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House Price Crash Forum


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Posts posted by Timbuk3

  1. 4 hours ago, smash said:

    I don't think Dirty Desmond owns the Express anymore, I think its just a bot on the internet that copy pastes Reuters and international media, with some occasional manual intervention from someone, somewhere, in outer space. 

    Dirty Desmond used to own Northern & Shell , who are also responsible for bringing us Razzle, Readers Wives & Live TV (the one with topless weather and dwarf tossing).   Guess he's moved on to property speculation as way to improve himself!!

  2. 1 hour ago, captainb said:

    Maybe. But you have to remember the banks will be incredibly forgiving on those covenants... as who wants a shopping centre now? what do you do as a bank, put it into auction? with no buyers? Running it yourself is a non-starter. 

    From the banks perspective at this time its better to come to a solution that gives them a chance to trade out of it. If only so there is a market to sell into later on.


    (long time lurker but sometimes on financial items i think input is needed)

    That might be the case but the banks have probably hedged the debt using a collateralised debt swap on which they can claim if the company goes under, so they win either way. 

  3. 8 minutes ago, Tulip_mania said:

    I understand why a restaurant is struggling, but a consumer electricity reseller? Reading the article, they had some redundancies planned as part of a merger and have figured they will be better hidden amongst a lot of other bad news.

    Classic Kitchen sinking, chucking out all your bad news at once.  Good opportunity to cut head count.

    Noticed this is a Guardian article on the latest unemployment claims "The first official attempts to gauge the economic fallout from the coronavirus crisis also revealed the number of employees on company payrolls plunged by 450,000 at the start of April, in a reflection of staff being let go and reduced hiring. The number of vacancies posted by companies looking for new staff also halved.""

    450,00 people permanently laid off,  not all will have a mortgage but some of them will definitely will now be struggling to pay it.

  4. On 14/05/2020 at 12:35, NuBrit said:

    I work for a reasonably successful company that hasn't been too impacted by covid, but even we have started cutting. All contractors in the firm have, or will soon be let go from their current roles over the next month. The internship program has been completely scrapped. The graduate program has been cut from 30 people to 8 for September's intake of graduates. Other than two key positions that have to be filled because of people leaving, there are no open roles - before all this crisis, we were hiring about 4-5 people a month. Everyone has enough work for now, but we have been warned that if things don't pick up over the next three months (they won't) then they are going to have to look at furloughing or cutting pay. The news in adjacent firms is worse. Lots of furloughed people, lots of people on the bench, even a few redundancies. 

    It's clear once the government wage support scheme is curbed, we are going to see a huge spike in redundancies. We're just in the opening innings of this mess.

    Agree with your thinking. And I think this article about JCB proves the point that companies are now looking at reduced demand for their goods and are reducing workforce accordingly.




  5. Spotted this today, and this is only up to end of March, expect it only got worse since then.  Not sure what forbearance they are referring to at the banks, payment holidays I expect. 

    The number of mortgages in arrears crept up during the first three months of 2020, in what appears to be early signs of the impact Covid-19 is having on personal finances.

    The PA Media news agency reports that 72,380 homeowner mortgages were in arrears of 2.5% or more of the outstanding balance in the first quarter of 2020, up from 70,880 in the fourth quarter of 2019.

    The figures from a UK Finance report show there were 4,420 mortgages in arrears in the buy-to-let sector, up slightly from 4,390 the previous quarter.

    Mortgage arrears levels for both homeowners and landlords were lower when compared with the first quarter of 2019, and they remain low by long-term comparisons.

    The report said:

    The relatively small increase in arrears compared to quarter four 2019 is likely due to the early effects of Covid-19, and the industry has since introduced multiple forbearance measures to reduce financial difficulties for borrowers who are in need of support.

  6. 15 hours ago, Warwick-Watcher said:

    Another 1,100 redundancies announced - P&O Ferries.

    P&O Ferries is preparing to lay off more than a quarter of its workforce as the collapse in seaborne traffic from coronavirus takes it toll.

    Leisure passenger numbers have plummeted due to coronavirus-related travel restrictions, piling pressure on the Dubai-owned company which operates between Dover and Calais and transports 15pc of the goods into the UK. It is the biggest cross-Channel ferry operator.

    P&O had been scrambling to agree a £250m rescue deal that would include cuts to staff wages and pensions alongside a Government bailout.

    About 1,100 staff at all levels of the business are expected to lose their jobs. 

    And also seen that P&O wants to pay out £270m in dividend to their owners - Dubai wealth fund - and then claim the government help.  Think they should be made to cut the dividend payment and get no bailout.


  7. 15 hours ago, Iamnotsure said:

    Hi everyone,
    I'm a 31yr old first time buyer getting really fed up with the house buying process at the mo. 

    Earlier this year, I was close to buying a dream property unfortunately a lack of building regs and a bad survey meant that it would have been too expensive for me since house was top of my budget. 
    I'm renting at the moment, a place that is very cheap but getting too small now. 
    Soon after this house purchase fell through, we visited a house in the same village and put an offer on it as it was more in budget and we thought it ticked a lot of boxes. 
    My plan was to try and overpay to the max to get the mortgage paid off in 8 years. 
    But there are a few issues. It is local connection which we obviously knew about. But what we didn't know is that you can only rent it out for 12 months. This worries me as we are planning to move again in 5 years and I was hoping to rent it out if I wasn't able to sell. 

     We have also found out that the conservatory does not have planning permission. Restrictive covenants also means that we can't put a hedge or fence up to close off the garden. At certain angles the whole garden can be seen from the estate. A private garden is important to me. 

    Another issue is that a planning indemnity policy is in place. We have asked why? The sellers say that they do not know...!? Their solicitor answered "don't know" to a lot of enquiries. They also refused to pay for the indemnity policy at first. 

    Now they are saying they will pay the indemnity policy if we exchange and complete now. I'm not happy to move during kickdown. Work for me is incredibly busy. I'm a postwoman and it is busier than Christmas. Im finding the daily phonrcalls stressful. I don't want to be picking up my phone when I'm working as I have no handwashing facilities whilst at work. 
    All the shops are closed. I wanted to replace carpets. They have three cats and I'm allergic asthmatic. I cannot move without getting all the stuff I need. Also the sellers are living with their daughter elsewhere but some of their stuff is in the house and garage. They are wondering if I move in now and they can pick their stuff up after lock down. No thanks! 
    I'm very nervous as well about losing lots of money. My husband and I are planning to move on to his family's farm but for reasons I won't get into this won't happen for 5 to 10 yrs. I'm worried about buying a house that I can't sell easily or even rent out. 
    To give you my financial situation. My husband and I are classed as essential workers so we still have our jobs. We earn over roughly 35k per tax joint income which I appreciate is not a great deal but house prices not too bad in the part of Cornwall that we are in. We have perfect credit scores and £56,000 savings including help to buy isa. 

    I want to move forward in life but this is not an easily saleable house. I've told estate agents and solicitor that I want to wait till after lockdown but they keep pushing. 


    Also they do not have a boiler installation certificate and do not have any inspection reports. 

    I offered 160k. Guide price was 155 to 165 but estate agent said 160 was minimum.... I should have not been played.... 
    Also haven't even had a homebuyers report yet. The surveyor is not available till 2 weeks after lockdown. 

    Get tey f00k out of there man.  Desperate seller = they know the price is going down and they want the cash.

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