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The problem with the proposed solution of moving back into your home is that most BTL mortgages prohibit the LL from living there. Unless of course you're lucky enough to be mortgage-free.
Thanks for that - not what I wanted to hear but what I suspected.
I currently have some lovely tenants - my concern is if I do get a bad one that I will end up with real problems and as a small portfolio Landlord absorbing costs incurred from a problem tenant could be devastating.
What about refurbs ie need to replace kitchen's and bathrooms and boilers. That can take a good 3 months. I wonder if that would be a reason for ending a tenancy?
Is the German system rent controlled?
It will be interesting to see how many small Landlords like myself will get out of the market in the next few months. I am starting to consider doing so which means that several families will become homeless as a result.
Well done government.
IIRC German rents are allowed to rise by around 20% every 3 yrs - and also commonplace for new tenant to be expected to supply/fit their own complete kitchen - failing which pay outgoing tenant for the existing fitments. Decoration to tenant taste is allowed - subject to it all being redecorated in eg white before end of tenancy.
Can you imagine if a tenant was told they had to fit their own kitchen in this country - world war iii would break out!
Well yes considering Howdens, Benchmarx, B&Q etc all want several thousand pounds for the chipboard alone these days for the kitchen in a typical terrace, and that doesn't include worktops, appliances, cost of fitting etc. It must just be me, but every time I refurbish a house I spend many tens of thousands and I am experienced.
New to this forum. If, as the government proposes, LL will require a 'concrete evidenced reason' to repossess, how will rent increases be dealt with? For example - assuming for this example that the law as outlined is in place; In two months time I inform my tenants that the rent will increase by £nn pcm. The tenants refuse to accept the rent increase and state that they will continue the tenancy at the current rent. I cannot evict them because I do not have a concrete reason since I don't want to live in the property nor want to sell it......up until now anyway.
Don't worry about that if C gets in then its rent controls.- and that's a very different ball game.
The new rules will take a little time to come into force so if you have any tenants causing problems that you wish to serve a Section 21 then do it know. Like most changes the finer points have not been forthcoming and as said before clarity is needed. Going down the Section 8 route usually takes 6 months and is very problematic and costly though I always put in my leases that the tenants are responsible for all legal costs. For some perverse reason no matter what terms the tenant has broken the courts always seem to side with the them. Sometimes landlords have serious problems with tenants and there is really no way out but to spend a lot of money getting rid of them. Emotional it takes its toll and financially too but you can then then move on Think of all your good tenants and treat this as a blip in your business plan. A few months down the road you will have good tenants and the pain in the .... tenants will be long forgotten. good luck
Surely everybody in the business knows that a fixed term tenancy does not end by effluxion of time. Only the tenant can end the tenancy without giving notice. The landlord ALWAYS has to give notice to end an AST, even at the end of a fixed term agreement. If a landlord were to enter a property immediately after the end of a fixed term, that may be classed as harassment and is actionable.