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I think a deep skin and deep pockets Paul
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 believe your perfectly valid attitude and responses to S24 etc will be followed by many other S24 LL as they gradually realise what this S24 is going to do to them.
It seems you are following what seems to be the most pragmatic policy of selling off and reducing leverage whilst at the same time monitoring things so that a good deal will not be turned down but this time will be within a company to avoid S24.
SDLT is a bit of an impediment though!!
But tenants can't afford to lose good LL like you.
I really can't understand why Govt continues on this self destructive streak.
Who is going to house all these now homeless tenants?
I just don't understand their logic.
It is not as though there is a surplus of accommodation!
Govt is sacrificing tenants for the sake of a bonkers ideology that basically says
This is a childlike view of the housing market.
It ignores the fact that many can't or don't want to be homeowners.
It is also a policy that favours the rich over the poor as you need to have good funding if you are to buy in the SE.
This is a socially divisive policy in that it favours the rich over the poorer tenant.
Such tenants are having their accommodation removed from them because the providers are effectively being put out of business by what must be the most bonkers tax policy ever invented!
For you your position is something you have to protect as best you can.
But the point is you shouldn't even be in this position.
Everything was fine until Govt came up with this stupid S24
The PRA was more than capable of controlling leveraged LL by the simple expedient of moving the goalposts whenever they felt like the market was getting out of control.
They are to the housing market what the MPC is to IR!!
To me the PRA is a far more effective management instrument.
It is capable of being finely tuned.
Instead S24 which is the proverbial sledgehammer is being used to address an alleged problem which actually isn't there.
We all know it is a very political tax but isn't it funny that nobody wants to mention it as a major cause of all these eviction by LL like you who are being forced to do so by this bonkers S24?+
Unfortunately all you can do is respond as you resulting in poorer homeless tenants and ultimately less economic activity from you as you endeavour to not pay so much tax that is makes it pointless striving.
Bit by bit Govt is removing GDP from the economy as workers like you rationalise their position.
It bodes ill for the economy that entrepreneurs like you are effectively being hounded out of business.
To me it just seems Govt is engaged in pointless negative activity.
They gain nothing from their continuance with this bonkers S24.
I do believe this very naive Govt believes that S24 will garner it more votes from those who allegedly can't afford a house in the SE cos all those nasty greedy mortgaged sole trader LL have bought them all up.
A truly infantile take on what are complicated issues!!
As the evictions increase Govt will be losing even more votes from the disaffected under 40's
This Tory Govt is on a self destructive path and if they continue with these bonkers housing policies they will lose the next GE.
Perhaps that is what they want.
Give the UK a dose of JC and then sweep back into power after JC has wrought his destruction on the UK.
Whatever happens I believe many S24 LL need to behave as you have.
It is the only way to survive though I fully appreciate how galling it must be that this Govt is forcing you to reduce your economic activity to make it worthwhile getting up in the morning.
A sad day when those such as you are forced to retrench.
No good will come of it!
It does feel like you're being victimised for just trying to make an honest living. We've been self employed for over 25 years and during this time my husband's industry of IT had a similar attack on it with the introduction of IR 35 so we are used to it sadly. I have been in property for over 30 years, since I was 19 coming from a very working class background to where we are now, i am a true thatcher child. When she came into power when I was 14 I realised girls could do anything they put their mind to so I did an electronics engineering apprenticeship and bought my first house at 19 (which was rare even in 1984!). My love affair with property started there and didn't end until 2 years ago. Creating lovely homes from distressed houses to rent to good tenants was extremely satisfying. I was homeless and sofa surfing myself at 17 so I have some empathy with people in the same boat. Now a light has gone out and i m sad that I can't follow that path anymore. I wasn't prepared to shell out about 50k to incorporate with no guarantees that they would not move the goal posts again to include ltd companies in s24.
I guess we re going to see the usual plummet into oblivion again with labour then years of the Tories trying to pull us out of it again. We survived the last 3 recessions so I guess we ll survive this one too. But it is all so pointless and unnecessary. I feel sorry for the poorest tenants and those landlords who are PAYE with just a,few properties with little equity or worse. They will have nowhere to go, literally. I have no intention of actually ending up paying, in essence, to rent my property with no profit. This will end up as a country of people with no aspiration, I would emigrate to Australia if I wasn't too old for them!
I've started following PT recently though to try to get some inspiration back. Amongst the doom there are some interesting ways of diversifying and I always need a new challenge to keep life interesting, could have don't without it being s24 though!
I too have been in property over 30 years too
I was a tory at heart and I believed the conservative party was there for the small business owner
we have been stabbed in the back by a Rich boy who knows nothing about real life struggles
Its a disgrace I will never vote again
I am lucky I can see a way around s24 in general
My own Tax bill would have been fivefold higher than now
It has caused me such a lot of heartache and sleepless nights
what did we do wrong Nothing is the answer ???
PRA lending would have been enough to stop BTL
I have changed direction now at 59 Build to rent is my way forward
But I have so little faith in BTL Now I would rather invest in pensions than BTL
I am just a run of the mill women who set out to build a large business
I haven't broken the law and I am not a rouge
but we are all being treated as if we were criminals
sad UK we live in
didnt think I was seeing things. DL you male or female - alot of your more recent posts refer to you as male. I swear posts from far back refer to you as female and now the above female, hmmm strange....
Could be transgender!!!??
Not so easy to ascribe the old gender stereotypes anymore.
We certainly are Bering treated like criminals DL. My late dad would be spinning in his grave. He was factory worker and my mum was a cleaner. His dream was to own a few terrace houses and rent them out. He was a Tory (amongst a sea of labour voters) who believed in working hard and social mobility and he thought that the Tories rewarded that. And they did until now. Both me and my husband reluctantly voted Tory last time because the alternative was even worse but it really hurt to do it. We literally have no aspiration other to to keep our heads above water now and pay as little tax as is legal. How will that help the country if everyone feels that way. My husband was wary of pensions having been burnt in the past but now we are looking for ways to invest the pension pot we do have elsewhere, any ideas??!!