Landlord Update - Section 21 Abolition
Renters Reform Bill White Paper Revealed
UK Property Talk
With Charles Kelly
The long-awaited
document sets out Government commitments to:
·
Convert Assured and Assured Shorthold tenancies
into periodic tenancies, that can be ended by the tenant with two months’
notice and by landlords with a legitimate reason
·
Abolish Section 21 and introduce new possession
grounds for landlords
·
Extend the Decent Homes Standard to the sector
·
Create a new Private Renters’ Ombudsman to
settle disputes informally
·
Introduce a new Property Portal to support
landlords – and to provide information on rogues
·
Abolish rent review clauses (while retaining the
ability to increase rents annually)
·
Outlaw blanket bans on renting to families with
children or tenants on benefits
·
Incentivise landlords to accept tenants with
pets
·
Reform and speed up the court process.
What about
landlords?
NRLA has
successfully campaigned for positive change, with the white paper announcing
landlords will be allowed to ask for pet insurance as a condition of tenants
keeping animals, something currently prohibited. Landlords will be obliged to
consider a tenant’s request to have a pet but can decline with good reason.
The Government has committed
to reforming the court system and making local authorities more accountable
when it comes to housing standards, as well as introducing mandatory grounds
for landlords (or their families) wishing to move back into a property or sell
it.
All very well, but private
buy-to-let landlords have these rights already!
Don’t panic! Change
is inevitable but landlords are needed whether the government like it or not.
Why not lobby your
MP and support the NRLA’s campaign?
Claim your free Wealth Accelerator Discovery Call
with me:
https://calendly.com/charleskelly/wealth-accelerator-discovery-call
Longer Term 30-Year
Fixed Mortgages Coming to the UK To Help Borrowers Buy Property
Government wants think-tank
expert to lead review, as Boris Johnson pledged last week to start ‘home
ownership revolution’, Bloomberg reports.
The UK government
will explore ways to hand borrowers larger and longer mortgages in the hopes of
encouraging more people to buy homes, with a review to be launched in the next
few weeks.
The joint review by
the Treasury and the Department for Levelling Up, Housing and Communities will
consider 30-year fixed rate mortgages, debts worth almost 100% of the property
and ways to blend renting and owning a property, according to people familiar
with the matter.
Long term and even
lifetime mortgages can work and are not new. The difference in repayment between
and 25 and 30-year repayment mortgage is negligible, however, the additional
interest paid is HUGE.
Interest only loans
would cut the cost of borrowing, but could be risky for borrowers.
Right to buy for
housing association tenants – will it work?
No fault eviction
ban has not been thought through fully…
UK
interest rates hiked again to highest for 13 years as Bank of England attempts
to stem soaring inflation
Will higher
interest rates and the recession crash the property market?
UK base interest rates
have increased from 1% to 1.25%, the fifth consecutive rise, to reach the
highest level in 13 years.
In America, the Fed
went further raising rates by .75% to a target range of 1.5-1.75 percent and
forecasts a 3.25-3.5 percent fed funds rate by year-end.
75% of mortgages are fixed.
40% of fixed rate mortgages
are fixed for 5 years.
More houses in the UK are
owned out right with no mortgages than those with mortgages.
How much difference
does a quarter percent make to a typical mortgage?
On a £200,000 loan a
.25% rise means an additional £500 per annum or around £40 per month.
It comes as
finances are being squeezed by the rising cost of living, driven by record fuel
and energy prices.
Inflation - the
rate at which prices rise - is currently at a 40-year high of 9%, and the Bank –
which last year said inflation was “transitory” now warns it could surpass 11% by
October.
But hey, everyone
and his dog knows inflation is already well into double digits with heating and
fuels bills doubling for many families.
Claim your free Wealth Accelerator Discovery Call
with me:
https://calendly.com/charleskelly/wealth-accelerator-discovery-call
Crypto collapse
continues as BTC losses top 70%
Many major
cryptocurrencies have fallen by up to a quarter of their value over the past
day
Bitcoin crashed
below $21,000 on Wednesday, dropping a further 10 per cent overnight to reach
its lowest level since the end of 2020 - at $20,630 as I write.
Ethereum has
collapsed from just under $5,000 in November 2021 to just over $1000 and other cryptos
have fallen off the cliff.
Some cryptocurrencies have
since recovered slightly, though analysts warn that the volatility may not yet
be over.
Bitcoin is trading
at $20,630, and has dropped 25% in the past five days alone its lowest value in
18 months. Its peak of almost $70,000, in November, feels like another era.
US stocks have
fallen nearly 40% since their peak last year, the Nasdaq dropped 4% this week
and the S&P had its worst week since 2020 falling 5%.
Claim your free Wealth Accelerator Discovery Call
with me:
https://calendly.com/charleskelly/wealth-accelerator-discovery-call
Learn how to buy and control property using other people’s money!
Property
Investing Secrets
PROPERTY
INVESTING SECRETS FOR BEGINNERS: Discover how tens of thousands of ordinary
Brits are quietly getting rich with minimum investment!
Register To Watch Live | Wednesday 22nd June
2022 @ 7:00pm
Wednesday 22 June
7PM
#property #section21 #tenanteviction #crypto #bitcoin
#interestrates #inflation #freetraining #wealth
No comments:
Post a Comment