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ShedDweller

Once You've Had It You Can't Be Without It ..

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I have a friend .. He has five children and lives in a very small council house .. He has his own business and works very hard .. when he does not have work for his business he does other jobs ("Gimping" for tradesmen mostly .. ) They are certainly not rich but they can pay their way ..

Their next door neighbours are a couple in their late 50's, Ex council house .. she works for a building firm .. he owns and runs a garage.

My friend asked if he could repair his car at my place .. Sure no problem but don;t you just do it on the road outside your house? No the neighbours have complained as it brings down the tone of the neighbourhood.

At that time he ran an awfull garage .. on one occasion the wife took our Peugeot there and got ripped off blind and people would cross the street to warn me about him .. However he had a string of new BMW's changed every year, a house in Northern Cyprus and a BTL locally.

All the information comes from my friends wife who chats with the neighbours wife ..

They bought three houses in Northern Cyprus "off plan" and when they were finished could not come up with the cash (this must have been 2008 or 9) there were threats that the house in England would be taken but in the end they lost the house in Cyprus .. This is apprently "Very Hard" when you have "worked and sweated" for the money to buy it ..

At about the same time the Garage went down with a miriad of creditors including some who really could not afford it. One friend who is an Electrician had done some work at the garage and also some work on the BTL the bill was over £1500 of which £800 was out of pocket (ie fittings), Friend had agreed to invoice the Garage for the work .. So his money disappeared with the garage .. He was considering going to the BTL and removing the fittings but eventually decided his life was too short and moved on ..

For a short while he worked at another garage .. The BMW's went .. his wifes new car was replaced with an old one .. then his new venture started ..

He opened a new garage. Cards through every door in town lovely new signage ..

A week ago they came back from Holiday to find the locks on the garage had been changed and the sign had been taken down by the landlord .. So he transfered his customers cars to house .. and is now repairing cars on the street.

The wives had a discussion .. and she managed to slip in the burning question "Why with the buisness in so much peril had they left to go on holiday?" (Obviously she didn't actually say that ! but she got the answer) Apparently they were so tired and "we have never had a year without a holiday, and once you have had these things you don't want to give them up". She then went on to complain that they have a £300,000 mortgage ..

Mates wife has been stuck at home for the whole of the summer holidays with five kids because he was working .. Since they have had their first child they have never had a holiday ..

And (and this will cut no ice with people in urban areas) they are unable to park outside their house as there are two cars "under repair" outside ..

I'm still kinda reeling from the shock that someone would abandon their buisness for a Holiday ..

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Feck me - £300k mortgage still outstanding on a council house owned for quite a few years - must be some council house!

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Feck me - £300k mortgage still outstanding on a council house owned for quite a few years - must be some council house!

Why not, know of many what used to be council houses for that and more....£300k mortgage is quite easy when remortgaged to lose on property in Cyprus and a business that didn't work. ;)

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I would argue that there was nothing wrong with the buisness .. It just required more work than they were prepared to put in ..

So why didnt they sell the house to rescue th businsess?

Oh, probably because they would have only got offers under 'market' value and less than what it's worth and they had put so much effort into sitting back and watching its value rise until 2007 that they "werent going to give it away!"

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So why didnt they sell the house to rescue th businsess?

Oh, probably because they would have only got offers under 'market' value and less than what it's worth and they had put so much effort into sitting back and watching its value rise until 2007 that they "werent going to give it away!"

My guess is it's not an option .. it's probably worth less than the mortgage .. and they have worked SOOO hard on the house ..

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I would argue that there was nothing wrong with the buisness .. It just required more work than they were prepared to put in ..

....not trying very hard then.....just because some things may come along for nothing doesn't mean everything should or will do. ;)

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  • 333 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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