Property Investor Partners

16/07/2024

Are you a Landlord? Do you only have one or two properties so you are not aware of what is involved in going to Court. Then you need to inform yourself about changes being made already and new changes to be made that are going to make taking action to protect your rights very challenging.

The news has highlighted so called big changes like the abolition of s21. But actually on its own that is probably not as bad as you might think.

The real problem is going to be in the details. For example the under resourced Court System that will not process your Claims. Here is one of many examples.

Courts will no longer deal with calls about your Claim Instead they have opened a National Help line for all cases which is telling you up front it will take at least 40 days to respond to requests for information. This will be far more painful for Landlords than s21 being abolished because the reality is likely to be that cases will take many months to process and you will be in limbo not knowing what is going on with your case where you might have a Tenant not paying rent or causing damage. Of course some cases will get processed but at what speed?

This is where the real problems will occur and only those with the resources and scale to meet these losses will survive in this market. Especially if Tenants are encouraged by third parties to not pay rent for one reason or another.

As the practical effect of these measures becomes clear then many Landlords are going to realise this is just not an investment that is worth the candle. Interesting to see what steps if any are taken by Landlord groups to combat this.

24/05/2024

Renters Reform Bill being ditched

We are facing the moment of truth when Angela Raynor takes charge

So why do I feel a weird sense of relief that now we will know the worst?

23/05/2024

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23/05/2024

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22/05/2024

The moment of truth is arriving for the Buy to Let Industry.

So a general election is coming shortly and the chances are the Renters Reform Bill will not be fully in force if it is in force at all. The hope of the NRLA was that the current legislation would be passed and enacted even if only in part and Labour would take over and use that as a framework.
Instead we are facing the prospect of a Labour Government introducing emergency legislation to prevent s21 evictions as a definite and possibly to introduce rent controls or caps in one form or another

But there is much more to the proposed reforms that many ordinary buy to let investors are probably unaware of. I am talking about those Landlords who own less then 3 properties managed by a letting agent and who have busy and successful full time jobs in other industries. Landlords with little real interest in property but who simply see it as an Investment

The problem will be that if Labour acts by emergency legislation there will be no chance for those who want to get out to exit. No period prior to enactment when you can decide to go.

We have seen this in Scotland where emergency legislation limited the right of Landlords to sell for example.

This is going to be a period of great pain for our Industry but it might actually lead to a better future going forward. Sounds contradictory ? I think not because the reality is the Industry simply cannot go on as it is. It needs larger players to emerge and new structures to allow them to do so. Those players will actually benefit the smaller players left in the market by providing an alternative to social housing ( itself full of problems) that in the medium term I believe even Labour and Shelter and those on that side of the argument will see is of value. IF there is a seismic upheaval I think those players will emerge.

Sounds impossible? Let us see what happens but if I am proved right remember you heard it here first

Marcus Selmon Chair of PLAN and CEO of Property Investor Partners

21/05/2024

07/05/2024

Is conveyancing too slow?
Am I the only person frustrated by the conveyancing process?
I am being told other solicitors regularly quote 2 to 4 months to exchange?
This is not my solicitor but the other side and you cannot budge them
Could a group of solicitors not form an elite service which guarantees to exchange in 4 weeks max for say 50% more and we encourage sellers to use them if they want us to buy?
Or is there another solution?
This is the only industry that seems to have got slower with modern technology rather than faster
Or is this just my experience?

07/05/2024

Why are there no large buy to let companies?
There are 1500 Housing Associations with many having 10s of thousands of properties.Some have over 100,000
In total they have 2.5 million properties
There are 5 million buy to let properties. Bur the largest Landlord Grainger has only 8,000. The next largest 2 000. The next under 1 000
Would the industry be better off or worse off if it had more housing association size players?
There would still be room for smaller players and probably lots of them But would the larger plays form a barrier for the industry and prevent the highly personalised attacks individual Landlords now face
Thoughts welcome
ps if any one has more up-to-date figures do tell

07/05/2024

Does owning a Buy to Let Property make sense post the Renters Reform Bill?
Big changes are coming to the Buy to Let Market. To name a few:
1. S21 will be abolished so every time you want possession you have to apply to Court and possibly have a Court Hearing
2. Many of the new grounds will be discretionary so you will have to fight them.
3. Even if you win getting costs or damages from many Tenants will be challenging.
4. Claims will be in the County Court. Anyone who has used that knows how difficult that will be. The Government says the Court will be reformed but will Labour take the same view or just impose the changes and see how it goes.
5. Tenants will be given free legal assistance to defend cases in Court without being means tested
6. Tenants will be encouraged to complain about issues
7. All properties will be licenced and possibly inspected. Any works needed will be down to the Landlord
8. No win no fee solicitors will be gathering together Tenants to make claims in volume against Landlords. If you are not familiar with the Deposit Claims possible or the Pre Action protocol for Disrepair you should urgently get informed about them now
9. Raising the EPC threshold to C before you can rent will almost certainly be introduced
10. Mortgage lenders will increasingly need to be convinced the person they lend to can cope with these rules That may make remortgaging impossible for some.
Many of these proposals may well be fair. That is a matter for debate. However what is not a matter for debate is that if you have one or two properties and encounter any of the above problems the whole basis of your investment will probably not make sense.
But what do others in the group think?

02/05/2024

Will rents in Scotland continue to rise??

https://www.landlordzone.co.uk/news/rising-scottish-rents-are-the-snp-greens-fault