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This is another step on the way of professional landlords
I have a worry that this will not be the end of the reforms
i still strongly believe some for of rent control is going to follow
we are seeing the investment part of property ownership going
and we are looking at a time when we will be running a bussinss not an investment
the company formation and structure shows clearly where we are heading
it’s a myth to say most landlords use s21 but GR has the ear of government where we don’t
change is on its way we have to either go with it or get out of the sector
I am all for staying because I run a bussinss not an investment
so it’s bussinss as usual for me
Learn Change and Adapt ?????
All comments are for casual information purposes only. If you wish to rely on any advice I have given please ensure you obtain independent specialist advice from a third party. No liability is accepted for comments made.
Can you explain why running a business vs an investment makes a difference with the potential changes in Sect 21?
I don't think DL is saying the potential change with s21 is the sole factor he looks upon when he states he runs a business v investment.
This is my take; An investment.....you invest your money and you paid back each month. In its simplest form)
Business - With property now, there are so many challenges, rules and changing rules you can't just sit there each month and wait for the surplus rent to hit your account. You have to manage your stock. You need business process and an excellent understanding of procedures. Knowing when you need to act and how to act to deal with issues. You need to constantly review and improve your procurement processes, retain and improve your asset management team.....in a nutshell if you own a portfolio you have to be on it most days, or have someone else who is on it for you.
I hope that makes sense and DL may disagree, I would also like to hear his thoughts. Good post also by: JC.
My take on s21 - I agree with JC. It does seem unfair a LL can use a s21 to regain possession. If the occupant is in rent arrears (Which I think someone has said LL use s21 for combat rent arrears, s21 isn't the right tool anyway. s8 is with the correct grounds) Tenancies need to me managed, relationships formed with our customers. Because that is what they are CUSTOMERS.
S8 is only any good if 2 months in arrears and if the tenant pays a few weeks off before court its wasted
Hi Curtis. That's not technically correct. S8 can be served using a range of grounds to seek possession of the property. If on rent arrears, I agree the are stipulations, even with mandatory grounds. But the court hearing can still be valid with agreement put in place with the tenant. So if they dont comply you go back. There are other grounds not related to rent arrears.
S8 applies as per when served, anyone seeking possession under S8 G8 should also include S8 G10 & G11.
The issue of stopping the S21 Notice though is far deeper, before it can be implemented we need a full review of S8 processes. We maybe need a whole new re-written Housing Act to take the place of the 1988 HA which is now out dated.There needs to be a simplified, quicker process to recover property where tenants are in arrears or have breached terms. Landlords, from 1 June will no longer have the protection of a decent deposit to fall back on to make up some of the arrears.Local authorities can issue notices under 2016 Housing & Planning Act to "bad" landlords, there needs to be a similar set up for "bad" tenants which would result in a criminal record if not complied with; the criminalisation of landlords has been around for a long time but criminalising tenants??
I see the BBC doesn't understand what's going on as usual!!
I see the difference that
1 I will never move into a property
2 I let long term and have no reason to ask a customer to leave
3 the company will run when I’m gone my sons and grandson will take over
4 all repairs are done for a customer ASAP
so I have no need for S21
its a family bussinss not an investment i
I wonder what the impact of this will be on tenancy deposit protection?
Vanessa Warwick Landlord and Co-Founder of PropertyTribes.com **If you have got value from Property Tribes, find out how you can support it in remaining a free to use community resource**
can you elaborate?
Well, legislation like you cannot serve a Section 21 notice if you have not protected the deposit. S21 is ingrained into many different aspects of housing law. This is just one such example.