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Council estate capitalist

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  1. I've seen many auction legal packs for shopping centres (usually failing "destination" centres bolted on to an existing high street). The amount of peppercorn/£1 rent leases in some of the lower end centres is crazy. and often the landlord is picking up the rates/service charge.. common theme is that almost every lease granted less than 3 years ago is at £0 or equivalent of £0 (I.e there is a rent but the LL picks up service charge/rates liability such that any rent received is extinguished by costs). It's a dead parrot, a cigar butt. one good puff from the remaining lease terms of t
  2. I think there was a really bad backlog when the changed how applications were processed / changed how they were scanned. Most grants of probate I have seen (at work) have been within 2 months of death, some sooner, some later. The government website says "around 4 weeks" which I think is fairly accurate. I'm sure there a some that take much longer, especially "letters of administration" where someone has died intestate. For what it's worth I think some of the delay is overstated, either people including the form-filling stage or *some* solicitors sitting on the application for
  3. I reckon this is for a number of reasons. 1. higher AUM = higher management salary. 2. it gives the appearance of diversification / makes them hard to compare to other retail only REIT's 3. if they sell they risk selling below book value 4. control over the whole of the development. Given how much Hammersons share price went up on the back of their "convert to rent" announcement it's probably the right call. Most likely, I've seen a load of "mixed use" developments where the shops are empty for many many years, or sold at auction very cheaply. Unlet because landlords want
  4. It is good to see dud businesses like Greensill, Footballindex, and buy2let cars going. When the tide goes out you can see who is swimming naked, and the tide hasn't even gone out yet! On buy to let cars, - I like how they advertise "0% default" They are not refering to the underlying leases, but to the fact that BTLcars has never defaulted. This is true of every scheme legitimate or not up until they day of default. Paragraph 4.10 et seq makes for interesting reading. https://www.fca.org.uk/publication/supervisory-notices/first-supervisory-notice-raedex-consortium
  5. "Football Index is a UK-licensed and regulated Ponzi scheme" - Wikipedia. I've read the news, and the wikipedia page but I don't get how this is a legitimate business, or why it's been allowed to operate for several years Where do the "dividends" come from?. Football index are running the market, and are also the issuer of "shares" - how is that allowed? You can trade shares in players in the secondary market but that would only account for "matched volume" i.e where the buy side of the order book matched the sell side. This isn't even gambling because bets have to h
  6. Gupta furloughs steel workers, death spiral? https://www.theguardian.com/business/2021/mar/12/gupta-steel-firms-told-to-retain-cash-as-debt-deal-sought
  7. Solicitors can take almost a month post-completion to put the application into the land registry, which then goes to the back of the current backlog. some solicitors take much longer. Then after about 5/6 weeks (the current disclosed backlog for simple house sales) the data will be captured when someone at the land registry deals with the case and decices whether it's standard/additional price paid (there is a difference). The price paid data is published monthly. The current data release (January 2021) contains sales that mostly completed in October/November/December. TL:DR abo
  8. Yes. 2nd charge behind the main mortgage in priority. Eligibility seems to have no wages for 9 months (atleast with UC). The actual registering of a charge on the property is relatively straight forward. It'd be keeping track of how much is owing, collecting repayments & allowing the borrower to redeem the charge that would be hard for the DWP. + the 1st charge lenders all agree to the charges for SMI (afaik) but if it was a charge that secured benefits paid to the claimant they might feel differently.
  9. Lets run the numbers So the rate of UC for a couple >25 is £594.04 Child 1 attracts £281.25 of UC Child 2 attracts £235.83 of UC (They are obviously assuming some economies of scale) So a total of £1111.12 UC entitlement before deductions. Now lets say they took the "advance loan" which is basically a loan of your estimated months money on day 1 that is then repaid over 12 months. this would be a monthly repayment of £92.59 That leaves you £1018.53. So for them to receive only £54 a month means that £964.53 is being deducted from the benefit likely for earnin
  10. Yeah I laughed at that bit. many of those will have exchanged long after it was a known issue to the normies. I.e mid-March The logistics of such a scheme would also be impracticle, how do you seperate those who simply changed their mind/got cold feet from those who genuinely couldn't complete even after hitting up BOMAD, personal loans, friends, fools and bridging lenders to try and make it.
  11. Sad if true, I'm always skepticle of situations where people claim they "had" to do something, or were forced to do something. Often it is only partially true. "I had to quit my job because I couldn't organise child care for 1 day" "I had to buy a new £60/m phone because mine broke" "I couldn't take that job because the bus doesn't go there" (fails to consider walking 0.25 miles from the nearest bus stop) Whether there was any way of salvaging the deal/delaying rather than blowing them up by pulling out who knows.
  12. I think that only applies if the council has served an improvement/prohibition notice on the landlord.
  13. There's a similar thread on Rightsnet (A forum for welfare rights advisers) that describes all kinds of problems with the system. Mostly from perspective of supporting tenants/housing associations 1) Deduction of rent arrears from benefits being stopped without warning. 2) Forms getting "lost"/not processed 3) DWP continuing to pay the tenant the rent in error. 4) If the tenant earns more than their "work allowance" for 3 months in a row then the direct payment of rents stop. seemingly without warning/notification. 5) Random amounts being deducted/money going to wrong landlords/
  14. P/E boys have already pretty much completely done that. With the pension liabilities in the background I don't think anyone wants to get into a "Philip Green/Dominic Chapell" situation again.
  15. https://news.sky.com/story/coronavirus-debenhams-owners-draw-up-plan-for-department-store-chains-liquidation-12049794 Hilco Capital lined up to liquidate Debenhams. 14,000 possibly at risk They are specialists in winding-down bust retailers, Ever notice the 50% off signs always look the same? They've had a hand in most of the major liquidation sales. Debenhams options seem to be. A ) Have Hilco wind the stores down, Sack everyone, Sell the assets, IP etc. B ) Have the existing owner pump more money in. C ) Sell to a third party D ) Do some kind of CVA where they exi
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