The Mega **Management Company** thread

Sir Oxman

MorningStar wrote:

They do and have been for years as nobody gets prosecuted as government departments aren't allowed exchange certain data. AFAIK the department of social welfare can't get information from the tax department and vise versa, civil rights and all that. Lots of laws to protect your rights.

I can confirm that. I've never had to get a landlord to sign anything to receive my rent tax allowance. Filled in the forms once years ago and its automatically on my tax credits since.

Sir Oxman

MorningStar wrote:

Pathetic, this case is somebody looking for the penny but only wanting to pay the half penny.

Wrong. Again. A reasonable increase balanced against another year of hasslefree tenancy, rent on time etc etc.

bullrunner

delah wrote:

I can confirm that. I've never had to get a landlord to sign anything to receive my rent tax allowance. Filled in the forms once years ago and its automatically on my tax credits since.

you need to get your landlords RSI number to claim the relief.

MorningStar

delah wrote:

Wrong. Again. A reasonable increase balanced against another year of hasslefree tenancy, rent on time etc etc.

I can't be wrong it is a point of opinion and not fact one way or the other.

Are you now going to argue that you are complaining that the landlord is making a bad business decision and not about the fact you don't want to pay more money?

whizzbang

This could be to do with the recent interest rate hikes, if your landlord as an interest only mortgage then his repayments could have gone up 18%, he is just trying to pass on the increase to you.

MorningStar

whizzbang wrote:

This could be to do with the recent interest rate hikes, if your landlord as an interest only mortgage then his repayments could have gone up 18%, he is just trying to pass on the increase to you.

Really? Where did you learn math? One half of a percent becoming 18% is magic. It is possible I guess that it went up €150 a month but highly unlikely unless those appartment went for a lot more than I am aware of.

Blub2k4

MorningStar wrote:

I can't be wrong it is a point of opinion and not fact one way or the other.

Are you now going to argue that you are complaining that the landlord is making a bad business decision and not about the fact you don't want to pay more money?

Another landlord safe from tenants tyranny, thanks to morningstar, the world of greedy landlords is a safer place.....

Sir Oxman

MorningStar wrote:

I can't be wrong it is a point of opinion and not fact one way or the other.

Are you now going to argue that you are complaining that the landlord is making a bad business decision and not about the fact you don't want to pay more money?

I can say you are wrong when you presume I don't accept that I will more than likely have to face an increase after a year in situ. I am not arguing anything but it is a fact surely in the way landlords make decisions or is it a case of rack 'em up, pile 'em high ...

Sir Oxman

bullrunner wrote:

you need to get your landlords RSI number to claim the relief.

I didn't.

whizzbang

MorningStar wrote:

Really? Where did you learn math? One half of a percent becoming 18% is magic. It is possible I guess that it went up €150 a month but highly unlikely unless those appartment went for a lot more than I am aware of.

the base rate has gone up 25%, moving from 2% to 2.5% is a 25% increase. I'm assuming their bank is cushioning the increase a little bt so around 18% increase is possible in an interest only mortage.

if the interest rate goes up by .5% it doesn't mean that your repayments go up by .5%, it means they go up by whatever percentage of the previous rate it is.

ie, on a loan of 100k at 2% you repay 166 per month on interest only
on 2.5% you pay 208 per month

thats a 25% increase in repayments per month, not .5%

Try playing around on an interest only loan calculator.
http://www.bankrate.com/brm/mortgage-advisers/interest-only.asp
I've got a funny feeling it just might scare the **** out of you!

MorningStar

delah wrote:

I can say you are wrong when you presume I don't accept that I will more than likely have to face an increase after a year in situ. I am not arguing anything but it is a fact surely in the way landlords make decisions or is it a case of rack 'em up, pile 'em high ...

You can say what you like but saying certain things can make a person seem to have trouble understanding things.

It is a fact you don't know the finacial situation of the landlord and what makes business sense to him. Landlords have different motives and intent depening on thier situation. It is a case by case basis but as I am "wrong" you know all of this:rolleyes:

whizzbang

One more thing morningstar

on a 30 interest only loan on a 300,000 property you pay €875 per month with an interst rate of 3.5%

with an interest rate of 4% you pay €1000

This looks like what is going on to me.

Good calculator here.http://www.mortgageloan.com/calculators/interest-only-calculator.cgi

if his rates goes up to 5% he will be looking for €1250 per month.

Sir Oxman

MorningStar wrote:

You can say what you like but saying certain things can make a person seem to have trouble understanding things.

It is a fact you don't know the finacial situation of the landlord and what makes business sense to him. Landlords have different motives and intent depening on thier situation. It is a case by case basis but as I am "wrong" you know all of this:rolleyes:

I will say this slowly. Several times you have presumed/assumed that I did not want to pay an increase. Therefore, you were wrong. As you were wrong in telling ME that I was the cause of the 'hassle' with the satellite equipment when the fact is you didn't know the situation. I would f*cking hate to be a tenant of yours. Goodbye.

Sir Oxman

whizzbang wrote:

One more thing morningstar

on a 30 interest only loan on a 300,000 property you pay €875 per month with an interst rate of 3.5%

with an interest rate of 4% you pay €1000

This looks like what is going on to me.

Good calculator here.http://www.mortgageloan.com/calculators/interest-only-calculator.cgi

if his rates goes up to 5% he will be looking for €1250 per month.

Thanks for the info whizzbang.

MorningStar

whizzbang wrote:

One more thing morningstar

on a 30 interest only loan on a 300,000 property you pay €875 per month with an interst rate of 3.5%

with an interest rate of 4% you pay €1000

This looks like what is going on to me.

Good calculator here.http://www.mortgageloan.com/calculators/interest-only-calculator.cgi

if his rates goes up to 5% he will be looking for €1250 per month.

How much did the appartments in Ballymun cost? The mortgage still didn't go up 18% which is what you said. Maybe you just didn't understand what you were saying.
I don't know what the landlord bought the place at so haow do you?

MorningStar

delah wrote:

I will say this slowly. Several times you have presumed/assumed that I did not want to pay an increase. Therefore, you were wrong. As you were wrong in telling ME that I was the cause of the 'hassle' with the satellite equipment when the fact is you didn't know the situation. I would f*cking hate to be a tenant of yours. Goodbye.

Well why are you complaining if you don't mind paying more rent?

THe landlord didn't put up the satelite dish so yes I assumed you put up something without checking whether you could or not properly and were then forced to take it down at your own cost. I assumed this on what you said.

Luckily I vet tenants and would probaly spot the type of person I would not like in my property but I have rented to stupid people before so maybe I should ask them more questions.

Sir Oxman

MorningStar wrote:

Well why are you complaining if you don't mind paying more rent?

THe landlord didn't put up the satelite dish so yes I assumed you put up something without checking whether you could or not properly and were then forced to take it down at your own cost. I assumed this on what you said.

Luckily I vet tenants and would probaly spot the type of person I would not like in my property but I have rented to stupid people before so maybe I should ask them more questions.

FFS?? Look at the thread title. It_is_about_the_amount_of_increase - not the fact he's looking for an increase. Then read what I posted and stop making stupid, imbecilic presumptions which I would hate to assume you make about your unfortunate tenants. "...he and his agent lied to me in regards to erecting a satellite dish which cost me over 600€ in equipment and which I had to remove to avoid being fined."

Sir Oxman

FFS?? Look at the thread title. It_is_about_the_amount_of_increase - not the fact he's looking for an increase. Then read what I posted and stop making stupid, imbecilic presumptions which I would hate to assume you make about your unfortunate tenants. "...he and his agent lied to me in regards to erecting a satellite dish which cost me over 600€ in equipment and which I had to remove to avoid being fined."

whizzbang

MorningStar wrote:

How much did the appartments in Ballymun cost? The mortgage still didn't go up 18% which is what you said. Maybe you just didn't understand what you were saying.
I don't know what the landlord bought the place at so haow do you?

Clearly I don't know how much the apparment in Ballymun cost, I made an assumption based on what I would expect it to cost to see would that fit into the "rent increase matching rate increase" idea. I think 300k is probably roughyl right for a appartment there.

I was illustrating that the morgage repayments could have gone up in the region of 18% due to the recent rate hike. Which is clear from the rought calculations above. Please stop trying to pick holes in a subject you clearly don't understand.

Delah, I'm glad you found this useful.

MorningStar

delah wrote:

FFS?? Look at the thread title. It_is_about_the_amount_of_increase - not the fact he's looking for an increase. Then read what I posted and stop making stupid, imbecilic presumptions which I would hate to assume you make about your unfortunate tenants. "...he and his agent lied to me in regards to erecting a satellite dish which cost me over 600€ in equipment and which I had to remove to avoid being fined."

Did they lie or did they get it wrong? As you hate assumptions so much I would think you know this for sure.

So the hassle was you got something put up illegally and you would have been fined. That is your fault for asking the wrong people. Take responsibity for not checking with the right people and stop blaming others you assume lied

MorningStar

whizzbang wrote:

Clearly I don't know how much the apparment in Ballymun cost, I made an assumption based on what I would expect it to cost to see would that fit into the "rent increase matching rate increase" idea. I think 300k is probably roughyl right for a appartment there.

I was illustrating that the morgage repayments could have gone up in the region of 18% due to the recent rate hike. Which is clear from the rought calculations above. Please stop trying to pick holes in a subject you clearly don't understand.

Don't assume anything here Delah will get mad.

It could be a reason but the appartements were cheaper when up for sale. You are assuming an intrest only mortgage for 100% of the price too. YOu are also suggesting the landlord has been lossing money and now is moving to reduce this. Either way Delah is getting a better deal than a mortgage and he is still complain about the increase even if it is on the grounds of a large percentage he still complaining.

whizzbang

MorningStar wrote:

Don't assume anything here Delah will get mad.

It could be a reason but the appartements were cheaper when up for sale. You are assuming an intrest only mortgage for 100% of the price too. YOu are also suggesting the landlord has been lossing money and now is moving to reduce this. Either way Delah is getting a better deal than a mortgage and he is still complain about the increase even if it is on the grounds of a large percentage he still complaining.

I think Delah has an issue with unreasonible assumptions that put him/her in the wrong (sorry Delah, I can't tell by the name! )

Yes, I am suggesting that the land lord is currently losing money and is seeking to get this from the tennant through suggesting that if they don't pay others will gladly take the place. This is the oldest trick in the book, ask any car sales man and he will name 5 people currently interested in the car you are looking at, it shouldn't fool anyone.

Just because interest rates go up it doesn't mean the landlord has the right to expect the tennant to pay the full mortage. The landlord made an investment in the property and now they have to bear it out even when it starts to hurt, he can't expect tennants to bail him out. Delah is fully within his rights to contest the increase, he should only be expected to pay the market rate, not what the landlord's repayments are.

J

hmmm

MorningStar wrote:

Either way Delah is getting a better deal than a mortgage

Landlords mortgage is irrevelent to me as a tenant, rents are based on the overall rental market. If a landlord wants to piss money away on an overpriced apartment, it's their problem if the rent they get doesn't give them an adequate return.

I'd be inclined to agree with previous posters that moving is possibly what you will need to do, but before that I'd do the obvious and:
1. Figure out whether your landlord is open to discussion on the increase and
2. Figure out what the going rate is in the same area.

the_syco

Just a thought: the landlord saw another apartment in our building having rent of €1000, and thought he'd try his luck. Also, as there was no written agreement, he thought he'd get away with this.

MorningStar

hmmm wrote:

Landlords mortgage is irrevelent to me as a tenant, rents are based on the overall rental market. If a landlord wants to piss money away on an overpriced apartment, it's their problem if the rent they get doesn't give them an adequate return.

I'd be inclined to agree with previous posters that moving is possibly what you will need to do, but before that I'd do the obvious and:
1. Figure out whether your landlord is open to discussion on the increase and
2. Figure out what the going rate is in the same area.

As a renter I would think if a mortgage is cheaper than your rent it would be vry important to you. The landlords mortgage makes no difference but the local rental market does and as pointed out there other people in the same area paying the rent. I was pointing out as a renter Deliah has and is doing better than a mortgage of his own no reference to the landlords needs.

If you take the attitude that you don't care about the landlords situation never wonder what the landlord thinks of the tenants. Respect is a two way street.

The going rate has been stated at €1000

whizzbang

This boils down to supply and demand, if there are 100 landlords and 50 possible tennants then it doesn't matter how much the Land lord is paying in mortage per month, he has to offer a low rent to attract the renters.

This worked the other way as well back in 2000 when there were few places to rent, landlords were charging huge rents even if they were paying tiny mortages, its just the market. I don't think lanndlords should be saying tennants should help them out when the going got though as the landlords didn't do this for tennants!

I don't think renters need to "care about the landlords situation" as the landlords clearly don't care about the tennants situation previously! and neither should they have!

Who stated the going rate as 1000? the landlord?!

BaZmO*

BoozyBabe wrote:

Plus, I don't think you can receive rent allowance unless your landlord is registered, so when you applied they would've found out about him.

Could be wrong though

The way it works is that if you want to avail of tax relief all you have to do is ring the Tax Office and give them your PRSI number and they will amend your Tax Free Allowance for any rent paid in the future. I think it works out at around €250 per year, but it's only for that amount, it doesn't matter how much rent you pay, everybody gets the same allowance.

However, if you want to claim Tax back for previous years you have to have the Landlord's PRSI number to claim. That's the way it used to be anyway.

Victor

delah wrote:

What is adequate notice of rent increase? 1 month, two?
And does it need to be written or is verbally legal?

I'm not sure, take a look at the leaflets on www.prtb.ie and www.threshold.ie but I would look for at least a 4-6 weeks, i.e. from today, not before May's rent is due.

delah wrote:

I looked on the PRTB site and he is not registered (I looked at Dublin 11 AND Dublin 9 lists as postcodes here are all over the place) There are many apts in my building registered but not his..

This may not be accurate, some properties are even listed in the wrong county.

Of course, there are some details that you are meant to fill in on the form (name, RSI number). If you haven't filled in the form, you are unlikely to be registered.

bullrunner wrote:

you need to get your landlords RSI number to claim the relief.

Not absolutely. The Revenue will generally accept name, address, etc.

MorningStar wrote:

Really? Where did you learn math? One half of a percent becoming 18% is magic. It is possible I guess that it went up €150 a month but highly unlikely unless those appartment went for a lot more than I am aware of.

.5%/3.5% = 14%

Victor

MorningStar stop being so defensive (to the point of being offensive) or leave the thread.

mad m

MorningStar wrote:

but I have rented to stupid people.

Hey those stupid people that are renting from you, are they paying for their bin tags now?:)