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D Vardy's Shadow

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  1. Agreed, unless the money was already confirmed to be in a scheme. But I would be asking the receiver to confirm - if it is not in a scheme, it would have to add to the debts the receiver is managing.
  2. Traps never look like traps before you fall into them.
  3. Hmm, I do suspect the Agents are on the take from Southern Electric for moving tenats over. I have seen similar requirements mentioned elsewhere, even on existing tenancies and the funny thing is, it always involves a move to Southern Electric
  4. Hmm. Is the Receiver actually a new landlord or is he merely administering the estate of the bankrupt? Personally, if I were tenant here, I would not worry about not getting a Section 14 - I would just ask Receiver to provide a copy of the court order and an undertaking to indemnify me against all claims by the LL.
  5. As the SI is about 'undesirable practices' on the part of estate agents, I read this as being a warning not to tell sellers that they have 'dozens of prequalified buyers waiting for properties just like this' at the time of selecting an agent to put a property on the market. As far as dealing with buyers is concerned, the agent could comply by not making any checks or representations, leaving it to the solicitors.
  6. You don't need to go any further towards the exchange. BT are responsible up to the test socket. Don't let them plug the faceplate in.
  7. And this country is great enough and well enough run that the above is a problem. As a nation we know something is wrong, but we have our heads so far up our backsides that we still have this pathetic and stupid belief that we are somehow 'Great' and all the problems come from outside. The EU is the least of our problems. The biggest is ourselves.
  8. 'Springtime for Hitler' fraud. It is the fraud carried out in the musical in thestory line - nothing to do with putting on the show in the real world. At core, an asset producing a return, but with a risk of substantial loss is sold more than once over, at which point, the people selling the asset have a vested interest in turning it to loss. ie sell twice over reduce value to 25% pay out 25% twice over PROFIT!
  9. from the quoted article: Selling insurance is pretty boring thanks to regulations that date back to 18th-century England. In a recently published paper in the Connecticut Insurance Law Journal (http://link.reuters.com/fyv38c ), Arthur Kimball-Stanley argues that, in its earliest days, insurance policies were often used to gamble. Policies could be purchased for items that weren't yours, and for amounts greater than the insured property was worth. The moral hazard is obvious: Unregulated insurance gave speculators incentives to destroy property. Are CDS speculators actively destroying property? Take Delphi Corp . When the auto-parts maker filed bankruptcy last fall, investors held $20 billion worth of CDS that referenced only $2.0 billion worth of bonds. This looks like 'Springtime for Hitler' fraud to me. But nobody seems to understand what 'Springtime for Hitler' fraud is, whenever I mention it.
  10. OK, let's analyze what your mistake was. You based your decision to buy or sell on absolute yield calculated on present return divided by present value. If you had held the properties until 2007, your yield would have been very good based on your original investment, but you are looking at the yield in terms of the value of the asset at evaluation time and ignoring the value of the capital gain. When it comes to parting with the asset, you need to be asking whether you can get a higher yield from putting the value elsewhere - ie a relative comparison [eg letting gets me 3.6%, cocoa futures gets me 3.4%], not an absolute criterion [eg letting gets me only 5.4%, so I will get out of that because 5.4% is bad, even though I have no idea where I will get more]. And you need to take into account potential for capital gain. The whole bubble was based on oversupply and it being [perceived as] a viable business model to buy flats and hold them empty because the capital gains paid the cost of finance. So now there is a total oversupply of sh1tty flats, which will have to go to social tenants and bring the sector into disrepute. Whatever happens to the economy, it is not going to be so good for this sector of the market. I would say that your 7% target will be met in the near medium term, but not by values stabilising and rents rising, more likely by values falling and rents stabilising. This will help the future investor, but not the present investor. Yield is not the be all and end all and you need to keep an eye on capital values.
  11. Then let's cover these stories up and pretend that this sort of thing is not happening. Perhaps the mods should ban anyone who knows someone in similar circumstances in case they let word slip out?
  12. I believe the major reason for the clause is to make the valuation report a 'privileged communication' between surveyor and client, which provides some limited protection for the surveyor against being sued for libel by the seller if he makes a mistake which reduces the reported value. With this protection in place, the surveyor can fulfill his duty to the client and express himself more freely, without looking over his shoulder for a libel writ.
  13. I think that the thread should stay open. The majority of threads stay open forever and it is not right IMO for mods to make a decision to close a thread because someone thinks you have been answered fully. Landlord failing to meet responsibilities is just that. It is common sense that this is bad. But it is not common sense that it is a conflict of interest on the part of the Agent to support the Landlord, it is a misunderstanding on your part.
  14. The buyer should be the best placed person to purchase. The valuation is to establish what the next best placed person would offer.
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