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About LumpHammer

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  1. My neighbour rents out a small flat, suspect it's owned outright or at least very high equity. Says he's going to sell it - "when they start these things it only goes one way". If the Conservatives want people to own because OO are more likely to vote Conservative - does that mean that Labour may have intentionally encouraged BTL because tennants are more likely to vote Labour...?
  2. Hello, I've been a member here since early 2009, i feel ive learned a lot from this site - mostly by lurking and reading. I bought a house (my first) in April this year, i have a relatively good job and i don't spend much so i was able to save a lot for a deposit. The house i bought suits me well, its a small house with a very large garden just outside of Milton Keynes, i like working on cars and gardening and i don't have any kids yet. I bought a house instead of renting because i was in a position to and i wanted a big garden. Things i've learned: The majority of people are utterly stupid when it comes to buying houses, if they can borrow it then they'll borrow it. Don't bid against these people, you'll run out of sense long before they run out of stupid. Houses are expensive. Despite buying a house that didn't need any real work and having mortgage repayments vastly lower than my old rent, i have less disposable income. Things break and need fixing, and it seems to be every month that i have to spend money fixing something else. Renting was cheaper. Use tools available to you to decide if what is being asked is reasonable by things like this brilliant little site which i think might have even been written by someone on here: https://houseprices.io/ Advice i would give to other people: Rent for as long as possible and if you can rent from a landlord directly, preferably one you know. Estate agents will lie and decieve buyers, always and without question. This wound me up something chronic at first. Always do your own research and don't rely on solicitor searches. They miss things. If you know about house construction and are prepared to do some research into the areas you're unfamilliar with (for me pile driven foundations) then a survey is pointless, spend some time, learn some stuff and do it yourself. Lastly: I would like to give my deepest thanks to you guys at housepricecrash, i've learned an enourmous amount as a result of this site either directly or because something has been said which i've gone and looked up. In the future i would love to see house prices go back to sensible levels. I think presently they are 30-40% over valued and i think our children and the UK in general would be much better off if they were to correct. In the long term i can't see why they won't... Thanks guys Tom
  3. If the BoE were to raise interest rates whilst the UK economic position in the world remained the same i feel it would result in higher inflation. What way that inflation would manifest i don't know but i suspect that raising the base interest rate might be a very good way to increase lending to SME's since you are sending a suppressive message on housing (by the rise itself and the other measures being implemented in the mortgage market) whilst having a lot more money available for lending. The money has to go somewhere. I don't think that 2015 is a good time to hold an election, i think it's a terrible time for the incumbent. Regards
  4. I was speaking with a financial adviser at Natwest over the weekend, he mentioned that they had been under a lot more load recently due to the new Help to Buy scheme. The majority of these inquiries were from prospective first time buyers who thought the scheme was somehow giving them a larger deposit and almost all did not realize that the interest rates were higher than on conventional mortgages. He thinks that the uptake will be quite high even though the participants aren't really gaining anything. I don't see any reason why he would have mislead me and i think he's correct. Personally i think it will "work" in that it will raise prices, not lots but a probably a little bit over the short term. However, given the backdrop of high inflation, poor wage growth and increasing pension contributions etc this feels like the Ludendorff offensive of economic policies. I simply don't think there is the public will to support price wises and the fundamentals are actually worse than in 2009 for many. This scheme is drawing early the naive younger buyers in financially better situations than their peers. Regards
  5. I emailed my MP two months ago regarding Funding For Lending, the reply i received from someone in the office or George Osborne was pretty much the same as you. There was no attempt whatsoever to answer my question. Regards
  6. I don't know much about these things but i feel like this is a bit like the start of a crack up boom If the world wishes to deplete savings via subversion, inflation and potential forfeiture then the money will transfer to assets
  7. And if they aren't inspired by engineering whilst at high school they probably won't choose to gain qualifications at either college or university
  8. Kids won't gain the interest if they aren't inspired by their teachers, most engineers don't do it because they have unnatural ability (i certainly don't) they do it because they are interested. Many science, esp. physics, maths, DT teachers now have no industry knowledge and went straight from university into teaching as it provided the best career / pay with their qualifications. Regards
  9. I rarely log in but due to the amount of incorrect or disagreeable information i thought I'd add my 2p worth: I'm 30, i have a strong engineering degree from a good UK university, i work in electronic engineering and i have 7 years experience. I have a job i enjoy and i earn slightly under £40k - i believe this to be about average outside of London. There *is* a chronic shortage of new electronic engineering graduates, the ones i do see are generally of poor quality and i speculate that the universities have dumbed down the degree courses. Especially when it comes to implementation the "new kids" don't know how to actually make stuff. Its as if engineering is being taught by academics as opposed to engineers. I also believe that the infestation of high schools with otherwise unemployable graduates fresh from university, who know nothing of engineering (or much else of use) is doing no good what-so-ever. The next point is about the salary, yes there are fields that pay a lot more but in the scheme of things forty thousand pounds (written for effect!) is a lot of money and yet it isn't when housing, insurance and general taxation are taken into account. You know what the problem is, it's been stated many times in this thread. Regards
  10. Hello, Thank you both for your wishes and advice. I have made contact with the mortgage provider, as expected they could not disclose wether the landlord has consent to let due to data protection. However I was asked to provide details on the property, the service assistant confirmed the landlord is their client and at this point his tone of voice changed noticeably. I was thanked for my information and told that this would be passed to the mortgage providers fraud prevention team. My partner has written a formal letter requesting the details of the TDS scheme used and informing the landlord that if this is not provided within 7 days we shall commence legal action. This was advised by the borough council. Representatives of the borough council HMO licensing and H&S will be visiting the house next week. We have found that the landlord is using multiple bank accounts for payment from tenants and encourages other tenants to pay cash-in-hand. The landlord also uses several vehicles to visit the property and multiple mobile phone contact numbers. Regards
  11. Thank you, Can you tell me what the process is for prosecuting the unprotected deposit? We have made sure that the landlord is the one requesting my partner leave early in writing, the landlord was trying to put it the other way round and we've taken steps to ensure my partner is not the one left out of pocket. I have no issue with good landlords who are decent people that make mistakes (after all we all do) but this landlord is, as you phrased it, scum of the lowest order. Regards
  12. Thank you, In regards to the unprotected deposit - i thought that we could only go to small claims court if some or all of the deposit is witheld. Is this not the case? We have already found somewhere for my partner to live but thank you for your concern. Regards
  13. Good evening, I would like to thank the members of HPC for "educating" me in all things property / renting related. Although i rarely post i browse the forums almost every day and i have learned a lot over the past 3 years - This has enabled me to help myself and my partner in the past few weeks. So a quite genuine thank you! I am posting this as i would welcome your comments on the situation. The situation is that of my partner. My partner has been renting a room in a house of multiple occupancy for the past 2 months. The contract is a 6 month AST and the landlord issued my partner with a section 21 at the start of the contract. Recently the occupiers of the house have risen from 7 to 10 persons. The house is a large two storey detached. There is one kitchen of ~15m^2 with a single hob of 4 rings, one cooker unit (one large + one small over), one small fridge + one fridge / freezer. There is one bathroom plus one downstairs toilet for all ten persons. For refuse there is one standard waste and one recycling wheelie type bin. For ten persons the amenities provided are now insufficient and my partner has raised this with the landlord. In return she recieved a torrent of abuse and is now being harrassed to move out mid contract. My partner contacted the local borough council to report the landlord for the lack of amenities, behaviour and also fire safety only to find out that the landlord is already being investigated and that the house is not registered as a HMO with the council. The landlord uses the HMO as their permanent address on the tenancy agreement, all their mail is delivered to this address including correspondance from HMRC which makes me suspect that some degree of tax evasion is taking place. The landlord has installed a CCTV camera in the entrance hall which looks directly at the mail, only the landlord has access to view this camera. My partner has not been supplied with any reference number for Tenancy Deposit Schemes, nor can we find any record of the deposit being held at www.thedisputeservice.co.uk - I suspect the deposit is not being held in a scheme. My partner was not supplied with any kind of gas check certificates nor the mandatory GAS SAFE certificate. I could go on with the various violations but suffice to say there are many. From the £4 land registry check i have obtained the landlords real address and also the mortgage lender. I suspect that the landlord does not have consent to let as this is a specific restriction on the land registry entry but i realise this may have since been allowed. We intend to inform HMRC that we suspect tax evasion is taking place and inform the lender that the house is being rented but what else can we do to prevent this rogue landlord from doing the same thing to others? Regards
  14. You'd be gutted to have paid £131k for something which you sold for £60k a few years later Regards
  15. http://www.rightmove.co.uk/property-for-sale/property-28703914.html £100k I haven't looked at it in detail but some parts of Duston are quite nice. Regards
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