The Secret Landlord
@landlord_secret
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Landlord. Columnist @Telegraph
Landlord Towers
Joined March 2020
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My buy-to-let business has become a terrifying tax trap
Renting a property is no longer profitable amid rising interest rates and full rollout of Section 24
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My tenants of 7 years have given notice due to job relocation. With a heavy heart - having owned the place 18 years - I'm now calling an estate agent rather than re-letting. What a friggin mess this govt made.
I am a good landlord, but I will not struggle on.
39
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162
Good landlords reward good tenants with below market rents. But now good landlords are selling up, tenants are getting a shock when they realise how protected they've been from the prices rises in their long-term tenancies.
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100
My electrician was telling me his experiences of the rental market.
He concluded: 'You only want a landlord who can afford to be a landlord. As a tenant you get in trouble with the accidental landlords who can't afford to operate & don't know what they're doing'
Thoughts?
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Sunak has 'promised' 0% CGT for Landlords who sell to existing tenants (2 year limit)
In all my years of trading I've always offered my tenants first choice for sale with discounted price. Not once has anyone ever taken me up on the offer.
Any other landlords had more success?
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71
So, the property I have merrily rented out for 18 years to happy tenants will soon hit the sales market. I've chosen my estate agent. That's one less rental property from me. And I won't deny I feel relieved.
How many other landlords are also selling up?
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Interesting to see the outrage and jail sentence of 'Dine and dash' pair for unpaid restaurant bills. Private landlords have to suffer way worse 'rent theft' but apparently we're fair game. I'd like to see deliberate non payment of rent as a crime. It is theft.
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Here's an idea: If we stopped crucifying private landlords maybe there would be more private rentals?
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I see Shelter have gone on strike. I wonder what would happen if letting agents and landlords went on strike?
463
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53
It's an unpopular truth, but to keep mould at bay you need to turn the heating on and open the windows
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I may or may not be exchanging on selling and buying a property tomorrow. I have to say - despite being in property for 20 years - the English system of buying and selling property is possibly the most *unhinged* way of doing business, ever, anywhere in the world.
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@jonesgarethp
Love it! We have fab neighbours as well - and in London, of all places. Mine just texted me to tell me they've kept my delivery safe for me until my return.
0
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My beef with
@UKLabour
trying to ban landlords from selling their properties in the first two years of a new tenancy is there needs to be a trigger for exceptional circumstances. Shit happens - that's life. Most good landlords want tenants to stay way beyond 2 years.
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I’m not sure I’ve got what it takes to survive a Labour government
Why being a good landlord in this toxic environment ‘isn’t worth the aggro’
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Offered my tenants of 7+ years to buy property at 10% less than market. They refused despite fact their rent was 30% below market & mortgage would've been cheaper. Left as know I want to sell. Will now sell to someone else at market price.
Anyone want to make sense of this?
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1
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I don't have a problem paying tax. I have a problem paying unfair tax (S24). I have a problem with government introducing retrospective tax (S24). 20 years ago I started a successful business. For the last 7+ years I've been working on how to dismantle it.
7
3
35
It's taken way longer than I ever envisaged to buy/ sell this property but: WE HAVE EXCHANGED!!!
SO HAPPYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYY
Wishing you all a fabulous day x
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So it's 'unforgivable that workers at Shelter find themselves actually being haunted by the prospect of being made homeless' but when this applies to landlords because tenants haven't paid rent - we're fair game???
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Can I just say, because I don't think it's said often enough: Letting agents do a really great job.
I know there are some rogue/crap ones, but can we celebrate those who do a great job and really help landlords and tenants. This is tough time and I'm grateful.
Thank you.
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I see latest ONS figures show Scotland is still beating England & Wales with their average 10% rent increases. Just shows how 'rent controls' work in the real world. When will politicians understand tinkering with a free market makes it more expensive?
2
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30
Everyone's talking about the mortgage mayhem - but for private landlords the hit is even worse: we're forced to pay tax on the interest rate rises as well.
Double-whammy
The fact we're taxed on turnover & not expenses is what will continue to blow the rental market apart.
6
4
29
This comment makes me sad: "As a landlord we plan to sell our one rental property which we have loved having and had some great tenants. We have taken pride in it. Kept it to a high standard and tenants have appreciate that. But, with all the changes it just not worth it."
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How telling: just called 3 estate agents to book a valuation of the rental property. When I told them I didn't want to re-let and wanted to sell, every single one replied: I can understand.
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29
'Landlords must fix mouldy homes within 24 hours under Awaab’s Law, says Michael Gove'
And in the real world try & find a contractor to attend & fix within that time scale!
I'm all for better standards, but please can we get some realism on the table.
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28
'We've been treated like criminals' say tenants, while landlords are treated like animals.
S21 is the ONLY tool for selling a property.
It's NOT the landlords's fault the government made it borderline impossible to operate.
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Private landlords house c4.6 million households - the second largest tenure. Nearly one fifth of households in England, 19%, are tenants. Despite being key to the housing market, landlords are still excluded from meaningful conversations about housing policy. This has to change.
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4
26
The tenants who I evicted last year under Section 8 rent arrears have had a rude awakening. They've been traced to a new address and had a bailiff turn up to collect the debt. I do not rent properties for free, so don't expect to get off scot-free.
7
2
26
I need to stop reading these stories about council landlords because it makes me so angry and upset. How can they NOT have the AST or inspection records???
I am repeating myself again: no court would allow a private landlord to get away with this.
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25
Sad but true: ‘My tenants want me to evict them so they can get a council house’
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When you have to breathe extremely deep to not lose your temper
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Landlords are entering the ‘age of insecurity’ under Labour
Party’s promise to ‘make housing more affordable’ makes my hair stand on end (£)
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What really frustrates me is how so few people recognise renting a property should be a choice and is a part of a healthy functioning housing market. Not everyone wants to, nor can buy. Maybe you want to move for work, try somewhere new. Owning restricts geographical mobility.
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Mark my words – rent controls don’t work, and will never work
Populist ideals do not contribute to Britain’s stability – in fact, they undermine it (£)
4
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22
This erosion of landlord property rights will spread. Mark my words
The Renters Reform Bill is not just a landlord issue, all property rights are at risk
7
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Yet again this govt favours the rich & screws the middle. It may 'only' be holiday lets, but it was 'only' tax on landlords - a tax completely anomalous to any other business. If Tesco couldn't claim expenses on it's shops, or Barratt the finance cost of land, they'd all go POP!
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Landlords have said all along what will happen when you increase taxes and ramp up regulation: they will leave. Why is it then every housing campaign group still asks for these measures which are forcing landlords out? It's like they're trying to break the rental market.
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Good landlords will continue to sell up – and rogue operators will continue unabashed
The black-market rental economy is thriving – and will do so until rules are enforced
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Torn between 2 estate agents and who to choose so decided to go to each office and meet the rest of the staff rather than the best salesperson who they send out to value. That was an easy decision when you meet rest of team!
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It's massively unconventional but I asked my long-term tenants what rent rise they feel would be fair.
I was happy with their proposal so we both felt like winners.
8
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Just completed sale of another buy to let.
I am so relieved to be downsizing.
This business is not getting any easier so you have to choose your properties (and your battles) wisely
4
1
20
The aim of Osborne’s policy when he introduced Section 24 was to ‘create a more level playing field between those buying a home to let and those buying a home to live in’. The actual real-world consequences have been dire for tenants. He made their lives much, much worse.
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We need to call out what a joke this CGT 'reduction' is: they have CUT the CGT allowance! Plus, doesn't anybody remember it used to be a flat 18%? That was before they decided to stiff property owners, again, with yet another additional tax to pay.
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I don't have an issue paying tax on any profits I make. But I have a massive issue paying tax on money I never earned because the govt targeted landlords for their hate campaign
#stops24
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The government could stop this housing crisis if they actively encouraged private landlords rather than penalising and demonising them for their investment in property.
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Excellent point made by
@SpareRoomUK
"We’re not asking for additional tax reliefs, simply that those available to holiday let landlords are also available to people offering residential properties....we have a housing crisis, not a hotel room crisis"
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'If landlords are withdrawing from letting or more specifically from letting at the bottom end of the market, and with no corresponding increase in social housing supply, one likely consequence will be an increase in levels of homelessness.' Rugg report predicted right.
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My tenant just asked me to evict them!!! They think it's only way they can get a bigger flat (they're currently in 1 bed with a child). I've explained the pitfalls of the process - but they've offered to pay for S21 & the bailiffs (warned them council will advise them to stay)
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This sums up the reason why yesterday when informed a tenant is leaving, I decided to list another one for sale. Given Labour are proposing I have to wait 2 years to sell after a new tenancy, I'll go now thanks.
Plucking up the courage to phone the court and hold for an hour or two (i mean I don't have much to do), to find out when the feckless tenant who has smashed up my flat and whom I applied to evict in Oct 2022 will actually be removed from MY property.
Got the warrant for
286
262
2K
10
1
17
This comment made me laugh OUT LOUD:
"Nobody should be allowed to rent out property if they have a mortgage on them"
Pray, dear reader, how do you think social and council housing is funded - apart from the tears of the tax payer?
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17
Can we get one thing clear about landlords allegedly 'forcing tenants out'.
The most common reason a tenancy ended was because 77% wanted to move.
Only 4% of tenants were evicted or asked to leave
These are National Statistics from the English Housing Survey 21/22
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Removal of no-fault evictions will only make things worse for tenants
Gove is creating a hostile environment that shows no signs of abating (£)
3
3
17
Black market rentals are thriving – thanks to the war on landlords
Good property investors have acted as sacrificial lambs for too long
1
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16
These stories of excessive bills for leasehold properties are appearing with alarming regularity. As somebody who's also been stung, I feel their pain
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As a landlord, I'm labelled a parasite – but this mess is the Government's fault (£)
3
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16
STOP blaming landlords for this rental mess. This is the result of government policy.
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15
George Morris, I agree:
"If you want to look after tenants look after landlords. If being a landlord is an attractive thing...people will wish to be landlords...if being a landlord is an unattractive unprofitable thing most people will not wish to be landlords".
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15
If you want to talk about this housing crisis then we need to talk about having our FIFTH housing minister in EIGHT months.
That works out at SIX weeks in the job.
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15
I find this truly shocking. If this was a private landlord you would be jailed for disconnecting the fire alarm and taping together a fire door.
It is outrageous that councils hide behind their job titles and take NO responsibility
0
6
16
Agents just sent me check out report. My reply: 'I thought the agreement was the tenants would reinstate when they left: not everybody wants a black living room!'
5
1
16
Judith is correct. I had a tenant having illegal lockdown parties, climbing the building high on monkey dust, causing mayhem in the street. Police attended many times - did nothing. But still bar to prove ASB set too high. Without S21 would've been stuffed.
"To get an anti-social behaviour person out is very difficult, and if you lived next door to them you would be totally upset."
Judith Codarin on the protections she believes she and her fellow landlords need, after the Renters Reform Bill is voted through the Commons.
#Newsnight
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14
Agent advised I should renew tenancy agreement with a small increase to rent.
Before I agreed, I asked: what are your fees?
Their fees for the renewal are more than the small increase in rent - over the entire year!
Landlords check any fees before agreeing anything!
5
2
13
This rental crisis has reached breaking point.
When will the government realise they needed private landlords and actually do something about it?
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1
14
@W98AB
Don't you realise it's essentially now a crime in this country to actually make a profit?
2
0
15
Less than 12 hours ago I chose an estate agent to sell a property. In that time they've already taken photos, done video tour and will be live once I've approved. They've shown me backend Rightmove data to prove their claims & bowled me over. Hope they're as good as seem
2
0
13
Forget interest rates, bad tenants and removal of S21, the biggest threat to my property business (& my sanity) is if my handyman (aka my right hand man) leaves me. Landlords, do you know what your biggest threat is?
9
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15
Still they push for rent controls despite the shocking evidence from Scotland (where they introduced them) showing those tenants have the HIGHEST rent increases at 10.9% over the last 12 months.
4
2
14
It's been a saga, but I've completed the sale of another property :)
3
0
14
So, that's another house listed for sale today...
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0
14
I'm confused by this article. The council have implemented licensing (& charging landlords) yet they are using an unlicensed HMO which breaches overcrowding rules..shouldn't they be passing this to their enforcement team?
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@HenryPryor
My issue is with being castigated as the enemy. I have no problems standing up for the fact I run a successful business. But I do have a problem with being told I am a bad human being for what I do.
4
0
13
Honestly thought I'd seen most things having been a landlord for 2 decades, but to discover a letting agent doesn't believe they need to ask my approval before moving a tenant in has blown my brains!
5
0
14
Tenant has stolen the Saniflo.
I've heard of taking the piss, but this is really something!
2
0
12
Oh My. My latest article in
@Telegraph
has become a TikTok! Really happy 2 read refreshing comments - people get it: not everyone wants to/ can buy property & when you get rid of private landlords the corporates will charge way more - as I've always said!
7
0
13
Going for a face off with estate agents. My solicitor says top half of chain ready to exchange. Called agents for last 2 days to find out what's happening at bottom. Despite assurances they'll call me back, not happened. So now I'm doing in-person visit. Wish me luck!
3
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13
Day 3 of estate agent not returning my calls for an update. Fed up, I went into their office and babysat while they called everybody in the chain. They were freaked - every call they got to speak to right person & got status update. That's the power of positive thinking, I said!
1
0
12
'MPs are quietly lobbying the Treasury not to drop Furnished Holiday Lettings relief, The Telegraph understands, because they have realised how much of the local economy relies on income from second homes.'
Shame they didn't do this before S24 & torpedoing the resi rental market
1
1
12
If anybody following me is confused by my position: I am both holding on and selling off. For those I'm keeping, I'm doubling-down and upgrading. For those I can't see past the next 5 years, they're being sold as they become empty (& will even pay redemption fees to exit)
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1
13
I am so HAPPY - have found an old school roofer (40 years experience) who's not going to fleece me and is going to fix for a reasonable price! Phew!
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0
13
Many tenant groups may not agree with the decision to make the courts competent before they abolish S21, but they need to understand many landlords do not actually evict for groundless reasons. Landlords NEED and WANT tenants, this is not a one-way street.
1
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12
My friend is buying a 200 year old stone built cottage. Limited insulation. Oil fired Rayburn (currently disconnected). Guess the EPC Grade? C. What a joke!!
8
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12
I'm so sick of all the negativity and doom and gloom that for the last month I made a pact with myself: whatever happens I will put a positive spin on it. Sometimes it's really hard, but it's totally worth the effort. I feel so much happier :)
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12
Rotterdam banned BTL, but now have 120 tenants queuing for every available place & despite the city having 55% social housing the waiting list is 5 years long.
I've always said: Open the market wide. Create competition. Then you'll see lower rents!
2
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13
I am totally on board with my bold colour choice. It will be crisp white above the dado rail. Now tracking down a floor restorer as this Minton floor is too good to be covered up any longer!
3
1
13
I know it's bad form to show off. But I've just submitted my accounts to the accountant and I am feeling rather smug - that's several months earlier than I thought I'd manage :)
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@danbarker
Literally read the gas story last night. I mean why didn't they at least save something towards it - they hadn't paid a bill for 18 years! Love you've dug out cat story. & same clothes LOL.
1
0
12
Why buy-to-let is not dead
My three tips for property investors navigating the chaos (£)
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2
12
Landlord Tip: When a new tenant moves in, text them the day before due and remind them rent of X for X is due tomorrow.
They're meant to set up standing orders, but some people forget, so this is a helpful reminder
2
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11
Good neighbours are important - even for rentals. Most of mine have my contact details coz I like to nip problems in the bud. Even the overhanging tree which legally is their responsibility (over their land), but why fall out? It doesn't cost too much & it's less hassle if I sort
5
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12
The 97-year-old who can't pay her rent - and what it reveals about landlords in this country (Spoiler: landlord hadn't increased rent for 17 years but still seen at fault!)
2
1
12
When I started out as a landlord I had ZERO knowledge.
It's taken a helluva lot of risk, stress, luck - and maybe some skill - to keep what I have.
As long as I enjoy this business, I will remain IN.
5
0
11
Tenants have got their wish. Solicitor sending court papers (20 pages, along with 84 pages of exhibits).
This is the tenant who has asked me to evict them. They live in a Zone 2 lovely flat in London well-below market rent.
They think they can get a council house...
8
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12
I've just told the estate agent it's better for me to end the call now because I'm about to say something I'll regret. Now taking a deep breath.
2
1
12
Centre Point leaseholders told to find almost QUARTER OF A MILLION for facade repairs - and they need to move out for at least 14 months!
2
16
11
I'm very impressed with one of my letting agents.
I've been invited to a zoom session on the Renters Reform Bill to explain the impact to landlords.
I have a choice of 4 times and it runs for 45 mins.
That's the sort of proactive approach I like to see
1
0
11
Part of my success is in spotting issues before they become problems. Next month I will undertake a big refurbishment of the communal area of one of the blocks. Nobody has complained, but it looks tired. I want my tenants to feel good about living in my places, so I take action
2
0
11
This housing association claims it "cannot and will not make people homeless", yet it's just issued a pile of S21s which will make people homeless.
Anybody wanna talk about this?
1
5
10
Delighted to say one of my tenant's is going to become a home owner and buy the property off me :)
1
0
10
So encouraging to hear
@crisis_uk
managed to rehome 75% of their Xmas hotel stay people last year (on
@BBCNews
) They do such great work.
0
0
11
@HenryPryor
I think
@WhichMoney
did a poll recently about biggest financial regrets and shared ownership flats scored very high!
0
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