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  • Buy-to-Let

    Labour plans to sell your BTL to your tenant!

     

    Labour could give tenants who rent private homes the right to buy them at a cut-price rate, the Shadow Chancellor has revealed.

    John McDonnell outlined the party’s incendiary plans to ‘tackle the burgeoning buy-to-let market’ in a bombshell interview last night.

    The dramatic policy is designed to clamp down on middle-class families who buy a second property as a nest egg for their retirement.

    The suggestion from the Shadow Chancellor – applying Margaret Thatcher’s iconic right for council tenants to buy their homes to those who rent properties from millions of private landlords – offers a chilling insight into the consequences of a Labour victory in any snap election.

    https://www.dailymail.co.uk/news/article...2tdU8cMWys

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    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.

    Cant see that happening unless it somehow suited both parties

    Let alone at a discount

    Come up with a mutually beneficial plan by all means to allow a smooth transition

    If my gain was 30K though on 100K a 30% discount for a tenant to buy is robbing me of 30K

    Its one thing HMRC stealing my money via  s24

    But Mr and Mrs Jones gaining 30K at my expense is just not going to happen

    They become the capitalist then on completion

    99% of my tenants couldn't afford to buy mine anyway even at a 30% discount

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


    Had an applicant for a flat today, couple ,1 young child, asked about income, without a moments hesitation they proudly told me

    She works part time.              800pcm
    Claims UC.                            900 pcm
    He works cash in hand.         400 pw

    So a tax free income of 39,600 a year. Plus all the little extras the UC will trigger.

    If they save hard they’ll be cash buyers. I’ve got this work thing all wrong. 
    He works cash in hand
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    So male has no NI contributions so no State Pension.

    If we end up post Brexit with ID cards to prevent non eligible use of NHS etc that could also be an issue for the male

    They could also be "grassed on" and have the UC clawed back etc.

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    In the live for today world they won’t care about pensions, it rather seems to the new “ benefit scam” parent and child claim for UC , partner is “ self employed”.
    Also seem to be getting quite a few where one or both are on PIP and one is on carers allowance. Never had that before.
    As for getting grassed up, not heard of anyone getting caught round here for 3/4 years. 
    The wonders of a low wage economy.
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    Lone parent on benefits with boyfriend unofficially cohabiting is a long standing issue - though the mother will be expected to work as soon as youngest child is aged 5 when they are placed on sanctionable JSA - unless the plan is to get pregnant every 5 years until menopause - I recall a few years back a Tory grandee being pilloried for saying it was a crass piece of legislation ie encouraging sequential pregnancies.

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    It used to be common place round here, but tailed off about 10 years ago, but definitely seems to be on the rise again. Just from the openrent applications i’ve had, it seems that cohabiting and selective disclosure is associated with recent arrivals in the country, those on disability benefits are all brits. 
    I realise its a very sweeping statement on a very small sample, but its a massive change in a couple of years.
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    Yes as we saw with the Syrian refugees the vast majority were fit and young - hence would not be disability claimants.

    In contrast the UK NHS has enabled long term survival of many people with significant congenital impairments - plus those with acquired impairments - hence there is a significant cohort with genuine chronic sickness and/or disability.

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    I did some viewings  the other day and was quite surprised at the number of people boasting about their abundant cash in hand income. I was letterally meeting these people for the first time and they would have had no idea what my main ocupation was.  Luckily for them I'm not an HMRC inspector.  Some people were even messaging me about the property and stating their cash in hand income in their initial message to me.

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    "99% of my tenants couldn't afford to buy mine anyway even at a 30% discount"

    The problem is JC with that amount of cash up for grabs there will be a shadowy new industry.   Buy your house with our money and we'll buy it off you and rent for what you are renting now plus 10k or whatever.

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    The idea needs to be read alongside the rest of the drivel in the article, its just desperate attention grabbing headlines designed to appeal to those that want everything for nothing and resent others having more than they do. Put all the proposals in a general election manifesto and watch it get shredded by the opposition , the vast majority of the electorate will see such proposals for what they are and have nothing to do with it.

    In addition you’d have to ask why labour would go down this route rather than deal with the problem landlords that they suggest exist in every street and are easily visible.
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