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dryrot

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Everything posted by dryrot

  1. as stated, they are the final scam. they enable the vendor to keep the property book value at the current inflated price - for example, a 160k flat sold as 25% sshared ownership with the other 120k rented means they can all pretend it is still worth 160k. the poor sap who bought it will lose less than an outright purchase fo 160k, but will still lose. Better to buy the whole thing at the post-crash price! See examples in Reading, Berks: http://www.housepricecrash.co.uk/forum/ind...p;hl=&st=25 "If an asset is overvalued, and you are priced out, the best solution is to purchse 25% of it at the stated value and rent the rest, hoping that it will become more overvalued in the future."
  2. er... the're not exactly neighbours. is he planning to commute from an island in the Pacific? He might as well stay in Chatham. )In any event none of his 3 cars seem suitable for his new role.)
  3. hi have not seen this on HPC yet... http://www.telegraph.co.uk/money/main.jhtm.../12/cncml12.xml "Britain's housebuilders will soon be required to declare buyers' incentives to ensure that lenders are able to offer mortgages that reflect the true value of a property. The new rules, introduced by the Council of Mortgage Lenders, whose members lend 98pc of the total value of UK mortgages, will come into force on September 1. Housebuilders or developers of any newly built, converted, or renovated property will be required to complete a 'disclosure of incentives' form to help prevent lenders from unwittingly offering excessive mortgages based on misleading property valuations." And: "A hypothetical example would be where a housebuilder offers an incentive of £20,000 cash back on a newly built house, unbeknownst to the mortgage lender, who values the property at £200,000 and offers a mortgage for £200,000, when the buyer is only paying £180,000. The transaction is registered with the land registry at £200,000."
  4. Perhaps not, the article suggests a proportion of buyers have walked away. (Abandoning their deposit, of course, but the builders and developers won't get the full sale)
  5. yep, and police barracks.
  6. While waiting, I pretend to carry on driving: turn the steering wheel, press the pedals and make "brmm-brmm" noises. I'm sure that help will arrive before nightfall...
  7. er - not if you have taken the loan out on a declining asset. you then owe more and more, whereas a renter does not have that issue (have I missed someting?) I can feel pity for those suckered in. The innocent/naive who felt they had to get on the ladder or be priced out forever.
  8. But they've got a Cafe Rouge - does that count? http://www.caferouge.co.uk/locations_restaurant.php?id=27
  9. although I bet we'll see offers similar to the "resell-your-timeshare" scams - feeding on the desperate.
  10. Possibly, but she looks in despair in pic #6
  11. thx for all replies. the "lending abroad" is terrifying, as they can get screwed on exchange rates. liked the above thought tho'
  12. Good point - it's on the top flloor, too, so you get a precious extra few minutes while they stagger up the staircases!
  13. hi something that has puzzled me, and I don't think discussed here - how do the banks mak a return when they are borrowing money at 7% or so? Icesave are offering 7.01% - that would mean, to me anyway, that they would have to lend that money at least at 8% to make a living - probably more than 8% to cover overheads. But where are the 8% mortgages? Is the SVR 8.5%?
  14. i thought thus particularly poisonous.. "But none of this seems to have been shared with its novice buy-to-let borrowers who were not versed in the timing needed for successful flipping..." So its not the flipping-as-such that upsets her, but that they did not flip in time. Can't she see that, as any pyramid scam, someone will always lose? edit: spelling
  15. also: http://www.housepricecrash.co.uk/forum/ind...c=76778&hl=
  16. as u say... 1.2m in a deposit account at 6% would get u £70k-odd p.a... need never work again!
  17. sympathise, but your .sig states u have £53k savings? the local wetherspoons sells champagne at £20per bottle - thats ~10 years worth at a bottle a day?
  18. thx "The price of the new shares for TPG and for B&B's existing shareholders is expected to be a bit above 50p per share, well below the original rights price of 82p per share. " !!! and "A regulator also told me that, unlike Northern Rock last September, B&B's is not suffering from a shortage of liquid funds that would imperil its future." I pulled my cash ISA out last month. What will happen to liquidity after todays news?
  19. the majors are trying it... http://www.housepricecrash.co.uk/forum/ind...c=78084&hl=
  20. not to live in a war zone? Do you know the area? if we are going to 1997 prices - and we might - its worthless.
  21. Other things being equal, the UK should be better off than Spain/Ireland, because we can devalue/cut IR. they are tied to the Euro IR which is set to the German economy. This is what happened in the ERM, we were tied to the German economy. but at least we could break out of the ERM - what will Spain/Ireland do? EDIT: spelling
  22. A pedant writes - King Canute knew he could#nt stop the tide. It was his courtiers doing the Kirsty-denial thang. http://en.wikipedia.org/wiki/Canute_the_Gr...Popular_culture (I'll let myself out...)
  23. coincidence - got my letter from B&B today, saying they have xferred my cash isa to the nationwide. I appled at the NW to switch it on april 8th, and it has just worked through.. relief! (until NW tanks - but they are safer than B&B, and don't have aspirational BTL brochures in the branches...)
  24. Eleventy-one: If an asset is overvalued, and you are priced out, the best solution is to purchse 25% of it at the stated value and rent the rest, hoping that it will become more overvalued in the future. (good thread, Sir Talbot!)
  25. Cameron has played this cleverly. The Conservatives are back in the black, and he can oppose any state funding of parties, or make the Labour party lead the - deeply unpopular - move towards it.
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