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HovelinHove

Need for the tiniest violin ever

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This will warm the hearts of all who live on this forum.

My favourite quote:

"But decades later, when the couple wanted to sell up to fund their new life in Spain, he refused to leave."

Read more: http://www.dailymail.co.uk/news/article-4783218/Couple-forced-tenant-cheap-rent-LIFE.html#ixzz4pUYMzALS 
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http://www.dailymail.co.uk/news/article-4783218/Couple-forced-tenant-cheap-rent-LIFE.html

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9 minutes ago, HovelinHove said:

This will warm the hearts of all who live on this forum.

My favourite quote:

"But decades later, when the couple wanted to sell up to fund their new life in Spain, he refused to leave."

Read more: http://www.dailymail.co.uk/news/article-4783218/Couple-forced-tenant-cheap-rent-LIFE.html#ixzz4pUYMzALS 
Follow us: @MailOnline on Twitter | DailyMail on Facebook

 

 

http://www.dailymail.co.uk/news/article-4783218/Couple-forced-tenant-cheap-rent-LIFE.html

To be fair theyve done the man a favour and he's taken them for a ride, theyve even offered to sell it back well below market value.

Teach people to help others out and give them below market rent.

 

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7 hours ago, Habitationi Bulla said:

To be fair theyve done the man a favour and he's taken them for a ride, theyve even offered to sell it back well below market value.

Teach people to help others out and give them below market rent.

 

Well below market value? Have I missed something? Weren't they selling it to someone else for 240k? Perchance that's the actual market value? 

Edited by 2buyornot2buy

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7 hours ago, Habitationi Bulla said:

It is when 1100 is the going rate.

It's not the going rate any longer once word gets out it's now 800... and then when someone else goes lower the "going rate" goes lower again. As many have often said in this forum, prices are set at the margins.

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Just now, Democorruptcy said:

It reads like he's paid £800 since 2001, was £1,100 the going rate then?

Look ive read the article and it seems there are a lot worse landlords and people on the planet, they've bought it from him as hes a friends who was in the crap and rented it back (a decent gesture? .. strikes me its the tenant that isnt a man of his word and is the snide one here. 

LLs not put the rent up for 15 years hardly seems like a someone out to grab as much as he can.

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2 minutes ago, Habitationi Bulla said:

Look ive read the article and it seems there are a lot worse landlords and people on the planet, they've bought it from him as hes a friends who was in the crap and rented it back (a decent gesture? .. strikes me its the tenant that isnt a man of his word and is the snide one here. 

LLs not put the rent up for 15 years hardly seems like a someone out to grab as much as he can.

Sorry but that rent would have easily over the interest on a loan for the property when they bought it for him. Their complaint is that they only did that so they could take the capital gains on his property for themselves, and now due to their poor due diligence they can't and have tried to force him out through the courts. Would he have agreed to this if he had known that they could just evict him, I doubt it as it would not have offered him the secure tenure that he needed and desired.

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1 minute ago, Blod said:

Sorry but that rent would have easily over the interest on a loan for the property when they bought it for him. Their complaint is that they only did that so they could take the capital gains on his property for themselves, and now due to their poor due diligence they can't and have tried to force him out through the courts. Would he have agreed to this if he had known that they could just evict him, I doubt it as it would not have offered him the secure tenure that he needed and desired.

It would seem to me that the main thing to learn from this is don't help people out.

They could have bought it, booted him out and charged market rent on 6 month AST's

I'm hardly a fan of landlords, from my dealings with them most are utter to55ers, but this one strikes me as one of the few that isn't.

Apologies for not towing the line.

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....some people want a bargain and into capital growth, others prefer an income......over time things change........better the tenant you know.;)

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they claim to have helped him out, but were quite happy to take the increase in rent and capital gains.

sod them. it was all profiteering at the end of the day, happy to boot the guy out if they could, or force him to take a higher rent. Homes are homes. 

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If £800 was the market rent back in 2001, then the £143,000 was probably at quite a discount.  In fact, over the course of time since 2001, the tenant has paid more in rent than the house cost to buy. 

The purchasers got a cheap house and then got the tenant to pay for it. 

Classic BTL thinking. 

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51 minutes ago, Habitationi Bulla said:

Look ive read the article and it seems there are a lot worse landlords and people on the planet, they've bought it from him as hes a friends who was in the crap and rented it back (a decent gesture? .. strikes me its the tenant that isnt a man of his word and is the snide one here. 

LLs not put the rent up for 15 years hardly seems like a someone out to grab as much as he can.

So £1,100 wasn't the market rate and £800 was so far over the odds they were happy to commit to it long term.  

I can only see one way out for them, offer to sell it to him for the same £143k that they paid him. At £800 x 12 months x 16 years they have had £153,600 in rent off him (exc maintenance costs). That price is £97k below their other £240k offer, so they are still quids in. But.... the question is, even if he could afford to buy at £143k would he or keep a secure tenancy for life at £800pm? 

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1 minute ago, interestrateripoff said:

Out of interest how can the court award a tenancy for life??

I dont think the case is as simple as the spin.

I looks like they agreed to buy the house at a discount with sone form of rent firever at 800 option.

If iptheyd bought the house and hed rented it then there eould not be a case to answer - AST laws and all. 

This case is more complex and has more issues.

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18 minutes ago, Democorruptcy said:

So £1,100 wasn't the market rate and £800 was so far over the odds they were happy to commit to it long term.  

I can only see one way out for them, offer to sell it to him for the same £143k that they paid him. At £800 x 12 months x 16 years they have had £153,600 in rent off him (exc maintenance costs). That price is £97k below their other £240k offer, so they are still quids in. But.... the question is, even if he could afford to buy at £143k would he or keep a secure tenancy for life at £800pm? 

Theyd have paid interest on their mortgage, that 153k wasnt all to keep so o speak? Ive just done a quick RM search and it seems closer to £1300 is the going rate for 3 beds in this area. I'd presume 800PCM was close to the going rate at the time, being as rents are more related to wages.

The article states the person potentially buying wanted 1200pcm not 1100pcm as i stated, and they were to buy it at 240k after an agent valued it at 310k.

But like a say the thing learned here is do not help anyone out.

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2 minutes ago, spyguy said:

I dont think the case is as simple as the spin.

I looks like they agreed to buy the house at a discount with sone form of rent firever at 800 option.

If iptheyd bought the house and hed rented it then there eould not be a case to answer - AST laws and all. 

This case is more complex and has more issues.

Thatd be illegal. And it states there was no rent forever agreement.

But the court ordered it as they found some case law dating back 90 and 60 years

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28 minutes ago, Habitationi Bulla said:

Theyd have paid interest on their mortgage, that 153k wasnt all to keep so o speak? Ive just done a quick RM search and it seems closer to £1300 is the going rate for 3 beds in this area. I'd presume 800PCM was close to the going rate at the time, being as rents are more related to wages.

The article states the person potentially buying wanted 1200pcm not 1100pcm as i stated, and they were to buy it at 240k after an agent valued it at 310k.

But like a say the thing learned here is do not help anyone out.

I ignored the mortgage interest because unless I missed it, I didn't read whether paid it off early or still had it.

Surely it's only a matter of demographics kicking in, before all private renters can buy their rentals at a discounted price from their landlord.

 

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33 minutes ago, Democorruptcy said:

I ignored the mortgage interest because unless I missed it, I didn't read whether paid it off early or still had it.

Surely it's only a matter of demographics kicking in, before all private renters can buy their rentals at a discounted price from their landlord.

 

Maybe ( please yes for the sake of dignity).

Or maybe not. We are living through echoes of Rome - I keep seeing it everywhere.

"Hope, the best comfort of our imperfect condition, was not denied to the Roman slave; and if he had any opportunity of rendering himself either useful or agreeable, he might very naturally expect that the diligence and fidelity of a few years would be rewarded by the inestimable gift of freedom."

(Gibbon, The Decline and Fall of the Roman Empire)

Until that may happen, renters seem to just have to keep going out to work and earning - rarely enough to buy a house but instead to pay for Range Rovers for their "Hardworking- not lucky" Landlord Masters and I think Renters these days are very like modern day versions of the slaves of Ancient Rome.

 

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30 minutes ago, Thorn said:

Maybe ( please yes for the sake of dignity).

Or maybe not. We are living through echoes of Rome - I keep seeing it everywhere.

"Hope, the best comfort of our imperfect condition, was not denied to the Roman slave; and if he had any opportunity of rendering himself either useful or agreeable, he might very naturally expect that the diligence and fidelity of a few years would be rewarded by the inestimable gift of freedom."

(Gibbon, The Decline and Fall of the Roman Empire)

Until that may happen, renters seem to just have to keep going out to work and earning - rarely enough to buy a house but instead to pay for Range Rovers for their "Hardworking- not lucky" Landlord Masters and I think Renters these days are very like modern day versions of the slaves of Ancient Rome.

 

You could argue that equally applies to "owners" with a mortgage renting from a bank. I rent but feel free enough.

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