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The Grim Repo

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Just got back from a repossession, chatting at length to the estate agent whilst the locksmith worked. The agent said, a propo repossessions, that 'half' their vendors were banks. I immediately queried the 'half' bit and she confirmed the same. Even I was shocked. She says other ex colleagues in Lewisham/Sydenham area are even busier on this side of the closing down business. She also said many owners are just avoiding repossession after initial proceedings. Quality areas getting hit too. Certainly tallies with my experience. Much more of this to come. Obviously.

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I almost hate to admit I know someone socially who is an EA. I always bend his ear when I meet him. He runs a very small independent agents. He has two on the books now that are repos. First ones for years apparently.

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interesting stuff - your anecdotes are always most welcome.

there is a large tower block in northampton which has some (quite nice internally) flats up for auction soon.

i 'phoned the EA about them out of interest - the service charges are apparently £170 pcm, hence the regular repossessions! "halifax have been really burned over these" said the EA. there were a few of these repos in this block during the summer - the EA said he now has 3 more on his books!

one of the summer repos is on houseprices.co.uk and went for about £75K. since the block was opened it looks like most were purchased around the £95K-£100K mark. ouch! :(

there has been an enormous amount of flats built in northampton in the last few years on brownfield sites - there is an area called southbridge which has been redeveloped and i went for a wander around there recently. i was staggered by the number of blocks which have been built...

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interesting stuff - your anecdotes are always most welcome.

there is a large tower block in northampton which has some (quite nice internally) flats up for auction soon.

i 'phoned the EA about them out of interest - the service charges are apparently £170 pcm, hence the regular repossessions! "halifax have been really burned over these" said the EA. there were a few of these repos in this block during the summer - the EA said he now has 3 more on his books!

one of the summer repos is on houseprices.co.uk and went for about £75K. since the block was opened it looks like most were purchased around the £95K-£100K mark. ouch! :(

there has been an enormous amount of flats built in northampton in the last few years on brownfield sites - there is an area called southbridge which has been redeveloped and i went for a wander around there recently. i was staggered by the number of blocks which have been built...

Large tower block? 50->100 flats? or combined service payments for the tower £102,000 -> £204,000 a year... seems alot of money

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Large tower block? 50->100 flats? or combined service payments for the tower £102,000 -> £204,000 a year... seems alot of money

Block of apartments (4) with large hall, paint job on the outside including windows. Cost >£10k including the scaffolding.

Cost of changing a church lightbulb in the roof > £200.

As soon as restricted access becomes involved the safety and assciated costs absolutely rocket. If management companies are doing their job properly over the decades then annual service payments should cover the costs asscociated with the building over its lifespan, actual yearly costs may be nothing in one year and then a million pound roof/facia/structural job the next.

Edited by OnlyMe

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Guest Charlie The Tramp

Just got back from a repossession, chatting at length to the estate agent whilst the locksmith worked. The agent said, a propo repossessions, that 'half' their vendors were banks. I immediately queried the 'half' bit and she confirmed the same. Even I was shocked. She says other ex colleagues in Lewisham/Sydenham area are even busier on this side of the closing down business. She also said many owners are just avoiding repossession after initial proceedings. Quality areas getting hit too. Certainly tallies with my experience. Much more of this to come. Obviously.

Cheers surveyor, it`s the quality areas I find interesting, these IMO would probably be MEW gone horribly wrong. They may have found to their cost it was not free money after all.

I believe the Q4 2005 and Q1 2006 stats for repossessions and bankruptcies will be much higher than expected.

How many of those thousands of holiday homes about to be bulldozed in Spain were bought from the proceeds of MEW from homeowners in quality areas, where they have seen the value of their homes double or treble in the past 4 years.

The future does not look bright for many of these people.

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Cheers surveyor, it`s the quality areas I find interesting, these IMO would probably be MEW gone horribly wrong. They may have found to their cost it was not free money after all.

I believe the Q4 2004 and Q1 2005 stats for repossessions and bankruptcies will be much higher than expected.

How many of those thousands of holiday homes about to be bulldozed in Spain were bought from the proceeds of MEW from homeowners in quality areas, where they have seen the value of their homes double or treble in the past 4 years.

The future does not look bright for many of these people.

Don't you mean Q4 2005 and Q1 2006 ? :huh:

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Guest Charlie The Tramp

Don't you mean Q4 2005 and Q1 2006 ? :huh:

Correct, retirement is not always a good thing, some days you don`t know what day of the week it is. :(

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Large tower block? 50->100 flats? or combined service payments for the tower £102,000 -> £204,000 a year... seems alot of money

it is a huge great block as per the attachment - looks naff from the outside

6105_141205Lot9_IMG_01_t.jpg

post-1209-1133364003_thumb.jpg

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Guest Charlie The Tramp
Why do you need to be present?

I would imagine he was doing a valuation so the EA would have a guide price to market the property on behalf of the vendor

( maybe a bank ). Looks like it could have been rush job.

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  • 301 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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