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House Price Crash Forum


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About bearish_rat

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  1. Not strictly true - whilst you can only claim for consequential loss of property i.e. the damage to make good or replace what the baliffs did. You can also claim under slander laws for damage to reputation, for the landlord in the one case, if he can show that his reputation was impuned it is slander and the loss there is....well take your pick....get carter-ruck involved on no win no fee against a bank and you are a businessman with a 'solid' reputation it could be a lot. In my partnership a few years ago the bank wrongly issued notices to a creditor stating that our account could not pay out....again a 'typo' caused this. Anyway after rectifying the consequential loss we made claims for loss of reputation and got a fairly large exgratia payment from them rather than face us in court for slander...well in this case libel as it was written. Edited as bloody typos get everywhere.
  2. Just realised that I sound like a survivalist nut saying this...not honestly, simply experience/background in agriculture/food production.... However, some cash, some rice and pasta and thinking of a shotgun......oh bum back to the nutter category then....
  3. Indeed, wanted to add that food if stored correctly will last for years (look at the grain mountains the EU had). As long as it's dry when it goes into storage and kept dry, cool and dark with minimal air circulation (enough to keep it dry) it should be fine for years. I like the rice packs you get in plastic hoppers - the rice is put in dry and then sealed so as long as you keep the seal and keep it stored in the dark it will last for many years. After a few years the grain would lose some of their starchiness and so will be more pulpy when cooked but perfectly edible. Cans last for years - although it is only a commercial not a hemetic seal so you still need to keep them dry and cool.
  4. Yes....1930's America and North England, 1918-1920 Germany in Weimar republic, 1980's UK during miners strike, 2008 in America. Apart from that in 'West' no not frequently.
  5. Gordon put Prudence in the cat house to help pay off the 10p tax rate fiasco....he's now successfully taught her to turn tricks for £2.7bn a time.....but it takes a lot out of her so don't expect another this year.
  6. Whenever I read these debates I am reminded of the amount of British Labour that went to Germany in the late 1970's and early 1980's when our economy was really in the drain. There was a lot of German animosity towards our labourers but the overwhelming majority eventually went home....when the UK economy picked up. Sure a few people stayed (I know some) but I would like to bet that the same will happen in the UK with the Polish and other immigrants.
  7. Been thinking about ths myself and thinking of hedging against GBP falls as I don't want my savings disappearing down a hole. Anybody any advice on the easiest way of hedging against GBP devaluation using forex? And no i'm not a gold fanatic.
  8. As somebody who has been involved in several cases of adverse possession (buying old estates and renovating, etc) I would suggest that it's unlikely that this will be sorted out with confrontation as you probably both feel that you're in the right - infact most of the 'neighbour murders' that occur happen over boundary disputes - I'm not kidding.....so please be careful. The law of adverse possession has been simplified but generally the adverse possessor generally has to show a minimum of 7 years continuous usage of the property 'as if it were his own' and without contest. This would indicate that you can do things slowly and properly without having to hit anybody. My advice is as follows (which isn't formal legal advice) but is based upon experience. My notes are: 1. This is a civil matter and unless you hit each other or otherwise breach the peace the police will not be involved as trespass is a civil not criminal matter - pulling the fence up or otherwise causing damage is the quickest way of getting the police involved and will probably put you not him in the dock - sad but true. 2. Whilst your solicitor may be able to 'help' unless they are a specialist in land title and boundaries (not conveyancing) they will be of use only if you need to take further action. In fact in one case I had to claim adverse possession over our own carpark as the solicitor has mucked up the original conveyance so badly. 3. The Land registry's information is normally vague and is for guidance only and can't normally be used for finalising any boundary - it's normally 1:1,250 so a 1mm 'error' is a 1m real world difference. 4. Land Registry do not comment on disputes directly - The Adjudicator to Land Registry or the courts are the ulitmate artibers of boundaries and you will need to liase with them or their appointed surveyor and the use of solicitors or other enforcement will only be applicable if the other party does not abide by the decision. Once determined the specific boundary can be added to both your title deeds to ensure that it's clear going forward. I assume that he 'claims' part of the land as his which is why he's doing this rather than simply pulling a fast one. If he is simply pulling a fast one then the easiest/quickest remedy will be an injunction which the police can then act on. However, assuming this is a dispute: 1. Write to him noting your concern about his activites and that you believe he is encroaching on your land. This registers the contested nature of the possession and means that he will not be able to claim uncontested right under the adverse Possession 7 year rule and you have that long to 'follow it up' - copy the leter to the land register so that have a copy on his and your titles. 2. Ask to try and meet to settle the boundary together based upon the information you both have from your deeds (not just what the land registry has but the old versions which probably have detailed maps) - if this has been a field for many years the boundaries are probably marked in the local parish records and will be clear - as other people have said they normally mark against 'features' such as trees or ditches. 3. If he refuses to acknowledge the dispute register an issue with the Land registry who will send you through the arbitration route. It shouldn't be expensive - a few hundred pounds for a decent surveyor to finalise the boundary and they will mark the boundary on the ground AND at the registry.
  9. I was just going to offer to phone up and speak to the agent myself....offer's there if you want it...and not at 5% off asking either.
  10. Interesting debate - I've often wondered how many IT/Business Contractors are on the forum and it appears that there may be a lot of us. I've wondered about the implications of the recession on us having seen through a pretty major downturn starting after y2k and peaking after 911. Certainly things have picked up in the last couple of years but I don't know if we will see the same combination that was around in the mid 90's of investment in desktop technologies and y2k which meant that IT boomed whilst the economy was lurching along. Overall tend to agree with Shifty and SuperTed that the growth area in IT will be in management control and productivity areas but I think it will be leantimes for 'general' IT skills. However, like to know more thoughts....is this a good discussion thread on it's own.....what IT areas will grow in the coming recession?
  11. Think you're right - although is that simply to do with the fact that when you take away the bubble, people are looking to invest in a home, not simply somewhere you live to make money? Interesting point - but rather than concious decision though could this simply be part of the overall cooling and reduction in churn? i.e. people simply stick where they are for longer reducing the over-all number of houses coming onto the market? If the number of speculative refurbishments also reduces as they're more risky (no ready made market) you won't see these and if at the same time death/divroce releases, etc remain about the same, overall the proportion of crap increases in relation to the total number of properties being sold.
  12. Interesting thread - I've been thinking about the same myself - how will this playout as we go through the....stand-off. My theory goes - people aren't rational - it's why we've had a bubble in the first place and once somebody has paid or even been told that their property will be worth a figure they use that as the basis of their expectations. People will bear small drops in prices (5-10%) as long as they are fairly psychologically neutral. For instance a reduction of 550k to 500k seems large (10%) but it still starts with a 5 and that's a major thing to people. In general markets these are 'support levels'...basically psychological levels at which we baulk (either high or low). Because of the psychological factor, I think that the major price drops will be hidden.....inflation eating away at the real value while people maintain the illusion of value....until real value balances with their expectations. we all have stories of people that took 7 years to sell houses in the early 90's because they set the value too high but were vindicated when 7 years later they acheived the price that 'they always knew it was worth' This also explains why we get a trough at the end of the cycle - where house values become too cheap.... The upshot is.....if I'm right.....we all better relax as this will probably take 7 to 12 very slow years play out...unless somebody can find a way of increasing inflation quickly so that it happens faster......... Ohhhh.....so Gordon does have a plan
  13. Yes sorry - should have read.... £100k rent = £1.1m value
  14. It's your choice - if the cost of money is 8% then the only way you are actually turning a profit on short-term lets with internal repairs is by factoring in asset appreciation or valuing your own time as Zero which is a gamble (sorry - a one way bet as property values only ever rise in price). Given that you can buy decent commercial property at 1-2% over cost of money with little or no cost then I'm more than happy not to compete in that market. Once the market clears in a couple of years there will be room for us all again....
  15. Historically (as in more than 5 years ago) we used to work out commercial property value based on 4 factors which determined the yield you were looking for: Covenant of tenant (how likely they were to default) Length of tenancy Type of tenancy (what is landlord responsible for) Cost of Money (longterm replacement rate...i.e if I had it in the Bank what would it earn me?) Assuming the average longterm cost of money is 8% For a longterm non-repairing lease with great covenant (i.e 30 years lease to Tescos) you would look for a 1% premium so if financiing a building like this you would value it on a 9% yield. (e.g. £100k rental = building worth £900k) Worsen the terms and the covenant the higher the yield you'd want....so if it was residential lets on short (6 months - year) terms then you'd look for 5-6% so a 13-14% total yield. (i.e. £10k rental = building worth £70-80k) When this model works again we will no longer be in a bubble - and I will start buying again until then I will keep what I own...selling to the stupid and watch HPC.co.uk.....
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