Friday, Nov 21, 2008
Squealing BTL,s
Squealing pig: little pig, little pig, let me in
A bunch of BTL landlords are getting a bit grumpy about the state of the housing market. In particular they are looking for the government to force banks to lend them more money at interest rates below what banks currently are offering. They are using the argument that tenants may be made homeless unless banks lend more money, and more cheaply than they are now.
Here is the text of the petition:
Posted by sold out @ 06:22 PM (1061 views) Add Comment
16 Comments
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1. Landedgentry said...
The names on the list are priceless. hahahahahaha
2. Landedgentry said...
I got the list read out on my text to speech program and It is hilarious!
3. quiet guy said...
What a find sold out! I'm not even going to bother commenting on the petition text - it is just too pathetic.
Somebody appears to be waging a one man war against the petition by 'siging' it with comments such as these:
Incompetent leveraged speculator begging for a bailout
I wanna be sick with these BTL whingers
Can't go wrong with bricks and mortar, eh?
Serves you all right, you greedy parasites
I will find somewhere else that has cheeper rent you fools ha ha ha
God help me, I'm mortgaged to the balls
HRMC, please cross check names here with tax returns
BUY TO REGRET, HA HA
Hey government... Help me to ripoff the productive members of society
I haven't copied any of the rude stuff and we also get some retaliatory insults from a BTLer as well. This is just the tiny sample of the mickey taking of BTLers on there. I think roughly one third to one quarter of all signatures are insults against BTLers.
4. Quad said...
desperate people desperate times,
5. nubbers said...
Fantastic. I hope whichever clerk in Whitehall has to read these petitions was given a link to the unedited list. It would probably really liven up an otherwise boring job.
6. nubbers said...
Just noticed - there is a link to housepricecrash.co.uk:
The unedited signatures have been collected by people here before they were pulled.
Anyone care to own up?
7. denzil said...
What is wrong with these fools. BTL is an investment like any other and that means it comes with an element of risk. I still find it remarkable that people either could not see or refused to believe a house price crash was an absolute certainty. Were house prices going to rise for ever? Doh
What next on the petition front? The fools that got suckered in by the constant gold ramping will be asking the Govt to force the price of gold up because they got their fingers burnt.
8. paul said...
Again, I say the interesting aspect of this whole charade is that when a shorthold tenancy tenant is evicted because their landlord is not paying the mortgages and the house has been reposessed, it is a grey area of the law.
If a bank reposesses the house and locks the tenant out, the tenant can sue THE BANK under the Protection from Eviction Act 1977, because the bank as principal creditor is not honouring the legal commitment that the landlord has made.
An offence under the Protection from Eviction Act 1977 is a police matter too! It is a criminal offence. If the tenant complains to the police, the police are obliged to follwo up with an arrest of the most senior bank branch manager.
You thought you'd seen everything when a North London RBS branch had a visit from the bailiffs, well all it would take is for one tenant to know the law, and you could find a bank manager behind bars for the night, having to pay all costs to the tenant (including temporary accommodation, hotel and moving costs) before be allowed to go home.
What a thought.
9. crash bandicoot said...
denzil, even recently there have been some "studies" suggesting that the average house price will reach 24x the average salary by 2020 - you know the type of thing I'm talking about. Until this type of nonsense, together with the Krusty/Brix Chix/Asseatz propoganda is regulated properly as the financial advice that it is then mug punters will be fleeced. It might not seem a bad thing to see these folks go bust at the moment, but it is these "investments" that got us to where we are now.
10. crash bandicoot said...
paul, I can see why the banks aren't keen to return to 2007 lending levels now!
11. doom&gloom said...
'Ginger sack BTL scrotum' is still on there. Bet they can't delete us quicker than we can add new signatories...
12. Maihem said...
They're Del Boys, They bought stock without checking if it was suitable for what they wanted to do with it. And now they are trying to get the taxpayer to replace the money they lost through their own lack of business acumen!
13. amjidk said...
lol, BUY TO REGRET hehehe
14. iguana said...
Paul
Suggest you look at Housing Act 1988, Annex 2, 'Mandatory Grounds for Possession', Ground 2.
Suggest this will trump POE Act 1977.
15. paul said...
iguana, I think you'll find that Ground 2 won't get the bank off the hook.
That is, if you mean Ground 2, Schedule 2 Grounds for Possession of Dwelling-houses let on Assured Tenancies, then I think you'll find that's for termination of the tenancy in order to sell the property. Read it again:
The dwelling-house is subject to a mortgage granted before the beginning of the tenancy and—
So, the mortgagee can exercise their power of sale ONLY if it is vacant. In addition, there is a section of the Housing Act 1988 which deals specifically with unlawful eviction - Sections 27, 28 and 29 (Chapter IV) Protection From Eviction.
And guess which legislation they cite as being applicable ...
Protection from Eviction Act 1977
If the bank manager evicts the tenant without a Notice to Quit, and without the statutory notice period, the bank manager goes to jail and does not pass GO.
16. paul said...
In addition, if the bank don't have a court order (which will only likely be granted in the case of vacant possession), they have committed an ADDITIONAL offence.
My goodness.
Do not pass GO, do not collect £200, go straight to jail, cannot use Community Chest "Get out of jail free" card.