That sounds like he wants to prevent any existing landlords from leaving.
Which is why my tenant is getting six months notice this weekend. Not what I want, not what the tenant wants. Bad deal all roundPreventing any house which is let from being occupied by the owner.
Is that allowed considering in six months time the tenancies of indefinite duration will most likely be law.Which is why my tenant is getting six months notice this weekend. Not what I want, not what the tenant wants. Bad deal all round
That is why notice is being given now.Is that allowed considering in six months time the tenancies of indefinite duration will most likely be law.
I understand that squire. But giving nothing now and the tenant having say 6 months to vacant, in a month or two's time, tenancies of indefinite duration are to be introduced. Are you certain that your notice to evict is legal and legitimate with such a fundamental change?That is why notice is being given now.
Law - in general - cannot be retroactive.b) previously valid served notices are now invalid and they have to be re-served according to the scenarios provided in the new legislation
Notice under current legislation is entirely legitimate.Are you certain that your notice to evict is legal and legitimate with such a fundamental change?
One would assume so. Could they bypass that by declaring some sort of emergency, like the moratorium on evictions during the covid lockdown. But then, that was a temporary measure.Law - in general - cannot be retroactive.
If you issue notice today the process proceeds under the law in force today.
Granted that could happen; it doesn't stop me giving notice.I don't think giving notice now will make much difference. The tenant won't leave, citing nowhere to go, and all law will be in his favour.
Again, can't anticipate that.One would assume so. Could they bypass that by declaring some sort of emergency...
There are a lot of reasons for private/accidental landlords to sell at the moment:When you think about it, what are the advantages of giving notice? Yes, you are able to sell on the open market, pay back the mortgage. But the funds you may have left, are of no real benefit to you, with no interest rate and increasing inflation.
Maybe best to put up with the new rules and have some kind of income from the property.
Agree, it is a difficult decision unless you can put the money into a pension and avail of tax relief. Or you have another mortgage on something higher 2% rate you can pay down.When you think about it, what are the advantages of giving notice? Yes, you are able to sell on the open market, pay back the mortgage. But the funds you may have left, are of no real benefit to you, with no interest rate and increasing inflation.
Maybe best to put up with the new rules and have some kind of income from the property.
I'm definitely falling down on the 'get out now' side of this, for all the reasons Maggs065 outlined above. It is a good time to sell, before all the extra supply comes on board and starts to impact the market, which it must do in the medium term. You might have to give six months notice now to sell up, but it could prove to be a relatively easy exit route compared to what the future might hold. I can also see landlords having to bring their houses up to a certain BER level at some point in the future at great expense, despite any grants etc. There is massive uncertainty around regulation and government, which may not turn out to be all that bad, however I do think we are going to have to suffer a Sinn Fein government at some point in the near future, and I couldn't even begin to second guess what that might mean.Agree, it is a difficult decision unless you can put the money into a pension and avail of tax relief. Or you have another mortgage on something higher 2% rate you can pay down.
I honestly dont know what to do.
No. 1 advantage: I have control over my own propertyWhen you think about it, what are the advantages of giving notice?
Whilst everyone's circumstances may be different; I would disagree that capital funds 'are of no real benefit'!Yes, you are able to sell on the open market, pay back the mortgage. But the funds you may have left, are of no real benefit to you, with no interest rate and increasing inflation.
Nope.Maybe best to put up with the new rules and have some kind of income from the property.
I think the prospect of a bad tenant (who doesn't pay the rent & is protected from having to leave) would be in that list too. I honestly think this is what is behind the massive building of student accommodation at the moment...worst case for a landlord, the apartment will be vacated in June anyway and available for rent again in October...There are a lot of reasons for private/accidental landlords to sell at the moment:
- Lifetime tenancies
- Rent cap - if you're already charging a low rent, then you are stuck with it and this will have a big impact if you can only sell to other investors
- Constantly changing regulation for landlords
- No changes coming down the line if tenants decide not to pay their rent
- House prices are high, so good time to sell
- Uncertainty on what is going to happen if/when SF get into power
- Stress/anxiety levels reduced
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