Sinn Féin wants to stop exodus of semi-professional and accidental landlords

One of the problems associated with limited supply is that even if you give notice now before the new rules come into force, the tenant has nowhere to go, so won't leave.
So really the government should be trying to entice new landlords into the market, rather than doing everything to drive them out.
 
bipped said:
That sounds like he wants to prevent any existing landlords from leaving.
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Yes. Simple to achieve.

Preventing any house which is let from being occupied by the owner.

So you could sell your house with a tenant, but the new owner could not evict the tenant on the grounds that they want to live in it themselves.

And if the tenant leaves, then the property must be let again.

Brendan
 
Thirsty said:
Which is why my tenant is getting six months notice this weekend. Not what I want, not what the tenant wants. Bad deal all round :(
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Is that allowed considering in six months time the tenancies of indefinite duration will most likely be law.
 
I don't think giving notice now will make much difference. The tenant won't leave, citing nowhere to go, and all law will be in his favour.
 
Thirsty said:
That is why notice is being given now.
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I understand that squire. But giving nothing now and the tenant having say 6 months to vacant, in a month or two's time, tenancies of indefinite duration are to be introduced. Are you certain that your notice to evict is legal and legitimate with such a fundamental change?
 
Would that not depend on whether the legislation says
a) all valid notices given prior to the passing of the legislation are still valid and previous rules apply
or
b) previously valid served notices are now invalid and they have to be re-served according to the scenarios provided in the new legislation
 
NoRegretsCoyote said:
Law - in general - cannot be retroactive.

If you issue notice today the process proceeds under the law in force today.
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One would assume so. Could they bypass that by declaring some sort of emergency, like the moratorium on evictions during the covid lockdown. But then, that was a temporary measure.
 
It is going to be interesting to see what SF actually do if/when they get into power.

In my opinion it doesn't seem too complicated to resolve some of these issues. My view is that politicians talk about the rental market as a whole whereas it needs to be split into categories. A country / city is always going to need a supply of rental stock, which can be estimated using data from the RTB and daft etc. This can be broken down into regional requirements and types of rental stock, for example Dublin probably requires the most high density apartment schemes. Lets say then that the government expects that rental stock requirement to reduce in certain categories as houses are built. They then need to look at how to maintain the required level of stock.

They then need to categorize the type of landlord, i.e. Institutional, large (100+), medium (10+), small (1 property), then tax, and set rules accordingly. Evidently currently the medium and small landlords (accidental) landlords are leaving the market. So why not look at specific incentives to keep those in the market.

It looks like currently government are cutting off both their feet and their hands. Changes are forcing small and accidental landlords out of the market and there is a push to stop institutional investors buying entire developments and build to rent schemes.

A smaller rental stock isn't going to help the housing crisis.
 
When you think about it, what are the advantages of giving notice? Yes, you are able to sell on the open market, pay back the mortgage. But the funds you may have left, are of no real benefit to you, with no interest rate and increasing inflation.
Maybe best to put up with the new rules and have some kind of income from the property.
 
Sellingup said:
When you think about it, what are the advantages of giving notice? Yes, you are able to sell on the open market, pay back the mortgage. But the funds you may have left, are of no real benefit to you, with no interest rate and increasing inflation.
Maybe best to put up with the new rules and have some kind of income from the property.
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There are a lot of reasons for private/accidental landlords to sell at the moment:
  1. Lifetime tenancies
  2. Rent cap - if you're already charging a low rent, then you are stuck with it and this will have a big impact if you can only sell to other investors
  3. Constantly changing regulation for landlords
  4. No changes coming down the line if tenants decide not to pay their rent
  5. House prices are high, so good time to sell
  6. Uncertainty on what is going to happen if/when SF get into power
  7. Stress/anxiety levels reduced
 
Sellingup said:
When you think about it, what are the advantages of giving notice? Yes, you are able to sell on the open market, pay back the mortgage. But the funds you may have left, are of no real benefit to you, with no interest rate and increasing inflation.
Maybe best to put up with the new rules and have some kind of income from the property.
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Agree, it is a difficult decision unless you can put the money into a pension and avail of tax relief. Or you have another mortgage on something higher 2% rate you can pay down.

I honestly dont know what to do.
 
aristotle said:
Agree, it is a difficult decision unless you can put the money into a pension and avail of tax relief. Or you have another mortgage on something higher 2% rate you can pay down.

I honestly dont know what to do.
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I'm definitely falling down on the 'get out now' side of this, for all the reasons Maggs065 outlined above. It is a good time to sell, before all the extra supply comes on board and starts to impact the market, which it must do in the medium term. You might have to give six months notice now to sell up, but it could prove to be a relatively easy exit route compared to what the future might hold. I can also see landlords having to bring their houses up to a certain BER level at some point in the future at great expense, despite any grants etc. There is massive uncertainty around regulation and government, which may not turn out to be all that bad, however I do think we are going to have to suffer a Sinn Fein government at some point in the near future, and I couldn't even begin to second guess what that might mean.

I'm going to sell, hopefully be able to clear all mortgages, including my PPR, or close to, which would give me monthly disposable income to increase my pension contributions every month. Maybe if I held firm, I could have earned more money, who knows, but I know I will be sleeping better the next few years.
 
Sellingup said:
When you think about it, what are the advantages of giving notice?
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No. 1 advantage: I have control over my own property
Sellingup said:
Yes, you are able to sell on the open market, pay back the mortgage. But the funds you may have left, are of no real benefit to you, with no interest rate and increasing inflation.
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Whilst everyone's circumstances may be different; I would disagree that capital funds 'are of no real benefit'!
Sellingup said:
Maybe best to put up with the new rules and have some kind of income from the property.
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Nope.
 
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Maggs065 said:
There are a lot of reasons for private/accidental landlords to sell at the moment:
  1. Lifetime tenancies
  2. Rent cap - if you're already charging a low rent, then you are stuck with it and this will have a big impact if you can only sell to other investors
  3. Constantly changing regulation for landlords
  4. No changes coming down the line if tenants decide not to pay their rent
  5. House prices are high, so good time to sell
  6. Uncertainty on what is going to happen if/when SF get into power
  7. Stress/anxiety levels reduced
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I think the prospect of a bad tenant (who doesn't pay the rent & is protected from having to leave) would be in that list too. I honestly think this is what is behind the massive building of student accommodation at the moment...worst case for a landlord, the apartment will be vacated in June anyway and available for rent again in October...
 
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