Homelessness Minister
Resigns After Her Own Tenant Eviction Backfires
You couldn’t make it up!
Former homelessness Minister Rushanara Ali, MP, had to
resign from her government job last week after it was revealed that she had
evicted her tenants claiming that she was selling the property, but later
listed it for rent at £700 per month more, a rental hike of 20%!
In other words, she did the very thing her own Labour
government will ban under the Tenant’s Rights Bill.
She has not apologised, only stated that she had not broken
any laws. Whilst she is factually correct under the current rules, what she did
will be outlawed next year.
She is part of the government that has drafted the new rules
which will end Section 21 eviction notices and ban landlords from re-listing
their properties for rent if they have previously stated they were selling it
for up to 12 months.
Rank hypocrisy of government ministers who tell us to do as
I say as I do.
The Bank of England have cut interest rates from 4.25% to
4%, the lowest level for two years.
If you are a buy-to-let property landlord and help with
Section 24, or would like to attend a free property course on 'No Money Down'
Property Investing, contact:
Section 21 eviction notices have been served on 150
residents on a block of flats in Deptford, South London, weeks before Christmas.
A Section
21 is a legal method for the landlord to require a tenant to leave a
rental property without the need to provide a reason for "no-fault" eviction.
A tenant can challenge it and stay in the property until physically evicted,
but they may incur court costs.
Even with a Section 21 notice, it can take landlords 6 to 12
months to evict a tenant who refuses to move out – often under advice for their
local council’s housing or “homeless prevention” department.
The owners of the property, the Aitch Group said a Section
21 notice had been issued to tenants at the Vive Living development to
"facilitate the refurbishment of the building".
"The tenants have been given two months' notice, as a
minimum, in accordance with their tenancy agreements.".
The eviction notices may have been prompted by Labour’s Renter’s Rights Bill, currently going
through Parliament, which will abolish Section 21 “no fault” evictions.
Many landlords are quitting the buy-to-let property market
or switching to other rental models, such as AIRBNB serviced accommodation or
leasing to local authorities and housing associations.
How will Labour’s new Renters Rights Bill 2024 affect
buy-to-let landlords?
The Labour Party’s Renters' Rights Bill 2024 is poised to
bring significant changes to the UK’s rental market, impacting both tenants and
buy-to-let landlords. Understanding these changes is crucial for landlords to
navigate the evolving landscape effectively.
Key Changes Proposed in the Renters' Rights Bill 2024
Interview with Chartered Accountant and property tax
specialist who reveals options and solutions to move your properties from your
own name into a limited company or LLP whilst mitigating the potential HMRC
pitfalls.
Is Higher
Inflation Good or Bad News for Landlords?
Inflation is a hot topic in
today’s economy, and as a landlord, you might wonder whether it works in your favour
or against you. In the latest episode of the Charles Kelly Money Tips
Podcast, we explore how rising inflation impacts landlords and what you can
do to stay ahead.
The Good News: For landlords with fixed-rate mortgages,
inflation can actually be beneficial. As inflation rises, the real value of
your debt decreases. This means that over time, you’re effectively paying back
your mortgage with “cheaper” money. Additionally, in an inflationary
environment, property values and rental income often rise, helping you build
equity faster and increase your cash flow.
The Challenges: On the flip side, higher inflation can also mean
rising costs. Maintenance, repairs, and property management fees are likely to
increase, eating into your profits. For landlords with variable-rate mortgages,
rising interest rates (often used to combat inflation) can significantly
increase monthly payments, impacting your bottom line.
What Should Landlords Do?
Lock in a Fixed-Rate Mortgage: Protect yourself from rising interest
rates.
Increase Rents Strategically: Ensure your rental income keeps pace
with inflation while maintaining good tenant relationships.
Invest in Inflation-Resilient Areas: Look for properties in high-demand
locations where rent growth outpaces inflation.
Inflation can be both a
friend and a foe for landlords. The key is to plan wisely and adapt to economic
changes. For more property insights, tune in to the Charles Kelly Money Tips
Podcast on YouTube!
How will Labour’s new Renters Rights Bill 2024 affect
buy-to-let landlords?
The Labour Party’s Renters' Rights Bill 2024 is poised to
bring significant changes to the UK’s rental market, impacting both tenants and
buy-to-let landlords. Understanding these changes is crucial for landlords to
navigate the evolving landscape effectively.
Interview with Chartered Accountant and property tax
specialist who reveals options and solutions to move your properties from your
own name into a limited company or LLP whilst mitigating the potential HMRC
pitfalls.
Prime Minister Kier Starmer says “thing will get worse”,
warning on a “painful” October Budget.
The UK property market is showing signs of resilience with a
14% increase in new property listings compared to last year. However, the
optimism is being tempered by concerns over potential tax hikes as the Labour
Party hints at plans to raise Inheritance Tax (IHT), Capital Gains Tax (CGT),
and even introduce a wealth tax.
The surge in property listings can be attributed to
homeowners looking to capitalize on the current market conditions before any
potential tax changes come into effect. With interest rates remaining
relatively low and demand for housing still strong, many are taking the
opportunity to sell. However, the prospect of higher taxes under a potential
Labour government is causing unease among property owners and investors alike.
**Inheritance Tax** is a particular area of concern, as
Labour has suggested that the current threshold could be lowered, increasing
the tax burden on estates. Currently, IHT is levied at 40% on estates worth
over £325,000, but this could change, leading to more families being caught in
the tax net.
**Capital Gains Tax** is also on Labour’s radar, with
proposals to align CGT rates more closely with income tax rates. This could see
higher earners paying significantly more on profits from property sales,
stocks, and other investments.
Additionally, Labour’s discussions around a potential
**wealth tax** are causing further anxiety. Such a tax would target the richest
individuals, potentially impacting those with significant property holdings,
investments, and savings.
As the political landscape evolves, property owners are
advised to stay informed and consider their options carefully. Whether you're
thinking of selling, buying, or holding onto your assets, understanding how
these potential tax changes could affect you is crucial.
How will Labour’s new Renters Rights Bill 2024 affect
buy-to-let landlords?
The Labour Party’s Renters' Rights Bill 2024 is poised to
bring significant changes to the UK’s rental market, impacting both tenants and
buy-to-let landlords. Understanding these changes is crucial for landlords to
navigate the evolving landscape effectively.
Interview with Chartered Accountant and property tax
specialist who reveals options and solutions to move your properties from your
own name into a limited company or LLP whilst mitigating the potential HMRC
pitfalls.
For more insights into how to navigate these uncertain
times, keep an eye on market trends and consult with a financial advisor to
plan effectively for the future. #PropertyMarket #TaxChanges #InheritanceTax
#CapitalGainsTax #WealthTax #LabourParty #UKProperty #FinancialPlanning #equityrelease
#section24tax #kierstarmer #finances #moneytraining
Section 24 Tax Hike Solutions Revealed By Property
Accountant
Interview with Chartered Accountant and property tax
specialist who reveals options and solutions to move your properties from your
own name into a limited company or LLP whilst mitigating the potential HMRC
pitfalls.
