Phil Landlord

Registered with
Wednesday 8th July 2015

Latest Comments

Total Number of Property118 Comments: 35

Phil Landlord

8:27 AM, 22nd August 2018, About 3 years ago

Next investment steps or flippant purchase?

Work out how much you need a month to live well and what you are trying to achieve.

Those with 15 properties and 15 debts and 15 boilers and 15 tenants are welcome to it. For me it’s just a time bomb where I factor in that the BoE base rate one day (maybe post Brexit or maybe 15 years time...who knows) will be 7/8%, prices fall due to affordability and S24 extends to all residential BTL mortgages.

So Like you I have sold and I have saved to ensure I have more cash than debt with a modest passive income (but above the national average wage) with no worries and it has been brilliant.

For me, leveraging is a short term option to acquire wealth, add value and sell.....leveraging was not a long term strategy.... Read More

Phil Landlord

14:26 PM, 20th August 2018, About 3 years ago

Where can I go when the Energy Ombudsman takes tenant's word?

Reply to the comment left by Chris Daniel at 20/08/2018 - 08:56
Yep as I say, my experience NOW is I don’t fight on principal. This is because unless EON send me a massive cheque to compensate me for time, effort and frustration then even if I win £120 back and an apology plus free electric for a year it really wasn’t worth my while.

It’s costs me more in every sense of cost and I now focus on making more money, keeping positive and looking forward. Sometimes being right and even being proved right isn’t enough.

Easier said than done and I am sure in the future there will be examples I don’t follow my own advice.

Going back to the legality of contract change. Utilise companies will have the right to transfer ownership even with nothing signed. It will be a dispensation for utilises because if they didn’t then all house moves would result in a disruptive termination of supply. The supplier will have a send a letter to the subject property etc etc. Not saying it’s fair just it’s legal.... Read More

Phil Landlord

8:04 AM, 20th August 2018, About 3 years ago

Where can I go when the Energy Ombudsman takes tenant's word?

The moment the tenant moves out and closes their account the EON contract moves to the owner (or new occupant). Onus then falls on the owner or new tenant to contact supplier ASAP.
VITAL at that moment meter readings are provided by the new customer (landlord or new tenant) and a photo retained for good measure. Also confirm readings with previous occupant....which they may or may not acknowledge. As important as telling the council, checking the house contents and decor...part of the inventory.
Some electric meters on old dials are difficult to read and if it’s the first digit that’s wrong the bill can be hundreds of pound out, so it needs doing for fraud but also genuine misunderstandings.

Benefit of hindsight, I guess. Doesn’t mean you shouldn't feel unhappy it’s just a question of how much energy you have and in my case focusing on the positives.

In terms of EON they are pussy cats when compared with NPower...their incompetence knows no bounds.

My problem with NPower was a very different case relating to a disable tenant left with no meters due to a previous the end I was sent £200 cheque and I sent I back because I was so annoyed at the time. I told them to deal and reimburse the new tenant which they did. She was delighted....I remained furious for months over the service.

My 20 years experience has taiught me now not to fight on principal I just haven’t the time and it’s not cost effective. I work out how much profit I made and leave the previous tenant to karma.

So if you end up paying EON it is really important to then change suppliers and if possible leave another unrelated complaint to deal with for good measure (if you have one). Complaints help change things.....slowly. And they are measured in them.

Not sure about prepay. I find them tacky, not popular in the demographic of my tenants and I found messy to take over and the pitfalls of normal meters avoidable if you do readings the day tenants leave.

Maybe smart meters will help moving forward.

If nothing else your post has ensured I never use EON. I spread the word re NPowers admin whenever I can. Their phone staff are really super but the follow through is the worst I have experienced with any company......ever.... Read More

Phil Landlord

8:53 AM, 14th August 2015, About 6 years ago

Summer Budget 2015 - Landlords Reactions

Reply to the comment left by "Mark Alexander" at "11/08/2015 - 22:10":

Yes Mark, this guy is a great blogger. His strategy reflects 95% of the LLs I know.

Save for the deposit, repayment mortgages, treat tenants superbly and prepare for the worst.

This is a very precise tax change, deliberate, political and designed to stop individuals leveraging.

Sure there will be more to come. Last thing banks want is BTL'ers complaint they have been mis-sold interest only and they have debts into retirement. (Even though it was clear no advice was given). Expect a switch to repayment and lending restrictions based on earned income.

Limited companies do only get 20% - but they will be next. I am sure the government would do them now but that's a fundamental tax schedule change. Perhaps a complete removal of allowing interest as a business cost for purchases of residential property in 2021. Housing is riddled with politics - I am expecting these types of changes as a minimum.

Keep up the good work - I have sign the petition and shared with EAs. In the meantime my latest vacant property goes on the market.

Landlords Strategy (warning re swear words) Read More

Phil Landlord

21:47 PM, 29th July 2015, About 6 years ago

Summer Budget 2015 - Landlords Reactions

Reply to the comment left by "Appalled Landlord" at "29/07/2015 - 18:06":

Apples and eggs was my point. I was highlighting the difference that will be drawn when we try to compare our scenario with other businesses and their interest payments.

Not meant to be adversarial - and I don't blame the lenders for doing interest only, nor the borrowers or the government - the security is different to machinery. Just highlighting the uniqueness - and how that may be used as a rationale for treating them differently for tax purposes.

To contra this point I would then highlight that this change also impacts capital and interest mortgages too - which is a good comparison and draws a more clear unfairness.

I am not going to keep raising points otherwise it starts to feel like trolling and mindful this is viewed openly in 'other forums'.

I think we are pointed in the right direction with the actions being taken....just fine tuning thoughts for my own sanity and to give some challenge to our thinking.

Cheers.... Read More