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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
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
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
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.
How do you think the lenders will react to this?
Will it result in higher interest rates?
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
``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 .
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
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
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
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