Jump to content
House Price Crash Forum


New Members
  • Posts

  • Joined

  • Last visited

About godnose

  • Rank

Recent Profile Visitors

The recent visitors block is disabled and is not being shown to other users.

  1. Hi all, She's not paying any rent. The will is basically her guarantee that she can stay there rent free as long as she likes. She pays the bills and maintenance. Her official line is that she's remortgaging one of her homes and selling another one to a tenant to raise the funds. And interesting point on the valuation thing, I asked that I would get one or two more valuations and she resisted and suggested that I was being difficult. And then two more valuations showed up, quite low... She's fairly well connected in the area and I was wondering weather she got a favour from a couple of estate agents she has a link to or through someone else...
  2. Hey, thank you. It's pretty appalling. It's just something that I could never do to someone! It would be hard to act like this and not feel very ashamed and self conscious that someone is peering into your soul and seeing that you are really a nasty piece of work...
  3. Thanks guys. We're just not particularly litigious people. But I suppose you are right. It may well be best to just see if the sale completes before this stamp duty holiday ends - because she is very likely to pull out / ask us to foot the tax bill when if it is still outstanding by then. None of you seem to think, in the circumstances, an offer of £430,000 is horrendous on a house that is probably worth nearer to £500,000, so that's good.
  4. Hey everyone, thank you for your replies. I mean the house is my only shot at getting a deposit really, but I could sit it out. I live in London and prices are not running away here and every year's worth of rent is £10,000, but house prices could easily fall by 2% per year which would give a 10K "saving" per year against buying. My brother is slightly better set up than me. So neither of us feels desperate at this minute. And yes it's a good point about calculating the value of the lifelong interest. Personally, we think she really does want the house. She plans to give it to her children, we're quite sure (they'd be living like kings compared to what they are like now). She has a new man in her life (of course) and probably would do the same thing again, move in with him, and get the asset earning money. But her interest would be void if she vacates (she also cannot cohabit in the property). If East Sussex sees prices rise over the next 5 years, 10 years, etc. then I think we're happy to potentially stick it out. She might well try to make us sweat for a year or 2 and then give an even higher offer, presuming she does really want it - it's a very nice house and immaculate. She has plenty of capital. The only thing that'd spoil it is if house prices come down or remain static, then we will have lost out on getting the money earlier and losing the options to invest it / put down a deposit etc.
  5. Hi all, I have a conundrum with my father's widow ("stepmother", though this is not a term I would use) and the house that now stands to be inherited by me and my brother, but that she has a life interest in. I'd just like to say that I don't agree with inheriting wealth particularly. My parents bought their first home straight out of uni in the 1970s and the mortgage was paid off within a few years and they of course did not have any financial support from their parents to do that. Sadly, long gone are those days. In this case a reasonably substantial inheritance is at stake and either benefits my late father's more modest estate or my "step mother's" much more substantial estate. I'd be interested if anyone has any thoughts on what to do, but the story requires a fair bit of background. Please, no advice about what my dad should have done in retrospect. He was foolish and we all knew it. The house is a large 4-bed Victorian "semi detached" near the coast in East Sussex. I say "semi-detached", because it is actually part of a very, very large Victorian house divided in 2. It's the nicest house on the street and feels more like a detached house, if that makes sense. The other attached property is kind of out of view and you would never really notice that it was there (you don't see each other when putting the bins out etc.). About 12 years ago my dad's wife convinced my dad to move to this area of the country because she wanted to be near her family. He bought this house down there by selling his home in Reading. She then moved in to live with him and was of course living rent free. She then rented her large terrace in London for a number of years and kept the income for herself and then eventually sold it at peak London prices about 6 years ago. With the money from that she bought four more buy-to-let houses and started renting them out. My dad only had his principle home, and of course his capital was tied up in the house that was providing accommodation for them both. At some point she decided she did not want to be with my dad, and she left him. She moved into one of her buy-to-let houses; smaller, not so nice, lost the income on that house and by this time she was letting another family member live in one of her other buy-to-let houses, so things were a bit tight for her and she was no longer getting paid-for holidays etc. After 8 months of this she came back to live with my dad, which raised eyebrows amongst everyone because it seemed to be very much a financial move... He said living with her was like walking on eggshells at this point... Then my dad suddenly fell very ill and she played the attentive and worrisome wife. She managed to get my dad who left the house to me and my brother in his will to give her a lifelong interest in the house. We pleaded with him not to do this; we know that she is very shrewd and calculating, but we can't get through to him. He says "she'll be gone within 18 months" and she said the same, "the house is too big, it's too much to maintain etc." it is agreed generally that once my dad has passed away, it'll be put on the market when she feels ready, but she's not going to take advantage of the situation and live there forever. My dad died and the 18 months rolls by. At this point, she says "I'm not leaving unless you sell the house to me"... This is out of the blue and not in the terms of the will at all, but her lifelong interest is her leverage against us to get a good price. She offers £400,000 for it which is very much below the market rate, probate 18 months earlier valued it at £435,000. We rejected the offer. After a long long time and covid had hit etc. which pushed up the value of big houses with gardens, she came out of the woodwork and gave a new offer of £430,000. Me and my brother, between a rock and a hard place, accepted it. That was 8 months ago and she still hasn't come up with the money. Meanwhile the market has been climbing on the back of the stamp duty holiday and covid bounce etc. giving her an ever large margin if prices deflate after the stamp duty holiday ends or something else causing a fall in prices. The price estimate on Zoopla now stands at £502,000. Any thoughts on what we should do? We have accepted that if we decide to sell to her (no option of it going on the open market with her in there) we will have to give her a discount. The other option is to wait until she dies and that could be a long wait, taking us into the 2030s. Should we increase our asking price to her? £450,000? It will sour things hugely btw. If the market keeps going up after the stamp duty holiday ends then there is no harm in the sale falling through, but if there's a fall then we'll obviously be frustrated that we lost the £430,000 offer.
  6. So a correction to 14k gonna come we thinking? I might consider a chunk of pension on it if so... Might as well 🤷‍♂️
  7. Well, you're a piece of trash aren't you? I did not simply decide to leave. I left under effectively under duress because the landlord was asking me and the other tenant to furnish £600+ per month. Can't you see that "decisions" are not made in a vacuum? And I don't like sinking 3 or 4 pints per evening in the pub and so the coffee shop was pretty much the best option for meeting people, and what is so bad about that anyway? It wasn't really a Friends vibe, to be honest. During lockdown especially, there was no where to go and nothing to do, and the coffee shop is also a mini supermarket and so was open with outdoor seating. It was actually a lifeline for a few people in the area, but oh well "PMSL, Friends, rah rah rah". I guess you haven't lived in London. Some people live here a decade and never make a friend. I did OK for 3 years. English people take a while to warm up, you pretty much have to bump into them my mistake 7 or 8 times and have small talk before they'll even consider sharing any intimate detail of their life. The landlord was a swine. End of.
  8. Sadly someone bit. It was filled a week after we left. Elderly next-door neighbour was devastated to have us leave. I no longer live near my local coffee place where I had got to know the owner and a handful of customers. What little community I'd built in London for 3 years was just gone like that.
  9. My flat was one of them! 20% drop. Landlord owned 90+ flats in London. Was renting a 2 bed ex-council flat in Hoxton (refurbed, quiet and great location) for £2000. Three people; living room was converted to a bedroom. Me and my flatmates were hit with pay cuts in March due to covid. I called the agent asked for a temporary 15% reduction for 6 months. Landlord apparently says it's just not possible. One flatmate returned home due to covid and we the 2 remaining asked to stay, while not paying his share of rent, not allowed. We said we'd have to go, because 2 of us couldn't foot the £2000 per month. We put the room on Spareroom and in 2 months got ZERO enquiries (never happened before). We said, the rent must be too high, needs to come down. I promised the agent the rent would need to come down and he was deluded. The landlord offered to reduce only the rent on that room, making me and the other tenant effectively subsidise that bedroom so they could get someone in, I said no way. We threatened to leave, they said ok. The landlord pestered me offering £1800 per month, by this time my remaining flatmate was moving in with partner and I was too tired to scramble to find people to fill it, I said no, it's not cheap enough. In the last couple of weeks, it was marketed at £1600. We left. Landlord loses 20%.
  10. Uh, weak. Mathematicians can be wrong. Mathematicians can be racist, believe in flat-earth theories and so on.
  11. It's always the same with you. Honestly, drug manufacturers and dealers are not violent because the government makes them so or because a black market has been created as an effect of prohibition. Drug manufacturers and dealers operate in a world outside of the law (a world you seem to advocate). If there was no government basically all business would be operated like drugs businesses work now. Drug dealers don't love drugs or care about drugs, they just want to run a business and make money fast and with relatively less work. Take away the government and housebuilders, clothing makers, car manufacturers, food businesses would be operating quite the same: murdering competitors, destorying competitor's products and businesses, and taking over eachother's operations with violence perpetually. The most violent and ruthless operators would win out. If you think that you could survive in such a world then you are deluded. Watch the show Top Boy (Top Boy: Summerhouse first, and then Top Boy) on Netflix and get a sense for how they - people in the drugs business - do business and what motivates them and the strategies they employ to out compete eachother. Each gang is basically headed by one or two capitalists that recruit wage labourers who do all the street work and then they war against eachother for the market. And it's not drugs that make this happen per se, it's the fact that the commodity they are selling is outside of law and the sellers of course can't have legal recourse if they get robbed, so they are vulnerable to that and thus need to arm themsleves, it's just a constant armed struggle between rivals who will play as dirty as they need to survive. Also try playing the computer game Rust. You can just look at a video of it being played on YouTube to see how you would be obliterated within no time at all living in such a world.
  12. Hey, thanks. Yeh I'm thinking about it. There are just a couple of things keeping me hanging on for now. My job is (relatively) quite enjoyable and very interesting and intellectually stimulating work and I know I am one of the lucky ones to have that, my colleagues are awesome, and my friendships and relationships, which took years to make, are excellent. Another option is to possibly head to Europe, Germany most likely, but Scotland is beautiful and it has been tempting.
  13. I have approx £70,000 in cash. Living East-central London. A flat which offers a somewhat liveable situation (~68 sq. metres minimum with 2 bedrooms) would currently be about £425,000 at the low end. I need a 50% drop for such a flat to be £212,500 to have a 40% deposit (£85,000) for it. I can save £1000 per month. So I would need 15 months' more time to save up the extra bit. I think my chances are probably low of this ever happening, but I am the market, I am the demand goddamnit. If they would stop throwing money in, interest only btl mortgages (only works if market is basically a Ponzi scheme!) QE, help-to-buy, shared ownership (ffs! honestly, if the whole flat is too expensive, sellers need to lower the price, don't have someone buy a sliver of it and rent the other 80%!!, what madness) then I'd probably be set up to get a place. As it happens, because of the year I was born I am in no position. I feel fed up and tired of working in an office all day and paying my landlord such a slice (cocksure agent once told me the landlord owns 90 flats in London and "buys flats like we go shopping")... Tired of housemates, tired of having no furniture, tired of being crammed into one room at an age where I thought I'd have married, had kids, have a car (not things I necessarily want now, but it'd be nice to have the capacity)... Honestly, and I know my position is better than the majority of my peers. God help them. My heart breaks. And at the end of your life your like rass, I was doing time but I weren't event behind bars...
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.