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Council estate capitalist

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  1. Looking on street view I see quite a few overflowing bins and I didn't notice it but no street lights at all. - Must be fun at night I'm guessing the developer never got the road up to the standard where the council would adopt it as a highway (the company that owns the road is now disolved)
  2. The area around it doesn't look too bad so I'd be interested in why this estate became so blighted, the houses all seem to be in private ownership. My solution would be to get all/majority of the properties in to the same ownership, Remove all the fly tips & repair all the damage, have some tough guy security sit on it after dark (in the day workmen will protect), fit CCTV to many of the houses, Fill with decent tenants who have been offered a reduced rent for 12 months (who all move in on the same day). Easier for a registered social landlord but I'd also be really aggresive in removing the bad apples and prosecuting/getting injunctions against those who come from outside of the estate to cause trouble. But like many of these 'trouble shooter' situations if you had the money/skills to do this you probably wouldn't bother, unless price was right. This is a good case for the council to compulsory purchase all the blighted boarded up ones and impliment the above.
  3. I see many grants of probate at work, most of which are dated a few months after death so it's not taking that long - atleast for straigtforward cases where the will is all in order and there isn't a dispute in the background
  4. https://cdn2.comparethemarket.com/market/cms/energy-holding/index.html in the news today - Compare the Market have pulled their energy comparison service due to lack of availability of cheap energy tariffs.
  5. Ancedote but just compared energy as the current fixed tariff was about to end = 44 percent year on year increase. (Old tariff taken out Sept 2020): £718 yearly bill (New tariff taken out Sept 2021): £1037 ... and thats after selecting "Include tariffs we can’t switch you to" option on Comparethemeerkat. - if you don't set that option the cheapest was £1246. Ultimetely if this continues it's a 44% increase in cost for consumers and businesses. - many won't feel the pain for a while due to being in a fixed rate deal. Whose really screwed: - Those on variable rate tariffs (nasty increase notice in the post soon) - Large power users on half-hourly meters who aren't in a fixed rate tariff. - Small energy suppliers who will go bust (4 have gone this week) https://www.theguardian.com/business/2021/sep/15/fire-shuts-one-of-uk-most-important-power-cables-in-midst-of-supply-crunch Prices surge to £2,500 a MWH. (So £2.50 a KWH) for Wednesday peak demand
  6. More than likely. I definetely think there is a certain "cliff edge" to it that when all the support ends their will be a wave of insolvencies, either going completely or restarting under a new name without the debt (pushing the problem onto landlords/suppliers/staff) The governement publish a list of employers that claim have claimed furlough. it's laggy though as it only goes up to May (June's fiqures are out 9 September) so sadly it will be November before we find out who was claiming in August. https://www.gov.uk/government/publications/employers-who-have-claimed-through-the-coronavirus-job-retention-scheme Anything above £1m a month in furlough claimed in May almost entirely related to either aviation, hospitality/leisure, or automotive.
  7. I've kept an eye on the insolvency stats. There will be thosands of duff small businesses out there, the usual clients of insolvency practitioners nationwide. The cafes/resteraunts with a large tax/loan debt, the over-expanded businesses, the kite flying businesses buoyed by loans from Funding Circle et al. + all the "walk-aways", businesses that exist on the thin line between the formal/informal economy where the owner will jingle-mail the keys back & pay the £10 administration fee to companies house and have the company dissolved. There's no incentive to call time on these businesses, better to keep them ticking over and pay any BBL/grant money out to the owners/employees before eventually calling in an IP - It's not wrongful trading providing they can show a rosy prediction that trade will return to normal before the cash runs out.
  8. I didn't realise this was a thing - I thought that you could just redeem on sale, or staircase up based on the 'Market value' Market value = the price an arms length buyer would pay as assesed by a surveyor, or by actual arms length transaction. I haven't seen how the security documents have been written but if HTB have the ability to impose their own definition of 'Market value'/change the method by which it is assesed that is wrong. If it's a proper 'equity loan' you should be able to bung it in an auction (with a reserve that covers the 1st lenders charge) and let the chips fall where they fall. I can see Homes England's position though on 'non-sale redemptions' where a future insurance payout/grant would provide a windfall profit to any leaseholder who redemed at a low rate. Although this is in some way similar to preventing HTB loan redemtions during a crash on the basis that the 'market value' is "artificially supressed". You can't have your cake and eat it. The loan either floats with market value or it doesn't
  9. Interesting that the article mentioning charging tenants. This is illegal under the Tenant Fees Act.
  10. I note that the application for housing was made in July 2011 and she was awarded a council house in 2016. Regarding benefit/housing rules it can be hard to A. determine that a 'change in circumstances' has occured and B. determine whether such change is material and needs to be disclosed. It is genuinely hard to remember the exact rules & exactly what statements you have made that might have changed over time. “Our room consists of bunk beds and another bed. I struggle to study in the circumstances and do not get privacy.” Take the statement above. - If you were to install an IKEA privacy screen in 2015 would that be a change of cirucumstances? Regarding 'struggling to study'. the length of time between application and award of housing is longer than most university courses. It would be entirely reasonable to assume that the housing decision maker would realise this is old info and not rely on it in making a decision.
  11. I wouldn't be suprised if all the major hotel chains had a "Winston Wolf" division to roll in and manage a crisis/write cheques.
  12. I assume most of these items destroyed are from third party sellers who use Amazon warehouses/fulfilment who don't want the surplus/returned goods sent back to them. I wonder if some of the items they destroy they receive credit for as part of their deals with manufacturers - I don't know but it's a possibility. Amazon do sell pallets of returned/surplus goods and they do donate surplus goods to charity so they are not destroying all returns. On the car front there is a website that shows how many cars of a specific model are still on the road - find the site and put in a 3-5 year old car to test the crushing theory. On exports: https://www.am-online.com/news/market-insight/2018/11/19/global-used-car-export-demand-driving-up-uk-wholesale-values Through a Freedom of Information request to the Driver and Vehicle Licensing Agency (DVLA), the Association found that a total of 430,937 vehicles had been permanently exported from the UK between April 2017 and March 2018. “Based on current statistics around 20% of new cars sold will eventually be exported”, said a statement issued by BIMTA today (November 19).
  13. They've done it before. The repayment threshold was supposed to rise with inflation however they fixed it in place for several years in 2015 just as the first "post 2012, plan 2" loan recipients were graduating. The biggest trick is telling students that it's 9% of any earnings over £27,295. It technically is if you are paid the exact same monthly salary. I paid 34.75% due to overtime. No refunds!
  14. Shared ownership at 50% / 75% with the ability to buy the freehold for £1 (houses) when you've "staircased" up to 100% ownership (shared ownership is a leasehold arrangement) seems almost acceptable. Sure it's an overpriced newbuild and sure you'll be paying rent on the bit you don't own. But it's more of a poor financial decision than a crime in progress. 25% ownership of a flat where you're paying rent on the rest, + mortgage + 100% of internal repairs + service charges/major repairs (often 100%, not 25%) is just criminal.
  15. Not a fan of these. Discount has to be passed on so automatically narrow market. price goes up = only 70% of increase captured. price goes down = mortgage debt remains the same Not sure lenders will want to lend against these unless either: A. the LTV is low, B. mortgagees in possesion are exempt from having to pass on the discount when they sell. C. they are forced to lend by the government.
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