Advice request for landlords due to the COVID19 measures

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wankstain9

Re: Advice request for landlords due to the COVID19 measures

Post by wankstain9 » Mon Mar 23, 2020 7:26 pm

rothman wrote:
Mon Mar 23, 2020 7:17 pm
MasterBeds wrote:
Mon Mar 23, 2020 5:50 pm

And I’ve told you before. Stop arguing with WK9. It is an utterly unproductive exercise. You only exhaust yourself and the vast majority on here, including those others with whom he constantly bitches, know exactly what he is and how he interacts. Simply ignore him and turn your attention to more valuable endeavours.
Yeah, I know MB, but the little twerp needs to be put in his place from time to time and his hypocrisy demonstrated to others who may not be aware of his worthlessness.
Yeah I know, I'm really scared of a rapist and a chessgrandmaster posting on an internet forum.
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Rascal
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Re: Advice request for landlords due to the COVID19 measures

Post by Rascal » Tue Mar 24, 2020 12:28 am

MasterBeds wrote:
Sat Mar 21, 2020 7:32 am
OK, not looked into this yet, for not had the time, but got a notification this morning that the tenants of a property I own, who work in the entertainment industry, have been temporary relieved of their employment
That often happens, tenants lose their employment.

Firstly as you should be aware, the right to evict tenants is not easy. On an AST the tenant would need to be two months in arrears before you can serve a sect 8? Then you go through the court process to get possession, which is time consuming and should they not leave, you then have to apply to the court for a bailiff order.

The above can be expedited by taking it to the High Court at extra cost. But still not as quick as the old way of going round with a baseball bat and few friends... The 90's were so much fun!

I heard there was to be a payment holiday for BTL's but like many "schemes" how long it takes to claim and if you are eligible could take a while to find out as they try and process 1million claims.

My predicament is slightly different, I have 8 empty flats that I am in the process of renovating, this is due to tenants leaving to head for other EU countries on account of Brexit, my fault for voting Leave. Five of them have been empty for 6+ months and I have only just decided what to do with them, which is switch to AirBnB type accommodation after a complete and needed refurb. My Bulgarian builders are likely to be laid off, not confirmed that yet, but they said they will be in tomorrow.

Whilst I have no mortgage on any of my properties, I am responsible for the Council tax @£125pm for each flat. others are still paying rent, thankfully they are all DHSS so no employment issues.

MasterBeds, I would love to shed a tear for you, but I am afraid there are people in far worse situations than you and I, having been through the recessions of the past 30+ years I have seen many things but you are in business for yourself and responsible for yourself, stand on your own two feet and grow a pair of balls. The government are more concerned with the PAYE workers who could be laid off and how to help them, don't be like all the other whinging "self employed" on Facebook crying because they can not work. You are the boss, look after yourself!

I have another business which may or may not be effected, again, this is all very knew and my experience in Spain at the start of the Lock-Down showed that things changed daily. But France has different rules to Spain and we will have our own rules.

Friends of mine have confirmed that girls in Spain are still working, you just need a bloody good reason to be out or don't get caught.
There are no more Remainers or Leavers, we have all left!

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Bill28uk
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Re: Advice request for landlords due to the COVID19 measures

Post by Bill28uk » Wed Mar 25, 2020 11:42 am

My heart bleeds for you all, this guy has his finger on the pulse, you should read it :lol: :

https://humanfutures.substack.com/p/the ... ains-broke

28% of Conservative MPs are private landlords
There are a number of serious vulnerabilities in the rental economy, many of which have contributed to a collectivised bad-taste-in-the-mouth of the people that are forced to buy the product. Some of these are practical, and some are philosophical. I’ll try to expand:

The rental economy is really just a meaningless, thin, icy layer on top of the worker-powered industries that create value through means of trade, service or innovation. I know, I said it, and if you’re a landlord, you probably hate it. People need somewhere to live in order to survive, let alone collaborate within any economic system, and you think ‘that’s the service’. The industry, by nature, has to be parasitic, because it’s predicated on the idea that it can draw down a massive chunk of a tenant’s regularly resources, while being directly incentivised to deliver as little as possible in return. The issue is not that it creates no value - that’s not true - but it is disproportionately rewarded for the value it creates given who pays the bill.

Landlords appear to be the only class of investor that expect the same return on their asset regardless of current market forces. Given that property often takes the brunt of any economic shockwave first, this is at best, deeply naive. At worst, it’s a completely unjustifiable, and irresponsible gamble, on a massive societal scale.

To become a landlord, you don’t need skill. You need a block of capital and the ability to read rental legislation. In my own personal experience, the second item appears to be optional for reasons nobody has been able to explain to me. Let’s now call this what it is - it’s massively distributed, fundamentally unskilled labour, rewarded as if it’s a skilled specialism. This makes no sense as a thread within a capitalist story that is still nervously banging the drum of ‘meritocracy’ and ‘pay related to skill’ as a way to motivate people to go to work. Which is it?

There is a fundamental lack of affordable housing for sale in the UK, which means that we have the worst possible combination of the rental and ownership markets. We have the market predation of a free system that can only extract high rents because inflated house prices block tenants from leaving, while these same rental properties accrue major, parallel passive value in equity whether they’re occupied or not. It is an industry that exists to exist. It feeds off of its own fortune and circumstance, and not on return.

The governing political party for the last decade has been the Conservatives. 28% of Conservative MPs are private landlords, and 20% of all MPs, across all parties, are landlords. That data is based on the honesty of the reporting MPs, too, which at this point, I think is reasonable to challenge. In short, there is a gargantuan, systemic conflict of interest at play when members of any parliamentary system get to influence policy on anything that creates cash for them personally. This is incredibly obvious and I’m still staggered that it’s allowed.
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Re: Advice request for landlords due to the COVID19 measures

Post by snowmichael » Wed Mar 25, 2020 10:25 pm

you don’t need skill. You need a block of capital
For many landlords, including myself, the latter was obtained by exercise of the former
rothman
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Re: Advice request for landlords due to the COVID19 measures

Post by rothman » Wed Mar 25, 2020 10:28 pm

snowmichael wrote:
Wed Mar 25, 2020 10:25 pm
you don’t need skill. You need a block of capital
For many landlords, including myself, the latter was obtained by exercise of the former
And for most of us you got that block of capital via hard work and skill.
Very condescending post from the person who posted it.
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Re: Advice request for landlords due to the COVID19 measures

Post by MasterBeds » Wed Mar 25, 2020 10:32 pm

I don't get the last couple of posts on this thread.
It is not helping!
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Re: Advice request for landlords due to the COVID19 measures

Post by MasterBeds » Wed Mar 25, 2020 10:54 pm

Let me try and clarify a few things.

I have no clue what Bill28uk is trying to tell us. Folk berate me for being verbose, but those quotes and the link went to a thread that was the most un-enlightening of information I’ve ever read. Very poorly written.

Rascal’s misunderstanding me a bit. I’m not asking for sympathy, pity, but guidance. I would have hoped that the government, whoever it is, would give us more clarity, support and advice on how the infrastructure is to sustain itself. I’m not unduly worried for the time being. I can afford compassion for my tenants and can sustain them for the time being, even for the foreseeable future, potentially for over a year or so. I’m not worried about that. Leaving everybody in limbo is not helpful though. That lack of policy. In my view, there has been no contingency plan or foresight to what should be done if X happens and X will do to resolve/ease that situation. Short-sightedness is my claim towards this ineffective government. The lack of communication, transparency is just an add-on. I’ll do right by my tenants and I’m sure they’ll try and do their best too. This 80% payment towards employers, how the employees apply, obtain and eventually process, is just a bunch of clumsy irrational compromises, that has not been thought through, analysed or assessed for effectiveness.

Yea, I’ll admit, I’m an ignorant landlord, poor finance administrator and deserve all that I incur. But I’m just a general Joe kicking about, trying to earn a living and would like the so-called “leaders” of this society to demonstrate a bit of leadership. Is that such a hardship? My life is so h hectic that I do not have time to be embroiled in such things as complex mortgage deals, swapping from this to that and switching companies. Energy needs to be expended more productively in my other endeavours. I’m not getting any real advice or guidance from the mortgage companies, so would appreciate anybody’s wisdom on this forum. Talking about building up a capital is not helpful. Capital aside, which most folks will not be able to accumulate, those few of us, who are lucky enough to remain in employment on high salaries, cannot take for granted that a capital will be the only method to continue a property portfolio.
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Re: Advice request for landlords due to the COVID19 measures

Post by Condominium » Wed Mar 25, 2020 11:44 pm

Landlords really aren’t the problem apart from those who offer poor service and don’t treat their tenants fairly.

Political policy including planning laws is the problem. That total wanker George Osborne took a housing supply problem and made it twice as bad by stimulating demand through help to buy (just like student loans, buyer beware). Housebuilding in England is a cartel and the major builders are big contributors to the Tory party who, for all their rhetoric about building more affordable homes, never keep their promise, not least because of our arcane and restrictive planning laws. That suits the big house builders just fine.

So we have had and will continue to have a shortage of housing until we somehow build more. We’ll do that by relaxing the green belt, encouraging new builders to come in and innovate (look at the modern slums built by the Redrows and Persimmons) and speeding up the planning process. That will lead to cheaper houses and more people able to get on the ladder with a modest deposit (plus the building societies are heading back towards 100% mortgages)

In the meantime those willing to risk capital losses, voids, onerous tax changes and dilapidation - yes landlords - will fill the void created by Thatchers great council house sale programme. Villains? We deserve a fucking medal! :lol:
wankstain9

Re: Advice request for landlords due to the COVID19 measures

Post by wankstain9 » Thu Mar 26, 2020 7:10 am

What is this thread actually about???

People will be posting up knitting patterns next.

Then you can all join in claiming to be Master knitting champions.
Bill28uk
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Re: Advice request for landlords due to the COVID19 measures

Post by Bill28uk » Thu Mar 26, 2020 10:31 am

Gotta feel bad for landlords. Some of them are rich yes, but many are living from YOUR paycheck to YOUR next paycheck
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