Sunday, Jul 29, 2007
Creeping regulations will cool the BTL craze
CityWire: Landlords should be regulated, Law Commission proposes
"The Law Commission’s proposal requiring all buy-to-let landlords to be regulated could be the final nail in the coffin for some small landlords, already squeezed by higher interest rates and an oversupply of properties in some areas." I am not friend of red tapes and excessive regulations, but things like entrusting my landlord with a couple of grands in rent deposit, then what happens if the punter goes bankrupt? who is assumed to do credit checks? what happens if the loser gets my flat repossessed by the bank? then I lose the deposit? or not? regulating this sector is crucial. "an oversupply of properties in some areas."?? that s interesting, but I though the immigrants, the divorce rates, and all that cheap macroeconomic cr@p a la omni-loquent journalist was true! Not!
7 Comments
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1. Mark said...
well the polish are all heading home, as there old country is booming and short of skilled labour, because it is all over here........ no more boom for them, they are fedup with low wages..lol off they trot back to poland after milking the UK...........
poor us, we will have to learn how do to plumbing on the crashed houses..lol
2. Scott said...
I think the council housing needs an overhaul as well. In the black market area of Camden Town, you have Polish people buying British passports to stay here longer and in some cases you have Essex natives buying Polish passports to get up the housing list. Maybe the BBC should do a program "When Oliver became Oleg".
3. paul said...
Does anyone know, how can I get a credit check done on my landlord to see if he's likely to bail halfway through the tenancy agreement?
4. Orwell said...
Why not look at Equifax or Experian?
And then if you are unhappy, the risk can be protected against by Registering a unilateral notice on Form UN4 at the Land Registry.
5. harold said...
Paul, that's a good point. My wife and I are just changing from one rented house to another - the form filling and credit checks that have to be done on us (at our expense), despite having several years worth rent in savings is ludicrous. Meanwhile, of our future landlord we know nothing - it could all go pear-shaped for him tomorrow and we could be forced to move again (and incur the costs) in 6 months time. I do believe in financial transparency, but not the 'one-way mirror' system we have at present.
6. Scott said...
Harold,
I suggest you go to private landlords that don't use agencies. They are not any more dodgy (unless you are doing so because you are renting somewhere really cheap) but they are more reasonable to deal with face to face. And if they ask you for credentials, give them provided that they do the same. Usually they back off at this point. This happened to me in Leeds, but from then on we got on really well and 3 months later he said I was his best tenant. You can still have a solid tenancy agreement that any estate agency would provide.
7. Coolerking said...
The Poles go home on a regular basis anyway. As long as they leave the UK within a year of starting to work here they get all their tax back. They leave, buy new fake ID's and come back under a different name. That's how the Eastern Europeans can price us out of the market.A level playing field is all I want.