Jeremy Corbyn to effectively Confiscate Landlords Properties

by Readers Question

3 years ago

Jeremy Corbyn to effectively Confiscate Landlords Properties

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Jeremy Corbyn to effectively Confiscate Landlords Properties

It doesn’t get any worse for landlords than Jeremy Corbyn.jeremy corbyn

He has said that the ‘Right To Buy’ policy that lets council tenants buy their homes at a big discount should be extended to the tenants of private landlords.

To quote him, ““So why not go with Right to Buy, with the same discounts as offered by way of subsidised mortgage rates, but for private tenants and funded by withdrawing the £14 billion tax allowances currently given to Buy to Let landlords.”

So not only will you lose your property and your rental income you will also pay your former tenants deposit and subsidise their mortage.

On top of this there is his policy that rents should be capped to local average earning levels.

Edward



Comments

Neil Patterson

3 years ago

I did wonder when we would get our fist Jeremy Corbyn readers article.

The good news is that no one seriously thinks he will get anywhere near power.

Saeef Khan

3 years ago

I think writing is on wall, it's about time landlords exit the market..which will consequently push rents through the roof due to chronic shortage of properties.

Those who remain invested once or if Corbyn comes in power, they could either make fortune from rent inflation or get robbed by Corbyn.

Time will tell.

Ross McColl

3 years ago

Reply to the comment left by "Saeef Khan" at "14/09/2015 - 11:32":

Jeremy Corbyn's intended policies are an absolute joke. Why not just give up the free market economy and turn the UK into a communist society. One of the other policies he mentioned was that there should be a maximum wage. Giving this man any power is dangerous. Hopefully the general public have more brains.

Rod

3 years ago

Foreign investors will go, tourism will go, Bussiness/job creators will go, BTLs will go, and when the ship sinks I will go, along with many others!

Rod

3 years ago

Further, will they want their nappies changing too?

Alan Bromley

3 years ago

For Corbyn to have a hope of becoming prime minister he will have to compromise on a lot of his beliefs. He has provided no details of his suggestion to extend the right to buy to private rental properties. If and when he does he is going to stuggle to make it work, at least against the individual investor because of the Human Rights Act, which says that a public authority cannot take away property or place restrictions on your use of your property without very good reason. 'Property' in this sense is its very widest sense of the word and does not just relate to buildings.

It will be interesting to see how things play out when Corbyn shakes up politics over the coming years and it does no good at this stage to start worrying about something which is probably nowhere near the top of his list at the present time. Relax!

Richard York

3 years ago

The real problem is that the conservative government have already started a scheme where they confiscate property from private entities (charities) in the form of right to buy on housing association properties. This really does destroy the whole moral argument.

If you look at it from my perspective, as a PRS tenant, the fundamental unfairness is that people who are paying considerably less rent than me for similar properties have the right to buy those properties at a significant discount. I don't agree with right to buy at all, from anybody, but you can see the twisted logic here which the conservative government have propounded.

And if you think the human rights act will save you - I'm no lawyer, but there has been considerable case law on this and it is no violation if the owner is properly compensated. People have their houses that they actually live in 'confiscated' for railways and roads and regeneration all the time.

Teg's Dad

3 years ago

Reply to the comment left by "Richard York" at "14/09/2015 - 15:44":

Richard,

Two points, Firstly businesses have no protection under the HRA, in the same way that they are not protected under Housing Law.

Secondly, the CPO is already part of English Law. I appreciate that should Corbyn become PM (I am shuddering at the thought!) he will attempt to make it legal.

Philip Aston

3 years ago

Labour need to consider where the vulnerable, and those on low incomes, will be living when every individual who provides this facility has cut their losses and sold out, or there are no more rental properties available in any sector because they have been sold off!
I think there are issues here requiring legal input. Eg should the compensation paid for a rtb property equate to its notional "full" price in the absence of the scheme that killed the private rented sector? And if I own several business assets, is it really outside the scope of Human Rights if those assets are taken without reasonable compensation?
Whatever one's position or opinion, this shouldn't be dismissed as an impossible outcome. After all... who would have expected a Conservative chancellor to try and take the heat out of the housing market by removing high rate taxpayers from the pool of BTL purchasers? We live in strange times....

Gary Dully

3 years ago

Hey, don't worry about Mr Corbyn yet, we still have to deal with 'Clause 24'.
There was an article on BBC news app, over the weekend, where Mr Corbyn wants us to have joint sovereignty with Argentina over the Falklands, talk to ISIS and have cheese sandwiches with various organisations committed to terrorise anyone who doesn't share their point of view.

If Cameron can't deal with him, we deserve a good pasting.

He is soon going to have his policies put under the spotlight and I would predict that after 5 years of preaching from his pulpit, the Great British public will look at him as we now do Jamie Oliver and school dinners.

As for the £Billions in tax breaks to private landlords, you can be taxed as much as the government likes, but your tenants will only stomach a certain amount of rent rises before they start to question their leaders.

Just keep blaming 'Clause 24' for everything that is coming down the road first.
We will deal with Corbyn nearer the time. (we now have fixed term parliaments)

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