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Now or never

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Posts posted by Now or never

  1. I really don't see how you could claim he lost nothing (that's what the headline says?) or that he is now in a better position than if he had bought outright. Maybe he is, but it's certainly not obvious. Oh, and he is very unlikely to be better off than if he had rented.

    My post was refering to the no loss related to negative equity, there are obvious other losses involved with buying, maintenance, rents, selling etc. and I agree he is no better off than renting. My whole point was the negative equity, the fact he was expecting to take a hit and there are no consequences.

  2. I would read the contract and assume nothing.

    But anyway good for him, I doubt many of the SO schemes operate like this, indeed, I would expect on most the tenant would take the entire hit let alone 50%.

    my point exactly, and many others on here too based on previous posts.

    Personally believe it's the best way to deal with it, lets face it, the HA had 100% of their 50% paid for from day one with his 50%!

  3. I've read many threads on here relating to the losses of shared ownership schemes in negative equity,and thought I'd share this with you.

    Basically a colleague has split with partner so needs to sell 'their' flat which was purchased for 210 but now valued at 150; they have a mortgage for 50%. Anyway, from that you would assume they would be responsible for 50% of the shortfall plus costs. He contacted the housing association today who advised that they will take the hit; he just needs to pay for all selling related costs. So, after living there for 5 years and the property falling over 25% in value, he gets to walk away debt free; contradicting peoples understanding on here of shared ownership schemes. He has lost money, but could have been a lot worse of had he'd been responsible for any of the NE unlike anybody who have purchased in full.

    I am not pro SO, I believe they are a scam, though found this outcome some what surprising.

  4. "Can't afford an entire property? Then borrow money to buy half and pay rent to lease the other half. Warning - the value of investments can go down as well as up. You may have to take the risk of price falls entirely on your shoulders - the developer is a saint for letting you even dream of owning half a property so he takes no risk at all. Plus you get to pay for all the maintenance even though you (or rather your bank) only own half the property."

    What's not to like?

    Is this true? If the property falls into negative equity, are you responsible for the whole drop and not just the relative shared percentage of the drop?

  5. Anyone know if the free solar panel offers are a good deal? Government apparently shutting down the subs in December.

    I have 2 friends who have had them installed very recently so its too soon to tell.

    With fuel set to rise 40% every year due to lack of will to regulate* it may be time to take desparate measures and go solar?

    From the response I assume rent a roof? If so, you would have to be mad to go ahead with this; though I'd imagine there will be none available next year anyway.

    The so called 50% split used to calculate your benefit can be halved before you start, and then you've got all the other reasons listed relating to contractual obligations.

    All these free roof schemes have absorbed the funds provided for Joe puplic; the government should re-asses all roof areas owned by a company/investment fund and classify as a commercial installation based on the total area and therefore receive the reduced rate.

    The whole purpose of the FiT was to provide subsidy to install a system based on the current install cost with a 5% yield, that's all changed since the introduction hence the change now. I would say hang on and buy a system outright, panels are getting cheaper and more efficient. I know of one manufacturer whose panels will provide an extra 40W each and will be around 200 quid cheaper next year. With a cheaper install cost and more W for your money, the 21p FiT doesn't look to bad.

  6. There are a lot of electric boilers on the market, they tend to be more expensive than a gas boiler but you could replace a gas for electric boiler for approx £2k including labour.

    That would be for a system boiler mind you, no one has made a electric combi yet, almost but not yet.

    Don't understand why there's a market for electric boilers, surely the running costs are the same as portable electric heating? Plus you're heating the whole house - Must be very expensive to run.

  7. I lived in a house with night time storage heaters - expensive to run, within 30 minutes of turning the power off their are ice cold. They also generate heat ony a foot or so from the radiator.

    Never again.

    You're right, I would agree old storage heaters are terrible, but newer fan storage heaters are so much better. They have really high insulation levels which hold the heat for when you want it; delivered by a controllable fan (time/temperature) to draw the heat out. I reckon my bills are not far off gas now!

  8. Why do we care about VI indexes? We all know where this floater will wash up, but feel the need for the public to be informed on a monthly basis by a perceived unbiased source to reassure ourselves when they report a fall. Well I for one couldn't give a shyte about indexes anymore, in fact, I want them to lie as much as possible and keep the floating illusion going, so when this mother of crashes gathers pace, it happens at such speed, all those lying self certifying debt consumers commence to shyte from the correct orifice, rather than flow from the mouths of their smug faces!

  9. When we I moved into current property, during the inventory I commented on the dirt marks on the carpet caused by tradesman. The guy from the LA said that they had been professionally cleaned and that a receipt was available. I then asked for a receipt dated within the week; needless to say one never turned up.

    As far as I'm concerned - no receipt as proof when I move in, no receipt required when I move out. Maybe you can adopt the same principal?

  10. If you're considering storage heaters, you must look at fan storage heaters; these have much more insulation than standard storage heaters and are able to hold the heat until when you want by operating a very slow fan to draw the heat out. You can time and temperature control the fan, so it only operates when you want it to and when its cold.

    The reason old storage heaters get slated is because they let heat out regardless of the temperature and whether you're there or not, unlike the above.

    Running costs for these are on par with gas, a fact that can be reflected by an EPC/SAP rating. Like another poster said, with very low, if any maintenance costs over a 30 year period. Not to mention installation costs.

  11. I saw it.

    Though it started with someone who had saved and struggled to get on the 'property ladder'... it had the dimwit from CML on, then wow!, something about HPs being too high. There was even a graph that showed the the HP to earning ratio had gone from 3.5 to 5.

    I was amazed it was on the BBC. First time ever...

    No doubt a newbie editor that will be taken outside and shot.

    They still couldn't being themselves to go that far, but did use the term 'relatively high house prices' followed by nice bar chart in the normal simples BBC format. Nice! :)

  12. The answer depends on your upbringing.

    If you've been brought up in council house you won't see the benefits and the justification of a smaller house in a nice location. If you've not, you're probably not hard enough to live in a council house!

    You don't really have a choice do you?

  13. if he cant get his price..he'll need to negotiate the target property down.

    Too many people see the "Price" the same as a price sticker in Sainsburies.

    Exactly what I advised him, but in his opinion, the only time to make an offer is when he receives one :huh:

    They just don't get it, lowering the target property's price and then subsequently lowering his is the last thing he would think or wish to do.

    Just going to be chasing the market down IMHO.

  14. I see your point, but don't think you have accounted for future employment levels which, in my opinion, is/will be the main factor for HPC. Interest rates, demand, increased LTV, doesn't mean a thing if there's no wage to pay. Current employment levels are misleading and can only get worse.

    There is a massive drop in building, public spending (will be), consumer spending, it all points to one thing - fewer jobs.

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