Summer Budget 2015 – Landlords Reactions

It may cost more in the long term but right now i am staying as i am while the dust settles. Lenders are changing their attitudes to Ltd mortgages and there may be some scope with exisiting lenders as we move forward for moving to ltd ownership who knows.

I have set up a ltd co for future purchases and another for flips. Every individuals circs are completely different , with people at different stages of their lives and different aims. I am looking to de lever massively, as well as investing heavily into maxing out portfolio potential.

I will continue to do flips and have no intention of downsizing my portfolio just yet, maybe in 5 years – but that will be due to me being in my mid fifties rather than anything else.

For now, i, like most, have quite a few rents running below market val due to long term tenants and making inadequate increases over the years. I am increasing rents across the board with plenty of notice, HB , Low income & asylum seekers are no longer viable for me.

I will put some into a ltd company, hold some in my name and some in partner ship with my better half, i am also about to explore putting some into trust for my kids. I am also looking at putting some of my commercial prop into a sipp – altho last time i looked at that it was prohibitably expensive with ridiculous management terms and fees attached – so unlikely to do that.

Reply to the comment left by “Jon Pipllman” at “22/03/2016 – 13:50“:

I think this is a very interesting and potentially important find. It would be good if we find further evidence of this – the Government is trying to terminate us in order to favour someone else, who at any point could decide not to build to rent, but to sell instead.

Reply to the comment left by “Andy Bell” at “22/03/2016 – 11:33“:

“Has anyone looked at how “chattels” and “goodwill” can be used to reduce SDLT?”

If a Freehold property was converted into leasehold, perhaps fairly short duration, the value might be negatively impacted. Oh dear!

The sale price would then be lower. Thus the SDLT would be lower? Oh!

Unless, it has already been covered here. Chancellor GO said sorry to see Iain Duncan Smith go but refused to apologies for Disability Cuts however he has decided to withdraw his forthcoming cuts.

His pitch goes somewhere along these lines: “We have listened and we realised that we have made mistake therefore we decided not to go ahead with changes.

Would it not be refreshing if the cu** said same thing about property taxes?

BTW he has no chance of becoming Prime Minister…he is mentally unstable and would fail fitness and Properity test to become a PM

He should be ashamed of himself as he is treating Parliamentary position as market a stall. He makes rules as and when he likes without thinking through, possible consequences and withdraws them when shi* hits the fan.

His creditability is rock bottom. Had I been in his position I would have covered my face with veil (embarrassment)

Just found this on the judicial review Facebook page from 23 hours ago!

JUDICIAL REVIEW UPDATE:
We have received a reply from HMRC and HMT. We now need to speak with our lawyers before issuing any form of statement to ensure that our case is not prejudiced in any way.
Sorry we can’t share more at this stage but it is critical we take legal advice and ensure we follow the correct protocols.
Thanks
Steve and Chris

http://www.ibtimes.co.uk/uk-housing-buy-let-market-will-drop-like-stone-after-april-stamp-duty-hits-landlords-1551230

UK housing: Buy-to-let market will ‘drop like a stone’ after April stamp duty hits landlords

Reply to the comment left by “Simon Hall” at “24/03/2016 – 09:03“:

I think this is true. If I purchased a BTL this month for £150,000 I would pay £500 stamp duty. If I bought it in April I’d pay £5,000. That’s not the sort of difference I can stomach as I like to be careful with money.

Also, with Clause 24 then taking out a mortgage becomes a much more risky move than it ever was.

And added to all that there is the awful anti-landlord climate perpetuated by the media for years and now being acted on by idiot politicians. They will have to sort out the housing ‘crisis’ which is of their own making and which they are constantly making worse with their ignorant and unintelligent interference. We won’t be helping.

I rather liked the comment from John McKay on
https://www.landlordtoday.co.uk/breaking-news/2016/3/stamp-duty-hike-will-push-up-rents-say-letting-agents

“So tell me again Mr Osborne… how does your plan work to increase the country’s housing stock?”

And how do they expect us to create new stock by refurbishing old and unloved houses, which is one of my specialities? How can I buy derelict stuff when a typical £250k development costs another £10k – it kills the budget for the development stone dead in many cases and makes others not worth pursuing. Ridiculous.