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House Price Crash Forum


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Everything posted by RufflesTheGuineaPig

  1. There is no such thing as a "Buy-To-Let Mortgage". Mortgages are an explicit product, only available on your primary residence. They include extra terms that say you can't be kicked out or forced to repay the money as long as you keep up the monthly payments. "Buy-To-Let LOANS" are not mortgages, they are BUSINESS LOANS and follow business loan lines, including LTV restrictions on the asset used to back the loan which they can enforce through requiring full or partial cash repayment. They include no requirement to provide an owner-occupier with any notice prior to eviction as they have no legitimate tenancy rights. They have no requirement to negotiate or offer any assistance. They have no requirement for you to be 2.5 months behind before repossessing... 1 missed payment is enough. To sum it up, if you buy a property to live in with a BTL loan, if you miss a payment or if house prices drop the LTV exceeds the loan terms, the property will be repossessed and sold at auction, with no right to do anything bar begging them for an expensive change of terms.
  2. The first line of ours was "An Independence From Europe" and underneath it their slogan "UK Independence now".
  3. The US banks got a couple of trillion in the bailout and were made whole+profits on pretty much all their deals, while EU banks took write down and state loans.
  4. I think what is being described is a "right of access across land" rather than a "right of way". It's the same as when you have a shared driveway. Right of access would be from the house to the land. If the land and the house belong to different people, neither has right of access over the property as they can't be going to or from something they don't legally have access to anyway, but if they were to combine the house and land back into 1 plot they would have access with certain time restrictions. "Rights of access" don't actually need to be defined on the deed, they can exist purely on the basis that access has always been available... I can't remember what the term is for that.
  5. I think the locals should get to decide. Put it to a vote, yes or no, with a decision by simple majority. This applies to Fracking, Coal Mines, Power stations, the Severn barrage, all of it. And if more than 50% vote no, you don't build, and everyone who votes no gets their property disconnected from main gas/electricity. Forever. It's the only fair way to do it. That way the reduction in demand from the people being disconnected will balance out the loss of capacity. At the same time it stops people who oppose development then befitting fro the development when it takes place elsewhere.
  6. The AST would be invalid and the bank could repo and evict with zero notice. The tenant has no rights, and would have to sue the owner. This is because the "landlord" had a pre-existing contract with the bank that prevented him legitimately signing an AST contract. This situation does come up some times. The banks are usually quite sensible about it and after taking possession they'll give the tenant reasonable notice as it's in their interest to keep the tenant happy so they return the house in the best possible condition, and with the minimum legal costs.
  7. The part you are missing is the middle men who told the ultimate creditors that the loans were safe when why knew they were not. You see there is a disconnect between the creditors (including retail depositors and pension funds) and the borrowers (the people taking out residential mortgages they clearly could never pay back and the people taking loans for BTL/speculation. The people in the middle were taking a percentage of every loan transaction but took on no risk. You think it's all magic money? Ask the people of Cyprus. The middle men leant their money to Greece because of the high return rate and big profit they could skim, despite it being obvious to EVERYONE that Greece would not pay it back. The savers and pensioner and small businesses lost most of their money and now the country is facing total collapse and a probably return to pre-civilisation anarchy. Not everyone has the intelligence to manage their own cash and just the credit-worthiness of their banks customers... it's why people rely on the banks being trustworthy. Because they believe if the banks were NOT trustworthy the government would step in and shut them down. Remember... roughly half of people have below-average intelligence. What happened in the likes of Cyprus was nothing short of a crime against humanity, and ultimately the bankers who to the stupid "risks" will HAVE to be put to death. It might take time but eventually laws will be changed, people will be lynched and the bankers left will find themselves in prison awaiting death. You have barely seen the start of things in Cyprus.
  8. They still have a large country, a tiny population, and masses and masses of fish they can export. So they're fine. Iceland was a unique situation where the country could continue without much from abroad as many people were still living the way they lived 50 years ago, before the world became so interdependent.
  9. I think the behaviour of the protesters was disgusting, and the police should have been called and them all arrested. That wasn't a protest, it was a lynch mob whipped up by one person who had by his own admission, transferred his property into a trust to try to scam a way out of paying for it. It's not an auctioneers job to decide if a property should be sold, it's their job to run the auction and get the best possible price for the property. If it turns out the bank had no legal right to sell the property then that's a matter to be decided in court later. Future auctions should be held behind closed doors with entrants paying a £2000 good-behaviour bond up front which they lose if they cause trouble. Meanwhile everyone involved should be rounded up by the police for public order offences.
  10. Because she's living in a house that could house 4 working adults, while working adults have to share a 3 bed house between 6 of them?
  11. We all know house price WILL eventually crash. They can't inflate away the debt as wages aren't rising. Eventually people will run out of money. The longer they drag it out the longer and deeper the crash and the more banks it will take with it. After the Tories took power they realised they had to keep everything going until Labour take over at the next election.
  12. To be fair, it was bound to be a disaster. A huge 140ft wave wiped out 20,000 people and levelled hundreds of square miles of towns and cities. It might as well have been hit by a meteorite.
  13. For some reason you are all assuming the government won't make all pension and benefits means tested. Also you assume inflation at 2 to 3%, when in reality it's 5-10%. Basically, you're all ******ed but none of you have wants to admit it.
  14. The eventual result will be rolling blackouts in a years time, which will cause energy intensive manufacturing to jump ship to, well, anywhere. I've been shouting about this on here you years, but no one listens. Won't happen they say, government won't allow it. Too late now, we can't avoid it. Best we can do is mitigate. Extended the life of what we can, shoot all the nimbies in the face in front of their families and build like crazy.
  15. You've all forgotten again so I'll remind you. £24,500 The the average per-unit costs of "normal" new build "properties" in the UK. I believe it's based on the average mixed development... So houses some flats, with partial prefabrication the way most new estates are built. £24,500. That's it. The rest of the "cost" is land. And don't go on about housebuilding profits, they are mostly on the verge of bankruptcy.
  16. One of the major producers... Powergen I think, is closing down one of its gas fired power stations because it's not profitable. It spends a lot of time idling when green energy is on stream. For various reasons they aren't allowed to quadruple prices when it is used and there is no alternative, so it's just not viable. (The main reason they can't raise the prices is there are regulations stopping them... mostly because if they could then people would see why wind farms aren't viable without hydro to match.)
  17. I find black circles are usually cheapest for tyres. They also have a descent selection. Just speak to you local garage first, then have them delivered there. They'll happily fit them and just charge for fitting and balancing.
  18. Why not spend the now £42bn they plan to spend on 1 rail line for rich people on upgrading all the trunk roads to dual carriageway...?
  19. Excessive letting agent fees are the only thing keeping most estate agents above water. The catch is the landlords can shop around for the best deal, Tennant's have to go with whoever the landlord chooses. Without a law change, eventually the Tenant will be paying all the fees. In fact taken to it's ultimate conclusion, the LL will end up getting a kickback, and the Tenant screwed.
  20. Everyone is solving the wrong problem. The problem is we need more grammar school places so smart kids can get the best education. Who cares if they are rich or poor?
  21. Forget benefits, when will they repay the £5 trillion debt they ran up?
  22. Property is always a good long term investment for a cash buyer. The important part is LONG TERM. Simply because of inflation.
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