I have offered to pay my tenants deposits!

I have offered to pay my tenants deposits!

10:38 AM, 4th June 2021, About 6 months ago 17

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Anyone knows anyone else in the same boat, please spread. Many many tenants have done nothing wrong, but imbecile Govt and Councils are making it so hard for those that haven’t got a problem.

I have offered to pay my tenants’ deposits so they can buy their homes after becoming disillusioned with the PRS. I blame government policies, licensing schemes and a tortuous Universal Credit system with the latest EPC regulations as the final straw

Text to my tenants:

Please ring me about this text and read to the end before u panic.

We’d like to sell your house within 10 years for the reasons below. We can sell it u and pay your deposit for u, if u r able to buy it. Sell it to someone u know who would keep u in. We have people who may buy & keep u in.

A lot of Landlords give tenants 2 months notice. We recognise this is your home, and would never contemplate selling on u if you’ve done nothing wrong, however, the Council’s and Govt are making it really difficult for the good Landlords-All to get back at the bad Landlords.

We are only in this position cause the Council’s and Govt are bringing that many rules in retrospectively, they make it extremely hard for good landlord that’s abiding by the rules and is getting older, to carry on.

We are doing 4 times the amount of admin, paying out thousands in unnecessary costs-Nothing which makes your home better.

U should all really be writing and meeting your MP and Councillors and Govt and Council and telling em what they are doing to people who didn’t have a problem before.

The latest rule they are now proposing to bring in in 2025 is EPC to a C. I’ve already got the Combi boiler, UPVC etc., so it’s external wall insulation. Approximately £10,000 each house, but they not bringing it in for Council houses or Owner houses-Only to Private Landlords.

I never thought we’d be in the trap we in now where Councils and Govt have made it that bad for Landlords, that it’s made it extremely hard for Benefit tenants to move house.

Years ago, u had a choice to move, and then I’d have sold your house as u moved on. We all in a trap where u can’t move now if u want to. Govt and Councils has done this to u. Landlords packing up in their droves due to Licensing and Universal Credit.

It’s also the bad tenants some of these rules are being bought in for, which makes it unfair for u good ones.

I used to be able to give u keys, service your boiler and u tell me when something needs doing.  I’m now doing courses at 4am just to keep u in your home. And many of u aware, I don’t want the houses anymore, only keeping them to keep u in your home.

U can buy it now if u or your buyer can arrange it. Also happy to wait for u up to 10 years. I’ll pay your 5% deposit if u can buy it.

Please work with me and let’s find a Landlord that is younger and not weary of the all the latest rules, who’s happy to keep u in for 10+ years. I’d get a lot more selling it empty, but I’m mindful that it’s been your home for years, so am prepared to lose £20,000 to sell to discount Landlord to keep u in your home.

I may have a few people now who wish to buy and keep u in if u wish to go ahead now.

Some of u have been with me 24 years and I don’t take this decision lightly.

Some of you’s kids are also getting older and your Housing Benefit towards the rent will drop massively when your kids are 18 or leave. I used to have affordable flats for u to move into. Now the people aren’t moving from my flats anymore.

Govt & Councils are making far too many retrospective changes when the tenant has already lived there years & the Landlord bought the house years ago. If people have not had a problem for years, Govt & Councils should be rewarding them and lower costs, not penalising them and higher costs.



Comments

by Graeme Lewis

11:19 AM, 4th June 2021, About 6 months ago

Mick you're welcome to contact me, I might be able to help you.

by David

11:33 AM, 4th June 2021, About 6 months ago

I agree with what you are saying except: I couldn't guarantee a landlord today who would retain a tenant, exactly for the reasons you are stating.
I have also been told by a previous tenant that she used "help to buy" on a £250k property, paid a mere £15k deposit and 50% of the mortgage will be paid by the taxpayer for the next 6 years and for this amazing deal she is still complaining.
I don't think this is about the government "getting back" at bad landlords, they really don't give a toss about anyone but themselves, it's about removing private landlords from the sector, collecting CGT sooner rather than later and mistakenly thinking by hammering landlords this will get them the renters vote.
2022 all landlords will be completing quarterly tax returns in line with businesses and the self employed yet many are not getting the advantages of mortgage tax relief.
I have written many letters to my MP but all i get are empty words about how landlords are appreciated by government and how during the "pandemic" landlord's have been supported by furlough being paid to tenants.

by Beaver

11:50 AM, 4th June 2021, About 6 months ago

On:

"The latest rule they are now proposing to bring in in 2025 is EPC to a C. "

We've discussed that elsewhere on this site before. I wasn't aware that they are now actually implementing it. It won't be implemented for the owner-occupied sector so all that will happen is that the housing stock below band C will be sold off to owner occupiers; many of those people will not be able to afford upgrading to C unless they are eligible for grants and right now for all sorts of reasons lots of people are not eligible. It's something for the rich only. If it is being implemented in this way, it is shameful that this is being implemented only for private sector landlords, most of whom are not rich but only have 1-2 properties, and not for the public sector.

On paying people's deposits that's not something you should consider doing. Just sell, tell your tenants you are selling, and why; it's not your fault.

by Mick Roberts

11:51 AM, 4th June 2021, About 6 months ago

Reply to the comment left by David at 04/06/2021 - 11:33Yes David,
This is my problem if I have understood u right.
My tenants don't trust anyone else & I am (if they've done nothing wrong & are good) letting them have the say in this, & they all ruddy saying I don't trust anyone else Mick. I only want u. They won't even go with my Letting Agent.
And to be fair Yes, Landlords now (me included) want the best squeaky clean good with money tenant u can leave with an agent & we go on holiday & we don't have 3 hour arguments by the pool cause some tenant han't paid their rent which u checking online banking while u away.
Yes I've said Remove us from the sector then. Selfishly for me, that would be brilliant. I'd love the Council to buy all my houses & I'd give 'em discount, but their rules are We have to kick the tenant out first. They only want 'em empty. And 90% of my tenants would trust the Council buying 'em & the others I'm sure I could persuade 'em.
But I've said on the Removing us from the Sector-Have the replacement houses available first for the Benefit tenants-Which as we know they haven't.
I think they do get the Renters vote though, don't they, as Renters like hearing the hammering Landlords get, totally oblivious to if u Hurt the Landlord, U hurt the tenant. All of my tenants understand this as Labour Nottingham Council Selective Licensing has hammered them.
Ha ha yes, my MP (Labour) actually wants to meet me this time to take forward my Universal Credit shocking evidence. I secretly think the Labour Council like the homeless increasing as the tenants blame the Tory Govt-Maybe that's why they not shouting out enough as the UC evidence I have is block-busting & the Labour lot aren't dropping it out of planes.

by Ray Doyle

12:47 PM, 4th June 2021, About 6 months ago

Hi
Agree with virtually everything said the thing is when I started 30 years ago I loved benefit tenants I was strict but fair got my rent paid to me not the tenant. Now I won’t take benefit tenants.
My business model gives me long term tenants average is over 8 years. Now I am buying properties needing work doing them up and paying 10% deposit to the youngsters who can’t save a deposit.
Surprised nobody mentioned the government also removing the 10% ware and teat used to get.
It’s get the landlord season
Ray Doyle

by Mick Roberts

12:51 PM, 4th June 2021, About 6 months ago

Reply to the comment left by Ray Doyle at 04/06/2021 - 12:47
Yes same here Ray, if me & u not taking what we'd always took-Benefit tenants-then the Govt & Council's got a problem.

This deposit don't really hurt us when u think if they lived there 20 years & paid 20 years rent & house gone by 20 years value, this deposit is a gesture really. Helps the tenant a lot, but we just buying ourself some free time.

by Rennie

19:58 PM, 5th June 2021, About 6 months ago

Go on Observation Deck or other youtube/bitchute/rumble/odysee type sites and learn about private trusts. If you put your properties in a private trust I believe you don't have to comply with all this crap. However, you will have to learn very, very well how to protect your private trust so you must understand it all and you must say and not say the correct things. You are all going to think this is weird but do yourself a favour and check it out

by Glenn Ackroyd

10:03 AM, 6th June 2021, About 6 months ago

If you paid a tenant a deposit to buy your house, most lenders would consider this a vendor gifted deposit and wouldn't lend. The deposit has to come from the tenant's own funds.

A way around this is to say "If you buy my house, I'll refund you the last 12-18 months rent" (eg 5% deposit).

Because it's a refund of the tenant's own monies, the tenant can legitimately confirm that the deposit funds are theirs to meet the lender's mortgage requirements.

by Mick Roberts

12:39 PM, 6th June 2021, About 6 months ago

Reply to the comment left by Graeme Lewis at 04/06/2021 - 11:19
I don't know how to contact on here, but if u referring to Investors buying them off me, my current tenants won't have it, they constantly tell me the don't trust anyone else.

by Mick Roberts

12:40 PM, 6th June 2021, About 6 months ago

Reply to the comment left by Beaver at 04/06/2021 - 11:50Generally when the Govt consult, they bring in. Let's hope not, but people are saying it's a done deal. My houses are generally better than most other Landlords in same area or at least equivalent in latest boiler, UPVC etc. I'll think what we'll find again like Licensing, like a lot of Landlords will just fly under the radar.
I can't just sell without giving the working few that can afford to buy, the chance to stay in their home. I'm human & if I've had £120 k rent in 20 years & £100k growth, £220k, the deposit we have to look at is nothing in that scheme of things. However I will get my time back. We know it's not our fault, we'd love everything Licensing & UC throw at us, to throw at the tenants so they'd think What........

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