savings vehicle violate this by only investing in the single, market. Diversity isn't just having properties in several parts of the country it is spreading investments across different sorts of venture that won't be affected by the same legislation changes.

                              Unlike sellers of other investments, estate agents aren't regulated to give investment advice.
                              Last edited by leaseholder64; 08-09-2019, 21:13 PM. Reason: Missed negation.

                              Comment

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