Jump to content
House Price Crash Forum

aceparts

New Members
  • Content Count

    59
  • Joined

  • Last visited

About aceparts

  • Rank
    HPC Poster
  1. Yes, same ace No secrets here. We're living in the channel islands where prices are typically (i've checked back over the last 30 years) double UK average prices yet we've managed to pick up a 4 bed detached bungalow on a relatively large plot (whole island is only 3 x 1 miles so they really aren't making any more land here!) for a price similar to what it would cost on the mainland. In the CI, actual building costs are typically double as work permits only allow a very limited number of builders who charge a minimum of £300 a day so even a simple house can cost £200K in labour alone. Also, although we're renting a property at the moment there's only a choice of about 2 suitable rental properties on the island (whole housing stock consists of about 1000 properties). We can currently get 100% mortgage tax relief. So if our mortgage is 200K and interest is say £10K a year then our tax free allowance increases by £10K thus making it interest free for tax payers! I absolutely insist that housing, including the one we have just purchased still has a way to fall yet but familiy security including our ability to stay offshore is a higher priority than the potential saving from waiting another 1-2 years. Buy not owning a place previously we've been able to move freely and quickly - this has far outweighed any HPI we might have gained. I'm actually quite nervous of being tied down geographically! BTW, it's a 30% drop not 40%. Or more importantly, just a premium of 18% increase over 9 years that we're paying!
  2. Speak to the management company or look at companies house at it's accounts.
  3. We lived in such a place near Dover in Kent. Service charges were around £500 per month (only 17 flats to share all costs). Windows had to be repainted every 5 years at a cost of £50K, boiler replacement cost £50K, carpet replacement was £30K and so on and so on. It's like a second mortgage!
  4. I've been a keen renter for 8-9 years but finally pushed the button as the right deal came up on monday. After a quick whizz around with the EA I then negotiated directly with the vendor, clearly outlining our position. They wanted a quick sale, we didn't want to mess about playing offer-ping-pong with the EA! We paid 300. Original price (2007/8) was 425. They paid 152 in 2000 and spent 110 on improvements (extensions mainly) so they had HPI pretty much inline with inflation.
  5. This post highlights the issue that life is debt; be it housing, council tax or food. The only antidote to all this is INCOME - regular income. Money has temporily become worthless, debt is cheap, returns on savings almost worthless. Working is the only way through the next few years.
  6. http://www.manncountrywide.co.uk/quicklist.php I left the UK a couple of years ago (channel islands) but would like to buy a place close to family in the UK at some point. I'm amazed, just amazed that they bother to promote this as a 'sale'! You also have to have proof of funding in order to get the properties at these 'bargain' prices!
  7. Have one business ******.com doing really well BUT it's only been doing good since we left the UK and moved to the channel islands. Up until then it was a keep the wolf from the door like so many small businesses. I'm also involved in www.********.com or www.***********.com that is aimed squarely at the household lighting market (unique patented product etc) that's doing terrible! This business is still UK based. Add to this the fact I've had two business fail, one spectacularly in the UK I can only assume it's a UK issue!
  8. Bankruptcy is also there to keep the banks in order. Imagine if there was no bankruptcy or IVA protection; children would be offered 50 X pocket money mortgages. Banks know the risk and IVA's & Bankruptcy affect credit worthiness for six years. Like i've said before, If negative equity takes a hold many people will suddenly choose bankruptcy over a lifetime of paying a crippling mortgage on a property they no longer want/need.
  9. It will be interesting to see how many people go bankrupt once negative equity hits home - any outstanding debt will last for a minimum of 6 years OR go bankrupt and include the outstanding mortgage debt. Bankruptcy could become the new BTL
  10. I'm unfortunate enough to have BEEN THERE. I had a sudden business failure due to sept 11th and tried to struggle on (first mistake) for another nine months before opting for a one off IVA. I had banks, credit card co's chasing me for nine months threatening me with bankrupcy. I told them to go ahead and save me the £400 fee. Cut a long story short I didn't pay anyone anything for nine months (there's little point when you're up to your neck to the tune of a hundred big ones). Cut a very long story short I offered my banks etc a one off IVA which meant paying back around 40% of the total debt immediately by borrrowing from family and continuing to work VERY hard or bankruptcy in which I'd pay back nothing as I wouldn't return to work. Considering the money they had squeezed out of me while things were going good they hardly lost out. The banks are actually VERY helpful when things get to this stage as they know that the alternatives are chasing you around and around for nothing. I was always phoning them updating them of the situation. Basically if you've nothing to lose you may as well go bankrupt anyway.
  11. We don't need many more BOE rises; as soon as mortgage growth slows sufficiently enough all the lenders will club together as they have done with c/cards and systematically increase rates as they know they won't be losing customers as there won't be any competition. The friendly face will change to something much nastier in order to keep profits up
  12. Don't worry, having met and spoken to a guy who reads the papers, i mentioned how they (the papers) try and manipulate the decision and he replied 'don't worry, we know which commentators are worth listening to and which are not'. All they're doing is trying to get a bit (more) free press on the back of the decision
  13. I've always said the same thing about this country, the government use sticks to push us in the direction they want us to go instead of carrots to lead us there. If cars are so bad, where are all the hybrid busses coming past our doors? If consuming petrol is so bad why not just ban it? I'm all for sitting at home and never going through the hassle that is going to work. We'll be taxed to the point where we'll soon be a communist state except our gross incomes will be variable to give us a sense of purpose but our net income will allow us to make very limited choices.
  14. In my experience it's MUCH harder to borrow money for a business than something like a BTL. I've made a point of this several times to my bank manager (who won't buy as property is over priced) and he agrees.
  15. While away on a short break I got chatting to a guy in a restaurant who works for the BOE. An opportunity too good to miss. He admitted that the decisions were made on a bit of a pyramid scheme with different data sources being reviewed ( he was on duty reading business papers this week) this information passed on to analysts and this to the members who make the vote. He admits that it's much more of an art than a science but he did go as far to say that inflation 2 years down the road is expected to be 2% so I asked him what would happen if there were no further MPC meets and he said 3% So there you go, whatever it takes to move from a potential 3% to 2% is what's going to be done.
×
×
  • 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.