Thursday, October 23, 2008

Government’s Rugg report recommends licenses for landlords

Is this the end for the amateur buy-to-let investor?

Landlords will need a licence-to-let and a business plan to take out a mortgage, under proposals published by the Government today. In a report that could sound the death knell for amateur buy-to-let investors, independent housing policy experts recommended a raft of measures that would turn letting property into a business rather than a bit of cash on the side. The licence, which could operate a bit like a driver’s licence, would mean that landlords who fail to measure up could have points deducted or lose their licence altogether and be banned from letting property.

Posted by little professor @ 07:20 PM (1685 views)
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19 thoughts on “Government’s Rugg report recommends licenses for landlords

  • Ooh that will help the housing market.
    Look forward to seeing all the city centre new builds demolished or becoming sink estates for Chavs now.

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  • It’s about time these parasites were sorted out.

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  • planning4acrash says:

    This is tyranny. Housing Corporations & big landlords won’t notice it. It will add costs to small landlords, reducing their ability to invest. Tennants rights should be strenghtened via private contract law, but this Invasion of liberty should b resisted.

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  • planning4acrash says:

    This type of regulation is corporate socialism because it bears upon small business competition. Another example is organic certification, because it costs £5000 regardless of farm size, so,a householder with 10 chickens is eliminated from middle class£’s

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  • As long as the questions are more difficult than “what do you stand on, the floor or the ceiling” and the cost is more tha £25 p.a. And then there’s the whole new raft of local governmet employees with wages and pensions who need training and recruiting to inspect and run the system etc (or run privately just like home inspectors?). Where are the tests to be administered? Surely there must be a better way?

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  • planning4acrash says:

    Inflation is the main reason for poor maintenance. These regulations merely try to resolve monetary policy failure. With sound money, strengthened contractual Tennants rights would suffice. Again, most evil comes from issuance of fiat &committing of usery

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  • planning4acrash says:

    But this failure of government is used by government, to expand government and offer welfare to corporate sponsors, paid for, you guessed it, more printed money, thus starting yet another Keynesian boom and bust business cycle!

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  • They’ve sure got it in for small time BTLers although they do have this Rent a Room scheme for the single property owners who are genuine amateurs and not trying to make a fast buck.
    Its beginning to look like this whole Buy To Let investment wagon was a temptation into getting suckered by creating money for someone else. A true scam in every sense.

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  • It just means more money for the likes of Assetz to get them to prepare the licence application for you.

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  • Someones going to have to be the major fall guy in this housing bust, looks like nu labour have decided on this lot.After all they can’t bailout everyone, can they?

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  • I think it is good.

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  • Like with a Car, you need a License & Insurance. The Landlords will require insurance aswell when for paying damages for breaking the rules.

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  • But it’s great news for us waiting for prices to go lower… and lower…..

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  • This is rubbish! What about all those properties where the LL is out of the country for a few years or just doesn’t want to sell a house that is too big?

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  • mark wadsworth says:

    A few years ago, Nulab were salivating over the thought of regulating the BTL-ers to death on behalf of their cronies in the Housing Associations etc (barriers to entry = subsidies), as well as taking away competition from your pukka slum landlord who couldn’t give a sh1t about any sort of regulations.

    But I ask myself “Will this help prop up property prices?” and I don’t think it would, so the gummint will most likely bin this report. Or maybe they will train up a load of quangista anyway to “roll out the implementation”, but it will never actually achieve anything.

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  • The amateurs will be ousted by market forces, no regulation is needed, they simply will not survive in this climate. The only thing that needs regulating is how these idiots get mortgages.

    If the amateurs have significant deposits, and the banks are not exposing themselves to any shortfalls, then I actively encourage these amatuers into the market place. The cheaper the prices will come when they end up at the auctions.

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  • If they hound out these licenses the way they hand out mortgages they will be less than worthless.

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  • Landlords have a duty of care… imagine if everyone went out on the road with no license or no insurance.. mayhem… exactly what has pumped up house prices.. i know of btl landlords referring to their property portfolio as their little empire…. these parasitic slave boat merchants will have to pay the piper… upgrading accommodation.. better treatment of tenants.. tax implications.. as has been said on hpc… these btlers wanted their cake and eat it… btl=parasitic chavish scum… drain every penny out of them… collaborators.. turn them upside down and shake… now as a shareholder of the banks (barring hsbc/barclays, but including NR/B&B btl heaven) track down the btl tax evasionists, hmrc to fine these individuals to the hilt.. punish them and make an example of them to society to demonstrate that such behaviour is not welcome in our country. For the government, it is a cherry picking bonanza.

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  • “The review, designed to root out rogue landlords who provide a poor standard of accommodation, also proposed tax incentives that could include changes to stamp duty and capital gains tax for professional landlords to encourage them to buy more properties.”

    This was the only bit that stuck out for me. The rest is just smoke and mirrors.

    …so they have to fill a few more forms in?…. whoop-di-doo!

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