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House Price Crash Forum


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About PMTension

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  1. Hi The ads are definitely slowing the site down, not on the main page but on the topic pages - taking ages to load. PMT
  2. With regard to taking independant legal advice you should contact the Law Society directly to ask them to recommend a suitable lawyer specialising in this field, they also investigate solicitors conduct and malpractice and should be better at giving you a steer through this complicated situation. It is not in the Law Societies interest to have members of the public taking legal advice and suffering financially because correct procedures have not been followed and they should have the clout to help you get sorted out. Good Luck
  3. When the baby arrives your life will completely change. It is not a good time to move in the later stages of pregnancy or immediately after the birth as this should be a restful time. The best thing to do is look at properties around October/November where if properties have been on the market a while the sellers might be more amenable to price negotiation. You will also be used to a baby and it might change your mind as to practicle issues surrounding living with a child ie. how many stairs do you want to climb to get up to your front door, traffic on roads surrounding property, parking, safety issues, garden security etc ... Whether you can extend it later. Look into getting information on properties coming up for auction, local schools OFSTED reports - you may be in your next home for some time and whether you want to be stuck in an area where the school does not meet later requirements for your child. Children are surprisingly adaptable and being in rented accommodation at any age is ok, there are many families out there renting and it is a lot less stressful than undertaking a huge mortgage, diy and the fact that you can be locked into one property which may not meet your future needs. The nesting urge is very strong and everyone wants the best for their children, this can only be achieved by thorough research and looking at all the options objectively and planning ahead - perhaps 5 or 10 years. Hope this helps and good luck! PMT
  4. Its already happening they are called today's young. Fortunately, without the powers to lock up those that question the system or restrictions on those wishing to leave the country the Government will be unable to maintain the status quo and the perverse distortions in the present economy will be corrected in time.
  5. What do people think are the chances of Gordon Brown bringing back the VAT on gold purchases which he abolished around 1996?
  6. Every estate has to go through the probate process. All assets and debts have to be pulled together to give a total value for the deceased estate. A house will need to be valued as part of the estate and if there is no money left in the estate to clear all debts and any IHT due, then the property will need to be sold. I think that the IHT usually has to be paid within 6 months of the person dying (but it could have changed over the last few years) After that interest gets charged on the tax due. If banks, local authorities are owed money then if the solicitor is executor for the estate they will generally try to speed the sale up. If the person dies intestate ie. without a will and there are no surviving relatives who can legally make a claim on the estate then the solicitor appointed will sell the property and the government gets the proceeds after debts paid. If the estate has beneficiaries and they have cash available, they may opt to pay the debts and sell the property at their leisure if they are able to hold out for a better price. Lots of ifs here, you will need to check up on the situation and get as much info as possible from the estate agent. You can not legally buy the property until the probate has been granted for the estate - they may be putting the property on the market while the estate is still being finalised. Hope this helps
  7. This is now starting to feel like last crash with jobs being lost both nationally and locally in ever increasing numbers, shops are starting to become boarded up in the high street etc... the mood has definitely changed since the New Year. Not sure for how much longer the VI can spin this out - people are starting to see changes for themselves and entering into discussions that have been voiced on this website for the last year. Interesting times ahead.
  8. If you go along the Trust route and getting IHT advice make sure that you go to an IFA experienced in these matters and do it through a solicitor who does Trusts all the time. You need to ensure that you are getting the best and most up-to-date information on this one. The Law Society can give you details of solictors in your area that specialise in Trusts - they will usually have links with IFAs who specialise in this field. Good Luck
  9. There will be a problem if they lose one income due to redundancy or if they have to move due to work relocating etc, or the patter of tiny feet. There generally are no problems if people have to stay in one place for 10 years and their personal circumstances don't change - but life all too frequently is not like that, and change has a habit of turning it all to rats
  10. I would go around the house with a builder and find out what the options are for extending the property so that you can miss the next rung. It may be better to do that than pay another lot of stamp duty and fees associated with selling and buying another property at a later date. Can't tell from the picture whether a loft room is an option. If the location is right for you then extending may be an idea - and you can get a feel for how much you really want to pay over the longer term. It also might be useful to find out why the sale fell through - were there issues relating to the extension meeting building regs/planning requirements? Good Luck PMT
  11. I think another interesting area of research for a journalist would be check whether companies offering financial services (particularly mortgages) have directors linked directly or indirectly with local firms of estate agencies.
  12. I worked in a solicitors between 2000 and 2003 and was amazed at the huge sizes of some, and towards the end many of the mortgages that people were acquiring. It was not un common to see mortgages of 240k on a 3 bed/4 bed house and my gut feeling was that the people getting these mortgages were not getting over 90k a year income either singly or jointly. They were either overstretching themselves considerably with the type of loan they were going for or self certificating. Many professional people such as teachers, doctors, engineers and bank employees were going for modest mortgages by comparison. I decided that things were very fishy when a senior person very high up in a bank purchased a property with what I considered a low (normal) mortgage by comparison to others. I also noted that a lot of properties that people were selling had recently put charges on their properties just prior to sale ( I do not know whether this was to provide deposits for multiple properties for buy to let, or just so that they had deposits to pass up the chain on exchange). I am sure that if some journalist was really determined to get some information they could look at the average charges on properties in certain areas by going to the Land Registry. I also noticed a huge increase in the number of normal older people recently retired taking equity out of their homes to fund holidays, cars, homes abroad etc... , only saw one couple taking money out to help their children buy a first home. I think there will be many people coming seriously unstuck shortly and it is going to get very messy!
  13. Good advice to go around with a builder. Go with him if you can and check 1 If any chimney breasts have been taken out is the chimney above held up or suspended on thin air. 2 Look at the proximity of trees to the property (weeping willows should be avoided at all costs!) 3 Find out when any through rooms were knocked through if they have been done over 25 years then they will probably be ok for the next 25 years. 4 Get roof checked out look up in loft space to check no daylight showing through felt. Look to see if chimneys are damp - flashing might need replacing. 5 Condition of gutters. 6 Condition of windows. 7 Look for any cracks, door frames that appear to have dropped or shifted. 8 Establish where any manhole covers are for inspecting drains 9 Look at electricity supply and boiler, to determine age etc Good Luck
  14. The costs look pretty standard (used to work in a solicitors). What you need to do is check if they are likely to increase charges if the transaction is complicated. Also check that solicitor is experienced in residential property purchase - is this his main area of expertise, better going with one who does it all the time - they get things done quicker and are better at spotting icebergs. If your prospective property has had any alterations ie. extensions, changes to its structure ie beams put in through rooms to make it open plan, conservatories etc. then these all need to comply with planning regulations and building regulations. If there is any doubt you or the vendor may need to pay additional charges for indemnity insurance in case it is not clear whether they comply. This insurance is a good idea as when you eventually want to sell later this makes it easier for a sale. You also need to check whether there are any boundary issues - is it clear who owns what fence and whether any construction/extension has implications with the Party Wall Act. Equally if you plan to purchase with a view to make changes do your research first, planning officers can be quite slippery. Some experienced purchasers prefer to apply for planning permission and get approval prior to exchanging contracts. Do go along to the local planning office and check whether there is going to be building developments in the area where you are moving to. Have a good look at rights of way on your deeds, shared driveways, communal facilities etc are you going to have increasing costs/aggravation in the future. Are you going to have any control over these costs or are you going to have to cough up anyway? Just a few pointers - hope this helps
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