Gov allowing tenants to buy PRS housing

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    #31
    Originally posted by scot22 View Post
    Is your final sentence a true statement of your situation ? I could mind my own business but it concerns me that I can see your reasons. Unless you experience something it is impossible to fully understand.
    Yes, except that I was going to edit an error just as your post came in. I am not gay, but my child is. I am a racial minority group and an immigrant to the UK (albeit of 20+ years duration). The population of the UK are totally ignorant and child-like in terms of their fanciful perception of the way in which the world works when it goes "bad". We live in a place where we are having ad-nauseum discussions about Brexit, but none about why our children do not wish to be Hotel Chambermaids, but prefer that Poles and Slovacs do those jobs while they sit at home accepting a variety of "benefits". That seems almost normal to them.

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      #32
      As someone who has spent decades in education the attitudes and values in current society concern me.
      However, I have gone off the thread, apologies people.
      Finally may I give you my respect.

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        #33
        Originally posted by ExpertInAField View Post
        I don't think you have anything to worry about. The tenants that are causing the problems are not the kind of people that will ever be offered a mortgage so would never be in any kind of position to buy your property..
        Eh? It will be the ones who can get a mortgage that will be allowed to buy at discounted rates, at LL's expense. This means that even the good tenants will become a threat because they will eventually be able to steal a percentage of a capital asset (dressed up as some extreme left excuse). So then there will be bad tenants and then tenants who are a threat to the asset (= bad tenants) .

        LLs will then have to play the rule of only allowing up to 3 year AST and then tenant moves out at the end of it with no periodic part - but oh look, they're going to remove S21, so can't do that either.

        One thing's for sure, the government will do what the government will do. Knee jerk reaction or not you have to anticipate before it's too late! They have made it clear that the lettings market it dead, but they will have a bigger problem once they've killed it totally.

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          #34
          You can almost hear the sales pitch in estate agents...

          'Okay, I realise you can't afford any of the places we have for sale. How about one of our rentals? You just pay rent for a year, and then you get 10% off the price.'

          Could almost make traditional selling redundant.

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            #35
            Quite! Stay there for 3 years and you could get up to £82k off!

            Trying to figure out when is the best time to jump!! Now or after Brexit?! Sales are usually more buoyant in the Spring - who know's what mess we'll be in by then!

            When does this removal of S21 start? I forget the conditions of it right now.

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              #36
              Originally posted by AndrewDod View Post

              And as a racial minority and gay person in this country and as an immigrant I will be leaving as soon as I can.
              As a racial majority and straight person in this country and as a native I will be coming with you!

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                #37
                I've got some HMOs. Would my tenants be able to buy their rooms? This might seem a ridiculous extension of the theme but the who idea of selling PRS is bonkers!

                If a house is split into flats (I'm not talking about massive houses in London here, lots of smaller houses up North are split into two flats) would the tenants be able to buy?

                If labour get in, the best thing to do would be to evict all tenants every year and swap them with your landlord friends.

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                  #38
                  I wanted to upgrade the back and front doors on two of my properties, but that's not going to happen now. There's no point in upgrading as I'll not get my money back if I'm forced to sell.

                  If I buy another property to do up and rent (not really going to happen) I would only do the very least to it. Cheapest bathroom and kitchen. Not bothering to replaser/skim of I can get away with lining paper etc. Labour's proposal is likely imo, to lead to poorer quality PRS.

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                    #39
                    Also, rather than encourage landlords to keep the rent reasonable to encourage tenants to stay, it will have the opposite effect: I'd be screwing every penny increase I could get from my tenants every year in the hope that they'd go elsewhere.

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                      #40
                      Originally posted by JK0 View Post
                      Also, rather than encourage landlords to keep the rent reasonable to encourage tenants to stay, it will have the opposite effect: I'd be screwing every penny increase I could get from my tenants every year in the hope that they'd go elsewhere.
                      Me too. I've got one family in a 3 bed at £450 pcm, I could get £575. They're in full employment and could be in a position to buy. If labour get in then the sensible business decision would be to evict them asap under s21 before it gets banned, and replace them with an unemployed single mum with 3 or 4 children who can get the £575 pcm on UC.

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                        #41
                        What's the latest on removal of s21? Is there a date yet?

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                          #42
                          I think this is unlikely to happen but it is a possibility and clearly shows the direction of travel for the Labour Party. Coupled with the actions of the Conservatives, it is prudent for landlords to take measures to protect themselves.

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                            #43
                            Protect themselves how? We don't know the laws or how it would work to protect against it. Ive got some houses bought at the wrong time that if I was made to sell to long term tenants I would lose all my deposit and it still wouldn't clear mortgage, how can they ever do something like that

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                              #44
                              Protect themselves how?
                              I was talking generally but specifically due to the low threat of this (and the political sentiment), I’m bringing forward plans to sell off my poorer performing properties with long term tenants. Some of those tenants have been with me 15 years, without political interference they would have had a tenancy for life.

                              I’ve taken further measures for the wave of other legislation.

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                                #45
                                boletus,

                                Have you written to your MP about this? Do you think it would make any difference if we all wrote to our MPs?

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