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If tenancy agreement ( which it should have) had given notice that the property is under mortgage then I expect non payment would allow the mortgage company to give notice under the lease to obtain repossession.It is up to the tenant to understand what is being signed and how such a clause would affect the tenancy. Obviously they would need to go through the process. Courts will no doubt uphold their case, as I expect all mortgage documents have repossession clauses in.
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.
I have been getting my money together ready to buy the bankrupt landlords properties due to the new tax rules.
With the removal of section 21 it looks like im going to get even better deals than I thought!
There should be thousands of landlords selling up even if they don't want to.
Im so happy, I have tears in my eyes hehe
mmmmmmm discount properties
I think your right
bargain s will come
section 21 is just another nail in the coffin for many landlords but those with experience have nothing to fear. It will provide opportunities as you say.
The removal of S21 is also likely to see a reduction in the number of lenders offering BTL mortgages and increases in interest rates for those that remain in the market.
The bargains being referred to will also put further downward pressure on house values.
I think this section 21 post is a gross exaggeration. I have been renting property for more than 20 years and have never used a section 21.We still have section 8 so cant see what the problem is.
You can still get your property back if you want to sell it, or if there is rent arrears. No need to sell your property at a discount.There is plenty of demand where I live.
All this will do is make life impossible for people on housing benefit.They cant afford the market rents as it is so who would take them when they stay for 10 years and the Government dont want to pay the top up. These are the people that will really suffer.
I will go for the polish that stay for about 2 years. Then every 2 years I can raise rents if I need too.
The real effect of s.21 changes will be that the Councils will find nobody to take families with children.The very people that need long term tenancies.They will have to reverse s.24 on this group or face an impossible task housing them.The housing bill for this group will cost the Government in B&B accommodation.
Unfortunately it will cost us all, as councils put up council tax. landlords get taxed at different rates, and an increase in capital gains tax for selling rented property. All can be implemented as many have little sympathy for landlords. With the Republic of Great Britain looking more likely bet your bottom dollar big C will hit us all.
Corbyn will be bad news for all business so best to look at overseas diversification now which I am already doing.
"and an increase in capital gains tax for selling rented property".
This scares me. Property has already been separated out with regard to CGT. I have over £570k accrued tax sitting on my balance sheet assuming a 28% rate. I have already had indexation allowance and taper relief taken from me and if this is also retrospectively changed to 40% (or hell, why not 100% - seize it all eh?) I might become a very dangerous person. I don't have a pension as such because building a property portfolio by working really hard pretty much 365 days a year over the last 23 years has been my pension plan, and of course rental income didn't allow me to get any other form of pension. I have felt myself getting more and more angry over the last 3 years or so. The frustrating stupidity of this government is unbelievable.