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House Price Crash Forum

Olivier

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Everything posted by Olivier

  1. Next general election I suppose... Let's have Scotland and Wales out of the Sterling, Ireland out of the Euro and merge them into a new currency called the Celtic Pound
  2. Olivier

    £ - Euro

    You're screwed, no question...
  3. Let's be honnest, it would be difficult for Britain to bail out any car maker as Britain don't don't have any left (I mean any one that counts...)
  4. Now that you're moving out and there will be no more rent coming in, I'd be surprised if he was able to stick to his repayment plan...
  5. Hi planner, I know it's not S21, but this same question had already been asked in the thread and the answer was there: "The amount of notice required to be given to the tenant will depend on the ground: if the landlord is relying on ground 2, two months' notice must be given." "Ground 2: The property is subject to a mortgage which pre-dates the tenancy and the lendor wishes to exercise its rights over the property, i.e. repossess it. A notice under this ground must be served before the creation of the tenancy." From what you say, I understand that this 2 months is to be understood as a minimum and anyway there is probably chances that we can negociate with the lender as we're good tenants with a good record of on-time payments. 2 months is enough for us to find something else. Cheers
  6. Should have read the pinned topic "sword of Damocles". Answer is 2 months...
  7. I'm about to sign a new 1 year AST for the house we've been in for a year. As I went through the paperwork, I've noticed one page that I have signed a year ago and that they want me to sign again. Except that this time, with the credit crunch bitting, I'm starting to question what it really means. It is basicaly a notice to tenants saying the following: "Notice is hereby given to the tenants that the landlord formerly occupied the property known a xxxxxxxxxx his or her principle home and that possession might be recoverd on Ground 1, part 1, schedule 2 of housing act 1988 as amended. Notice is hereby given to the tenants that the property is subject to a mortgage granted before the begining if this tenancy and that the mortgagee and its successors or assigns will be entitled to vacant possession of the property under ground 2, part 1, schedule 2 in the event of default by the LL in the performance of his duties and obligations under the terms and conditions of the said mortgage." I'm a bit surprised by the "formerly occupied the property as his or her principle home" considering that he never lived there, but that's not my main concern. From what I understand (correct me if I'm wrong, being a foreigner, this legal wording is a bit hard to go through), this means that if he falls into arears, the mortgage company can reposse the house and kick us out. What kind of notice do they usualy give you before you have to vacate the property?
  8. It's not a problem of not liking brits moving in. They're pretty happy to get the cash from them. It's more a problem some of the rural areas being very much affraid to deal with foreigners. They won't harm them, but they equaly won't try to discuss with them, especialy if they can't understand what the other person is saying (and they will make zero effort to try to understand you). Now, apply the same rule to the work environment. Unless you want a very low level job or a job in an internationnal company, you will not be hired unless you speak fluently French (Being able to order "une bière" at the counter doesn't count as fluent ). Employment market in France is tough, even for French people... I'm not trying to discourage you from going to France, I'm just trying to set your expectation at the right level. There is always a luck factor. While I was still living here, I've helped a few English and Scotish people to settle in, who knows you might be lucky and to find someone willing to help you. It's just more likely to happen in a city than in a small picturesque village. Once again, my advice is to stick to renting for a while. Moreover, the French laws are very much protective of the tenant than here, you can't get evicted at short notice as long as you pay your rent...
  9. First, the situation of the housing market in France is the same as in the UK. Same bubble, same mortgage drought and therefore probably same crash as in the UK. Have a look at http://www.bulle-immobiliere.org for more information. Second, buying the house is not the problem in France, it's living there that can be. Especialy if you don't speak enough French to live and get a job. Of course there are a few colonies of brits living there but I would not count on that for the future. It might be a long time before you can get out of the housing market there. My advice: rent a place there as a try. If you feel comfortable and can make a living, consider the "buy" option. Good luck
  10. Will we still have Ambrose Evans-Pritchard writing hopeless anti euro rant in the Telegraph by Christmas? Answer is unfortunately most probably yes... Will the GBP still be a competitive currency and can the UK avoid joining the Euro zone by 2015? I doubt it...
  11. Just found out on rightm*ve that the terraced house in front of us has been put on the market. West Reading, nice and quiet mews estate built in 2006, 3 bedrooms with a decent garden. Sell price in Jan-07 - £272k Ask price in Sep-08 - £268k According to my "rent vs buy" excel worksheet, if they manage to get the asked price, they will be £18k worse than if they had rented (90% mortgage assumption) or £19k worse than if they had rented (100% mortgage assumption). I reckon it might sell around £210k. (in that case, they would be about £80k worse than having rented the same property) I think I'll keep on renting for one more year...
  12. Thanks for the advice. Will try that. I actually don't care about the rates as I will put it on automatic direct debit and will not pay any interest.
  13. Thanks, I feel less isolated. I guess I'll just wait for house prices to crash by 50% and be able to buy cash. Otherwise, I'll keep on renting and wait for the next low point in the cycle.
  14. I'd like to offer them my car in exchange: car price £5k + pine tree air freshner (genuine) £345k. £350k for a -probably untastefuly- furnished two bedrooms in Lower Earley, that's a bargain... (not)
  15. Applied recently for a Barcl**Card. Full time employee, above average UK salary but no credit history has I've not held any credit card in this country. Therefore I applied for the basic card, the one to help you build your credit history... Just learnt today that my applicaion has been rejected "following internal survey"... I've wrote them a letter to have more details about it as I'm trying to build credit history in the perspective to buy a house in a few years time... Will probably have to buy it cash... Although, considering the original pay slip that I had attached to my application, if I don't get a basic card, on pure income basis 95% of the UK population can't neither, mortages let alone... I'm just suspecting that they have now restricted their conditions to "we don't give credit to anyone except Her Majesty"...
  16. This summer we had to option to buy Zoom or BA tickets to Canada for our October holidays. I'm glad that prices were the same and BA offered more flexibility in the dates, which led to our decision to stick to BA. I wonder when we'll se the first significant European low cost airline to go bankrupt or taken over...
  17. I wonder if the bull trap is still to come or if we've already got it in end of 2004 with a case of "return to normal" peak being much highe that the "new paradigm" peak. It's urgent to wait...
  18. She did not signed the mortgage application on behalf of those people but with her mantra of "buy, buy, buy, however stretched you are", she led them to think that they were normal...
  19. If you consider MoM price drops of around 2% and stamp duty being 1%-3%, I don't think in the medium term this will have any sort of positive impact. On the contrary, if GB keeps on having an unclear position about it, this will deter people from buying in the hope of saving the stamp duty later hence driving the prices down faster. I can really imagine potential buyers arguing with the seller that they will only buy immediately on the condition they have an extra price cut equivalent of the stamp duty...
  20. I've read a brilliant book: "Watching the English" by Kate Fox (an anthropologist). The author don't talk about house price obsession but it's kind of instructive for foreigners like me who want to acheive a better integration in this country. I'll practice my stiff upper lip at lunch today! And it's entertaining too as it's written with a good pinch of English humour.
  21. One can speculate on an interest rate hold or hike... but there is one certainty in life: we already know who is going to vote for a cut!!
  22. Thanks for the advices. I come from a culture where when somebody is being stupid, you tell him instead of faking to agree with him and have a good laugh as soon as he leaves the room. This is not a case of showing you're smarter than everyone but a case of being direct and love to debate. I guess I have to change my attitude as this might offend people here and I need to be a little bit more "British" in the future... I'll keep on watching silently the on going crash.
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