Should I sell or risk tenants buying at undervalue price?9:08 AM, 25th September 2019
About 4 weeks ago 48
I am sure others have thought of this, I did ages ago, that is; if Tenants were to write and make their concerns of the affect that Section 24 will have upon them, it will amount to MILLIONS of letters (voters) showing in our favour.
My first concerns against this, were that by alerting tenants to the reality that I may be forced to sell, that they may act by moving. I also had in the back of my mind that Section 24 will have been eradicated or changed by now, so I did not want to alarm or lose my tenant unnecessarily.
However, with the slim election win by the Conservatives still fresh, and with Section 24 still in play, I believe it’s now time for landlords across the country to bear the brunt of any negative effects of formally alerting tenants and write to each of our tenants requesting action from them in the form of a letter to both their Conservative MP, and that of the party they vote for, stating the drastic effects that Section 24 is set to have upon them and their respective family.
I believe as Landlords we will need to make it very easy for tenants to do this, I suggest we use this forum and spread to other forums to get as many tenant to write to their MPs as possible, if we managed 1 in 4 it should be over a million, surely this much mail will open the ears of those MPs who simply fall back on party policy blindness.
I suggest we compile a letter for landlords to give tenants and for tenants to give their MPs, or maybe we would secure a better response if we personally delivered and collected from our tenants and we took responsibility of forwarding them by post. It is after all very much to our benefit and we are near enough under legislation to wipe the arses of tenants so this should be of little effort.
To follow are rough drafts of a “Landlord to Tenant”, and “Tenant to MPs” letter, please edit it, scrap it, or make a new one and if you think it’s better add it here, perhaps a tick list for tenants.
“Landlord to Tenant”
You may be aware the Government has imposed Tax changes to private Landlords across the country.
This is in the form of Section 24. The implications to myself and many others are extreme.
The government is bringing section 24 in under the guise of helping first time buyers, Section 24 does very little to help first time buyers, it will potentially release rental stock to them, but this will certainly be at the cost of Tenants, the government talks about fair play, nothing about Section 24 really brings fair play to any party.
The huge taxes to landlords are only part of the issues, basically if Section 24 continues both I and other landlords like me will be forced to act against the risk of being made bankrupt.
There are some options open to me, none are easy or without massive costs and changes.
Landlords have been fighting against Section 24 for a long time, some prominent government members are now listening and stating its wrong. With the help of tenants this should really cause the government to act to make changes.
As a rule, (and as with your rent to date) I do NOT put rents up while a tenant remains with me.
The situation I face with Section 24 gives me very limited options, it maybe that I will have to sell all but a few.
Putting rents up will initially help however; there is a limit to both your affordability and the current market rent value, any increase in rents by myself will be purely because of Section 24.
The effect of section 24 will mean if the bank base interest rate goes up the bankruptcy factor comes back into play. This was not the case before Section 24,
Section 24 means high rate Taxes are due even upon losses, this was not a factor under the old tax rules. Section 24 has created a high risk factor to what was otherwise a well-managed format.
The government has so far ignored that a single tenant will be effected by Section 24.
They also claim only 100,000 landlords will be effected, Both their calculations are easily proved vastly incorrect.
You stand to be effected whether you stay with me or find another landlord, many landlords are still oblivious that they will be affected by Section 24, the effects will be nationwide.
I call upon you to help yourself, it will cost you a little time.
I ask each adult member of your household to write to your MP, your MP is ( ___ @ ________ ) (Landlords see houses of parliament site for current MPs contact email or address and provide details to tenant)
Alternatively, I will pick up the letter from you and post it on.
Let your Mp’s know that you stand to be effected by Section 24, either by rent increases or by having to find somewhere else to live, affectively being made homeless by the effects that Section 24 has to your landlord.
Insist that your MP fight your case and forward your communication to those with the power to make changes. Ask to be kept up-dated with progress.
The current government is not in the best of positions to risk losing the votes of millions of tenants that will be effected by section 24. Make it known to your MP that you will not vote for them while Section 24 exists.
I would appreciate being copied in on your communications.
C. J. B. Landlord
“Tenant to MPs”
DON’T MAKE ME HOMELESS
SECTION 24 stands to put the needs of first time buyer’s above mine.
My landlords will be adversely affected by Section 24, this will lead to my home becoming highest market rent value or worst still, sold.
My household is made up of _____ adults and _____ children
I have been with my private Landlord for _____ years
My rent is fair
My rent has not been increased since I commenced my tenancy. (edit as necessary)
Repairs and maintenance issues are dealt with swiftly when reported.
I am happy with the service I receive from my landlord; I am dealt with fairly.
This is my home I am happy to call it my home.
+ I would be interested in becoming a Co-owner with my current landlord if the opportunity was given and viable, I understand this will need government backing, please informed of this.
+ I am happy with renting and wish to continue, however Section 24 risks my being able to afford continuing my tenancy, it affects me and others like me nationwide, why are you letting this happen?
I ask you to put an end to Section 24, there are better ways to help first time buyers, work on them.
If you want my vote section 24 has to go.
Ps kindly ensure my details are only used for this correspondence and not passed to third parties or use for any other purpose.
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