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House Price Crash Forum


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Everything posted by mmt

  1. I think there needs to be a "What you can do" section. As an example. I once commented on facebook that putting limits on how much banks could lend would be a good solution to the problem. To which someone replied with something like "don't be ridiculous, how can I afford to buy if banks won't lend?". Building more is the unanimously excepted solution, apparently. Supply and demand, innit!
  2. Most Victorian houses were built by speculative builders, often copying ideas from architecturally design houses and stately homes (which often took inspiration from earlier historical periods). There were few building regulations at the time but one area that was tightly regulated was the building of chimney breasts. They took that seriously presumably because of the extensive use of them and the associated risk of fire. Build quality is a bit variable but the houses have stood the test of time. They had innovations such as damp courses, suspended wood floors etc. The houses were designed to breathe and prevent damp by circulating air through the floor, drawing it up the chimney. The roof was usually high quality Welsh slate which has a lifespan of 100 years+ (my house still has an intact slate roof - 120 years old). These have often been mistreated over the years. In the 1960/1970s there was a fashion for removing original architraves and covering up door panels, for example. In recent years, perfectly good sash windows have been ripped out and replaced with cheap looking UPVC and original slates replaced with ugly concrete interlocking tiles (which require additional roof support). I do appreciate a Victorian house, what I hate to see is when they are carved up into flats or HMOs - that is pure vandalism in my book.
  3. The basis of the legal challenge, I believe, is EU state aid law (which is described here). One of the key points is this: the intervention is likely to affect trade between Member States.With the prospect of the UK no longer being a member state, I find it hard to believe they could (after Brexit) use EU law to overturn a law passed by Parliament. That would not look good at all. If it is a judicial review, then I assume a judge would want to take this into account?
  4. My understanding is that the joists are normally nailed to a "wall plate" that sits on top of the walls. This stops the rafters from pushing the walls outwards. Normally the weight of the roof is distributed downwards and some internal walls play an important part in that.
  5. It appears that they removed the ceiling joists and internal walls - huge mistake. I wonder if they informed the lender/insurer of the works?
  6. I've got a copy of the Coventry mortgage conditions (applicable to mortgages of freehold and leasehold properties in the England and Wales). Not sure if that includes BTL: Does that mean that the beneficial interest already lies with the lender? That would make sense because how else would they be able to appoint a receiver and collect rents for a property in arrears?
  7. I'm not an expert, but looking at the construction surely that property is not mortgageable. Edit: unless what the buyer might actually be after is the land with the idea of doing a rebuild. Maybe bridge finance would be used in a case like this.
  8. Thing is, they can go to the Government and make whatever claims they want, but it is clear that the Government have done their own research* and probably felt consultation with these groups was a waste of time. *An alternative theory is that a crack team of HPCers and renegade geography student carried out an elaborate mind heist on the chancellor.
  9. I was being sarcastic by the way. We are obviously all aware of the tradeoff between risk and return. The risk with BTL being that you can lose more than you originally invested.
  10. Investment, business, pension and a place of safety to put your money because you don't trust banks while at the same time offering returns to beat all other investments...
  11. I know two couples who are rushing to complete on the purchase of main residences because the don't want to sell the old place but rent it out instead. One of those couples just completed on a £700K purchase. The only way I can imagine buying a 700K house without selling the old place is possible is by conversion to a BTL mortgage on the old place and then withdrawing the equity on the bubble valuation. Mad really.
  12. A non-profit making socially useless enterprise that generates 80k per annum interest to a bank that created the loans out of nothing. These articles only serve to highlight what a massive scam and scandal buy to let really is and how the taxpayer is being gouged by it.
  13. The proposal was to exempt purchases of 15 or more properties at a time was it not? Not to exempt companies already owning 15 properties?
  14. How many ever intended to go ahead rather than just flipping the off plan agreement for capital gain? How many of those 10% deposits are actually groups of mug investors in Asia that have clubbed together and so have relatively little to lose individually by defaulting?
  15. I'm struggling to reconcile "we bought all the new builds" with "we've never priced out first time buyers". Do FTBers not want new builds? Curious.
  16. Buy to letters have bought 83% of new builds? Rather shocking really. Why weren't those sold to owner occupiers? What affect has this new buy to let demand had on prices? At current prices. How many more would be in a position to take on a mortgage if prices fell significantly?
  17. The stated objective is to level the playing field between incorporated and individual landlords. Previously the individual landlord was able to claim relief at the marginal rate (up to 45%) but this is being reduced to be effectively in line with the rate that corporate landlords are able to claim.
  18. No. They have the option of paying off the mortgage and still enjoying the property just fine.
  19. http://www.telegraph.co.uk/finance/personalfinance/pensions/12000288/We-earn-190k-a-year.-Do-we-need-to-sell-our-flat-to-afford-private-school-fees.html
  20. He's asked the question, now the responses may not be as unanimously supportive as he might have expected. Only about 40% of households are mortgaged and the vast majority of those probably have a decent equity buffer. Not that many people would be affected by NE due to falling prices, it should be a marginal issue.
  21. That is why you de-risk your investments as you get older by allocating a larger proportion to low risk assets (bonds). Lack of understanding is the problem here.
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