Indefinite Tenancies under uncle corbo government

https://www.theguardian.com/society/2019/mar/09/labour-would-force-uk-l…

Pretty shit if you just want to rent your home out for a defined period of time (eg if you are doing secondment abroad etc)

would tank the private rental market and he would have to build lots of cement towerblocks

bet he would love that

in other news, he wouldn't have the power to enforce this on "UK landlords"

Does it allow for rent increases in line with the market rent? If so I don't see a problem.

I'm a landlord and would otherwise have no issue with this.

I don't see a problem.

Well it's a problem if you want to move back into your house that you had rented out whilst you spent two years living in Oslo.

What will happen if secondees abroad withdraw from the private rental market?

Sadly the politics hobo will skew it towards the unwashed. If they actually made it fair e.g. 1 year's notice on the tenant, RPI+1% increases allowed, easier forfeiture for material breach then I think this would be a good idea as it would encourage more institutional landlords. If I could finance lease a house there is no chance I would hand over tens of thousands of pounds in stamp duty and deal with all the shit that comes with "owning" a house.

It wasn't that long ago that something like 40% of the country lived in council rented property with security of tenure.

what would "market rent" be under such stagnated conditions?

I don't care if the market stagn8s. Good for the tenants. It must be shit having to constantly move.

BTL types who want to make a profit are disappearing anyway due to Tory tax changes. Fvck em. I make enough to pay off the mortgage, that's it.

Yes. Any profit just goes into a maintenance fund

Quite a technical accounting analysis to not count the gift of a massive capital asset as "profit" in the grand scheme of things.

"Honest guv. I really just do it to try and help these poor fuckers."

"What about the 30 mortgage free houses you have?"

"Collateral damage mate."

Market will be flooded with property - very material price "correction" across the market - this will be obvious and will thus further reduce Corbyn's Labour's already dwindling votes.

(assuming manifesto proposes implementation as now proposed)

There will also be a decrease in private rented stock and a huge increase in empty properties - so unless Corbyn is proposing to magic some enormous number of immediately available state provided residential units then there will be an exacerbation of the housing crisis. But hey you can't have a revolution without breaking a few eggs eh?

Banana its payback for spending my 20s in poverty just so I could afford a deposit.

Point is landlords like me benefit the rental market. Professional BTL types are only interested in profit and will lob the tenants on the street soon as it makes financial sense.

Are you suggesting that in some way Jezebel is not magic?

I think Seamus Milne will have something to say about that.

milne is a stalin apologist - and we used to call peter mandelson the prince of darkness......

Point is landlords like me benefit the rental market

I'm not sure there will be any changes to the rules for imaginary landlords tbh m7

Mandelson was on TV last night looking proper old

on C4 news? I think HD is very unflattering! but he was talking reasonable sense (and i'm not generally a fan)

Milne is one of the main reasons that Leave won.

He pretty much personally sabotaged any effective Labour contribution to the Remain campaign.

After all, how can you have a truly socialist country with the dead petit bourgeois hand of the EU on your shoulder?

Speaking as someone who is currently out of the country on a secondment for a few years I certainly don't like the look of this.

yeah but tom your property is not within the remit of Corbyn's government anyway

(although Scotland already has new laws to prevent you evicting tenants on a whim)

Isnt this just brining us into line with most of Europe where tenants genuinely enjoy security of tenure?

Presumably a landlord would be able to gain possession on certain specified grounds, and wanting to occupy the property yourself would be one of them.

Kimmy, you're assuming a level of competence and foresight from the labour party.

The big question is will it still allow Wykhamists struggling with their leftist ideology to rent a house in catchment for just enough time to get their kids into a selective school?

improving security of tenure is not inherently a bad idea is it? It’s actually badly needed. The problems will lie in the details and how it is implemented and the grounds on which eviction will be allowed. 

I’m going to be looking for a BTL soon and thinking about offering 3 to 5 year tenancies with RPI reviews as I’m more interested in the income stream than capital value as will be keeping it for probably twenty years.  The main problem are the people who trade up and keep their first property to sell in a few years once they’ve got a big fat gain.

Yes and I’m already incorporated from doing other things.

which tax implications do you (both) have in mind?

I assumed he meant the removal of the ability for individuals to deduct mortgage interest for tax purposes.