Or give me back the deposit you stole from me,"Y'all pay my mortgage" AID, or something catchy like that maybe?
Or give me back the deposit you stole from me,"Y'all pay my mortgage" AID, or something catchy like that maybe?
That's a great way of describing someone without resorting to the usual vulgar phrase which references bovine excretion.When people ask me what I work at, I find it hard to explain. In future, I think I will just tell them that I am a public intellectual.
Like a Council House.
There is no law yet. It's a private member's bill that is being debated.Does the new law mean that you can only sell a rented property with sitting tenants?
No, there is no allowance in the proposed legislation for this scenario..It will be a problem for a person buying if they wish to live in it but I presume there will be allowances for this
That is precisely the problem, no owner occupier in their right mind would consider purchasing a property with a sitting tenant. Anyone purchasing a property with a sitting tenant will just inherit that tenancy and the restriction on terminating the tenancy for their own use would equally apply to them.I do not see what the big problem for a landlord is selling/buying a house with a sitting tenant .It will be a problem for a person buying if they wish to live in it but I presume there will be allowances for this
My previous post on the subject was deleted due to my potty mouth,, but anyway...That is precisely the problem, no owner occupier in their right mind would consider purchasing a property with a sitting tenant. Anyone purchasing a property with a sitting tenant will just inherit that tenancy and the restriction on terminating the tenancy for their own use would equally apply to them.
That is what the Labour bill proposes.The onus is in the new owner though. Ie. The property is sold with the tenant in situ, but if the new owner wants to move in, the tenant needs to vacate. I doubt our guys have made any provision for something like this, but maybe it will come.
Even if a bank was willing to take on the risk, very few trading up could afford to take on the additional debt under LTI rules.Not many potential owner occupiers want the risk of clearing out an existing tenant who they have no relationship with. Its potentially time consuming and costly up front. Highly unlikely any bank will lend to an owner occupier without vacant possession too.
Thank youThere is no law yet. It's a private member's bill that is being debated.
There is no government proposal, but it is likely to include elements of the private member's bill.
It would then need to be approved by the Oireachtas, signed by the president, and commenced by the minister.
I don't think anything will be in force until mid-2022 at the earliest.
This will all end really badly. Badly for tenants in particular. Landlords are going to sell up and take profits on higher priced houses, accidential landlords are going to sell up when they get vacant possession, and the rent increases are going to be the maximum permitted annually across the board. All that will be left will be corporate landlords, who charge the maximum market rent possible. If tenants believe in the long run that this will benefit them, it won't. The new renters in years to come will have a lot less properties avaialable and those that are available will be the most expensive. All fine for people in tenancies currently, moreso, if they are below market rent. But in the coming 3-5 years, things are going to come home to roost.There are accidental landlords and small landlords, for which any limitations on selling properties could have a negative impact on their livelihood. Would a happy medium be that for these types of landlords the government become the purchasers?
Are we sure that tenants do better with individual landlords than corporate landlords? Is there anything to back this up?This will all end really badly. Badly for tenants in particular. Landlords are going to sell up and take profits on higher priced houses, accidential landlords are going to sell up when they get vacant possession, and the rent increases are going to be the maximum permitted annually across the board. All that will be left will be corporate landlords, who charge the maximum market rent possible. If tenants believe in the long run that this will benefit them, it won't. The new renters in years to come will have a lot less properties avaialable and those that are available will be the most expensive. All fine for people in tenancies currently, moreso, if they are below market rent. But in the coming 3-5 years, things are going to come home to roost.
Are we sure that tenants do better with individual landlords than corporate landlords? Is there anything to back this up?
Even if there is a big sell off, the properties in question won't disappear off the face of the earth. They still exist as housing stock, whether for rental or for purchase. There will still be people living in them one way or other.
I was hoping for something a bit more reliable than anecdata, to be honest. The example of leaving properties empty is an interesting one, though possibly not unique to institutional landlords. I've seen individual landlords claim online that it's easier to leave a property empty than rent it out, though I've no idea if they actually carry through on this.Show me an instititional landlord who is renting below market rent and I'll show you 3 landlords who are charging below market rent by at lesat 20%. In addition, I will show you examples of institutional investors leaving apartment in Dublin empty instead of reducing the rents to levels that people can and could afford.
Let you go first and I'll respond.
Correct, but the people living in them wont be renters, they'll be home owners. And what happens tell me to people who can't afford to purchase, where do they go, or what happens to them when these houses move from the rental market to the private home market?
If the number of rental properties decreases and the demand for rental properties doesn't fall at an equal or faster rate, I believe Basic Economics tells us that prices will rise.