This week a landlord based in Scotland very kindly bcc’d me into an email he sent to his MP. I felt it was well worth sharing on the basis that it may inspire YOU to educate YOUR MP by writing a similar letter to him/her. Naturally, I have redacted personal details for the purposes of confidentiality.
To find contact details of your own MP simply CLICK HERE
The email …..
Dear ….
Further to my email to you on 25 July 2016 regarding the issue of property taxes, I thought it might be useful to let you know the action that I will take to mitigate the impact of the Government’s tax changes.
Firstly, I will pass on the additional costs to my customers (ie. my tenants). As previously stated, I have three properties in your constituency. The current rents are £360 (one bedroom flat in *******), £495 (2 bedroom flat in *******) and £875 (four bedroom house in *******). I have calculated that I will need to increase rents by at least 3% per annum over the next four years in order to pass on my additional costs to my customers. By 2021/22, when the full impact of the Government’s restriction on finance cost relief is fully implemented, my rents will have increased to £405, £557 and £957 respectively. This action is not because I am a greedy landlord. It is a necessary response to Government policy. Such action will have a detrimental impact on tenants’ finances. For those who may aspire to become first time buyers, having to pay increased rent will make it more difficult for them to save for a deposit.
Five of the properties in my portfolio were purchased as new build properties directly from house builders. Such action by me as a landlord increased the overall housing supply. As a direct consequence of the Government’s tax policies, I will not be buying new build properties again. The overall supply of housing will not grow as quickly as it could because of the Government’s tax policies as other landlords will also stop buying new builds. This is a shame when it is widely acknowledged that there is a shortfall in housing supply and a growing demand for rented accommodation.
Five of my properties are let to tenants in receipt of housing benefit. As you will be aware, providing homes for tenants in receipt of housing benefit comes with some added risk to a landlord because some of the tenants are not very good at managing their finances. My experience is that people in receipt of housing benefits are more likely to be in rent arrears than non-benefit tenants. Regrettably, I have decided that I will no longer rent to tenants in receipt of housing benefit as they will not be able to afford the rent increases that I will need to make. I will also need to reduce my exposure to the risk of tenants not paying their rent because of the much higher tax bills I will face in the future.
Other landlords I know are also planning to stop renting to tenants on housing benefit. The supply of rented accommodation for tenants on housing benefit is likely to decline as a result of the Government’s tax changes. This will in turn increase homelessness in your constituency and put financial pressure on Fife Council who have a statutory duty to deal with people who present as homeless. I have previously written to Fife Council to let them know of the consequences for them of the Government’s tax changes but did not receive a reply. It would be really good if you could contact the Head of Housing at Fife Council to raise awareness of the likely implications for the council.
Several of the houses I have purchased to rent out have been empty and / or in very poor condition. I have invested substantial sums of money to bring these houses up to an acceptable condition, suitable for letting.
The house in ******* is a good example of a property I have improved. This was a two bedroom semi-detached house that was very dated. It was marketed for sale when the previous owner passed away. I obtained a building warrant to convert the attic to provide two additional bedrooms and a new bathroom. The condition of the property was generally upgraded, including a new kitchen and new central heating. The total cost of the work was £60,000. This investment not only improved the condition of the property, it created work for local tradesmen. As a result of the Government’s tax changes, I do not plan to purchase any more properties like this to let out. The type of houses I typically buy are not those sought by first time buyers who usually do not have sufficient funds to refurbish properties that are in a serious state of disrepair.
I recently wrote to all of my tenants who are not in receipt of housing benefit to find out if they would be interested in purchasing the property they currently rent from me. Not one said they were in a position to do so. Some are EU migrants and do not qualify for a mortgage as they have not lived in the country for 3 years; several said they did not have enough funds for a deposit; some said they did not want the responsibility of home ownership; one said that his job was not secure so he did not want to commit to home ownership. Where will people like this live if many landlords are forced to sell up as a result of the Government’s tax changes?
I hope these comments help you understand the problems that are likely to be caused by the Government’s absurd approach to property taxation.
Would it be possible to meet with you to discuss my concerns?
That is an excellent email. It covers all the ground, showing how the tax changes will be bad for tenants, bad for the housing stock, bad for those who will be made homeless, and as a result of all three, bad for the economy. They will not make it easier for FTB’s to qualify for mortgages. The tax changes are good for nothing, like their author Osborne.
I have not been a landlord very long and am only just refurbishing my second property at a cost of £50,000 to £60,000. This is a three storey end of terrace house, which had been on the market for many months. One offer had been made below the asking price, but that was eventually withdrawn when they really investigated what needed to be done. No first time buyers had shown any interest an I doubt whether they could have financed it anyway. Being new to the profession I have quickly come to realise that the impression Government Ministers and their advisers have of Landlords is that of unscrupulous, grasping, Scrooges who take advantage of tenants by charging high rents for poor quality accommodation. They appear to think the odds are stacked in the landlord's favour and attempt to equalise the balance by imposing extra or higher tax burdens upon us.
In fact, whilst there is a small number of rogue landlords, it seems to me that most of us are trying to provide clean, comfortable, well maintained accommodation at reasonable rents. Little account appears to be taken of rogue tenants, who probably outnumber rogue landlords anyway. Whilst I had intended to purchase and renovate other properties for rent in the future, George Osborne's 3% stamp duty and the future changes to the tax regime, are making me have second thoughts. George Osborne was prone to "shoot from the hip" in terms of his policy making (which is why he did so many "U" turns) and I am hoping that the new regime will think things through a little more carefully and not let their own tax-grabbing greed guide their policies in respect of the rental market.
However, a change in attitude can only be brought about by letters like the one from our Scottish colleague being sent to MPs. There is a need for a comprehensive case to be made to government ministers outlining why they should be supporting good landlords not trying to cripple them. This includes issues far wider than tax and finance, it includes the onerous eviction processes and red tape generally. As I said I am new to the Landlord profession and have much to learn if I am to stay in it, and it may be that a comprehensive case has been made out in the past and if that is the case is there a need to update it to take account of more recent tax and legislative changes. I do not intend to teach "granny to suck eggs" here and apologise if my comments come across in that way
Cyril Moseley
Hi Terry, I will happily send my response to Shelter, but it may carry more weight if it was sent by someone else as an example of the way the government's (and to some extent shelter's) attitude could lead to a dearth of rental properties and create more homeless people. I would be quite happy for someone else to use it in this way and identify me in the process.
I'm afraid I don't share the optimism shown by other commentators to the potential for this post to influence government thinking. Most Scottish MPs are SNP, which is unremittingly hostile to the PRS. Remember, the Scottish Government very quickly replicated Osborne's 3℅ tax surcharge and recently consulted on changes to letting law that includes removal of 'no fault' repossession and paves the way for rent controls.
As a fellow Fife landlord I will be interested to be updated with the outcome of the meeting with the MP - if it even happens. If my experience of SNP MSPs is anything to go by I suspect the MP's reaction will less one of intellectual persuasion or rebuttal and more one of smug satisfaction that a private landlord has been well and truly kicked in the financial goolies.
You guys can avoid the 3% LBTT levy if you decide to incorporate a rental business with six or more properties.
In England and Wales the 3% SDLT surcharge is payable on all transactions.
Also, whilst far from perfect, I do actually rather like your new rental contracts in Scotland. They will pretty much kill off the the market for accidental landlords and leave only professionals in the market. I just hope, for your sake, they improve the eviction processes for when you need to evict bad tenants.
David Main makes a good point about SNP MPs - they're far more likely to be rubbing their hands with glee than be sympathetic to our situation (poor misguided fools though this makes them!).
The thing is this though. If we DON'T all keep writing and bringing this to their attention, over and over again, they definitely won't ever see it as an issue of importance. Also, I once wrote to Mullin myself, proudly and clearly explaining from the off that I am 400 miles from his constituency and a Tory, so I wasn't particularly hopeful of any support, but in fact I quickly got back a response that was far more reasoned and sympathetic than I was expecting.
The simple fact is that not trying in the first place is the biggest sin, but we also don't know which of our contacts will be the straw that breaks the camel's back in terms of changing their mind(s). Keep writing.
I too have wrote to my MSP over the last few weeks outlining the above points. However I more than likely will sell some of my properties. Mine are all rented to working families who are not able or looking to buy at present or eligible for a housing association property. I am based in Dumfries and Galloway. My MSP has passed my letter to the Secretary of State for Scotland as he too is interested in his response. I am currently awaiting a reply. Like the above I also use local tradesmen far more than the average homeowner, due to the current spec now required for letting being so high. Also my husband and I invested in this business to provide a pension for ourselves as due to being with private employers have no pension provision. We now would have been better enjoying the money and asking the state to look after us in our old age.
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Property118 Action Group Objectives
To raise standards from suppliers of products and services to the UK private rented sector.
To increase awareness of the social and economic benefits of a healthy private rented sector in the UK.
To ensure that greater consideration is given to consequences of legislation affecting the UK private rented sector before it is implemented.
To provide an effective deterrent to rogue operators preying on private housing providers, not only with a voice but also with teeth in terms of legal capability and they contacts and money required to back it.
Our vision is crystal clear, as are the steps we need to take, but we need YOUR help.
Together we are stronger
If just a few hundred landlords can take on the might of a rogue financial institution (and WIN!), just imagine what thousands of us can achieve!
When Property118 Action group took on the legal campaign to challenge the actions of West Bromwich Mortgage Company there were obviously doubters who said we would never raise the £500,000 required to go to Court, and even if we did we would lose. We proved them wrong!
The Financial Ombudsman Service had previously ruled in favour of the mortgage lender!
Ongoing Campaigns
Assisting with funding of a Judicial Review of the withdrawal of finance cost relief for individual landlords #TenantTax
Prosecuting agents who abuse their position and fraudulently use client money to fund their businesses
Challenging the Bank of Ireland decision to add a premium to tracker rate mortgage margins. Over 13,000 are affected! Some are landlords, some are homeowners.
Challenging Skipton Building Society breach of contract in respect of abandonment of their contractual commitment to cap their standard variable mortgage rates to 3% over the Bank of England base rate. Over 130,000 mortgage borrowers have been paying too much interest since 2010! Some are landlords, some are homeowners.
Challenging many more unreasonable laws, organisations and contract terms unfairly affecting the rights of our members
Axe The #TenantTax
Property118 Action Group has committed to pledge £100 to the “Axe The #TenantTax” campaign for every Lifetime Founder Member.
The #TenantTax is arguably the greatest threat to the private rented sector due many landlords considering selling up. Any reduction in supply of quality rental property will negatively impact letting agents and well as increasing demand amongst tenants, thus driving up rents.
In addition to providing funding towards the intended Judicial Review of #TenantTax Property118 Action Group has undertaken significant research and lobbying as well as using our official Google News Publisher website status to promote the cause. The Property118 website attracts more than 1.8 million unique users a year and is considered to be a centre of influence amongst mainstream and regional media groups.
Property118 Action Group Fighting Crime
There are many examples of landlords having been victims of fraud by abuse of position committed by their letting agent where Police and CPS have dropped cases due to lack of resource.
We have several cases ongoing where agents have used client money to pay themselves huge bonuses before putting their businesses into administration. As a result of the Police failing to get involved Property118 Action Group has been helping to raise the funding necessary to mount private criminal prosecutions on behalf of our members. Many of these are now coming to trial.
Property118 Action Group pay all initial costs associated with private criminal prosecutions where groups of 15 or more of our members have been victims of crimes perpetrated by the same business. The Crown picks up legal costs once Magistrates agree that a trial is in the interests of the public, regardless of whether the accused is found innocent or guilty.
Property118 Action Group vs Bank of Ireland
In March 2013 Bank of Ireland raised tracker rate mortgage margins. Over 13,000 borrowers were affected. Many of these originally took mortgages with Bristol & West which was taken over by Bank of Ireland. Two Barristers and one QC provided written opinion that they believed the Bank were in breach of contract. Sadly, Property118 Action Group didn’t exist then. Many of the affected borrowers initially expressed an interest in legal action. However, when it came to having to commit substantial sums of money to fund legal action their enthusiasm quickly dissipated leaving less than a few dozen of the more militant campaigners with the impossible task of raising the required funds. If each of those affected had only needed to commit to paying a one of fee of £600 or committing to a monthly subscription of £10 a month the position might have been very different, as would the level of media attention on the case as it progressed through the judicial system. Many of the affected borrowers have already overpaid 10’s of thousands of pounds. The Financial Services Ombudsman ruled the bank was within its rights to make the changes. However, following the Court of Appeal overruling the FOS decision in respect of the West Bromwich Mortgage Company rate hike, Property118 Action Group plans to take further legal action on behalf of its member in August 2016. All Founder/Lifetime Members with mortgages affected by this lender will be invited to be part of this legal action at no extra cost.
Property118 Action Group vs Skipton Building Society
In 2010 Skipton Building Society unilaterally decided to abandon a contractual commitment to cap their standard variable mortgage rates to 3% over the bank of England base rate. An estimated 135,000 mortgages were affected, many of which had been provided via their subsidiary company Amber Homeloans. The Financial Services Ombudsman ruled the lender was within its rights to make the changes. However, following the Court of Appeal overruling the FOS decision in respect of the West Bromwich Mortgage Company rate hike, Property118 Action Group plans to take further legal action on behalf of its member in August 2016. Again we have the legal opinion of two barristers, both of which have advised that the lender is in breach of contract and that a Court is likely to award a full refund of all payments over and above what the mortgage contract allowed for. All Founder/Lifetime Members with mortgages affected by this lender will be invited to be part of this legal action at no extra cost.
About Property118 Action Group
Property118 Action Group is not insurance based, it is more akin to a Union which utilises member subscriptions to protect and fight for the rights of its members. It does not provide legal services but will procure them where necessary.
Successes in the Courtroom enhance our public profile and drive an increasing number of landlords to seek the security and peace of mind that only Property118 Action Group membership can provide.
As many landlords have learned to their peril; when it comes to funding litigation against mortgage lenders or the Government, legal fees insurance policies often prove to be about as useful as a chocolate fire guard. Furthermore, trade bodies rarely have the necessary experience, resolve, finances or other resources to get involved in action beyond referring their members to their preferred suppliers of legal services, the authorities or Ombudsmen.
Who is Property118 Action Group For?
The UK private rented sector is often described as one of the UK’s remaining “cottage industries”.
Private landlords own around 4.8 million properties providing housing for around 22% of the adult population.
There are thought to be around two million private housing providers (buy-to-let landlords) in the UK
Private housing providers (buy-to-let landlords) often lack the experience and finances to defend their rights. Membership of Property118 Action Group provides a unique and powerful umbrella at a very reasonable price.
Letting Agents are highly reliant upon a healthy private rented sector.
Reaching the market
Successfully defending our members’ rights continues to enhance our public profile through media based PR and reporting.
ARLA (Association of Residential Letting Agents) were the first to agree to promote Property118 Action Group at their landlord exhibitions, by having roll up banners on their own exhibition stand, handing out leaflets to attendees and signing up new members. From time to time we look for volunteers from our membership to represent us at events. Obviously we cover their reasonable expenses for this.
Naturally, we encourage our members to share the advantages of being a member of Property118 Action Group through social media, talking to friends, email and so forth.
We also run quarterly competitions for Founder Members whereby the person who helps us to recruit the most members wins a 5 star holiday in Malta for a week.
In 2015 the Property118.com website had over 3 million page views from over 1.8 million unique visitors. The projection for 2016 is over 8 million page views based on the results in the first half of the year, trajectory of growth and the anticipated additional interest off the back of the win against West Bromwich Mortgage Company at the Court of Appeal.
Strategic Alliances
We continue to form strategic alliances with many more organisations representing large numbers of landlords or letting agents.
We have produced leaflets, logo’s, website widgets, and roll-up banners for use in offices, shops and exhibitions. These, along with other support in terms of copy-writing, Press Releases and joint PR are all available free of charge to any organisation that wishes to form a Strategic Alliance.
If you work with such an organisation please see this link
Updates
You can read more about our various campaign updates and strategies HERE.
Property118 Growth – 1st Jan 2011 to 31st Dec 2015
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Appalled Landlord
11:38 AM, 12th August 2016
About 5 years ago
That is an excellent email. It covers all the ground, showing how the tax changes will be bad for tenants, bad for the housing stock, bad for those who will be made homeless, and as a result of all three, bad for the economy. They will not make it easier for FTB’s to qualify for mortgages. The tax changes are good for nothing, like their author Osborne.
Cyril Moseley
11:45 AM, 12th August 2016
About 5 years ago
I have not been a landlord very long and am only just refurbishing my second property at a cost of £50,000 to £60,000. This is a three storey end of terrace house, which had been on the market for many months. One offer had been made below the asking price, but that was eventually withdrawn when they really investigated what needed to be done. No first time buyers had shown any interest an I doubt whether they could have financed it anyway. Being new to the profession I have quickly come to realise that the impression Government Ministers and their advisers have of Landlords is that of unscrupulous, grasping, Scrooges who take advantage of tenants by charging high rents for poor quality accommodation. They appear to think the odds are stacked in the landlord's favour and attempt to equalise the balance by imposing extra or higher tax burdens upon us.
In fact, whilst there is a small number of rogue landlords, it seems to me that most of us are trying to provide clean, comfortable, well maintained accommodation at reasonable rents. Little account appears to be taken of rogue tenants, who probably outnumber rogue landlords anyway. Whilst I had intended to purchase and renovate other properties for rent in the future, George Osborne's 3% stamp duty and the future changes to the tax regime, are making me have second thoughts. George Osborne was prone to "shoot from the hip" in terms of his policy making (which is why he did so many "U" turns) and I am hoping that the new regime will think things through a little more carefully and not let their own tax-grabbing greed guide their policies in respect of the rental market.
However, a change in attitude can only be brought about by letters like the one from our Scottish colleague being sent to MPs. There is a need for a comprehensive case to be made to government ministers outlining why they should be supporting good landlords not trying to cripple them. This includes issues far wider than tax and finance, it includes the onerous eviction processes and red tape generally. As I said I am new to the Landlord profession and have much to learn if I am to stay in it, and it may be that a comprehensive case has been made out in the past and if that is the case is there a need to update it to take account of more recent tax and legislative changes. I do not intend to teach "granny to suck eggs" here and apologise if my comments come across in that way
Cyril Moseley
terry sullivan
12:23 PM, 12th August 2016
About 5 years ago
send a copy to robb at shelter? rub his nose in it
Cyril Moseley
13:14 PM, 12th August 2016
About 5 years ago
Reply to the comment left by "terry sullivan" at "12/08/2016 - 12:23":
Hi Terry, I will happily send my response to Shelter, but it may carry more weight if it was sent by someone else as an example of the way the government's (and to some extent shelter's) attitude could lead to a dearth of rental properties and create more homeless people. I would be quite happy for someone else to use it in this way and identify me in the process.
Cyril
David Main
14:29 PM, 13th August 2016
About 5 years ago
I'm afraid I don't share the optimism shown by other commentators to the potential for this post to influence government thinking. Most Scottish MPs are SNP, which is unremittingly hostile to the PRS. Remember, the Scottish Government very quickly replicated Osborne's 3℅ tax surcharge and recently consulted on changes to letting law that includes removal of 'no fault' repossession and paves the way for rent controls.
As a fellow Fife landlord I will be interested to be updated with the outcome of the meeting with the MP - if it even happens. If my experience of SNP MSPs is anything to go by I suspect the MP's reaction will less one of intellectual persuasion or rebuttal and more one of smug satisfaction that a private landlord has been well and truly kicked in the financial goolies.
Mark Alexander
14:47 PM, 13th August 2016
About 5 years ago
It's not all bad North of the border Andrew.
You guys can avoid the 3% LBTT levy if you decide to incorporate a rental business with six or more properties.
In England and Wales the 3% SDLT surcharge is payable on all transactions.
Also, whilst far from perfect, I do actually rather like your new rental contracts in Scotland. They will pretty much kill off the the market for accidental landlords and leave only professionals in the market. I just hope, for your sake, they improve the eviction processes for when you need to evict bad tenants.
James Fraser
21:39 PM, 13th August 2016
About 5 years ago
David Main makes a good point about SNP MPs - they're far more likely to be rubbing their hands with glee than be sympathetic to our situation (poor misguided fools though this makes them!).
The thing is this though. If we DON'T all keep writing and bringing this to their attention, over and over again, they definitely won't ever see it as an issue of importance. Also, I once wrote to Mullin myself, proudly and clearly explaining from the off that I am 400 miles from his constituency and a Tory, so I wasn't particularly hopeful of any support, but in fact I quickly got back a response that was far more reasoned and sympathetic than I was expecting.
The simple fact is that not trying in the first place is the biggest sin, but we also don't know which of our contacts will be the straw that breaks the camel's back in terms of changing their mind(s). Keep writing.
Janet Carnochan
22:32 PM, 13th August 2016
About 5 years ago
I too have wrote to my MSP over the last few weeks outlining the above points. However I more than likely will sell some of my properties. Mine are all rented to working families who are not able or looking to buy at present or eligible for a housing association property. I am based in Dumfries and Galloway. My MSP has passed my letter to the Secretary of State for Scotland as he too is interested in his response. I am currently awaiting a reply. Like the above I also use local tradesmen far more than the average homeowner, due to the current spec now required for letting being so high. Also my husband and I invested in this business to provide a pension for ourselves as due to being with private employers have no pension provision. We now would have been better enjoying the money and asking the state to look after us in our old age.