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About larrydavid18

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    HPC Newbie
  1. When do iran flood with their oil? Oil prices imo is the final death of the false recovery. If you take the biggest cash investors in london i bet you will find it is mainly middle eastern/russian oil barrons. We have been on emergency rates for 8 who years, signs of the ftse down 5% in the year of 2015 said it all to me. Lets face it, mid 2016 we will be finished.
  2. I agree, spoke to my uncle and he happy seems as long as the valuation is all good, hes happy to split down the middle. So its just a question of agreeing on the overall price, divide by 2 and be done with it. As i mentioned before i know some Hard-nosed bastards that made me a bit paranoid that we were getting ripped off or something like that. At least with you guys you have reassured me that we are not. Whats your take on break fee if you were in my shoes mate?
  3. Can i just state, i dont want to screw anyone of anything. I didnt even know of this HMRC shite, until a number of property savy friends came out with all this, "discout this and discount that," and "Open martket value this, and its not worth the same as that" etc. And as i say, i dont want my Uncle being "screwed over as well" as you put it. but honestly it did not even cross my mind. originally i was innocent and thought value house then 50/50 split. It wasnt until a number of different people in my life played devils advocate and started showing some hard nosed side of things in pub discussions etc. If i really wanted to "screw" people over i would not even be asking for advice on here from random strangers on a forum. i would simply go ahead and "screw him over" not bat an eyelid and not even consider you guys advice. In regards to the breaking fee, i humbly disagree on that. Thats like me and you living together in a rented property, you going out getting dumped by your misses, then coming home and deliberately burning down the kitchen in a drunken rage. Then expect me and the other tennants to foot the bill even though you did the vandalism.(by the way i am not for one minute accusing you are a vandal, it was just an extrme analogy )
  4. Excellent points. I think you are right mate. I think this sounds best. We are getting proper valuations after all and not estate agent "what you want to hear valuations" stuff. I guess a deal will come through and hopefully all will be sorted. But if worst comes to worst reading your guys sound advice i think ill have to shut up shop and put the house on the market for both of us if a deal cant be reached. Hopefully that will be worse case scenario, but hey, life's not perfect. Again many thanks for you guys honest advice. As i stress, we are in embryo stages of getting it priced up and its nice hearing from a unbiased opinions. So appreciate the time and trouble
  5. True. I think that sounds best. It really is weird situation to be in, as there's no real protocol for this scenario. The scenario ive read up on are couples breaking up, being tenancy in common, and then one of the partners buys out the other half. That seems simpler as i guess the person thats doing the buy out is getting the full share of the property(do we ever truly own the property ), job done. But this is more complicated imo as we are dealing with equal shares. Very messy. Any other advice would be great, remember, nothing has been negotiated as yet, and at the moment we are getting in 3 separate valuers. So we not even agreed on the value for the house. So if you feel that some of the stuff i have come out with is pure crap, be honest. As i say, what's great about you guys is none of you have any vested interest in any party. So hearing what you lot are saying is worth more advice than some close friends in some way as its balls to the wall honesty.
  6. Lets takes the fees thingy a side for one minute. So you think take the agreed price/2 and boom done? As i say ive agreed that 15% is extremely high, would say a 5% discount reasonable. Would you if you were my uncle feel that half a house is worth exactly the same as the market value we have agreed on. I think pure business terms here, i honestly am not trying to be a ***** about things. For example if i bought a new tv, opened the wrapping, realised i didnt want it then decided t sell it to you 1 minute later, then surely you would want 100 percent value price, as its second hand. So you would want a reduction in price right? If you ran a restaurant on the monday, got a Michelin star on the Tuesday, the chances are you would raise the price because of demand and rep of the restaurant. The point i am making is, yes, its no skin off my back per-say , but it does effect my mortgage. Also, more importantly, it effect my uncle whos helping me out and is also a very close friend. So i want both parties happy, and i agree, wiping out his equity is not fair, and i don't want that. But you have to remember my uncle is effectively coming in and prepared/will buy half the house. So lets say bobbo you are a good friend of mine from Birmingham way(sorry about that), and you have never met my friend in my life. You have just won the national lottery, you know 5 balls and the bonus and now have 500 000 lying around. So you are doing well but not a millionaire. You decide to help me out as you are a good pal of mine, and its an investment as well. You decide to buy my friend half out. You have never met my friend before and have no ties with him. You are buying half a house. Would you honestly pay 100 percent market value on half of a house. That is the simple question i am asking everyone. In conclusion, to my question, its no skin off my back, but surely it would be skin off your back since you are only owning half a house?Do you catch my drift?
  7. of the whole house or of half a house. Lets say you are my uncle, we agree the house is worth 210 000(in the mean streets of birmingham as a whole sale. We all mutally agree that the house is worth that and no complaints there. From there, what do you feel is a fair price for my uncle. and what do you feel is a fair price for my friend. is it a simple case of 210 000/2 boom, which imo seems top heavy for my friend. or is it 210 000/2 discount 15 % accordig to HMRC, which against i feel biased to my uncle and unfair on my friend. or it a simple case of my uncle clears whats owed in the mortgage the debates what my friends equity should be. As i say i want this sorted as i want to keep the property, and i dont want any parties being ripped off. Its a weird situation to be honest as i want both parties happy.. By the way this is most helpful guys, and getting unbiased advice from you good people is much needed
  8. Hey thanks for the reply. I am no way being tight, as i say i would have never considered these things until other people started giving me hardcore advice which kinda messed with my head. and as i say, i am also representing my uncles interest as well, not just my friends. Thats the reverse implied of all this. My uncles very close to me as well, and always looked out for me. He does not have to help me out remember. plus i am not sure what my friend will do, i am not sure hes ure yet. But surely that does not concern my uncle does it? But yes i agree with you about the friends thing, you sound like a good man
  9. Thats the key, equity. Lets say the house is 210 000 and we agree on the that. We got the house 190 000 with sharing exactly equal a 19000 deposit. So hes put in before we have even started 9.5k, we both paid of 8 k each, plus the house has gone up 20k. So if i am correct his aim would be get as much back of a 27.5k equity in the property. So you were my Uncle, what would you pay back in equity to him. Please elaborate on your point mate.
  10. Very good point, and by the want i do not want to pressure anyone. I am very confused at the moment morally and business wise what to do. To be honest i would have never contemplated all this "astuteness" if it wasnt for certain advisors putting things in my head and making me paranoid. As i say i am still very good friends with him, and want 100 percent fairness. But also my Uncle is flesh and blood, helping me out, so i want 100 percent fairness his end So my next would be, if the valuer does indeed mention about the 15% discount, would it be reasonable to say meet half way and say offer 5% discount of the property for the reasons you mentioned? Many thanks for your replies by the way.
  11. Blimey ive rocked you. I was simply asking for Moral implications of business, and what is fair and what isnt. Ive been a member here for a while, but been inactive. I a not sure if you ar being sarcastic or not? Cheers for the advice though
  12. My problem is not the valuation, its the fact that my Uncle is buying effectively half a house. Thats the key issue here. Say you wanted to buy my friends half off him as you were a mate of his, and we got say two valuers and both said the house was around 200 000. You are getting half a house effectively in a tennancy in common with someone you dont know. Surely in pure business terms half a property does not have the same value as 100% of a property? Surely you would not offer 210 000 then simple divide by two???Or would you or am i talking cobblers? I know for a fact that when HMRC do valuations of half a property they discount 15% discount because of that fact. But that is usually when someone dies. Ive had advice from all sorts of friends, and like estate agents they have told me what purely from my perspective. "Just make sure he gets his deposit back" or "50% of a property is not worth full market value" etc etc. So are really harsh business people Whilst i agree i want to be an astute business man, I do not want to leave a sour taste with my good friend. Thats the key thing here
  13. Hi there. Sigh-Hear me out, i am not very astute on property so sorry if i dont give you all the correct info. and sorry if my knowledge is poor. But i would be very grateful for you advice. Right, me and a friend bought a 3 bed house for £190000. We have a Mortgage exactly 50% each(we pay just over 500 quid a month on a 4.9% interest). It is a 5 year fixed mortage. We are Tennants in common. So far we have paid off around 9k each. Anyhow, he wants to move out, as he getting married and wants to settle down. According to Zoopla the house will be around 210 000. We had a chat i have have made it quite clear i love the property, and i do not want to leave. Thankfully my uncle has agreed to help me out and do a equity buyout of his half share. Now we are currently getting a few valuations of the whole property and i want to be fair for everyone. I do not want my uncle to be paying too much as hes helping me out/family member, yet i want my friend to have a fair price, well as he is a good friend. I am acting as the "estate agent" to save both parties money. Dilemma 1) There is still two years on our fixed rate which he is breaking, which means that the Mortgage company want a fee of £3700 for breaking that. Dilemma 2) Valuing 50% of a house So in conclusion what i am asking is am i being unfair??I feel that since my Uncle, nor me have broken the 5 year fixed, that then its reasonable that i or my uncle should not have to pay any of it. and if we do, is it reasonable to have it knocked off the valuation of the property? Also, am i being harsh that half a property should not be the same as a whole property. Should a discount of 10/15% roughly be negotiated as i dont want to leave and if he went to the open market he would be lucky to get even that? Also HMRC value half properties with a 15% discount http://www.boodlehatfield.com/the-firm/articles/equal-half-shares.aspx So basically am i being a ***** and unfair to my mate. You guys are unbiased, and i dont want to come across as some morally repugnant person, so please let me know if i am being unfair with my reasons for reduced prices/not paying fixed rate penalty? Pleaseeeeeeeee help.....
  14. youll like this one mate http://www.youtube.com/watch?v=fGIYy094JaE&feature=related&oref=http%3A%2F%2Fwww.youtube.com%2Fwatch%3Fv%3Dp0XBz6Iu470&has_verified=1
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