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undeservingrich

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About undeservingrich

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    HPC Poster
  1. Pensions were lost where people were adjudged bankrupt before 29th May 2000. WR&P Act 1999 now gives protection to all Revenue approved pensions unless the debtor has "stuffed" the pension prior to going bankrupt.
  2. I can't get hot under the collar about this. There's no mortgage tax relief so who is your "mate" cheating. If his xxx's do not add up the market will punish him. If he doesn't pay tax the IR will soon cotton on to him. All solicitors are required to notify the Revenue on compleation of a sale. It's possible he doesn't owe any tax if he is mewing for deposits his mortgage interest may not be covered by the rent. My opinion is that a stategy like that will lead to bankruptcy but its only my opinion. It's a free country and we can all choose our own path to hell.
  3. Both arguments are flawed. • Renting as a lifetime strategy only works if you are prepared to put up with magnolia walls and unexpected and unplanned changes of addresses till you peg out. • Buying at current prices will result in twenty five years of penny pinching and constant worries about job security.
  4. Hi Wongmove The flaw in you’re reasoning is that however low interest rates go someone borrowing £200,000 has to if they are ever to “own” this home pay off the capital. In the past borrowers stretched themselves knowing that inflation would lessen their mortgage repayments to something more affordable within a few years. There is now such relief on hand for today’s borrowers. If its painful now it will probably be just as bad in ten years time. From a homebuyers point of view high inflation and high interest rates were a good thing.
  5. Going back to the first posting by Marina I'm also one of the "lucky" generation who bought property at what you would think were reasonable prices on rationed mortgages. However I have come to a completely different conclusion. I convinced the market will collapse under its own weight. Regardless of how low interest rates are paying back the capital on these huge mortgages is impossible and to make matters worst many “home owners” have large credit card debts and other borrowing. The other factor which will redistribute the wealth a little more evenly is time. I am in my mid-fifties and wil
  6. I have a mate who's a weatherman. No not a 1970's urban terrorist. He predicts the weather for a living and has done so for the last 20 odd years. He tells me that the best way of predicting the weather for tommorow is to say it will be the same as today. What does this tell us about house prices? Well the likely trend is the same as its been in the past but just like the weather when it changes it establishs a new norm. So why are prices going up? Because they went up in the recent past. Does this mean they will never go down? No
  7. I’m normally a cheery sort but today for a reason I can’t go into here I’m as gloomy as a lemming whose just watched a two hour Paul Daniels Christmas Special.
  8. No 20017 pick the right time to acquire property Good 1066 (as much land as you can grab) 1348 (whole villages available for about a turnip). 1665 (Central London prices though the floor) 1666 (it didn't get any better) 1940 (see 1666) 1991-96 (not as good as 1066 but ok) 2006 (I think not)
  9. I am in much the same situation but a lot closer to retirement (12 years at most) I have a couple of investment properties which I paid off a few years ago. The rent represents only about a 4% gross return but on the other hand my admittedly illogical theory is that the income I receive now will in ten or even twenty years time always have the same purchasing power. If I were to take the business like approach I wouldn’t know what to do with the cash and would lose quite a bit in capital gains tax.
  10. I have to confirm your findings I'm both old and stupid.
  11. They are both equally awful. They both lack the essential ingredient ………….. a beach
  12. I think the problem is that the strategy for putting a property on at a higher price and waiting for the market to catch up has worked well for the last few years. The average seller can recall nothing before John Major. In a falling market which I’m not convinced we are in yet the only way of getting a sale is to price your property where it’s going to be in six months time.
  13. Bankruptcy does not effect a secured creditor's rights.
  14. Interestingly I bought for the first time at the age of.... 35 in 1987. I was the oldest person at that time I knew who hadn't bought and prices were rising at an alarming rate. It was a case of "if I don't buy now I never will". Prices continued to rise until 1991 when they collapsed by 30% and I could have bought the same (similar) property in 1996 for the same. They didn't start to climb off the bottom until the following year.
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