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SarahBell

Can We Reclaim The Word Owned?

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So that when people say they "own" football clubs that are massively in debt we find a better word for it.

Also for owner occupiers - they are only "owners" when it's all paid for...

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So that when people say they "own" football clubs that are massively in debt we find a better word for it.

Also for owner occupiers - they are only "owners" when it's all paid for...

I propose the use of the word 'downers' for such occasions... ;)

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So that when people say they "own" football clubs that are massively in debt we find a better word for it.

Also for owner occupiers - they are only "owners" when it's all paid for...

Clever of you to realise what you are.

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So that when people say they "own" football clubs that are massively in debt we find a better word for it.

Also for owner occupiers - they are only "owners" when it's all paid for...

They do own the home and this is clearly indicated on the deeds.

Please also note that the deeds are not held to ransom by the bank as some people on here think. They are held electronically by the Land Registry and a copy of any deed can be taken for a fee of £3.

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I've never used this expression, it's far too yankee-high-school-interweb speak for my liking, but...If interest rates rise, there will be many 'owned' homeowners.

Homepwned perhaps?

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There have been endless debates on here about this. Yes, purely in the legal sense anyone with a mortgage 'owns' their home. But the term homeowner offers no distinction between those with mortgages and those without (a useful obfuscation for the banks and the property industry). Perhaps you could use the terms 'mortage holder' to describe the former, and 'outright owners' to describe the latter. 'Mortgage holder' does seem to be used by the media from time to time.

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All your savings are belong to us! Pwned...

My thoughts exactly - but you beat me to it

I s'pose im just not l33t enough

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Perhaps you could use the terms 'mortage holder' to describe the former, and 'outright owners' to describe the latter. 'Mortgage holder' does seem to be used by the media from time to time.

The same people are...

'Owners' - when the going is good and the market is booming.

'Mortgage holders' - when those nasty banks think about raising interest rates.

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A little like 'equity' in a house. You have no freaking equity if the price has gone up 10k but you still owe 150k.

My understanding of Equity is the saleable value of the house, minus the outstanding debt i.e your walk-away profit if you were to sell.

You could still owe £150K, but if it's saleable at £250k then you have equity. How can you say there is no equity?

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Like it or not, people who have mortgages own their house. They take the equity if it increases in value and likewise take the risk of losing equity if it decreases in value. The banks will get back their initial loan (plus interest) regardless of what happens to the value of the property.

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Can't wait to correct the next smug git in my social circle who proudly states they are a 'home owner.' No mate, your a 'mortgage owner!!!' :lol:

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Like it or not, people who have mortgages own their house. They take the equity if it increases in value and likewise take the risk of losing equity if it decreases in value. The banks will get back their initial loan (plus interest) regardless of what happens to the value of the property.

Yes that is what the bank wants you to think, and strictly speaking it is correct, but they have set up the rules so that 1+1=3. What happen if you stop the payments? Suddenly the thing you 'own' is taken from you.

If you read between the lines and judge it with a normal view point rather than a twisted banking view of the world, they have distorted the meaning of the word 'owned'.

I think the term 'buyer' is more accurate, they are in the process of buying the house, its just it will take them 25 years.

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I must be old-fashioned but in my mind you don't own something until and unless you have paid for it.

But the previous owner was paid for it, so there's no question ownership was transferred. And the bank doesn't own it, just has a charge on it. If I do own my house outright, and I borrow to make a large luxury purchase with my house as surety, does that mean I no longer own my house?

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But the previous owner was paid for it, so there's no question ownership was transferred. And the bank doesn't own it, just has a charge on it. If I do own my house outright, and I borrow to make a large luxury purchase with my house as surety, does that mean I no longer own my house?

...if they take a charge on it and you default ...they will walk in and sell up to recover their debt.... :rolleyes:

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...if they take a charge on it and you default ...they will walk in and sell up to recover their debt.... :rolleyes:

Obviously, but they couldn't do that unless you were the owner, so what's your point ? If you don't pay your council tax you may lose your hose to pay the arrears eventually.

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I must be old-fashioned but in my mind you don't own something until and unless you have paid for it.

Same here.

With an overdraft debt of a few hundred pounds I'd imagine I'm richer than the most. But not as rich as a child with a few pence in a piggy bank.

Most people I know are in various forms of debt, tied- contracts etc.

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If you don't pay your council tax you may lose your hose to pay the arrears eventually.

They would have to kill me before they took my hose.

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Obviously, but they couldn't do that unless you were the owner, so what's your point ? If you don't pay your council tax you may lose your hose to pay the arrears eventually.

...if you pledge your home as an outright owner ...you are no longer the outright owner as the Bank has an interest...in the case of council tax arrears the council would most likely have to pursue you through the courts or bankrupt you before sharing the spoils..... :rolleyes:

Edited by South Lorne

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...if you pledge your home as an outright owner ...you are no longer the outright owner as the Bank has an interest...in the case of council tax arrears the council would most likely have to pursue you through the courts or bankrupt you before sharing the spoils..... :rolleyes:

Still don't agree, because that pledge if for IF you default on the loan, and in most cases that's a big IF. You might have many additional assets available to support a loan payment, but the bank chooses to have the guarantee of the house because that is a solid asset that can't easily disappear. And it is a guarantee they accept because you own it outright. I don't think having an 'interest' confers any kind of formal ownership to them in contract law. Social services will forcibly take your child into care if you start abusing them, because they have a statutory duty to protect the welfare of the child. But that care order is an emergency contingency and does not mean that in the normal course of events, they have shared parental responsibility for your child. Same concept.

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  • 261 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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