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Hector's House

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Everything posted by Hector's House

  1. True. I would have thought the area that it is in would have helped it along though. But, to be honest if I had that kind of money to throw around there were houses in the area I rather buy then this one.
  2. A mate has got her place on the market: http://www.rightmove.co.uk/viewdetails-166...=1&tr_t=buy the EA came around and advised her she'd have to drop the price by 10% if she wants to get a sale. I must admit, I would have thought in this price bracket there wouldn't be so many probs shifting the place.
  3. Nottingham Evening Post thought they had a scoop last night when they announced 100 managerial roles going at Experian. We already knew about this so it was no shock - it was announced that peeps in a certain managerial grading would be asked to take voluntary redundancy at the same time 200 job cuts were announced some weeks ago. Today we have our pay reviews....lots of fun.
  4. Best to let him get on with it. I took a mate of mine out to lunch with a leading light in Nottingham Uni's economics dept. When he started talking about buying more BTLs she told him to only go ahead if he had hard cash, and didn't mind losing some of it in the short-term. He went ahead and got more mortgage money and bought anyway. I decided there and then to avoid any conversations with him about the economy and houses. We still have fun going out for meals/drinks and I just keep my worries for him to myself.
  5. There's a link on the right-hand side of that page to a story about the OFT easing back on taking a look at estate agents. They obviously didn't want to be the ones that stopped the music.
  6. I know a couple of BTLers and they both have degrees in business management. She's seen it coming and wanted to sell up, but he was too busy going around town telling everyone how he was going to retire a millionaire at 40. They've since split up and even though the sols told her she gets the bigger share of everything (due to him playing away) she still couldn't get him to sign on the dotted line to sell the toxic sh*te. God know how they're dealing with the resets. He's now whining that he cant afford to live because of all the cash he's pumping in to keep it all afloat every month. Did this sort of stuff happen during the last housing bubble/bust? I just cant believe so-called educated people could have believed everything they were told. Another friend, a long-term landlord has fallen for it too, leveraging again and again to buy more and more. I asked him how he'd cope in a recession when he got another place in London. He said he'd be OK cus 'London is different'. Either I'm mad, or they are.
  7. I guess it would depend on how 'sensitive' the area is you work in. The dept I'm in has been classed as one of the most sensitive so I can see them trying to redeploy folks that don't come up to scratch to other jobs within the organisation. The checks are going to be run on all staff - new or old BTW. Makes me glad I'm not on management!
  8. My employer has been in consultations re running credit and police checks on us all. As some of my younger colleagues have become involved in the poker playing craze that's been sweeping the country, and have large debts the future for them doesn't look bright. One of these poor sods is on a DMP too. I daresay it cant be that hard to figure out if an employee is gambling...especially if they've visited online sites.
  9. Yes, the food and service were excellent. I'm not familiar with London prices but £50 for 2 beers, a steak & kidney pie and 4 chops - no matter how well cooked would be the first thing to go if I was having my credit squeezed.
  10. True there were some grim faces in the resturant I went into on Monday night too. The manager spent most of his time hovering around the door looking out into the street and took a phone call and we heard him telling his caller he expected the staff to be made redundant by the end of the month if things didn't pick up. This was at the Quality Chop House on Farringdon Rd. We were the only people in the place and this was at 7pm.
  11. All the freebie papers I could find down in the Big Smoke (Metro, LondonLite and London People) all carried news about shock drops in the value of property. London People especially had about three pages dedicated to the situation. The Evening Standard even had the news screaming out from their front page yesterday so it was staring folks straight in the eye in hug red letters on the sandwich boards they use too. And I get back to Nottingham to find Capital One have just made hundreds of their staff here redundant.
  12. No. We found out the place has been on the market for over a year so the seller doesn't need one. May they rot in hell! LOL! I do believe things happen for a reason so waiting a little longer will probably be to our advantage in the long run. And it wont take long to repair the dent in the savings made by the cost of the lemon.
  13. I've just decided to walk away from the house I was buying here in Nottingham. I got them down on price, and the mortgage is in place but the survey came back with an issue with the roof. We'd tried asking the agent why the previous buyer pulled out but was told they didn't know! So we got a specialist out to look at the roof and he found a problem that will cost at least £5k (plus VAT) to fix - the tiles on the roof are the originals from when it was built (100 years ago) and there are signs of long-standing storm damage which hasn't been repaired. And an attempt has been made to cover crumbling bricks in the chimney stack with render. The bricks are crumbling due to a damp problem caused by the owners completely sealing up all the fireplaces in the house. There is also an issue with rising damp. We took a copy of the roof survey to the EA to pass to the vendor and they didn't even look surprised! We got in touch with our solicitor to tell him we're pulling out, and he told us he hasn't even heard from the vendor's solicitor yet himself. What a shower of shi*e these people are! The EA knew they had a lemon on their books and just claimed not to know anything. The vendor must have known about the problems and went ahead and put the place back on the market again without even trying to fix it! At least there's a good chance both of them will be having problems in the coming years. And I'm tempted to post a copy of the survey through the neighbour's letterbox just for good measure! As for me, I've just decided to sit back and wait a little longer.
  14. When you hear that a large section of the company you work for has been told their yearly pay reviews have been canceled....and the EA keeps on emailing to ask how you are going arranging your mortgage and telling you the seller is desperate that the sale doesn't fall through this time.
  15. My seller is looking more and more like a distressed BTLer. They've just OKed a price drop because of some (minor) rising damp issues and thier EA has told us they HAVE to sell the house. Now am I mean enough to drop my offer even lower......... probably not cus I'm a firm believer that that kind of karma comes back to bite you on the ass when you least expect it!
  16. This article appears into today's Times. It says it all... http://property.timesonline.co.uk/tol/life...icle3494878.ece
  17. I don't think the market in Nottingham is ready for that just yet. I've been looking at properties where the sh*t has truely hit the fan but the vendor still hasn't taken on board that my offer was the best they might get (no chain, mortgage agreed in principle, no property to sell and funds in the bank without having to chase some 125% LTV loan). There were 4 properties for sale in the street I've chosen - one had a To Let board on the house next door so I didn't even bother looking at it, one had off-street parking and an extra bedroom and a vendor prepared to come down in price and is now sold, one was immaculate but the vendor is stuck in the 'my house is worth every penny I'm asking' mindset and the one I went for was with a seller three doors down who had just seen a sale fall through and is being realistic. I think a lot of sellers will sink into repossession or renting out before they face the fact that the market is falling. And by the time they will accept 30% less the house wont be fit to live in. I still cant believe the folks asking £109k for a place that had the fireplaces and shower ripped out! It looked like they would have taken the kitchen units too if they'd been able to.
  18. Unfortunately not all of us can wait another few years whilst prices crash. But, thanks to the good advise of the good people here I have managed to negotiate my way through the biggest pitfalls (100% LTV, new builds, being tempted into BTL etc) and think I've done the best with my money in the circumstances. I've had an offer accepted on a place at £3k less then the vendor paid for it in 2004. It looks like they might have had a go at renting it out as the boiler, rads, kitchen and bathroom are all no more then a couple of years old (saving me money), and I've also managed to get a house that literally just needs a lick of paint for nearly £20k less then others are selling for in the same street. With a couple of grand thrown at it (which I have cash in the bank) it will look like the place further up the street that was on the market for £124k just last year. And I've not bought for investment. I've bought it as a home and when I'm gone it will be willed to charity (if I cant face leaving it to my erstwhile extended family!).
  19. A work colleague has just moved into his new place. He doesn't seem to realise it might not be the best time to be paying £180,000 odd quid for a new build house (although it is a nice one in a mill conversion in the countryside), but at least he had the sense to get out of the inner city 'luxury apartment'. Out of the frying pan and into the fire? I don't know. They both earn decentish money and they could see that the other apartments around them were being let to students and DSS (not to mention being able to watch drug deals going down in the park opposite...another case of Nottingham City Council trying to turn around a bad area by fooling 'young professionals' to buy into the latest lace factory conversion). I think it was a case of getting out whilst they could and he felt he was lucky to find a buyer. And he reckons he'll be OK as long as his bosses don't decide to start paying him in buttons.
  20. I've had cases whilst I've been looking of being told we couldn't view a house cus all the spots were taken for Saturday.....only to go into the EA's office to be told that there were no bookings at all on that day, or any other day! And after we settled on one place and put in a offer the EA even accused us of not being serious (it was below asking price) so we told her she'd better get her act together or we'll go elsewhere. And one EA who showed us around a place that bore no relationship to the photos used to advertise it (fireplaces ripped out, shower ripped off the bathroom wall, skirting boards ripped up and wallpaper hanging off in strips) then told us his 'proper' job was as a property developer and if we bought it he'd do it up for us for around £5,000!! They've since been around again and taken new photos of that one.
  21. Maybe we should promote Kirsty Allsop to international development minister, she could advise all the third world countries to paint their shanty towns in neutral colours, knock through the living room wall into the kitchen and convert the loft space into an extra bedroom. Third world debt would be eliminated overnight as hordes of btl investors snap up the bargain properties and as an added bonus bono would have to shut the ****** up.
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