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Another poor soul on MSE...

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It sounds like the alternative narrative is being provided:

"OP you're not an ''accidental'' landlord at all, you're a landlord of your of your own free choice.

You're already apparently in a position to buy a second property without having to sell your existing property and yet still you're whinging and whining about how ''unfair'' it is and how you're being ''penalised'' for not being able to hoard houses.

I can remember property market downturns in the past where people had to just accept the fact of NE. take the hit and sell for less than they paid.. and that was on primary residences and family homes NOT on secondary investment properties.
But of course, that was in the days before massive government and BoE intervention in the property market and a 'support home owners at all costs' mentality amongst the policy makers."

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Maybe that one reply was from someone who already comes on here (ahem)... it would be nice to see a few additional voices offering alternative viewpoints on these other forums. 

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1 hour ago, nome said:

Maybe that one reply was from someone who already comes on here (ahem)... it would be nice to see a few additional voices offering alternative viewpoints on these other forums. 

Have you ever tried talking to a plank of wood before ?

How come Money Saving Experts like to take out massive mortgages and spend 100's of 1000's over the odds for a house.  

The plank of wood is clearly less thick.

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8 minutes ago, iamnumerate said:

How do you accidentally become a landlord?  You can't accidentally buy a house and let it out.  It is not like leaving your mobile at home by mistake.

Marriage or inheritance would be two big causes.

It's also possible that you would have to move because of a new job but be in NE on your old house, so more sensible to rent it than sell and have to make up any shortfall on the mortgage with a lump sum.

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6 hours ago, nome said:

I really do wish a few more of the regulars on here would venture on to MSE and Mumsnet etc property forums and contribute an alternative viewpoint to the usual narrative....

 

http://forums.moneysavingexpert.com/showthread.php?t=5663645

Dive in, Hamish and co are still bashing away on the (hidden) discussion forum, presumably because they are banned from the main boards, MSE is a laugh, the "Waiting for a buyer" thread is a classic.

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Just now, funinhounslow said:

Am I reading this right? That bloke has spent £460,000 on a flat in Stoke Newington and is wondering if he's made a mistake?!

Yes, and he got a bit miffed at some of the comments he got later on, making me think it wasn`t actually a wind up.

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Wow, the level of discussion is characterised by the argument "Well, my property has gone up sixfold since I bought it, so don't worry." It really is HPI 4eva over there! :D

Best leave them to it.

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460K  SPENT ON ONE BED FLAT ???

at 26 yo who only saved 1k for each year of life 

 

how has a 26yo borrowed 434k ??  

i have 200k saved up and i am disappointed i even have to get a mortgage to buy some cr@p hole to live in.  

 

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35 minutes ago, dances with sheeple said:
Quote

 I have calculated the value of my own pension in 20 years (just adding mine and my employer's contribution, no growth) - my g/f hasn't got a pension. The total value of all my pension in 20 years from now will be pretty much bang on the amount of of loan we own the bank. I am 38 now so in 20 years under changes in pension law I should be able to start taking it out and pay back the bank what's owed to them (even if I need to do it over 5 years), then sell the house and keep all the proceedings (or carry on renting it out and that will be my pension).
 

Incredible!

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1 hour ago, Sour Mash said:

Marriage or inheritance would be two big causes.

It's also possible that you would have to move because of a new job but be in NE on your old house, so more sensible to rent it than sell and have to make up any shortfall on the mortgage with a lump sum.

true although you would have to be unlucky to be in NE at the moment (maybe not for long).  If you gain a surplus house through inheritance or marriage you are lucky - the word accident doesn't seem to be quite right.

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1 hour ago, Sour Mash said:

Marriage or inheritance would be two big causes.

It's also possible that you would have to move because of a new job but be in NE on your old house, so more sensible to rent it than sell and have to make up any shortfall on the mortgage with a lump sum.

Why does inheriting a property FORCE you to rent it out and become an ''accidental'' landlord, rather than just selling it?

Whatever you get when selling it is free money even if you sell below market value

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Of course by discussing on here we just preach to the converted, over there you have ordinary punters reading trying to make sense of it all, if even one of them avoids a 500k rabbit hutch because of a well reasoned post IMO that is a good thing. Of course masses of people going over from here and trolling threads will just get the threads moved to the hidden sub sub forum where the likes of Hamish lurk around all day, but argument/links saying that the bubble needs to burst seem to be tolerated as long as they are polite.

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Crashy Time is my hero!! Those replies are both true and hilarious :D Can just imagine the MSE original poster crying into his cornflakes reading them lol (p.s. does that make me a bad person?? :huh:)

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http://forums.moneysavingexpert.com/showthread.php?t=5657814

 

Plenty of scope to engage with people about how messed up things are due to the credit/property bubble, but you will be beasted by the regulars if you venture on to the hidden discussion forum....:D...there is even a hard core on the main forum that just spend all day bumping pro HPI threads :lol:

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3 hours ago, nome said:

Why does inheriting a property FORCE you to rent it out and become an ''accidental'' landlord, rather than just selling it?

Whatever you get when selling it is free money even if you sell below market value

I never said it forced you, just explained how people who would otherwise never have considered BTL end up being landlords.  The other big one would be a couple getting married (or co-habiting) who both have their own houses.

Renting it out would have to be a consideration if you were just gifted a house with no debt obligation attached (and you already had somewhere to live).  Alternatively, if you feel a crash is imminent it could be the time to cut and run, bank the money somewhere safe and then look for investment opportunities when the economy has bottomed out. 

(Let's not forget than an inherited house could have sentimental value too, making selling seem less attractive)

 

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9 minutes ago, Sour Mash said:

.

Renting it out would have to be a consideration

No it wouldn't, any more then taking direct charge of any other inherited business.

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