Petition bids to stave off sector instability by saving ASTs

admin    Uncategorized     agents

A new Parliamentary petition has been set up urging the government to ditch plans to remove assured shorthold tenancies.

The LandlordZONE reader, who has a portfolio of properties in Yorkshire and Lancashire, was prompted to take action as he fears it could be the final nail in the coffin for many BTL investors. He says the Renters Reform Bill proposals would increase property turnover costs and create massive instability in the sector, particularly for smaller landlords.

Create safeguards

He believes ASTs give landlords peace of mind that their property and the associated costs provide a return on their investment and create safeguards for when tenants leave. “I genuinely feel that this will not do anything to stop bad landlords but will increase issues with tenants who can choose to leave whenever they want with a minimal notice period.”

There is an over-supply of rental houses in the North West, he tells LandlordZONE. “Unlike the south of England, there’s not such a supply shortage in other parts of the country – the proposed legislation doesn’t take that disparity into account.

Mould problems

“Many of my tenants claim housing benefit and I already have those who leave the property in disarray, meaning that I sometimes have to spend thousands on repairs or redecoration, particularly when tenants’ lifestyle has created mould problems. ASTs give us protection and stability.”

He adds that landlords could potentially be re-letting properties six times a year – and forced to swallow the associated costs. “I have landlord friends who will sell up if tenancies change. I will certainly sell those properties that aren’t local to me and no doubt they will be bought up by big companies.”

Sign the petition here.

View Full Article: Petition bids to stave off sector instability by saving ASTs

If you enjoyed this article please consider sharing it!