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  • Buy-to-Let

    Government proposing 3 year minimum tenancy

     

    A minimum tenancy term of three years would be introduced under government proposals to give people renting homes in England more security.

    Figures show 80% of tenants currently have contracts of six or 12 months and ministers say longer agreements would allow them to put down more roots.

    They add tenants would be able to leave earlier under the plans while landlords would get more financial security.

    https://www.bbc.co.uk/news/uk-44671094

    You can read the full consultation document at

    https://www.gov.uk/government/consultati...ted-sector

    and respond online at

    https://www.surveymonkey.co.uk/r/9ZG8ZRZ 

    The closing date is 26 August 2018 at 11:45PM

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    Learn Change and Adapt ?????

    This is Good News But please take Note Labour want Rent Control

    A number of Bloggers have said they did not I believe strongly it will come because it sounds good and it costs a Govt Nothing

    watch this space


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    Learn Change and Adapt ?????

    Its mixed blessings

    I agree longer tenancies can suit both parties but not in all cases by any means

    A lot can go wrong though in 3 years of ones life be you a LL` or a tenant -

    death, split up, money problems , loss of job, more or less children  etc etc

    A 6 mth one can also ideally  suit both parties . So a flexible system is best

    A mandatory minimum 3 year one could stifle both parties desires

    But put in break clauses and strengthen eviction procedures for non payers etc and I can work with the proposal

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    Jonathan Clarke. http://www.buytoletmk.com

    Indeed these renters now expect security, thats not why we became Landlords it was so we can do as we please & evict at any time, sell or turn into a HMO but I prefer the new term micro flat, for goodness sake next they will want minimum standards & safe homes.

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    How do you think the lenders will react to this?

    Will it result in higher interest rates?

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    Hi

    My view on this in regard to Lenders is this

    They wont lend

    It would in effect stop lenders lending because of security issues

    It without doubt a nail in the coffin for leveraged Landlords  and even if Lenders were to lend a 50% deposit would become the Norm

    They are really out to prick the bubble

    If Lenders stop lending that's the end of leveraged BTL


     

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    Learn Change and Adapt ?????


    ``If Lenders stop lending that's the end of leveraged BTL``

    I agree which is why gov still want BTL 

    They could have stopped new lending and let us all die gracefully  through natural wastage 

    But they didnt they let it still breathe and new LTD mortgages have come on the scene  

    S24 was a cull but not a death sentence for BTL

    All these  measures will ultimately produce a leaner fitter better regulated healthier  BTL

    I dont agree with much of the way they have gone about their cull  - but I wouldnt would I

    Ive been hurt more than most because I have benefited in the past more than most .

    That`s life


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    Jonathan Clarke. http://www.buytoletmk.com


    The Govt wont kill off BTL in a stroke

    But they will bring in measures to give it a slow death

    It all comes to the soft spot of the BTL strategy  Lending money to buy an investment is the soft spot

    If you don't borrow this and other measure's will have little effect JC

    Cash is King but not Borrowed money

    Once they have finished with the Landlord who buys in there own name Ltd Co will be next and they will do the same thing

    This is the very reason I came off the Leveraged drug and gone cold turkey

    I am through that Hurdle but most landlords are not




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    Learn Change and Adapt ?????


    I dont agree

    If you squeeze 2 million LL`s out of existence you have to find the tenants somewhere to live

    That just ain`t going to happen

    My country needs me

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    Jonathan Clarke. http://www.buytoletmk.com

    Your Country doesn't need your services or mine  JC

    I used to think our sector had political backing

    when we don't They will be happy to see you and others who Borrow money go to the wall

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    Learn Change and Adapt ?????

    Its not all or nothing . There is a happy mix somewhere in between

    Rules often change in life so dont be too disheartened

    Our country needs both of us



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    Jonathan Clarke. http://www.buytoletmk.com