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John McKay
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About Me

my expertise in the industry

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John McKay
Legal & Tax Changes The Letting Industry Has Had Imposed In The Last 4 Years (some are currently proposed) 1. S24 (disallowing of finance costs) 2. Additional 3% SDLT on property purchase 3. Premium of 8% CGT when selling property 4. Banning of letting agent fees 5. Halving of lettings relief 6. Prospective banning of ‘No DSS’ wording in adverts 7. Promised banning of S21 notice 8. Growing trend of councils charging hefty licence fees per property 9. Changes to HMO regs including minimum room sizes 10. Right to rent checks (now shown to be discriminatory and there is no guidance on how to deal with EU immigrants) 11. Benefit tenants migrated to UC causing lengthy delays in rent payments and often substantial arrears 12. Deregulation Act 13. Scrapping of Wear & Tear allowance 14. Introduction of EPC minimum requirements (even on HMOs) which can be difficult to meet with older properties 15. Unfit for human habitation legislation 16. CO detectors must be fitted 17. 100%+ council tax on properties being refurbished between tenancies. Not even the 25% single person discount 18. Substantial increases in court costs for use of S8, thus making S21 more popular 19. Membership of compulsory redress scheme for agents (and most likely for landlords soon) 20. Limit on amount of deposit we’re allowed to take 21. Rogue landlord database 22. Proposed 3 year minimum tenancies though not sure what the value of this would be with the abolition of S21 23. Some councils now charging council tax on HMO rooms

From: John McKay 16 January 2020 12:01 PM

John McKay

From: John McKay 20 December 2019 18:18 PM

John McKay

From: John McKay 20 February 2019 18:55 PM

John McKay

From: John McKay 27 September 2018 10:09 AM

John McKay

From: John McKay 16 July 2018 12:41 PM

John McKay

From: John McKay 26 July 2017 11:34 AM

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From: John McKay 19 May 2016 08:53 AM

John McKay

From: John McKay 21 March 2016 09:26 AM

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From: John McKay 09 February 2016 10:50 AM

John McKay
Completely agree with you Adrian. Landlords have not created the phenomenal demand, they're just part of the supply chain to the end user. If you look at the statistics they're amazing. The UK population in 2001 was 59.1 million. So thousands of years of evolution, natural population growth and of course some pretty bad wars had arrived at that figure. In 2015 the figure had risen to around 65 million. That's an incredible 10% growth and 85% of that is down to immigration. I am personally completely in favour of foreigners coming to work here but Government made no provision to house these people. Where are the massive building programmes of the post war period and the 1970s??? If they'd kept up that build rate there wouldn't be a housing crisis, and you know, it could be sorted out now very easily. There are enormous brownfield sites all over the UK that are redundant MOD properties. Build on them and get the finance from the PRS by offering tax free investment plans, eg 5% annual ROI. This would divert investors money into these new-builds. If modern construction methods or timber-frame systems were used the houses could be built incredibly cheaply. The properties could still be sold at a profit to FTBs but way below comparable market value and the money raised from that could be used to make the necessary improvement to local infrastructure. All this Government want to do though is tax, tax, tax and of course sell off State assets that we've owned for hundreds of years. All to settle the deficit! The powers that be have no real interest in solving the housing crisis.

From: John McKay 13 January 2016 10:28 AM

John McKay

From: John McKay 14 July 2015 10:21 AM

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