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House Price Crash Forum


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Posts posted by FirstTimeBonkers

  1. 22 hours ago, skinnylattej said:

    And yet the GVMT does nothing for new nuclear plants.

    Here are the closure dates for UK nuclear power plants:

    Hunstanton B                       2023

    Hinkley B                              2023

    Hartlepool                            2024

    Dungeness B                        2028

    Heysham 1                           2024

    Heysham 2                          2030

    Torness                                2030

    Sizewell B                             2035, although intention is to extend to 2055.


    Dungeness is already gone; Hunterston Jan 2022 and Hinkley Jun 2022.

  2. There is definitely something odd going on with Zoopla.

    My place has been sitting at an estimated X for a year. Now, it's a range of width 30% centred on X-10%.

    The even odder thing is that the number that drives the Remortgage Calculator at the bottom of the screen is the old X, not the new X-10%.

    And the "change from 1,3,6 months ago" is based on X-10%, not X. So these data are now plain wrong. Because Zoopla were estimating a 10% higher figure a month ago, yet the displayed data suggest that was no change over the last month.


  3. I've always expected to pay every penny of CGT due and want get it right when the time comes.

    My reading of the CGT treatment is that if you exchange it for another asset, then CGT is due.

    Rolling it into an altcoin is exchanging it for another asset, no?

    Buying something with bitcoin is exchanging it for another asset, no?

    The usual process of buying something real with a bitcoin is for the merchant to exchange it to fiat, and then accept the fiat. So I suppose it's arguable that there is a fiat exchange occuring anyway.

  4. Dear Landlord,

    Since you proposing to align the rent you charge me with the costs you say you will incur, then it would seem only fair that the benefits you have previously incurred should also affect that rent. In short, I am willing to offer you a risk management service for your costs - at no charge or fee - but only if that should include the rewards as well as the risks.

    I expect, therefore, that prior to your proposed increase of ? 10% to cover the so-called "Landlord Tax" you will decrease the rent, by 60%, backdated to 2008, to cover the decreased financing costs you have enjoyed on your investment due to record low mortgage rates as a result of QE. This reduction will be most welcome, thank you. In addition, your increased equity of ? 20% will lead to a corresponding reduction of interest expense, which I will also appreciate.

    I look forward to working with you to manage your risk as a property investor.

    thank you



  5. I know people love to knock Croydon, but I've lived here for 7 years and it's really not a bad place at all. House, street, shopping, eating out, commuting, transport links, close proximity to the north downs and kent are all good. I've lived in a number of areas within zones 1 and 2, and I find Croydon preferable to those. I don't see it as a stepping stone to somewhere "better". "Better" can wait until I no longer need to commute to London, and even then I might stay.

    Like anywhere, it has good and not-so-good neighbourhoods. I'm in South Croydon, which is pretty good if not quite as refined as Addiscombe/Shirley. At the other end of the scale are some areas in the north of the borough, which I'd avoid.

    I was fortunate to be able to see through the bad reputation and take advantage of 2010 prices to get a lot of house for the money. But it seems that ship has now sailed.

  6. I love how in the ad when told ".... if you keep up the repayments", she replies, immediately, without thinking "I will!".

    She should of course have covered her bases by offering instead "Subject to the future availability of appropriate income streams from employment, investments, dividends, interest, gambling winnings, and notwithstanding the difficulty in predicting said income streams from currently available information and without foresight of potential life events including but not limited to redundancy, marriage, birth of children, bereavement, purchase of a cat, and net of taxation and essential living expenses, and the rates attached thereto, I undertake to maintain the repayments as specified in the written contract to which we are both party. Should this be impossible then I willingly submit to the contractual remedies provided up to and including repossession."


  7. 2 hours ago, Smith said:

    Amused/ surprised/ intrigued to see homeowners on this thread saying they have 'done well' out of HPI. In what sense have you done well if you bought a house and haven't sold it? Is it just about 'feeling' rich? If so, this might be the nub of the problem.

    Interesting question.

    I think it's possible to confuse the benefits of having bought a number of years ago, with the "benefits" of HPI, which aren't actually benefits at all unless you're looking to reduce your exposure to the housing market by downsizing, moving abroad, or STRing.

    In my own case, I bought 6 years ago purely to escape the precarity of renting. In that time, the rental expense not incurred has covered nearly half of the capital cost of the house. Interest/maintenance/insurance costs have been relatively inconsequential. But the effect of 70% HPI has been to increase the extra capital required to upsize, which is not a benefit.

    So I feel I have "done well" financially by buying a house and not selling it, but only in two senses: 1) transforming an expense into an asset and 2) (in hindsight only) by taking a position in a rising market. This is purely a benefit of "having bought", not of HPI.

    I certainly don't feel rich. I've merely taken a position in a market with which I will have to transact again should I wish to trade up, and am thus, with HPI, in a better position than if I hadn't entered that market 6 years ago. Due to the effect of leverage and taxation, I would have had to make entirely unrealistic returns in other asset classes to be in the same position now.

  8. Reading this forum can be dangerous for your wealth - at least on paper....

    I didn't buy in 2006, having believed in the HPC which was coming but never really did. I rented for 4 years instead at a cost of £80k.

    According to Zoopla, the property which I very nearly bought has increased in value by £250k since 2006. So had I rented for those 8 years I would be about £400k down today, taking into account transaction costs and mortgage servicing costs.

    Fortunately I bought in 2010. I did this out of a level of desperation just to have a stable home to enjoy living in. I was tired of spiralling rents, capricious landlords, and wideboy letting agents with extortionate fees. I didn't expect to make any money out of it - on the contrary, I planned for a significant HPC and base rates going back up to 5% or more.

    As it turns out, that decision has put me about £100k up in terms of value increase and I've avoided paying around £100k in rent since 2010.

    But would I buy now with today's crazy prices and today's broken market? Probably not.

  9. Trains being referred to as "services" does my head in.

    "Would those of you leaving the service please ensure you take all your belongings with you."

    "The conductor will shortly be passing through the service; please ensure you have all your tickets and railcards ready for inspection."

  10. Bought 5 months ago.

    Know I should really ask my solicitor this question, but to be frank they made the buying process complete torture, I totally regret choosing them, don't trust them, and really don't want to speak to them on the phone even if they could be bothered to pick it up. Haven't been able to find the answer with the usual web searches, so if anybody would happen to know....

    The house had a change of use and was converted a few years back, and obviously that needed PP and building reg approval. I know my Sol obtained both of these, and I have a copy of the PP, but not the building regs. Clearly I'll need this in order to eventually sell it on, so what do I do? Is it the sol's responsibility to give me everything I'll need to sell it on during post-completion, or do I request the documents from them when the time comes to sell? Or will my future solicitor just get them again from the council?

    I know they have to keep the conveyancing file for a while - 7 years? and I do plan on living here for a while.


  11. Exchanging very soon, after renting forever and 4 years of HPC reading.

    Landlord selling from under me again - this is getting soooo boring.

    Want to get on with my life without ban on pets, endless inspections by rude morons who think tenant = scum, lack of essential repairs, "applicants" traipsing through "the landlord's investment" on viewings.

    Fed up of having my savings shafted by inflation, low rates and high taxes.

    Have found somewhere I really want to live in at a price I'm willing to pay. A substantial freehold, in good repair, with character and a lot of square footage, could live there happily for years.

    The mortgage is modest relative to earnings and will be paid down quickly, so no -ve equity trap.

    This forum contributed a lot to me deciding to withdraw on a purchase in 2006. The current zoopla on that place is +£50k from my offer price, and renting an inferior place since then has cost nearly £80k, a lot more than the mortgage interest costs and other charges would have been.

    I guess we all had no idea that TPTB would be able to keep the bubble inflated for so long.

  12. She is quite a posh lady (so ?!) and her 1st partner is a Valuer for a well known Auction house (fine art etc)....

    ... (as I'm convinced the uprooting of her posessions would be devastating for her). She's thinking of buying a shipping container,,,,,

    It's a most unfortunate situation, but the suggestion that being "posh" should make some kind of difference, and make loss of possessions especially devastating, I find extraordinary.

    I'll have to try "But I'm posh, you know" the next time I need to get rid of a bailiff, or don't want to pay a gas bill.

  13. Quite interesting what qualifies as "intellectually hard stuff" these days.

    Putting a man on the moon, proving Fermat's last theorem, I would say that's intellectually hard stuff.

    Anyway, consultants do have a real tangible use, for which they are and quite rightly highly paid. e.g. You are Mr. Big in industry and want to implement some outstandingly unpopular strategy, perhaps say getting rid of 10% of the workforce who maybe are led by somebody you don't like and maybe has their eyes on your position. If you do it yourself then your motives are as plain as day. But hire in a consultant who will conduct "extensive studies" against "best-practice peer group benchmarks" to tell you that in order to deliver adequate shareholder value it is entirely necessary to get rid of 10% of the workforce which just happens to be the same groups you wanted to get rid of. Funny that.

  14. Yes but the possibility of living in the place for real; seeing what the neighbours are like etc, and, depending on how it goes, either moving on fairly easily and cheaply (a principal advantage of renting) or removing the landlord's right to S21 (a principal drawback of renting), will have an economic value to some.

  15. 20. It is hereby agreed that the Tenant should ensure no musical instruments or loud speakers or mechanical or other instrument of any kind shall be played or used nor shall any singing be practised in the Premises so as to cause annoyance to the owners lessees and occupiers of the properties or so as to be audible outside the Premises.

    This, or a variation of it, has appeared in all of my tenancy agreements (about 6 over the last 10 years). As with most such clauses, they're really only in there as a stick to hit you with if there are lots of complaints from the neighbours, and even then it's by no means a given. It's effort to find a new tenant, remember. A friend of mine has made a lot of effort (and completely failed) to get the next door landlord to do something about their loud-dance-music-till-6am tenants, who have this in their contract.

    Most terraces I've lived in do conduct sound through the dividing (brick) wall, but it's nowhere near as bad as the paper-thin plasterboard you get in many flats.

    Be sensible and considerate (as you would be anyway), listen to your surround sound at reasonable volumes and turn it down when it gets late, and there won't be a problem.

  16. Seriously, why should I let you in to my home, if you won't tell me (or my EA) who you are ???

    Seriously, did you actually bother to read my OP? You certainly quoted it in full.

    I've no objection whatsoever to you knowing who I am when I come into your home. My objection is to the EA putting my details onto a database, sending me all kinds of crap through the post and selling on my details to spam companies. I get about enough rubbish through the mail as it is and am trying to cut it down.

  17. Told them I had no intention of "registering" with them (rep for both incompetence and sharp practices) so they could spam me about the difficult-to-shift rubbish on their books. Far as I'm concerned, personal details are part of an offer, not a viewing. Anyway, with an address it's possible to infer all kinds of info from the house I'm currently living in and use it against me in a number of ways e.g. what they think I can afford.

    Gave me some BS about "company policy" and "security of the property".

    Letter through the door to vendor? Have no particular objections to them knowing my personal details.

  18. not sure if this if for the main board but......

    Today I got a form to apply for a postal savings bond and due to the tiresome money laundering regulations I have to send in various certified copies of documents. Among the list of supposed honest, upstanding members of society who can certify that these are true copies (teacher, accountant, solictor, policeman, jp etc..) is the honorable role of ESTATE AGENT! I'm amazed.

    One particular "chop chop" firm is known for its expertise with documents....

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