'Rent arrears strikes fear into amateur landlords'

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    'Rent arrears strikes fear into amateur landlords'

    http://www.timesonline.co.uk/tol/mon...cle5988199.ece

    #2
    Rodent, are you reading this?

    There have been a few articles like this, some even more doom-laden, over the last couple of weeks.

    Are my forecasts starting to come true?
    Health Warning


    I try my best to be accurate, but please bear in mind that some posts are written in a matter of seconds and often cannot be edited later on.

    All information contained in my posts is given without any assumption of responsibility on my part. This means that if you rely on my advice but it turns out to be wrong and you suffer losses (of any kind) as a result, then you cannot sue me.

    Comment


      #3
      Originally posted by agent46 View Post
      There have been a few articles like this, some even more doom-laden, over the last couple of weeks.

      Are my forecasts starting to come true?
      If you're really a forecaster, how come you don't know?
      JEFFREY SHAW, solicitor [and Topic Expert], Nether Edge Law*
      1. Public advice is believed accurate, but I accept no legal responsibility except to direct-paying private clients.
      2. Telephone advice: see http://www.landlordzone.co.uk/forums/showthread.php?t=34638.
      3. For paid advice about conveyancing/leaseholds/L&T, contact me* and become a private client.
      4. *- Contact info: click on my name (blue-highlight link).

      Comment


        #4
        Originally posted by jeffrey View Post
        If you're really a forecaster, how come you don't know?
        Forecaster, not fortune-teller.
        Health Warning


        I try my best to be accurate, but please bear in mind that some posts are written in a matter of seconds and often cannot be edited later on.

        All information contained in my posts is given without any assumption of responsibility on my part. This means that if you rely on my advice but it turns out to be wrong and you suffer losses (of any kind) as a result, then you cannot sue me.

        Comment


          #5
          I read it, this bit caught my eye:

          "When a tenant is two months in arrears, landlords should issue a mandatory arrears notice to give the tenant a further 14 days to clear the arrears or leave."

          Obviously talking about a Section 8 notice, bless em they made the same mistake as I did, who is going to tell John Coyne, an adviser at the National Landlords Association, that the Section 8 notice doesn't actually ask the tenant to leave even if they don't pay up
          ~~~~~

          Comment


            #6
            Originally posted by Ruth Less View Post
            Obviously talking about a Section 8 notice, bless em they made the same mistake as I did, who is going to tell John Coyne, an adviser at the National Landlords Association, that the Section 8 notice doesn't actually ask the tenant to leave even if they don't pay up
            To be fair to Mr Coyne, it is not clear whether that statement is his or the journalist's own (note the use of speech marks). It looks to me like the writer of the article is paraphrasing Mr Coyne's advice, but they have not made a particularly good job of doing so.

            Here's the paragraph in full:

            “A face-to-face chat will unearth any problems facing the tenant,” Mr Coyne says. “He or she might have become unemployed or be suffering from personal problems and you can discuss your options.”

            He says that it is reasonable to write or contact tenants by telephone, but warns that it is important not to harrass the tenant. In the past, residential landlords could go into a property and remove possessions to make up a shortfall in rent, but this is now against the law. When a tenant is two months in arrears, landlords should issue a mandatory arrears notice to give the tenant a further 14 days to clear the arrears or leave.
            Health Warning


            I try my best to be accurate, but please bear in mind that some posts are written in a matter of seconds and often cannot be edited later on.

            All information contained in my posts is given without any assumption of responsibility on my part. This means that if you rely on my advice but it turns out to be wrong and you suffer losses (of any kind) as a result, then you cannot sue me.

            Comment


              #7
              Originally posted by agent46 View Post
              To be fair to Mr Coyne, it is not clear whether that statement is his or the journalist's own (note the use of speech marks). It looks to me like the writer of the article is paraphrasing Mr Coyne's advice, but they have not made a particularly good job of doing so.

              Here's the paragraph in full:

              “A face-to-face chat will unearth any problems facing the tenant,” Mr Coyne says. “He or she might have become unemployed or be suffering from personal problems and you can discuss your options.”

              He says that it is reasonable to write or contact tenants by telephone, but warns that it is important not to harrass the tenant. In the past, residential landlords could go into a property and remove possessions to make up a shortfall in rent, but this is now against the law. When a tenant is two months in arrears, landlords should issue a mandatory arrears notice to give the tenant a further 14 days to clear the arrears or leave.
              I wonder if anyone here is a member of the NLA could drop them a line to check their advice on this, to see if they make it clear usually?
              ~~~~~

              Comment


                #8
                Originally posted by agent46 View Post
                There have been a few articles like this, some even more doom-laden, over the last couple of weeks.

                Are my forecasts starting to come true?
                As previously discussed: there will be casualties, particularly from the amateur/reluctant/waterfront-city apt LL sectors ...paving the way for the prof investors/LL to swoop in and clean up, I didn't read this article as a I was at a busy property auction, with my chin on the floor, watching hammer prices soar past guide prices, with prof cash being soundly invested, some buyers bagging several props.

                As I recall you "forcast" the imminent implosion of BTL ?
                This does not appear to be the case as yet ?

                As all the above get evicted by LL/Lenders they will need rehousing, presumably .....in more rented property, which will require some form of LL, the shrewd prof prop investor will almost certainly buy more property, to let to them as social housing,...
                Hang on, that means more BTL then.
                BTL (part2) MUST begin immediately?
                I think you will find it already has!

                Do you not think that this is more in line with what I forcast ?


                With Int rates where they are right now, any LL on sensibly planned finance will not be struggling at all.

                eg. 1 of my props:
                Mort has dropped from £770 to £150
                House Rent is £1200pcm
                Garage let at £150pcm
                Ad hoarding on side of house rental income £163pcm

                Face ....Bovveerreedd ,...bovverred ....face ..

                For every Loser there will be a winner, a reassignment of wealth is underway.

                Richest 2% own 'half the wealth'

                http://news.bbc.co.uk/1/hi/business/6211250.stm
                A pessimist sees the difficulty in every opportunity; an optimist sees the opportunity in every difficulty.
                W.Churchill

                Comment


                  #9
                  Hook line and sinker.

                  Originally posted by Rodent1 View Post
                  blah blah blah
                  Ha, ha, ha. I knew that my post would provoke furious scrabbling and a desperate thrashing of your scaly little tail! And, what's more, MTG is either a witch or a prophet, because she was uncannily accurate in her forecasting of what you would write in response. I can't decide whether that makes you a figure of fun or just depressingly predictable.

                  Health Warning


                  I try my best to be accurate, but please bear in mind that some posts are written in a matter of seconds and often cannot be edited later on.

                  All information contained in my posts is given without any assumption of responsibility on my part. This means that if you rely on my advice but it turns out to be wrong and you suffer losses (of any kind) as a result, then you cannot sue me.

                  Comment


                    #10
                    Originally posted by agent46 View Post
                    And, what's more, MTG is either a witch or a prophet, because she was uncannily accurate in her forecasting of what you would write in response.
                    I'll be a prophet, if you don't mind. (I don't do witch). Just call me Mystic MTG, or Old Moore, if you wish.
                    'Pause you who read this, and think for a moment of the long chain of iron or gold, of thorns or flowers, that would never have bound you, but for the formation fo the first link on one memorable day'. Charles Dickens, Great Expectations

                    Comment


                      #11
                      Originally posted by mind the gap View Post
                      I'll be a prophet, if you don't mind. (I don't do witch). Just call me Mystic MTG, or Old Moore, if you wish.
                      You're prophet, his loss.
                      JEFFREY SHAW, solicitor [and Topic Expert], Nether Edge Law*
                      1. Public advice is believed accurate, but I accept no legal responsibility except to direct-paying private clients.
                      2. Telephone advice: see http://www.landlordzone.co.uk/forums/showthread.php?t=34638.
                      3. For paid advice about conveyancing/leaseholds/L&T, contact me* and become a private client.
                      4. *- Contact info: click on my name (blue-highlight link).

                      Comment


                        #12
                        Originally posted by agent46 View Post
                        Ha, ha, ha. I knew that my post would provoke furious scrabbling and a desperate thrashing of your scaly little tail! And, what's more, MTG is either a witch or a prophet, because she was uncannily accurate in her forecasting of what you would write in response. I can't decide whether that makes you a figure of fun or just depressingly predictable.
                        I note you find no points to disagree with in my last post. As your response amounts to no more than childish, petty playground name calling and intimidation, I take it you agree with with my overview ?
                        A pessimist sees the difficulty in every opportunity; an optimist sees the opportunity in every difficulty.
                        W.Churchill

                        Comment


                          #13
                          Originally posted by Rodent1 View Post
                          As your response amounts to no more than
                          childish, petty playground name calling and intimidation,
                          Possibly, but it is wonderful fun.



                          Originally posted by Rodent1 View Post
                          I note you find no points to disagree with in my last post.

                          I take it you agree with with my overview ?
                          You assume too much. Absence of disagreement is not assent.
                          Health Warning


                          I try my best to be accurate, but please bear in mind that some posts are written in a matter of seconds and often cannot be edited later on.

                          All information contained in my posts is given without any assumption of responsibility on my part. This means that if you rely on my advice but it turns out to be wrong and you suffer losses (of any kind) as a result, then you cannot sue me.

                          Comment


                            #14
                            Originally posted by agent46 View Post
                            Possibly, but it is wonderful fun.
                            Little things, please little ...


                            Originally posted by agent46 View Post
                            You assume too much. Absence of disagreement is not assent.
                            Did you miss the question mark ?

                            A very useful tool, to make it clear that it was a question, not an assumption.
                            A pessimist sees the difficulty in every opportunity; an optimist sees the opportunity in every difficulty.
                            W.Churchill

                            Comment


                              #15
                              Originally posted by Rodent1 View Post
                              Did you miss the question mark ?

                              A very useful tool, to make it clear that it was a question, not an assumption.
                              You prefaced the sentence with "I take it...". That indicates assumption. Probably best you don't play semantics with me.
                              Health Warning


                              I try my best to be accurate, but please bear in mind that some posts are written in a matter of seconds and often cannot be edited later on.

                              All information contained in my posts is given without any assumption of responsibility on my part. This means that if you rely on my advice but it turns out to be wrong and you suffer losses (of any kind) as a result, then you cannot sue me.

                              Comment

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