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Everything posted by rex

  1. Ah, ok, I understand what you mean by free money now. I thought you were talking about inheritances or the like. Yes, most of my money is "free" money then, although it was "hard earned daily grind" money which gave me the cash to do up the houses at the weekends, pay the plumbers and the like, and then generate the "free" money. LukeSkywalker - I do not understand why the conditional clause being discussed above would be invalid. I suggest you ask your solicitor to explain why she thinks it would be invalid and then post the explanation on this thread. And, in any event, even if she does think it would be invalid, why can't she simply insert the clause anyway - in the final analysis, either the clause will work, or it will not. And if it does not, it would not negatively impact on the rest of the contract.
  2. Gilf I wasn't "trying to make people believe me". I thought that giving honest reporting on my experiences in my property search would interest other people, in the same way that I am interested in hearing other people's experiences. I wont bother if people simply assume that im trying to talk a market up or down for some sort of personal gain. i am not going to post direct links to properties that i am interested in. I know prices are not currently 35% down. And yes, everyone accepts that they are at east 10% down, even in Devon. Ive been tracking prices in this market for a year now. Im tring to find a seller who is prepared to take a cash offer now and get out and pay off the mortgage while they can, realising that prices are more than likely to drop that far. Nobody is yet, because other people seem to be making offers much higher than "expected drop" levels - ie withing 10%. Which means that i have to keep sitting tight in rental until actual price drops arrive.
  3. Don't get me wrong, Im not a property law expert and its been a long time since ive looked at property exchange contracts, but I don't "think" that is expressly stated in the docs. I think you are thinking of the equitable remedy of specific performance for failure to perform a contract which a court is at liberty to impose upon a defaulting contractor. I think it highly unlikely that a court would grant specific performance in these circumstances. The commonly understood remedy is forfeiture of the deposit.
  4. the "small fine" will be 10% of the agreed sale price specified in the contract. And even if you only paid a 5% deposit on exchange, the seller will be given the right to sue you for the remaining 5%
  5. wanthousewithland, the "brief window" still seems to be open. I called an EA today about a house I was considering putting in an offer for (was thinking of offering 35% off original full asking price). Was told to forget it and that some-one else alrady had an offer on the table within 10% of asking price, and that they had received 6 offers on the house opposite (also for sale) within the last few weeks. What sort of "ultra safe investments" are you thinking of? Janet, would love to see house prices dropping by 30% in Devon. Not seeing it though (although Torquay way looks like it is being mullered). Not looking in Budleigh area - further across East Devon / West Dorset. I think the thing with Northern Rock is that the guarantee is implicit, due to the Government ownership; I cannot imagine that the Govt would let NR fail and not honour deposits with it, no matter what the terms and conditions said ... ?? Do you not agree?
  6. for those of us who don't have access to a radio or realplayer whilst at work, can some-one give us the headlines of what FP said? thanks
  7. Just to be clear here, Northern Rock is now safe, isn't it (?). Ive put my entire STR into it on the basis that its effectively nationalised and fully guaranteed .....
  8. steve99, alot of people care about the 500k+ set because most of us worked bl**dy hard to get there. this site is for all of us, not just you, whatever tranche of the market you are living in. Ive got no idea what you mean by "free" money, so perhaps you could elaborate??? renterbob - my comment about property armageddon was not a disparaging one - its simply that that is how it all feels right now, not that the crash does not feel like its happening. others - yes, there is an age theme arising here. we too are 37/40, focussing on lifestyle and the long term more
  9. RXE, sounds great, and very interesting background, and kind of similar to my reasonings. But why on earth are you still reading the housepricecrash site then. If you've found the perfect home and you're committed, stop beating yourself up by reading a site which is predicting property armageddon. Make the break - I think most people on this site are addicted.
  10. ps - i say "worked hard over 10-15 yrs' - its all relative - the first "house" was a 2 bed basement flat bought for 66k in 1994, and i sold 3 yrs on for 136k, after a quick 'do up". The other houses nearly killed us both
  11. renterbob, I say, affectionately, ho, ho ,ho in response to your post. The house we sold, we sold in march for 1.3 mill, and bought in 2003 for 750k (with a 600k mortgage). we've worked hard on doing up houses over the last 10-15 yrs, to a top spec (including flat screen tvs in the walls of each bathroom - always adds bucks to the price), outside of working hours. But at the last house the pressure of the mortgage became too much for me. I need to be out of debt now. BUT i still say the way to make money is to buy cheap, do up, and then sell at the right price. The problem nowadays is that the timelag will be alot greater, not least as result of the impending recession. for us, now, its buy at the cheapest possible price and sit tight til we retire ......
  12. hmm. Thats a really interesting view Wanthousewithland. Thanks. We put all the cash in Northern Rock, post house sale in March, on the assumption that, ironically, its the safest place to be right now, and all cash in there is govt gteed. But I do admit to a certain nervousness about our hard worked for cash sitting in a bank, even if we are earning a small fortune in interest. I started looking more earnestly in the last few weeks because there seemed to be "blood running in the streets".
  13. Thanks bobthe - but when you say a bulltrap, what do you mean? Frozenout - I never said I was representative. I was simply adding anecdotal experiences, as per title of the forum. In fact I may well be representative of a slice of the members here; maybe not a massive slice but we're all still relevant; we don't want to pay over the odds.
  14. well I wish the moment would hurry up and pass. I cannot believe how all these houses, that have been sitting there for over a year already, suddenly have this much interest. I thought at first it was a new estate agent's ruse, but now I've changed my mind. I don't know whether the other "viewers" are cash buyers like me planning on offering 25-30% off, or whether there are some fools out there prepared to offer more. Then it will simply be a question of how foolish I want to be. I read somewhere that the current mortgage deals are likely to be gone by tomorrow, so surely if this is a blip it can't go on.
  15. Sorry, East Devon - coastal
  16. We are renting, but looking to buy sooner rather than later. We could be cash buyers without need for mortgage (depending on just how high we go). But if we bought now, we would want at least 25% off asking price, if not 30%. However, the reality is not following our expectations as envisaged on the likes of HPC. There was a house I wanted to buy, but we held back to wait for house prices to fall a bit more - then it sold 2 weeks ago, exchanging contract tomorrow; must be a cash buyer if that fast. Another house we wanted to buy, that's been on the market since last year, there are so many people wanting to go and view it that the person living there (a tenant) has got fed up and refused to allow more than 2 sets of people per day to go and view; so we've moved on again, even tho we really liked it - we clearly won't get a bargain there. Another house, across the road from this one, got sold STC within 10 days of it going on market. These are houses on the market for between 750 and 900k. In the last 2-3 weeks there seems to have been a large increase in people going out viewing houses. If we're not careful, all the bargain hunters are going to start bidding against each other and push the prices back up again .....
  17. sorry, I see it was friday talking about newly qualified ages, and he/she was referring to the lpc, not the cpe - ok, so maybe they are 24. They all just look very young to me. Does it really matter whether they are 22 or 24 - the same point applies - they are earning over 50k upon qualification, and as soon as they leave university / law school they hit around 27k immediately as trainees before they qualify. And these guys are the bottom of a very large pyramid of salaries. The City of London and its impact on resi prices around it is unique. I dont want to be given cack advice on this site by other people, and so I think other people interested in the london market equally shouldnt be given cack advice.
  18. so many new comments on this thread. einstein - I worked at one of the "big city law firms" you refer to in your post for 15 years. Yes, some areas have slowed down. But many areas have not - eg international energy projects; eg insolvency teams are ramping up and preparing to carry the rest of the firms just like in the last recession - a number of firms are transferring teams across to insolvency for fast re-training. Yes firms are taking advantage of the current climate to get rid of some dead weight that never achieved any thing in any event. whoever queried my age description of newly qualified lawyers - alot of lawyers don't do CPE - they do a law degree in the first place; thus no need to do the transfer course from a stupid degree like philosophy. Maybe it 22yrs old, maybe its 23 - its a long time ago for me now. Same principle applies - 50k min for main city firms. Im not sure what benefit you think I am taking by lying about these simple facts - there does seem to be a slight "conspiracy theory" mentality displayed by some members to this site. as i think numpty said, my income was not a large one in the city; most of my clients' incomes dwarfed my own, and there are thousands of them. I completely appreciate many people's desires to talk down the market. I am doing the same thing in my own market. But I think that alot of people on this site don't appreciate some of the particularities of the london market. No, it wont flow through to all areas of london, but for the areas where the City earners want to live, it will - eg wimbledon. why have i joined this site? Not to talk up the market but to benefit from everyone' different views on where the bottom of the market lies and how low an offer one can make now in different areas of the UK, as long as it doesnt enter the realms of fantasy.
  19. i was lucky. Decided to sell up and leave london and start a "new life in the country". Didnt know where to live in the new county so we decided to rent to get to know the area first. Coincidentially led to us sitting on a nice pile of cash in the bank and renting. I couldnt purport to have deliberately timed the market to perfection.
  20. Well, I just sold my house, for around 1.5 mill, to an accountant, who was taking out an 800k mortgage to buy it. and now im renting. so i guess you've got to ask which profession you want to take advice from. but yes, alot of people i know up there in that market are still going hell for leather - calling it "take a long term view". world recession whatever - there are still multi million pound deals being done in the world and they have pipelines that last several years. The UK govt itself has committed 3.6 billion over the next five years to funding school renewals across the country which continues to be a cash cow for many people. Im not trying to talk the market up, because im out of the market and waiting to work out when i think is the right time to buy. Im just saying that there are many different "markets" in the uk, and London will always be slighlty different.
  21. I was a lawyer in the City for 15 years, until a few months ago when i moved away from london. There are several thousand lawyers in the city whose jobs wont be affected by a recession because their work is international - if work dries up in the Uk, they refocus their work flow on other areas of the world. Non partner lawyers earn up to around 150k (excluding bonuses). Thats what i was on, and my husband the same again. Partners earn hundreds of thousands more. Thousands upon thousands of people in the city earn that and more. There is alot of money there to keep house prices underpinned. newly qualified lawyers in the city (ie around 22 yrs old) start on 50k now.
  22. Wow, where is ths guy "Sabola" now - you should look back at his posts from mid 2006 and the debates with "Astos". I know evewryone on the site was predicting price drops but, in hindsight, this guy Sabola saw the future spot on .... renting in devon, lots of price drops around here now ....
  23. When everyone is talking about price drops of 20, or 30 per cent, it is right to say that this is measured back to the peak of late summer 2007 isnt it? Not measured from now? I ask because we managed to sell our house in early March (after spending 10 yrs doing up and selling a few houses, leveraged to the hilt - last mortgage was well over 500k on an indecent income multiplier ...). We are currently renting but i dont particularly want to continue renting for several years. I want to own my own home and do what I want with it. But I am not prepared to pay current prices if they will drop by another 10/20/30 per cent. The difficulty I am having is in deciding what is a fair price to offer for a house currently on the market that i am watching. It was on the market last year for 1 million. It recently dropped its asking price by 100K. So that's 10% off already. If I were to decide that the "majority" view is that the market will drop by 20% through to end 2009, and that is measured back to peak prices of summer 2007, then there is only another 10% drop to come, which isnt really something to get too excited about. So a "fair" offer could be 810K LESS any discount on price I would expect in any market (whether rising, flat or falling) based on my view of the state of repair of the property. Or are you all talking about 20 per cent etc price falls on top of the falls that have already occurred?? Id be grateful for views - what do you think is fair? A small percentage actually translates through to quite high numbers.
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