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About coypondboy

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  1. You can also get a mortgage at 5% as an ex-bankrupt so could cheekily buy your own flat back for 30% of what you paid for it at an upcoming auction in 1-2 yrs time as thousands of these will start appearing at auction sites. This is my plan (not bankrupt) but looking to downsize and get a pad in London to use as an air bnb to cover service charge and use myself as and when I want to will have to wait and see how it pans out but if you can pick up a 500k flat for 200k would be a good buy. Lots of thee flats are owned by overseas investors from asia so not sure how easy for lenders to persue t
  2. The recent fire safety bill has made me decide not to downsize to a flat as the leaseholder now on hook for any costs and not the freeholder. Until all the blocks have had their surveys which will take years due to shortage of fire engineers and with 90% failed so far and no register of which blocks have failed you are taking a huge gamble. Once problems identified service charges often triple until work is done which if you don't pay means you lose your flat to the freeholder due to our archaic leasehold laws.
  3. Yep can relate to that had to move away in the early nineties when all regional ins co's closed and was made redundant having just bought my first house with an interest rate of 13%. Sister and brother in law and my parents all worked/work in the public sector and earned well over the avaerage wage for the area so could afford to stay down there. Any public sector job was the only way you could afford to stay as equivalent private sector jod entailed moving to the big cities like bristol/southampton or london.
  4. Will be interesting to see how many leaseholders now give up and go bankrupt after the fire safety bill now allows freeholders to pass costs onto leaseholders. They could effectively say to lender can i rent the apartment off you and here are the keys. If unemployed will get rent paid and lender now has to pay for any remedial costs. Bankruptcy only lasts one year so could then be cheeky and offer to re-buy as a cash buyer with a 70% discount and use a specialist lender food for thought?
  5. Fire safety bill got though yesterday an interesting article as to what happens next could we see the collapse of the flats market as freeholders can now issue bills to leaseholders wihtout any comeback. Could cause another banking crisis as in theory all flats including those in converted houses liable to meet the new rules. https://www.leaseholdknowledge.com/fire-safety-bill-clears-parliament-so-whats-next/
  6. I remember it being the negative equity capital of south west england hence the name sadly broke. You could pick up a 3 bed detached house for 60k in 1993 horrible place no character right next to 2 motorways think it was the largest private housing estate in europe at the time,
  7. If the Tories get their way regarding the new fire safety bill (3 times rejected by house of lords and will be debated again next week) freeholders will be off the hook and all the new costs passed to leaseholders, I expect if this happens flats in tower blocks over 3 storey's will fall sharply as leaseholders default over the coming years and desperate sellers offload to cash buyers at auction expect a 500k flat in London to fall by 40% in the next 3 yrs so would rent for the moment and then look to pick one up at auction.
  8. We bought in Austria in 2005 and use it in the winter for skiing (get to do xmas markets as well and then in late summer when less crowded and hot and school holidays finished). We rent on booking.com and always get more than enough to cover cost of running it so has worked out well as is normally an expensive holiday to do via a lake and mountain type holiday company. We refurbished as when bought was still 70's decor cost about 9k for new kitchen, bathroom and wood flooring but boosting rental income and value having paid about 46k in sterling now worth 200k in sterling so turned out well.
  9. Bulgaria is the same many Brits and Irish regret the day they bought a ski pad in Bansko at the height of the boom in2005/7, we bought in Austria but were tempted by Bulgaria when we went their skiing. Same thing happened in all the major sunshine places like spain, cyprus, france most still in huge negative equity.
  10. Brexit has put Norhern Ireland in a unique position as both in europe and the uk could they take advantage of this by cutting their corporation tax to match Dublin or even become a free port in Belfast and attract the booming IT sector from Dublin to Belfast. Dublin workers would be able to buy or rent a house at an affordable level and plenty of disused land could be developed maybe even employ catholics and protestants in the same company which will help with integration which worked when Delorean came to town during the troubles. https://www.bbc.co.uk/news/world-europe-56692865
  11. In Europe the latest third wave is called the 'variante anglais' according to my UK friends in France and Austria involved in the ski industry who run guest house's, so we are getting blamed as it ruined the ski season in Europe (even the famous first downhill race of the year was cancelled due to UK second home owner visitng his place in Wengen Switzerland costing the Swiss tourist economy millions https://www.bbc.co.uk/news/world-europe-55645396#:~:text=A British tourist has been,Switzerland's famous Lauberhorn ski race.&text=The tourist stayed in a,%2Fh (100 mph). Add in BREXIT an
  12. The problem is we are also infecting them as well with Covid and if a new strain emerges immune to the vaccines the economy will crash again which will hit the poorest the hardest
  13. Amazed how many flights this week just from Pakisatan to avoid the hotel quarantine tens of thousands went there to attend weddings so they can marry off thier cousins and allow them to come over what I don't understand is why everyone else is not allowed to fly abroad except for essential purposes maybe a wedding is who knows. https://www.dailymail.co.uk/news/article-9452909/Passengers-film-chaotic-scenes-Islamabad-Airport-hundreds-race-reach-UK.html
  14. my wife is from Norhern Ireland so will be applying for a irish passport after she gets hers but you have to live in ireland for 1 year so this will cause issues for many who ddo not want to move to ireland
  15. Don't need to be wealthy to come to UK wonder if they will go top of council waiting lists for affordable housing and will be interesting to see how mmany now decide to come 29,000 so far up to mid March with projections of 3-400,000. I remember Tony Blair stating only a few thousand east europeans will come over every year, latest EU registrations with 3 mths to go heading for 6 million, no wonder house prices and rents will continue to rise if this unfetered immigration continues without building more housing. https://www.dailymail.co.uk/news/article-9447617/Huge-43m-fund-set-help-fami
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