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House Price Crash Forum


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About JonnyTomes

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  1. Leasehold property with no leasehold rights. Perfect opportunity for developers to ream the young with massive service charges. Thousands per year on top of mortgage costs. Totally unsalable property, totally unaffordable to staircase up to 100% and a total joke for anyone stupid enough to buy it. Sadly I suspect the vast majority had the caveats explained to them by their 'inconvenient' conveyancing solicitors. Still, who listens to that kind of crap when 'living the dream' is at stake....
  2. 25% of results back so far with ND leading Syriza 30.8% to 25.6%. Keep updated here: http://ekloges.ypes.gr/v2012b/public/index.html PS: For a country supposedly in ruins it does surprise me that Greece manages to have such an advanced online electoral reporting system. Can't imagine the UK managing that with our 'knowledge economy'. In fact the London mayoral election was an utter shambles.
  3. It's 3 of course. Duh. If either of the other two were possible in the UK this site would have about 5 members and no-one would be interested. I pity any 'normal' people with kids growing up here...
  4. Have seen this - it is normally a way in which developers who retain ownership of one or two properties on the estate can extort money from the purchasers of the other properties. Does the house have its own freehold or does the owner have a share of the freehold of the entire estate? In the latter case there should be a freehold company covering all the properties and communal areas. In an ideal world, every property owner would be a director of the company with equal voting rights over what happens (and hence the level of service charge) on the estate. Back in the real world however, the developers are often the only directors of the freehold company. This means they can rip off the other property owners until the cows come home. None of the existing leasehold service charge legislation covers abuse of freeholder owners by directors of the freehold company...
  5. Absolutely - see previous reply. She's v annoyed about this.Stupid system.
  6. More detailed rejectee profile for those who are interested: Perfect credit rating (seen Experian report) Self-employed but pretty profitable Significant savings PAYG phone Landline contact On electoral role Renting having sold flat mid-2010 Not used any form of personal debt since flat sale. Prior to that had mortgage and credit card.
  7. The most simple explanation is that a customer who only makes small transactions and clears their card each month pays peanuts for the use of their card. Admin costs outweigh the profits. It's not cost effective for the bank. This is why the business card operators (like BOS) have cut admin costs to the bone and charge (sometimes significant) fees for simply having a card. The concerning part of this is that my friend now has a credit application refusal on her credit record which will damage her attempts to get credit if she does fall into debt. The even more concerning part is that the most profitable clients for the credit card companies are actually quite high risk. Can't help but think that charging for account usage is a better model than this... Suspect when Grecomonics come to the UK, several large card operators will be badly stung.
  8. Sure - because they don't have UK credit ratings. My friend does, and it's perfect. She has no history of petty debt but did redeem her mortgage (before selling) within the last 3 years FFS! All this is visible on her credit history. She also has significant personal assets - communicated to the Co-op in the application. Seems very strange that 'owning' a massive mortgage should be a better indicator of credit risk than having various bank and investment accounts full of cash.
  9. My friend runs her own business. She has a statutory requirement to reconcile all business accounts once a month. Until recently she relied upon a BOS (Lloyds group) Business Mastercard for small online purchases of stationary and office equipment. As all transactions were listed online, the reconciliation was a doddle and could be completed without the paper statements (which arrive late each month). Last year the BOS withdrew all online support for business credit cards. When she complained, they told her there was nothing they could do - essentially stating that they didn't want her borrowing from them (even though she has held large amounts of business/client cash with them for several years and pays off the card at the end of each month). They suggested she went to another provider. Needless to say, other business cards are either extremely expensive or have similar restrictions. Having got bored with phoning the BOS each month to get a verbal credit card statement, she decided to apply for a personal Co-op card with which to make purchases (essentially spending her own money and giving small personal loans to the business each month). She was surprised, and not a little worried, when they rejected the application as her personal credit rating is perfect. The phone conversation with the Co-op that followed was utterly bizarre. Far from the ID-theft credit rating disaster she was expecting, they told her that they couldn't give her a card as she had no history of debt. That's right. They won't give cards to people who can absolutely afford to pay the money back. In fact, the Co-op operative told her that 'maybe if you get a mortgage and buy a house, then we can approve your application.' So, banks don't want to lend to businesses though credit cards, and don't want to lend to individuals who can pay the money back. What they really want are debt addicts who will pay them massive amounts of interest. More to the point, they seem quite happy to give people cards to fund mortgage debt....
  10. No. The flaw in the argument is that real business actually requires motivation, skills and brains. BTL landlords generally lack all three. The main appeal of BTL is that all you need is a healthy appetite for debt, a state-supported housing system and several contracters who will do anything that might actually be considered work. All of this is then paid for by rent seeking. Too many adults in the UK are underskilled with many 'business' owners running sham hobbies funded by BTL. Hence the desperate desire to preserve HPI at any cost...
  11. One of. Not THE poorest part of Britain. Try scrolling down to look at the data summary stats tables rather than just looking at the pretty picture. Hackney is listed as the 6th most impoverished local authority in the country. I would happily admit that East London is better than some of the worst NW sink estates (having lived on the edge of one). However, I think the point you're missing here is that (even now) no-one is trying to flog similar amounts of land with reclamation costs for £750,000 pounds in the NW. Not even close. In order to 'get real' as you put it I suggest that you wander round Hackney after hours. It's an interesting experience. Whether you believe the papers or not, the evidence of one's own eyes should be a good indicator....Even in Paris or Tokyo this kind of money would buy you a nice enough little house with garden that you could move into straight away - and you wouldn't have to live anywhere near the kinds of issues you'd experience in Hackney.
  12. You can't be serious? My brother used to live there 4-5 years ago. His local 'bakers' only ever had one loaf of (stale) Tesco's sliced white in the window. Strangely they got lots of custom at 2am - hoodies all leaving with big bags of white powder. Never knew flour was so popular. Went back a few times recently expecting it to have improved. It was worse. One family (no doubt feeling nostalgic for Somalia etc.) were having a bonfire on the balcony of their council flat. Another middle-eastern woman was throwing her household waste off hers. All perfectly acceptable in some parts of the world, and nothing that I didn't see in inner-city Manchester a decade ago. Not a community I would pay £750,000 to live amongst though. My German mate complained bitterly that we should have gone into central London all the way to the pub - think he was actually quite scared! You really have to put this kind of jokery in perspective. Have a look around Europe for what you could get for this kind of money - not just the house but the area. They're trying to flog condemned land with reclamation costs for £750,000 in one of the poorest parts of Sh*tain. This is fact by the way, not ponzi speculation about 'gentrification'. No doubt they'll get a buyer. Crazy world. Can't help but think though that when the gloss has come off during the next decade of depression, the 'investor' who purchases this plot may be less than happy with the end result.
  13. Correction: most Brits over 40 would look at a suburban Japanese house and think "no-way". Those under 40 would think - wow! After all, you don't get much garden/driveway space in a studio flat...
  14. I used to live in an area dense with HMOs where not a single occupant was in employment (not unless you class petty theft or drug dealing as 'working'). In fact, several of the HMOs were crack houses. The local council refused to follow up on land registry documents detailing the owners despite the fact that said HMOs were often unlicensed and there was money in it for them. Police didn't give a t*ss and would rather deal with the consequences of said HMOs than the causes. I would be utterly amazed if, unless the area is one of the most moneyed in the country, there are not multiple HMO vacancies available to those on LHA support. Whether any decent human being would want to live in one of these prison pens is an entirely different matter...
  15. I'm a little confused here. If you buy a house, the assumption (used to be) that eventually it would be your asset. Why should anyone pay taxes to help buy someone else buy an asset at enormously overinflated prices (don't get me onto housing benefit and the BTL market). That's simple market rigging which dislocates the price of an asset from the ability of an individual to afford it. I would suggest that if any mortgage holder wants state support to pay their mortgage, they should be forced to sign up for a shared-ownership social housing system where every penny paid by the state buys a share of the overall asset - ideally much greater than the value of the money put in to discourage usage of the scheme.
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