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Dunspeculatin

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  1. We have children at a private school and I can vouch for the fact that yes, some children are being pulled out for a variety of reasons but others are also coming in from more expensive private schools as presumably the parents cut costs. There are also no "super-rich" parents that I know of; some wealthy business types, a few local small-business owners made good, but the vast vast majority are ordinary people like us who make sacrifices to give their children a better chance in life. Teachers, policemen, taxi-drivers - they live in smaller houses than they could otherwise afford, the majority drive older and smaller cars than they could otherwise afford; yes, there are the mewers I'm sure but when we meet up in the playground at collecting time you can tell that most of us are just like you, the only difference being we have given up our holidays and plasma-screens because we think the education of our children is more important so that's what we spend our money on.
  2. We have some of these in our area - they call them "clipper style" houses and since Christmas a few have come to the market, slashed the price repeatedly and remained unsold. My personal theory is that they were a product of the BTL boom, suitable to let out short term but not to really live in and as such they are now, literally, worthless.
  3. Local anecdotal: Family on £32k pa, 6 kids, frequent mewers to top up the wages and pay off accumulated credit card and other debt. Last house valuation £265k, current realistic valuation £220k if they're lucky, last remortgage refused so necessitating a secured loan with Firstplus. Got to survive on salary now and pay the debts too - only a matter of time until they go under. Amateur btl and developer, bought run down house overpriced at £350k at top of the market last summer, done about £60k worth of work, can't afford to finish it, can't sell it, can't afford to keep living in it. Had dreams of selling it for half a million with solar panels and all mod cons; that was last year - the reality is, having dug out a driveway to block-pave, it's now filled with shingle. Tried to sell btl in January, much price reducing and 3 months later no sale and no rent for 3 months, back to looking for tenants - scewered on all fronts, yet another candidate for the Personal Insolvency website. Finally, local ea and partner have just put their house on the market having reserved 2 villas off-plan in a development in Africa intending to live in one and rent the other out and live off the proceeds. After hefty deposits, they have to come up with 2 lots of £100k in a year's time to complete the deal yet the house is on at last year's price plus £20k. These two are really nice people, we don't want anything bad to happen to them but what can you do? They just don't understand and one of them is in the business for chrissakes - I just hope they pull it off even though in my heart of hearts I think they're scewered too - very sad. It is all very very sad
  4. There 's a thread currently running on "Singing Pig" (sorry, I haven't figured out how to post a link yet) which may offer some insight - 5 pages long but worth a read. Interesting on two levels: the mess that people are in and the response they get! The opening post reads: "4 MONTHS AWAY FROM BIG NUMBERS MELTDOWN" pentaxia 4 months away from BIG Numbers meltdown , any ideas? . READ THIS to see how it can go WRONG! My problem is simple to understand but a challenge to resolve, what would you do, what should I do? I am Full Time BTL landlord with 29 properties (I have no other job or income), all but three of them are currently tenanted out. The three that are vacant are up for sale. My total expenditure (BTL Mortgage interest ,insurances , domestic Mortgage payment , all living expenses, etc etc exceed the income I currently receive from tenants by £15,000 per month. Market conditions dictate that I can not get more rental income per property and I am convinced that the problem will get worse with the next two interest rate hikes this year. My reserves now are such that I cannot afford this burn rate for more than the next 4 months. After which I will have to start to default on the BTL Mortgages. The properties are mortgaged across 7 different lenders. There are currently no arrears on any of the properties. Because of where most of these properties are ( Provincial city centres) their values have not held up and I now only have 10 to 12% equity as an average across all the properties If I default on the Mortgages I understand eventually the properties will be repossessed and sold at auction etc. The lenders won’t care about the equity I may have in them and will only worry about what they are owed. I also understand that I can realize a higher price for any given property if I can sell them on the open market. (All but 2 properties are currently worth on the open market more than the outstanding mortgage on them) But this of course will take time. Maybe up to 1 year. This is not a sellers market ! I don’t necessarily think I need to sell all of the properties. But at least 70% of them to get me back on a level playing field. In an ideal world I would like the Mortgage payments to be frozen or substantially reduced (with the lenders capitalizing the outstanding interest) giving me time to sell the majority of the properties. That way I can get myself out of this mess & down to more manageable levels. The main dilemma here is do I tell the lenders ( 1, 2 or 5 etc or all of them ) UP FRONT about the problems I will be having in the next month or two or do I allow some/all of the properties to go in to arrears by either keep missing out say every two of the next three payments or just paying them say 30% of the due monthly payment and explaining to them AFTER the fact that when I am in arrears that I need time to pay ie they would be better off capitalizing the outstanding debt etc because I will get more for the properties by selling them on the open market as opposed to them repo’ing them and selling them at auction. Obviously I am trying to buy time in order that I can get my cashflow back as near to positive as I can by:- a) putting the properties up for sale and sell them to clear the o/s mortgage on them, whilst this is happening. c) not paying the mortgage hoping to do deals with the lenders to fend off repossession and forced below market sale. Any other ideas , strategies I know if I do nothing then they will go into arrears sooner rather than later. I cant stop this train
  5. I think this is the Bishops Waltham house: From 192.com: GREEN ACRES THE DEAN DEAN LANE BISHOPS WALTHAM SOUTHAMPTON SO321FW From Our Property: 2006-10-12 Greenacres, Dean Lane, Bishops Waltham, Southampton, Hampshire, SO32 1FW £600,000
  6. Don't know if this has been posted before but if anyone wants to have a peek at Companies House..... Companies Information For FERGUS GLEN WILSON Linton Lettings Co Ltd Director THE LIMES HEATH ROAD BOUGHTON MONCHELSEA MAIDSTONE KENT ME174HS Greenfields (Beckley) Ltd Director 24 COAST DRIVE LYDD ON SEA ROMNEY MARSH KENT TN299NL Greenfields (Rye) Ltd Director 24 COAST DRIVE LYDD ON SEA ROMNEY MARSH KENT TN299NL Nursery Management Ltd Director 103 SANDGATE ROAD FOLKESTONE KENT CT202BQ Boughton Monchelsea Lettings Ltd Director THE LIMES HEATH ROAD BOUGHTON MONCHELSEA MAIDSTONE KENT ME174HS Jwipb Ltd Director 50 HALL FARM DRIVE TWICKENHAM Middlesex TW2 7PQ
  7. A quick thanks to Suburban Solicitor and Driver, much appreciated. Keep the posts coming!
  8. As it is rare to have such a variety of people working within the industry gathered together in one place, I'd like to be cheeky and ask a related question that I have had many differing answers to over the past year regarding a clause used in titles at the Land Registry. It appears on some titles and not on others and I would realy appreciate anyone being able to tell me what it means. Under "Proprietorship Register" it goes: Restriction: No disposition of the registered estate by the proprietor of the registered estate is to be registered without a written consent signed for the time being by the proprietor of the Charge dated **** in favour of XYZ Bank referred to in the charges register. It seems to crop up with frightening regularity on distressed sales I have looked up so does it have to do with additional borrowing secured on the property or joint ownership or what? Sorry to go off at a tangent but I couldn't resist!
  9. I found this when researching a particular lender and actually felt my jaw drop - how many in this situation? IVA Campaigner United Kingdom 67 Posts Posted - 25 February 2008 : 17:52:07 -------------------------------------------------------------------------------- quote: -------------------------------------------------------------------------------- Originally posted by Reviva UK Hi there vad921 I know that you say that you want to keep the house but you also need to consider that you owe £168k + £75k + £20k on a house that is worth perhaps £185 - £190k re the mortgage I can't see that you could remortgage and release any funds even without the first plus charge. however with the first plus charge I think your options are :- 1. IVA for unsecured debts - there is unlikely to be any equity in 4 years time for the equiy clause. 2. bankruptcy for unsecured debts - remain in house as it is in serious negative equity. 3. bankruptcy and hand back the house and have a fresh start. eitherway you need to really understand that there is no posibility of you moving house until th house has equity - i.e. it is worth over £263. So to move you would also need deposit for new house so in reality the house would ned to be woth £300k for you to have any chance of moving. Your guess is as good as anyone elses as to when this would be in current condition. How much are your unsecured debts and what is your disposable income like to service these unsecured debts? -------------------------------------------------------------------------------- It is a struggle. My wife and I both have overdrafts of £3.5k and the only way I can keep my head above water is through my travel expenses and then not really. I have no disposal income at all so I can't buy anything. I can't use my cards as I am above the liimit on both so I can't pay the minimum and the use the extra anymore like I used to. My wife is in a similar boat. Unsecured debt collectively (including car loans) is in excess of £60k and thats on top of the secured loan! More than half of my salary goes on the First Plus loan and more than half of my wifes salary goes on the mortgage. My car a cards are another £800 and my wife is also in a similar position. We can't cope. With expenses we probably bring in, collectively, about £4k p.m. Incidentally, I just tried to reschedule my car loan and the finance company said the underwriter said no!!
  10. HSBC may only offer limited multiples on their calculator but I know they are negotiable on this and they encourage you to go see them if you want more. On the sub-prime front, I think it might be more interesting to find out what the likes of Firstplus and Picture are still prepared to offer.
  11. Hi Misfit, I'm in Suffolk - can't say the council is much good on anything else but on this occasion we were pleasantly surprised. You could try telling other neighbours that the complaints system with EH is absolutely confidential, in fact they go to great lengths to make sure it is. Your best bet would seem to be multiple complaints to back you up - can't you chat up the neighbours, buy them a drink and give it your best shot? It would seem to be in their best interests too. Just a thought but you might also try the Neighbours From Hell website, loads of tips there on noise prevention.
  12. Misfit - when a similar problem occurred near us, several neighbours complained and Environmental Health acted immediately. If the workers do not live in the property, they are limited as to when they can make a noise there (I think it was between 7am and 6pm, Saturday mornings and not at all on Sundays and Bank Holidays). Letters were sent out, and further complaints were followed up promtly and the perp was warned that they would be facing a hefty fine if they failed to comply. Now maybe we just have dead-keen EH officers here, but it would seem worth pursuing through them as the police are useless in these situations.
  13. Similar number to a town the size of Southend. Covered on both the tea-time and late news but apparently local councils are using the "carrot and stick" approach to get these houses back in use by offering grants to get them habitable again or threats if the owners refuse.
  14. I guess I qualify as a lurker too as I pop in every day when I get the chance and rarely post. I have no obvious vested interest in a property crash; a good part of the family fortune is invested elsewhere so whilst our home has rocketed in paper value like the rest, we intend to just carry on living in it so it really does not matter if it is worth £1m or £100. I started lurking about 3 years ago, joined originally with a different username, never used it and then forgot the password. When I finally wanted to post, I tried to retrieve the password, failed, ended up registering again (and then got an email with the old password!). Originally, I was really just a curious occasional browser but that changed recently through growing awareness of the social ills that hpi and its attendant developers and speculators have wrought on the town where I live, and this summer it really started to get to me and I began wishing seriously for a crash and for these parasites to be flushed away and the natural balance to be restored. What I see here sickens and saddens me: people have become so greedy and money obsessed; whole neighbourhoods have been changed beyond recognition because developers have converted old victorian houses into flats, "redeveloped" the few existing plots in the town (wonderful old landmarks like the site and buildings of the old ladies college and the old nursery, replacing them with the standard cardboard box houses we all know and love), knocked down rambling old houses with large gardens to build 4 new, characterless houses on the plot, built on plots stolen from existing gardens etc etc all of which eats away at what used to make this a fine place to live and along the way destroys communities all in the name of making a fast buck. As these unscrupulous types build on every tiny scrap of land and squeeze every last bit of profit out of the place and disappear, we are left living with the consequences; I am sure the same thing is happening all over the country but it doesn't make it any less tragic. I grew up here and hate what is being done to the place. It may not be paradise, but the old Eagles song "Last Resort" says it all.
  15. Had a chat with a local EA today - apparently they are very busy, especially as they had to let a member of staff go. I asked why so busy, surely this is a quiet time of year; not a bit of it says EA, people are going nuts because they think something is going to happen. Like what sez I? A crash says EA. Not quite with you, sez I. Well, what with this and that in the news, people are desperately trying to get their houses on the market before the crash, meanwhile buyers are backing out of sales at the last minute because they don't want to pay over the odds. Whole thing's a mess and they're a bod short (no explanation given for loss of staff member, but if they're really busy I don't suppose they left voluntarily). All told, pretty exciting.
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