Breathing Space Regulations come into force
today, 4th May. This debt respite scheme will give someone with problem debt (which includes rent arrears) the right to legal protection from their creditors for a defined period of time. This can only be accessed by seeking formal debt advice from a debt advice provider (who are authorised by the FCA) or a Local Authority who provide debt advice.
not sure this link will work but google gov.uk
Debt Respite Scheme (Breathing Space) guidance for creditors - GOV.UK
It is not that simple
They will have to be assessed from a mental health point of view
Not every Tom Dick and Harry can use it
There was a webinar by David Smith done on it recently
this was just a re-post i came across of some new legislation that may be of interest to other readers on the forum.
(i donât believe i said it was simple). will watch your webinar with interest
Thank you.
Trouble is though tenants read these things and believe it is an automatic entitlement. Potentially, a load more correspondence, explanations, arguments and resentments.
Quite a few LL had the same problems when the mortgage âholidayâ was announced!
1 Like
As LL we are having to keep a constant vigil against tenants âfindingâ a reason not to pay.This is just another one. I have 7 properties and nobody has not paid, I believe its because I am very choosy who I rent to, if I get a whiff of a bad vibe I run for the hills
4 Likes
Almost the same here. I have 13 & had 1 months missed payment over all of them. But the need to explain that a mortgage holiday isnât an exemption really was a pain. This new scheme could be a pain or a totally pointless pice of legislation. Time will tell, but I bet thereâs a lot of applications. It really is a sneaky way to lay off the problem to landlords by cloaking it in social responsibility. I think itâs time gov had the nuts to just say, they want to drive the PRS out of existence. Its easier to fight an enemy that comes right for you. As it is, theyâre waging war through sniper fire.
4 Likes
Hi Phil, I think this mortgage hol was a way of showing they where giving something to us what amounted to nothing, when the Govt knew we where gonna get hit becuase of their policies, its a way of getting us to carry the can, a pr stunt.I suppose I am agreeing with you.I would really like to look into their mind and get the truth, but I dont think they want to drive us out, because they would loose the investment that we have made,far better for them to allow us to continue but control what we can and cant do, increase taxes on us more, we are a good cash cow to them.
2 Likes
Hi Leslie, I have a working theory about the gov plans for the PRS. They canât ban us out of existence but they can tax & legislate us out of the way. This paves the way for the investment / pension companies to step in. They build cities in the sky & get corporate tax breaks to do it. They like the corporate types because they are tax visible, where we tell the tax man what we are going to pay via a tax return. Itâs not cost effective to investigate us, but it is worth a look at a multi million pound company. Put simply, we cost too much to keep tabs on, theyâd rather get the same amount of tax from fewer, more visible sources. Oh & that frees up private housing to follow on from their policy of supporting everyone to own a home, even if they donât want to.
2 Likes
Thats a good point. I am running down our rental units as ive had enough too. Interestingly i did get a tax audit, they spent ages just fishing. Changed auditors, took a couple of years, thousands in accountancy fees. In the end just settled for a fine for something trivial, i was a couple of hundred out on something i missed , my fault but a genuine oversight. Accountants advised to take the 3000 fine otherwise it would go on. So six grand down and countless hours. This country is slipping away steadily in gdp with the tremendous burden of rules and laws stifling private enterprise.
Hello Leslie1, my tenants will be leaving in 3 months, I am worried to get not so nice tenants, especially in this time with the pandemic still around, and there are so many laws working against landlords. I have thought of selling my current place, as it is in a not very welcome area to buy a smaller place in a better location, I was told that it is bad time to sell, due to summer holiday season. And that the capital gain has apparently increase to 28%?
Do you have some good advice regarding tenant sourcing? Thank you so much.
Hi sung, I use open rent basic advert, I always check tenants out myself and ALWAYS reference them, I dont know if you can source my past posts but I gave a check list for prospective tenants to answer so if they tell any fibs you keep the deposit.
Regarding selling, I dont there is a better time, values have gone higher than ever. I fear the market is going to crash when the Furlough ends so its now or never.
1 Like
Dear Leslie1,
Thank you so much for your advice, I really appreciate this.
I have been told by a friend that it is a bad time to sell, due to summer holiday and as border opens again , people will go on holiday this year instead of buying a house, but I read on the new that house prices are rising.
I am a bit confused and wonder if he may be right.
I never sell a house before is there anything I need to look out for ?
Thank you so much
Sung
i would just put it on the market and see what happens . You can never tell what the market will do . Life is unpredictable
Hi Sung,
Nice to hear you survived your first rental! Did they turn out to be good tenants in the end?
For what it is worth, if you want to sell, put it on the market, there may even be a cash buyer who is trying to get in before the stamp duty holiday ends. It may be snapped up.
Whatever holidays etc. anyone is going on people always want to move.
If you change your mind you can always come off the market.
All the best
Ms T
1 Like
Thank you so much for the information Leslie1 and Colon3.
I have been looking at the house market and to my surprise the house market at the area has not change at all, despite the news saying it has increased by 2% ish. I have look at a few estate agents. Is it wise to send the estate agents vetting questions?
Thank you Leslie1, they are lovely tenants and I am sad that they are leaving. One has finishes her study and move to a different town for study, the other one move in with her friend.
I am so worried due to the past experience with some very pushy and stubborn applicants when I advertised the previous time.
Thank you and please stay safe
Sung
1 Like
there are good tenants out there You simply have to be selective as always . Regardng selliing prices generally go up but can drop of course. It is a bit of a lottery
P S if you get pushy tenants just delete them and do not consider any like that
1 Like
Hi
Itâs a great time to sell as so many donât wanna travel abroad and so many lives and situations are changing
Dear Sharon32, thank you so much for the information. I have asked a few agency and waiting for quotes, that are not replying much, I guess it is due to the unpopular position of my property. Please wish me luck and thank you so much
Sung
Hi Sung
Itâs depends where is your property because in some areas properties sell quickly but ifs London then itâs very slow or I would say does not seem like moving.
Friend of mine put put property for sell and sold within 2days. Other friend is selling to downsize and got buyerâs interest in within 2weeks.
But I have put mine on sell in inner London only two enquires and one of them did not turn up for viewing and no reply at all. There are so many still on market for a long time.
So just put it on market for sell if you have decided to sell.