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Chuffy Chuffnell

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Everything posted by Chuffy Chuffnell

  1. Yes, in the legal pack. Worth hiring a good lawyer..
  2. London may as well be on another planet to the rest of England, property-prices-wise.
  3. Our membership of the European Union surely would mean that we cannot restrict such an export to the other 26 member states.
  4. It's amazing to think that many people (not sure whether Kirstie is one of them or does what she does deliberately) don't know the difference in buying a £200k house or a £1 loaf of bread from the supermarket. Pretty much everything listed by an EA you can deduct 10-20% and buy. And unlike that loaf of bread (where if you did deduct 20% you'd be saving 20p) we're talking about 40 grand. Or 2 median annual net salaries. You'd think that would be worth putting in a "cheeky" (or rather, a realistic and expected) offer!
  5. Quite. We may be overcrowded in England, but at least the climate and the terrain is good.
  6. Ah, it did look a bit familiar... but it's still on Rightmove and therefore still worth a laugh!
  7. http://www.rightmove.co.uk/property-for-sale/property-23787150.html
  8. 0.5% BoE base rate for several years Banks bailed out to the tune of billions, showing that they can be as reckless as they want and lend money that will never be repayed Banks not repossessing many houses Still the attitude amongst most British people that buying a house is the one goal in life, no matter how much it costs BTL mortgages readily available And that's just for starters. Zombie economy.
  9. "Triple Dip" ahoy! We'll be going in and out of growth for many years to come. Also, take a look at the graph on page 2 of the official statistics release... http://www.ons.gov.uk/ons/dcp171778_284925.pdf The production part of the economy hasn't improved at all since the low in 2008. The services part on the other hand has never been bigger!! Re-balancing my a**e.
  10. Laughing their heads off I'd imagine. Just remember that for many, many years during the boom Brown was always referred to as "prudent" by all the mainstream media. He knew very well that he was inflating the greatest bubble possible in house prices, debt, government spending, etc. I still get a little confused whenever I recall that he actually became Prime Minister of this country for 3 years! It's actually just insane when you think about it. (It seems "normal" only because it happened... but it will in decades to come seem really bizarre.) Just shows how fvcked up our political system is when someone like Brown gets to be PM, even after presiding over the greatest boom & bust as Chancellor.
  11. I can see Labour getting a majority in 2015. Five years of disaster for the UK. Boris Johnson wins a Tory majority in 2020. 2020 the new 1979. The good news is that the Lib Dems will have about 20 seats in 2015 and won't be in government for a long time thanks to majorities of the Two Parties.
  12. Whilst I agree there needs to be more housebuilding in the SE (and in many other parts of the UK) surely the better strategy would be to move economic activity to elsewhere in the UK? I know that's easier said than done, but we are increasingly ending up with a country that is "London and the SE" and "everywhere else" in terms of wages, costs, etc. I know you earn more in the SE but I really don't see the appeal. If more would see the benefits of the "lower wages - lower costs" economy & more pleasant/healthier lifestyle elsewhere in the UK (including for businesses) then there would be a spreading out of population and economic growth. I'm not saying that the country will ever re-balance fully (London and the SE will always be what it is) but it would help spread out housebuilding and go some way in narrowing the now monstrous divide in wages and costs (I include house prices in "costs"). It always amuses me when I'm travelling into London by train and I pass those grotty railway-side tenements and I think how a one-bed flat there has the same rent as a 4 or 5 bed house (with land) in Shropshire.
  13. Whooops!! Family photo got mixed in the upload!! Useless fvcks, estate agents...
  14. Mostly likely. Certainly its readers are! (And of course mortgaged to the hilt too...)
  15. I've never looked into landlord insurance, so could you give me an indication of how much typically a building+landlord insurance policy would cost for a 50k dwelling? Regarding tax liability would I be right in the following calculation (for the example given)? 5k income -1k maintenance -1k insurance =3k net income at 20% = £600 tax Finally, regarding auction prices... you would expect to buy below value BUT only on certain kinds of properties... isn't it the case with the "ready to move in" properties that at auction they tend to sell for about the same amount as if they were in an EA's window? The only discounts would be on properties that aren't mortgageable or need a fair bit of renovation..?
  16. An example of a cash buy during the next year: -50k purchase cost -2k auction, conveyancing, letting fees -2k initial maintenance/renovation =54k cost after one year your situation, assuming you've let out for 11 months and the tenant pays his rent: 48k value of house (HPI of -4%) -1k landlord insurance -1k maintenance 5k rental income (10% gross yield) -1k income tax (20% rate) =50k value (house + cash) (-1k in lost interest on the 54k cost... therefore you're really down to 49k) OH DEAR
  17. You forgo the tax break but also the interest on the mortgage loan. I haven't fully done the calculations for BTL with a mortgage v. BTL with cash, but my instinct is that it is madness to get a mortgage to buy a BTL at the moment when house prices are falling in value. You're pretty much in negative equity from day one! Of course with cash you have to think about what else that cash could do during the period of the BTL. Either way, cash or mortgage, at the moment BTL hardly makes any sense.
  18. Trouble with being a slum lord is that you're going to have voids - both because of vacancy and also the tenant quite simply not paying up! And then there's the damage to the property... from within and without.
  19. I've found several properties for sale - not even at auction - which you could get a 10-12% gross yield. In theory. As I posted recently in another thread: BTL ONLY makes sense if the asset is appreciating, and fast (or is going to in the foreseeable future). So in the heady days of 2002 or 2003, with HPI at 15-20% (or more!!!) it was lovely jubbly. Now only an idiot would do it. Especially if you don't have it as a 100% cash buy.
  20. It's the sort of thing you should be paid to take on! Absolute liability. Even if you had lots of money and were going to live in it yourself after conversion you'd be wasting money in a way only Gordon Brown can trump. Really it's worth: Land £0 - the cost of clearance is roughly equal to its agricultural value. Building plots in this area are worth fck all. Bricks £500 - could be used as foundation rubble I guess Features £2000 - yeah a reclamation yard would buy some stuff off you at trade prices Now minus the auction fee, conveyancing fee and other admin stuff. £0.
  21. You're probably right, but it does seem nowadays to be not only acceptable to be ignorant, but actually fashionable. And yes, the dumbing down of the news on tv doesn't help. Fortunately there are still some good documentaries from time to time.
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