9:31 AM, 7th August 2024, About A year ago 32
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In this crucial episode of Property Breaking News, Ranjan Bhattacharya and Andrew Roberts discuss the latest legislative changes affecting landlords: a new rule that prohibits evicting tenants within the first two years of a tenancy if you wish to sell the property.
What does this mean for landlords facing financial difficulties, especially with fluctuating interest rates? How will banks, with their substantial rights, navigate these changes? Join Ranjan and Andrew as they delve into the implications for landlords, tenants, and the housing market.
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PH
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Member Since May 2021 - Comments: 354
15:49 PM, 7th August 2024, About A year ago
Reply to the comment left by at 07/08/2024 – 13:00
As it will be a new (ISH) bill I’m guessing it will take a few months at least.
Michael Chamberlain
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Member Since August 2024 - Comments: 2
16:14 PM, 7th August 2024, About A year ago
This would only increase the cost for tenants.
A lot of good landlords are retired who did this for an income in retirement, As such the risk and return would be obvious.
Sell the property and use the capital elsewhere.
And do it quickly.
David Lawrenson
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Member Since July 2013 - Comments: 450 - Articles: 1
16:42 PM, 7th August 2024, About A year ago
Reply to the comment left by Stuart Rothwell at 07/08/2024 – 11:17
I feel your pain, it is getting rather silly
David Lawrenson
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Member Since July 2013 - Comments: 450 - Articles: 1
16:46 PM, 7th August 2024, About A year ago
Reply to the comment left by Brian Hewett at 07/08/2024 – 11:23
Been saying this for a long, long time.
I think I am the voice in the wilderness on this, the silly “conspiracy theorist” at LettingFocus, (choose your own pejorative).
More likely to go to big pension firms though, as a sop or quid pro quo, to get them to still mop up government bonds, where the returns are crap.
“Big lodge stuff”
Paul Essex
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Member Since June 2019 - Comments: 648
16:53 PM, 7th August 2024, About A year ago
Reply to the comment left by PH at 07/08/2024 – 15:46
Legally the tenant does NOT have to leave in these circumstances – you are in danger of being prosecuted if you suggest otherwise.
Neil Robb
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Member Since July 2013 - Comments: 350
17:35 PM, 7th August 2024, About A year ago
Reply to the comment left by Cider Drinker at 07/08/2024 – 10:30
So if you financial position or health circumstances change . You think it is acceptable that a landlord can’t evict.
Most landlords used section 21 to get properties back as other sections really failed them
PH
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Member Since May 2021 - Comments: 354
17:35 PM, 7th August 2024, About A year ago
Reply to the comment left by Paul Essex at 07/08/2024 – 16:53
Notice must of course be given by either party to end the TA. 2 months from the LL or 1 month from the tenant should they not want to stay on.
Cider Drinker
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Member Since December 2023 - Comments: 1514
18:33 PM, 7th August 2024, About A year ago
Reply to the comment left by Neil Robb at 07/08/2024 – 17:35
It can already take more than a year to get a tenant out. People that cannot allow good tenants to stay for two years shouldn’t be playing with their tenants’ lives.
Desert Rat
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Member Since May 2024 - Comments: 170
18:49 PM, 7th August 2024, About A year ago
Reply to the comment left by Cider Drinker at 07/08/2024 – 10:30
The longer a good tenant stays, the better it is for me. f they turn out to be a bad 1 and they dicide that they don’t want to pay rent then it would be a nightmare.
Would it work both ways? ( I very much doubt it) Some tenants do not want to commit for 2 years.
My best tenant stayed for 17 years and never missed a rent payment.
Jason
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Member Since February 2022 - Comments: 188
19:26 PM, 7th August 2024, About A year ago
I haven’t watched the video but surely they simply mean that a new tenancy should be for a min 2 years or that you can’t issue a possession notice for the sole reason of sale within the first 2 years. But I assume that you can still sell to another landlord willing to keep the tenants on? Even more reason to keep rent at market rate otherwise it becomes very unattractive to sell. I would mop up a motivated seller with a long term “good” tenant any day. I actually have no issue with this as BTL is a long term investment anyone in it for less than 5 years in my view made a bad investment choice. You need to plan your exit strategy if all your eggs are tied up in property then you are already taking risk.