Government approves legislation to provide for temporary stay on tenancy terminations

Reading all of this is tragic for so many people. Those who have invested in property for their pension. Those who have inherited property from parents. Those who have to sell for whatever reason. Those who wish to move either themselves or their families back into their property. My story is I have rented a granny flat for the past eight years. The rent has never been increased. The person renting has only ever worked for 6 months. They never paid a deposit (no issue with this) Now I am left in the unenviable position of counting down the months to give notice. This person will never find the same type of accommodation again. Having no income and pets is a big ask when times are good. I cannot risk what is inevitably coming down the line.
 
Silversurfer said:
Reading all of this is tragic for so many people. Those who have invested in property for their pension. Those who have inherited property from parents. Those who have to sell for whatever reason. Those who wish to move either themselves or their families back into their property. My story is I have rented a granny flat for the past eight years. The rent has never been increased. The person renting has only ever worked for 6 months. They never paid a deposit (no issue with this) Now I am left in the unenviable position of counting down the months to give notice. This person will never find the same type of accommodation again. Having no income and pets is a big ask when times are good. I cannot risk what is inevitably coming down the line.
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It looks as though any notice of termination served now/after the act cannot specify a date earlier than June 18th, so there is no point in issuing a 6 month notice until December. I'm renting to a family and not looking forward to it either, it wasn't the plan at all. Still a couple of months to consider. My concerns are:
  1. Risk of not being able to sell without tenants in situe in the future (I'd have indefinite duration lease from around 18 months in the future and worry things will change down the line on those, and all leases are moving to those)
  2. The property value then becomes tied to the rent (or you have to wait for tenants to move out, but they might move out and sublet or rent to family etc., e.g. see rent controlled apartments in NY)
  3. This rent is going to fall behind inflation over the current/coming years of high inflation and will never get adjusted up to catch up.
  4. The risk of having to pay the second mortgage (and a 2k service charge) for two years with no rent coming in due to the slow eviction process, I can't really afford that right now.
  5. As others are mentioning, having to invest money over time in the property without the rent justifying any investment isn't that appealing, I've had a number of costs this year.
  6. Finally personal CGT considerations, the rental was my PPR for 10 years about half of my ownership time and that proportion will drop over time increasing CGT percentage.
I'd like to be able to hold on as a pension plan, but would want the option to sell with appropriate notice and this option looks like it's disappearing.

Imagine having an apartment in NY worth millions that you can't sell and receive rental yield of a fraction of a percent on, that's where we might be headed in the RPZ areas.
 
RonnieShinbal88 said:
So it delays up to June 18th at the earliest (up to 8 months) any notice served after the ban comes in force.

That would appear to be highly challengeable as the official period of the 'temporary ban' only runs up to end March.

We are overriding constitutional rights in response to some specific time-limited event remember?

Why are people being blocked from selling in April, May and first hald of June after the so called temporary ban ceases to be in effect?

Presumably, serving notice in the next 2 weeks before the official period starts will allow sale from April 1st and potentially save people nearly 3 months of being locked out of a sale by the government intervention.

Shambolic to say the least.
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Can't wait to see what the secondary sales market for ex-rentals looks like in February and March.
 
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