Our landlord of 7 years via an estate agents has told us they’ll soon be serving a section21.
The Hunters estate agent was rushing through the call vaguely covering the new law on this and saying we’re not the kind. However this was all a shock to me at once. Trying to evaluate what he meant during the call. September we were told this might be considered but then told not to be alarmed as equity was being taken from the property. Great that we got that extra Christmas here as a family however I’ve just undergone radiotherapy on my thyroid and can’t help but think since they found out this has alarmed them. I really didn’t want that to be the case. It’s not the big C but would still alarm anyone I can imagine, they are close to our neighbours so assuming that’s how they found out.
I’ve asked if it’s about rent and we’d happily discuss an increase if it was brought to us but I’m so upset that 7 years is about to come to an end. Family of 3 with 3 dogs won’t be easy to relocate.
More to this I’m in fear the rising costs that other properties are asking of, we’re now after health not in a position to pass a credit check so carrying on with estate agents wouldn’t be a option, never been in arrears , estate agents state they won’t provide a recommendation, and prior to covid we paid 6 months in advance. When we first moved in we were paying more than average for this property being a 3 bed detached and increased rent legally per the agents request. Now would look as though we have a steal regardless to the endless list of things to be fixed we have not bombarded them with. We’ve renovated the kitchen and rest of home including media wall which has added huge value to the property and the landlord loves what we have done, we were happy to implement these as we were living here as we would to any home of ours however it makes it harder to find a home that is anywhere close to adequate to what we’ve made or are used to, even if we offer to renovate it to same standards. Nothing seems to be available!.
Prior to lockdown (Covid) we asked to buy the property which shows how much then to now financial implications has caused due to the flaws of our country.
Landlords might not realise the impact serving this has, finding a property within two months isn’t realistic as we’ve yet to be served and struggling to find something and one that is affordable to what everyone is asking for just seems Alien, especially when we’ve been paying just over 1k per month. Potentially because we’ve been in a high band tax area and bills out weigh rent however we’re in a predicament and wish to find a home that we can be long tenants in.
My question is that this new law change.. is this a fear for landlords as it seems a lot of people are being served this and many houses are up for sale more than ever and less available to rent. If available to rent then it’s ridiculously priced. Is this a coincidence or is there more to it with the new law change? I’d feel better knowing if it’s down to legislation and not me scaring off a landlord with post treatment.
Landlords have been selling in droves due to law changes which increase risks substantially for them. It’s already difficult and new changes many feel are giving excessive rights to the tenant.
Many LL are of a certain age and not willing to take on the new changes, that and upcoming EPC requirements is forcing many to sell up early.
Labour have implemented policies originally started by Tories but have sharpened the knife even more, instead of taking the opportunity to bring in more balanced rights which would have kept more landlords in the game.
The last couple of governments decided to fix something that wasn’t really broken, pressured by groups like Shelter and Generation rent who don’t provide any housing to anyone. Many LLs have simply decided enough is enough and are selling and leaving the PRS. Over the next few months competition for available rental property will probably intensify as more LLs take the last opportunity to issue S21. The RRA is already making things harder for tenants by making things harder for LLs. Rents will increase in price as the slow death of the sector plays out. With little incentive for new investors to become private Landlords affordable property will likely be even scarcer.The Build to rent sector isn’t the answer as rents will need to be even higher in order to pay every salary involved in the running and management of the properties as well as hefty returns for the financiers. I may be looking through gloomy tinted spectacles but that is my take, others may see things differently. Write to your MP whoever it may be ,letting them know how things are . Contact your local council when/if you receive the section 21 notice.
For sure rents have gone up a lot in 7 years so have costs including for LLs. If your LL has had to take equity out of the property that could be for all sorts of reasons but means they are borrowing more - it may be the rent no longer covers the mortgage interest etc. Mortgage rates may be coming down gradually but still much higher than in the past. Tax rises in the recent Budget followed the abolition of mortgage interest relief
Remember it’s nothing personal they probably would love to go on renting to you as good long term tenants, if they could make the numbers work. They might be assuming you cant afford more because of your recent illness.
Maybe think /work out what you could actually afford/will need to pay if you will move and if it’s more than your current rent, discuss with the LL in case there’s a deal to be done. Ask for a meeting with the LL if you can, make sure your offer to pay m ore actually gets passed on - tell the neighbours too. But assume you will need to get the pleasure and satisfaction from turning a new place into a home
Lots of LLs on here say they are selling up because of the new legislation which increases the costs and risks. Extra protection for some tenants but less secure income for LLs eg max 2 months notice in place of 12 month contracts.
At same time governments/housebuilders have over decades failed to build enough new houses and demand has gone up as home ownership has become ever more unaffordable so there’s more demand for rentals, which has driven up rents
At the end of the day, whether the LL has issued the S21 because of something personal to you or something general to the RRA, you are in the same boat: you need to find an aternative place to live.
The good news is that a) you are a family who can make a house a home. If you’ve done that once, you can do it again and b) when you do find a place, they’re never going to be able to ask you to leave because of a health condition or simply because they can. The RRA gives you security of tenure as long as the LL doesn’t want to sell or live in it. Even then, they have to wait a year from the start of the tenancy and give you at least 4 months’ notice of their intentions. So, it’s going to give you more peace of mind. You’ll also be able to get a glowing reference from this landlord along with proof that you’ve been great tenants for a long time. Those are worth gold at the moment.
Take those positives into your search for a new home. Keep positive for your own mental and physical health as well as for the general wellbeing of your family. You’ll need everyone to be in the same positive boat as you face this challenge. Wondering about the whys and wherefores is never going to be a helpful occupation.
Finally, I don’t know where you are in the country, but it would help if you were open to the possiblity of moving to an area which is cheaper all round. I know not everyone can do that, but I’ve never regretted the move to the northeast that I made from the south. Not only is life cheaper but it’s much better quality in my experience. There’s community you just don’t find further south and that is worth a lot these days.