kibuc
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Posts posted by kibuc
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Time to unveil Help to Buy Foxtons Shares before it's too late
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In April I started renting from a portfolio landlord who was not concerned about S24 in the slightest, had "no intention" to sell any of her properties and was in fact "planning to buy more".
Today she wrote to me that she was having "cash flow problems" and she couldn't afford to deliver on her promise of a ~£250 improvement to the garden.
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19 hours ago, Assume The Opposite said:
The UK can't go bankrupt as we have our own central bank and the ability to tax over generations.
That would only be true if all your debt was denominated in your local currency. Money printing/borrowing from the future wouldn't help with foreign obligations, which can easily make you go bust.
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19 minutes ago, Trump Invective said:
"it’s only a matter of time before interest rates climb back up again. The savvy buyer will act now before prices begin to rise at a faster pace."
That's some higher-order logic for you right there.
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Couldn't care less about RM index. I considered it worthless when it was going up and it's still worthless when it's heading back down.
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5 hours ago, stop_the_craziness said:
But my relatives told me I was being “utterly ridiculous” because “no one could afford that”
Tell me I’m not going mad!
Regardles of whether they are right or wrong (and they are clearly wrong in the face of the facts you provided), their reasoning reeks of idiocy. They should head to the neares Ferrari dealer, sing a deal and then refuse to pay on the same basis.
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1 hour ago, durhamborn said:
https://www.ft.com/content/8865383b-d82c-3ca2-bad0-057774d4588a
Tightening into a recession.
Previous releases got revised down, too: 21k down for June and 20k down for July.
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11 hours ago, Dorkins said:
Minimum notice on an AST is 2 months from the landlord.
Only if you're paying on a monthly basis, I believe. If you're paying weekly, I think it's 4 weeks.
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14 hours ago, Orsino said:
An extra Newham-style local or national registration scheme is unnecessary to identify landlords evading tax. Almost all tenants pay a deposit. These deposits must legally be registered with a handful of national schemes. Match the deposits with declared rental income. Simple. Get a private company to go through the databases and pay them a percentage of the recouped tax revenue or a finders fee for every evader identified.
HMRC has not done this because parliament doesn't want it done. Yet.
When I was in a deposit dispute with my landlord, I came across a stat that around 50% of landlords fail to meet their legal obligations in regard to deposit protection, although it doesn't necessarily mean they don't protect it at all (failing to issue prescribed information also falls in that bracket).
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19 hours ago, Habitationi Bulla said:
To be fair theyve done the man a favour and he's taken them for a ride, theyve even offered to sell it back well below market value.
No.
Such.
Thing.
"They needed some cash to fund their new three-bedroom villa in Torremolinos and explained the situation to Mr Gregory. Mr Harding offered to sell the home to Mr Gregory for £60,000 less than the £310,000 valuation."
They wanted to sell quickly. Market value of an asset you're in a rush to sell is obviously lower than if you could affort to wait and attract more offers.
Market consists of all entities interested in selling or buying given good or service. You always sell at the market value. It's just that if you're only pitching to one buyer, then you're selling on a different market than everybody else.
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3 minutes ago, Option5 said:
Repos usually go to auction which generally lowers the selling price. This lowers the valuation for all the other houses in the area, many will be mortgaged by the same banks. It's better for the banks to hold off and hope the prices stay high enough for the mortgagee(s) to sell and pay off their debt.
More than anything, banks want's to see the return of their money (and then a return on their money). What they don't want you to do is to default on your debt if it can be avoided.
If you're only just managing to pay your monthly rate and an IR rise puts you in the red but you're still employed, bank will gladly work with you to reduce your monthly commitment, usually by extending the term of your loan and milking you even more.
It's only if you're beyond repair when banks would consider cutting their losses.
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Banks are really not that keen on repos. They are in the money
lendingstealing business, not in the property selling business. -
TBH, I'd be all for removing SDLT on main residence, as long as it's accompanied by flat 50% SDLT and equally prohibitive LVT on any property beyond that.
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8 minutes ago, Society of fools said:
They seriously expect their 1 million GBP Sidcup house to be worth 2 million in 10 years time. Their exact words.
That's not entirely implausible. Question is, how much a loaf of bread, a gallon of petrol, a pair of shoes and an ounce of gold will be at the same time.
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My favorite development in N8 takes another reality check.
http://www.rightmove.co.uk/new-homes-for-sale/property-66752720.html
I don't remember the price right before the reduction, but I believe it went from 675k to 640k in the spring and now to 600k yesterday. Yum!
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5 hours ago, chicker said:
Yes i was surprised when a pole told me this but as they say there is no data in anecdotal . If things are improving in Poland why come to the uk ?
To be honest, something is rotten in the state of Poland.
Real household incomes have been on the up for two decades now, and the entire economy was put on rocket fuel in 2004 when Poland joined the EU. In terms of political stability though, it's an asbolute shambles at the moment, and I can see it as a deterrent. Probably not strong enough to convince more people to come here, but strong enough to make anyone trying to go back reconsider.
I used to think that kids would also act as a major road block, but then I realized that tons of Poles were putting their kids into Polish weekend schools, so they are kept up to date with Polish curriculum for language and history. So probably not as big of an issue as I initialy thought.
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9 minutes ago, Venger said:
You're also not the first to put it down to 'compulsive buying addiction' for 'the innocent BTLers' with so many many homes (******** ridiculous greed and entitlement) raking in hundreds of thousands a year from hard-work of priced out tenants.
It's part of the quest to take away agency and responsibility; to find someone else to blame. And often to try and hold back correction and seek more QE/policy measures to protect the HPI from some (not all) posters.
37 properties and still with leverage.
System innit.
"Another bailout needed for the BTLers who have been taken advantage off... prevent HPC."
It was meant as a joke, mate. You might want to take a step back and re-read it with your battle glasses off.
I'd have to be mental to ever push compulsive BTL-ism as a real thing.
Then again, LLs are already happy to picture themselves as illiterate and innumerate idiots ("didn't understand the mortgage agreement, couldn't add up the numbers, but I still signed it"), so I can't see why they wouldn't try and claim mental condition if they see it as a way out.
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1 minute ago, spyguy said:
No. He accidentally bought 38 houses.
Maybe he can't help it. He goes out for groceries and comes back with another property in his pocket.
If he's a compulsive buyer then it's a medical condition and that poor lad deserves our sympathy and every help available, not the ridicule and hate he's currently getting.
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3 hours ago, Barnsey said:
Not his fault.
Actually, totally his fault.
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28 minutes ago, TheCountOfNowhere said:
Ouch
The indexes are meaningless now.....Until people start buying at lower prices
Isnt that BIG fall die to the insane pre-dont miss out BTL rush of 2016 ( fools gold all round ).
Yes, it's year-on-year so data for March is heavily skewed.
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1 hour ago, GrizzlyDave said:
I know! Easier to integrate when you can talk about killing nazis together.
There's nothing stopping anyone from keeping that conversation going. Make it a new favorite small-talk subject instead of the weather and cricket (criquet?) and BAM! All Poles integrated.
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I was thinking more on a per individual basis. I imagine there're plenty of individuals in London that cannot be considered well integrated.
Met a Polish bricklayer last summer. Bloke has been here for 12 years (13 now, I guess). Didn't speak a lick of English.
So what characteristics should an "integrated" migrant have?
- know the language (well enough to communicate - probably; be proficient enough to hold his end in a group conversation in a crowded bar? I dunno)
- be familiar with common cultural and pop-cultural references?
- know key dates and persons in British history?
- give two fingers instead of one?
- always be fine, great or, at least, all right?
I'm interested to see what others think when they talk about integration, and where the lines between "non-integrated", "integrated" and "citizenship-worthy" migrants are.
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Can anyone on either side of the integration argument describe what successful integration looks like? Just to make sure everyone is on the same page.
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I can symphatize with the OP on the disturbance issue, but other than that I fail to see what the beef is about. Apparently those young people earn good money in their jobs and decided to buy a place to live. Not a very shrewd financial move in my opinion, but there's nothing wrong with that.
Deflationary collapse and the Reflation Cycle to Come.
in House prices and the economy
Posted
It happened in Poland as recently as Feb 2014. Since the reform of 1997, when SIPP were created, people have been encouraged to invest in it to reduce future burden on the public pension system. However, in 2013, when facing some severe statutory backlash for exceeding allowed budget deficit, the government ordered a transfer of 51.2% of all money in SIPP (roughly £30bn) to the public system, so it could help bridge the budget gap in current pensions. It went all the way to the Constitutional Tribunal, which deem it legal as it was a "one-time event" driven by a "greater statutory need".
The govt got obliterated in the general election the following year.