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House Price Crash Forum

Mykingdomforahorse

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About Mykingdomforahorse

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    HPC Newbie
  1. Don't give money in benefits but give vouchers that can be spent on food and clothing but NOT on alcohol/cigarettes or luxuries.
  2. Did they serve notice via email or was it in writing? (by post) An agreement by email it not worth very much, they can be easily faked and have no signature so I would think that the landlord could always start eviction proceedings unless you have something solid you can use to show his promise.
  3. I sold in 2005 before moving abroad for the next 5 years, I thought that would be the peak of the market and prices were way overpriced even then!
  4. The next question to ask is are they directors of a company that hold the properties or do they hold them as individuals. If they hold the properties in a limited company then they might not lose everything BUT there are certain fiduciary duties they must adhere to including taking reasonable care to disclose that the company is insolvent. If they do not hold the properties in a company then they really could lose everything. They deserve to lose everything from their property "enterprise" that has priced out ordinary people. They are also a good example of how and why markets are not perfect and need some kind of regulation and control.
  5. IF this is true.... Buy-to-let gurus see empire crumble Judith and Fergus Wilson, the amateur buy-to-let gurus who built a 700-strong property portfolio, have been hit by cash-flow problems... They were the undisputed king and queen of buy-to-let whose property empire, at the peak of the market, was worth almost a quarter of a billion pounds. Thanks to their smart property speculating, Judith and Fergus Wilson had an estimated personal wealth of almost £100m. And the two former maths teachers have been in constant demand to impart advice to other would-be housing tycoons, with regular appearances in the Press and on TV. Now it seems that the Wilsons - who still own 700 properties clustered around Ashford and Maidstone in Kent - got their sums wrong. Read more: http://www.thisismoney.co.uk/mortgages-and-homes/buy-to-let/article.html?in_article_id=499590&in_page_id=56&ct=5 .. I will believe there is a God.....
  6. If it has been bought on a mortgage and it's not a proper BTL mortgage then report the owner to the lender who will also take steps.
  7. Phil, If you got the mortgage on the assumption that you were going to live in the property and you did not intend to then you lied to the mortgage company. They will think that you have a duty to disclose a change of circumstances if you did live in the property and then moved out and subsequently rented it out. Basically you lied to the mortgage company or omitted to tell them an important change in circumstances. If you have been honest in the first place you would have a) not have been able to get the loan in the first place OR on a higher rate / different terms and conditions. It's a bit late to cry about life being unfair now but maybe if everyone had been honest in the part (including all the liar bankers) then we as a country would not be in the current mess we now have.
  8. If normal people can't afford somewhere to buy somewhere to live relative to their income in an area that is not too far from their workplace then house prices are too expensive. A friend of a friend bought a shared ownership flat in London and really regrets it now. Who would ever want to own half a car or half a TV. It's madness and the sooner it is banned and banks are prohibited from lending such eye watering amounts that people can never afford to pay, the sooner sanity will return to the market.
  9. In the UK, minimum wage kicks in and it cannot be signed away in a contract so you can't do unpaid work unless it is charitable.
  10. House prices should fall back to an average of 120,000 - 150,000 so that the are affordable for people especially first time buyers. If they fell back to a decent level then salaries could be a lot lower.
  11. Sensible educated people are scared of having too many children as they rightly fear that they cannot provide adequately for them. The sad fact is that it is viewed by the government to be cheaper to import people rather than "grow our own". Only those on welfare can afford to have lots of kids and the rest of the population who are more prudent just stick to having one or two because that's all they can afford. Make it easier financially on working people in the UK to have more children and you won't need to have so many immigrants in the first place.
  12. Share of freehold is much fairer than leasehold IMHO for residential properties. Having suffered from a landlord who made unreasonable demands, I am glad that the law permits the tenants to force the sale of the freehold for a fair price if there are enough of them. I am not sure that commonhold has never been used. It's a new form of ownership and was only introduced under the CLRA 2002. It would be interesting to know if no one in the whole country has made use of it
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