Jump to content
House Price Crash Forum
Sign in to follow this  
zebbedee

Landlord In The Doo Doo

Recommended Posts

So I was telling my landlord last week about mortgage 'margin calls', that if there is a stipulation in the loan agreement about not falling below a particular LTV they could request immediate payment to bring the ratio back or move to repossess. I was scoffed at, that they wouldn't do that as they'd not get thier money. Told him that they can take it, sell it, then chase you for 12 years for the outstanding monies. Was scoffed at again. The flatmate heard him talking to his partner today that the places in spain that they own need a large sum paid or they will have to sell (so they're going to take a hit any which way they cut it). I know spain will have different laws but the irony just struck me. Warned him for 3 years this was coming and was told I was a fool. Just the other day he told me now was the time to jump in and buy to take advantage of the "cheap" properties available. :lol::lol::lol:

Share this post


Link to post
Share on other sites

No, I think you will find that irony is when he can't afford to pay the banks for the difference and you lose your home.

Warning your landlord and recieving the silent treatment is one thing, but warning you landlord without making preparations in case he becomes unstuck is plain feckin stupid.

Share this post


Link to post
Share on other sites
No, I think you will find that irony is when he can't afford to pay the banks for the difference and you lose your home.

Warning your landlord and recieving the silent treatment is one thing, but warning you landlord without making preparations in case he becomes unstuck is plain feckin stupid.

And who said there were no preparations. Making assumptions is plain feckin stupid.

Edited by zebbedee

Share this post


Link to post
Share on other sites

it really is surprising the things people believe, and are willing to gamble their life savings on.

where does one even get the idea that a bank wouldn't repossess a property as then "they wouldn't get their money."

it certainly isn't from history.

Share this post


Link to post
Share on other sites
And who said there were no preparations. Making assumptions is plain feckin stupid.

Oh, I'm sorry, did I not think of that... how plain feckin stupid of me! You're assuming that I didn't assume that you didn't make assumptions that I would assume that you didn't assume in the first place.

You converse an aweful lot with your landlord, just a shame you don't have any level of respect for him or you wouldn't have posted what you have would you?

Now crawl back to your rented space and enjoy being smug for a while... you never know, you might win the lottery on Saturday!

Share this post


Link to post
Share on other sites
it's a rental,takes a month to move for most.longer if you're busy laughing.

Wow, now there is an attitude we can all take to heart and enjoy... feck the landlord... just move on and enjoy the long lasting joke! Oh how we'll all laugh!

Share this post


Link to post
Share on other sites
Oh, I'm sorry, did I not think of that... how plain feckin stupid of me! You're assuming that I didn't assume that you didn't make assumptions that I would assume that you didn't assume in the first place.

You converse an aweful lot with your landlord, just a shame you don't have any level of respect for him or you wouldn't have posted what you have would you?

Now crawl back to your rented space and enjoy being smug for a while... you never know, you might win the lottery on Saturday!

don't see the disrespect. you're just frightened of the same thing happening to your nest egg / albatross properdie investments

scary stuff this money thing - don't them bears talk funny

Share this post


Link to post
Share on other sites
it really is surprising the things people believe, and are willing to gamble their life savings on.

where does one even get the idea that a bank wouldn't repossess a property as then "they wouldn't get their money."

it certainly isn't from history.

and don't forget - the govt won't let house prices fall as it would be too bad for the economy

:lol:

Share this post


Link to post
Share on other sites
Wow, now there is an attitude we can all take to heart and enjoy... feck the landlord... just move on and enjoy the long lasting joke! Oh how we'll all laugh!

err no. legitimate legal trnsaction. landlord was fully aware of rental contracts before becoming a landlord.

tough.

Share this post


Link to post
Share on other sites
Oh, I'm sorry, did I not think of that... how plain feckin stupid of me! You're assuming that I didn't assume that you didn't make assumptions that I would assume that you didn't assume in the first place.

You converse an aweful lot with your landlord, just a shame you don't have any level of respect for him or you wouldn't have posted what you have would you?

Now crawl back to your rented space and enjoy being smug for a while... you never know, you might win the lottery on Saturday!

The OP is valid and interesting, showing the way people, LLs especially, think. That's what the forum is for, I believe. To give info and insight.

Share this post


Link to post
Share on other sites

On the same theme of Margin Calls, I have 2 mortgages now on SVR and a 3rd about to go onto SVR with Mortgage Trust (their SVR is Libor + 1.95%).

Although the property prices are currently roughly the same as purchased to maybe 5% below, I was expecting MT to come calling with a claim that the properties are >10% less and I need to make up the LTV difference.

They did call last week, but instead of demand money, they just tried to get me signed up for a 2yr fix with £1300 worth of attached fees.

Of course, I have the money in the bank incase they want to push the margin call button.

It will be interesting how many mortgage providers are actively pursing the margin call money.

Share this post


Link to post
Share on other sites
Oh, I'm sorry, did I not think of that... how plain feckin stupid of me! You're assuming that I didn't assume that you didn't make assumptions that I would assume that you didn't assume in the first place.

You converse an aweful lot with your landlord, just a shame you don't have any level of respect for him or you wouldn't have posted what you have would you?

Now crawl back to your rented space and enjoy being smug for a while... you never know, you might win the lottery on Saturday!

No need for a lottery win, this amigo's amongst the two of us is well placed to weather the financial storm. Its what happens when your landlord subsidises your living costs for 6 years. So could you kindly take your apparently soon to be bancrupt @ss and crawl back under your apparent BTL stone. You should really see a doctor, your posts are antagonistic to say the least and on the face of it contribute little to the forum.

And yes I converse a lot with him, he has been doing work on the property for the last 2 months, I would not be surprised if he intends to sell. Given the lack of 'quiet enjoyment' on which planet would you expect any respect for the man.

Edited by zebbedee

Share this post


Link to post
Share on other sites

Margin calls are IMHO unlikely for landlords with small numbers of properties, likewise for owner occupiers.

Revaluation at a remortgaging might get some people, but not all lenders revalue at this stage.

Share this post


Link to post
Share on other sites

Dewi, are you a struggling landlord by any chance? You come across as if you are. Either that or you own property and are sh!tting bricks.

Share this post


Link to post
Share on other sites
Guest DissipatedYouthIsValuable

Apparently, they're not building any more land, you know?

Share this post


Link to post
Share on other sites

[quote name='JustAnotherProle' post='1901979' date='May 21 2009, 10:02 AM'

Yes they are :P

Not in the UK, they're not...

p_2913860.jpg

Edited by Lepista

Share this post


Link to post
Share on other sites
Oh, I'm sorry, did I not think of that... how plain feckin stupid of me! You're assuming that I didn't assume that you didn't make assumptions that I would assume that you didn't assume in the first place.

You converse an aweful lot with your landlord, just a shame you don't have any level of respect for him or you wouldn't have posted what you have would you?

Now crawl back to your rented space and enjoy being smug for a while... you never know, you might win the lottery on Saturday!

Why should you respect your landlord???????! has he created jobs, given you a career, loved you ? What are you young generation on!!!!

You accuse us baby boomers of being greedy but you younger generation can't even tell the difference between a normal realationship where respect is involved and a purely commercial deal.

I am renting big 5 bed from a builder on the verge of bankruptcy if he goes pop, we move max 36 hours week in a hotel whats the big deal?

By the way as I have posted before I STR'd in 2007 and own two businesses, it makes sense to rent now, I love the way you youngsters are holding onto home ownership ideals that the smart ones of us have abandoned.

So quaint, I bet you also trust your Boss :P:P

Share this post


Link to post
Share on other sites
Why should you respect your landlord???????! has he created jobs, given you a career, loved you ? What are you young generation on!!!!

You accuse us baby boomers of being greedy but you younger generation can't even tell the difference between a normal realationship where respect is involved and a purely commercial deal.

I am renting big 5 bed from a builder on the verge of bankruptcy if he goes pop, we move max 36 hours week in a hotel whats the big deal?

By the way as I have posted before I STR'd in 2007 and own two businesses, it makes sense to rent now, I love the way you youngsters are holding onto home ownership ideals that the smart ones of us have abandoned.

So quaint, I bet you also trust your Boss :P:P

How did you turn this into a generational thing? Idiocy isn't the exclusive preserve of the young or old.

Share this post


Link to post
Share on other sites
Wow, now there is an attitude we can all take to heart and enjoy... feck the landlord... just move on and enjoy the long lasting joke! Oh how we'll all laugh!

I once saw a seagull crap on a traffic warden. I found that funny as well. Sorry.

Share this post


Link to post
Share on other sites
How did you turn this into a generational thing? Idiocy isn't the exclusive preserve of the young or old.

Naivety is though generally funny how I was right though Mr/Mrs Ninetendo generation?

Share this post


Link to post
Share on other sites

This is what I don't get with this business of landlord margin calls...

Say the landlord is in a position where the lender feels they should make a margin call so they ring said landlord and ask them to cough up. The landlord says "take me to court I'm not paying". The lender knows if they do this and ultimately force repossession then they will have massive costs and either have to manage the property themselves, putting them in the same position they are in now, or sell, which in today's market would mean a nice big fat loss and the pain of having to pursue a landlord for the difference who could well go bankrupt anyway. It doesn't matter if you are a big or small landlord. The lender really is going to go for you as a last resort if you are way behind on your payments.

Unless of course, your lender is the one that is really in trouble, and has been ordered by their regulator to liquidate at whatever cost to reduce their balance sheet. This is what's probably happened with your landlords Spanish properties and could be the case over here, especially if he were with a fully taxpayer owned bank like Northern Rock or Bradford & Bingley, as they know the tax payer ultimately pays so they don't give a stuff if they lose millions.

Share this post


Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
Sign in to follow this  

  • Recently Browsing   0 members

    No registered users viewing this page.

  • The Prime Minister stated that there were three Brexit options available to the UK:   292 members have voted

    1. 1. Which of the Prime Minister's options would you choose?


      • Leave with the negotiated deal
      • Remain
      • Leave with no deal

    Please sign in or register to vote in this poll. View topic


×

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.