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This is just terrible. People wouldn't really do this would they ?

http://www.singingpig.co.uk/discussion/forum/?f=7&m=42963

If a property is sold for 300K, it must be worth it. It's just awful that someone would try and offer less at the last minute.

I mean, the property was 200K last year and it's definitely worth another 100. Next year it'll be at least 1 million.

Here's someone else desperately trying to justify themselves.

Read and enjoy :

http://www.singingpig.co.uk/discussion/forum/?f=7&m=42939

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This is just terrible. People wouldn't really do this would they ?

http://www.singingpig.co.uk/discussion/forum/?f=7&m=42963

If a property is sold for 300K, it must be worth it. It's just awful that someone would try and offer less at the last minute.

I mean, the property was 200K last year and it's definitely worth another 100. Next year it'll be at least 1 million.

Here's someone else desperately trying to justify themselves.

Read and enjoy :

http://www.singingpig.co.uk/discussion/forum/?f=7&m=42939

I think the practice was also quite common during the last crash. It got the name gazundering (as apposed to gazumping). Both gazumping and gazundering are a consequence of England's stupid property laws. In Scotland (and in most other civilized countries) the price is fixed on both parties when the offer is accepted.

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Although still part of the United Kingdom, Scotland has its own legal system, which differs from England and Wales. One of the most widely known variations in the two systems is the way property transactions are conducted.

In Scotland, once the conditions in the formal written offer have been accepted by the seller and the purchaser, a contract is formed which is legally binding on both sides. There is an exchange of letters between the solicitors acting for both sides, starting with the formal offer and followed by negotiation of the terms of the sale. This exchange of letters is known as concluding missives.

To those in England and Wales who have had the unfortunate and often expensive experience of a failed property transaction, this idea may sound very attractive. However, things are not quite as straightforward as they seem.

In Scotland, the acceptance of an offer comes at a different stage in the buying process much later than in England and Wales and, in the meantime, purchasers are just as exposed to potential losses as those south of the border.

In England and Wales it is not until the exchange of contracts that either party becomes legally bound to the sale. Up until that moment, either side can pull out or demand that the sale proceeds at another price. When a seller ditches their purchaser for a higher price and there is no obligation to inform the purchaser of this it is known as gazumping. When the opposite happens and the purchaser suddenly reduces their offer price, often at the last minute before exchange of contracts, it is know as gazundering. In either instance, if the deal falls through, either or both sides will suffer a loss on legal fees and surveys and there is no chance of redress from the other party.

Under Scottish law, only at conclusion of missives is the process contractually binding. If the purchaser decides that they do not wish to proceed or for some reason cannot proceed after this stage (perhaps because they cannot raise the funds or cannot sell their current home), they may be liable for what could be substantial damages to cover the seller1s costs and lost interest on the sale price.

In Scotland, therefore, purchasers often try firstly to ensure that sufficient funds are available to complete the purchase, and secondly to have the property surveyed before deciding to offer. It is essential to ensure that the written offer contains certain conditions, such as the purchase price, date of the handover, details of the moveables (fixtures and fittings) to be included in the sale, valid marketable title and satisfactory searches.

Given their binding nature and the importance of getting the conditions right, offers are best made and negotiated though a solicitor familiar with the Scottish system. Once missives have been concluded, both sides are legally bound to proceed with the transaction unless one or more of the conditions, specified in the missives is not met, for example, if there is a problem with the title. In this event, costs and damages may become payable if this is provided for in the missives.

Scottish law prevents the phenomenon of gazundering; purchasers cannot withdraw or reduce their offer price after missives have been concluded without the risk of having to pay damages and so, is in principle better for sellers. However, Scottish law does not protect purchasers from the risk of loss from what is effectively still gazumping. The period before missives are concluded is very similar to the period before exchange of contracts in England and Wales

http://money.msn.co.uk/mortgages/Insight/S...and/default.asp

I'm not sure where this myth comes from that the Scottish system for transacting houses is so superior to the English system. It is different, but no better, and in many ways worse than the English system, as a buyer in Scotland is likely to waste thousands of pounds on surveys on properties that they will not end up buying.

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Here's someone else desperately trying to justify themselves.

Read and enjoy :

http://www.singingpig.co.uk/discussion/forum/?f=7&m=42939

Presumably he has also got some good advice to anyone who loses on the horses or roulette....just double your stake for the next bet and you'll end up quits....

Muppet complete and utter f**kwit.

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Guest watchingthechildrenplay
Presumably he has also got some good advice to anyone who loses on the horses or roulette....just double your stake for the next bet and you'll end up quits....

Muppet complete and utter f**kwit.

RE: Eric Pebble's v recent post - : Oh it so funny to see the bulls STILL ramping it all up. And yes, much of all this ramping over the last 5+ years has been massively ochestrated between the numerous [shady, in the background...] property "developers", "investors", etc. in concert with moneylenders and all PARTICULALRY using PR AGENCIES - THE EXPERTS at manipulating press & media reports AND TV prgrammes, "news Items" etc etc. - ALL TO ONE FOCUS & Message - "PROPERTY IS FAILSAFE" etc. etc. ALWAYS REMEMBER - MOST of what you read in the media and hear/see too -IT IS PUT THERE BY PR AGENCIES: THIS IS THEIR JOB, THIS IS WHY THEY MAKE SO MUCH MONEY!!!!

A friend of mine (I keep giving him huge grief) is in junior partnership with a guy who has been in the property "game" for 40 years - and I have been watching them play for the past 5-7 years; they have been going right accross the UK buying up all sorts of properties - ALL OVER the UK - renting them out, doing them up, etc etc. - and over the last 10-18 months they have sold ALL OF THEM OFF!! The senior guy has seen it and done it ALL before - and he knew EXACTLY what he was doing - and he has made MILLIONS AND MILLIONS - he is a total expert - he saw the fall coming over 18 months ago, and started off-loading as of then. ALSO: he and other partners in this property "game" have been spending very big amounts on "publicity" & PR - via many PR Agencies - placing vast nunbers of articles, items, tv clips, and even backing at least 2 of the tv property programmes (on the quiet, behind various guises, via "associates"), feeding the entire media machine in all sorts of ways, many quite subtlely, talking the WHOLE thing up and up. Of course those who are half switched on could not have failed to notice the INCREDIBLE saturation of media hype on the property scene,....

Well guys & girls!!! - It is almost entirely rigged - the whole thing has been ochestrated by the vested interests - and, yes!, you can't deny it - they've achieved their aims -they've "done well" - many many of them - even the thickos like Krusty Allcrap & S Beeny types -- they have ALL made huge amounts of dosh on the back of this... and it is NOT a coincidence that large portions of the media - particulalry the "reporting"/news media have NOT talked property down -look at eh BBC Website - it STILL reports the Wriggelsworth/Halifax CR*P/LIES as "NEWS"!!! - WHY??? Becasue Producers and Editors etc - THEY ALL have fingures in ALL SORTS of pies!!!! You may not believe this - but it is the case.

Also, v large numbers of MP's - including MANY "New Labourites" - have been using their generous salaries and allowances to buy into the scam too -Large numbers if them own SEVERAL properties, particulalry in London & area - this is a story that I urge any aspiring investigative journalist out there to pursue....

SO - the REAL PROS out there have known all along that this is a game!!! - and have understood that it is, in effect, a MASSIVE Pyramid Selling Game/Scam -- i.e. Get in at the bottom - and sell out at the top - timing is crucial....

There is, however, a way the poor FTB's can start to fight back; the poor FTB's who have been utterly USED by, in particular, their "friendly" banks and mortgage providers to feed this whole scam - by being led into the "dream" [etc.], like lambs to the slaughter - many of them persuaded to buy into the "market" at rip-off prices and feeding the "system" - acting effectively as the fall guys feeding hard earned money at vastly hyped up prices - feeding the rivulets and small streams - into the water supply further down - into streams, small rivers, large rivers,deltas, lakes, etc. etc. gorges, huge oceans etc etc. - which is where the ultimate winners in this "game" clean up at - HERE is where the players of the game clean up - take the money and run.

FTB's CAN fight back: They need to understand what has been going on - it isn't rocket science anyway!!!! - They simply ALL need to tell each other what is going on -- from college/university/job starter [etc.] levels upwards -- AND ALL REALIZE - THEY HAVE IMMENSE POWER: THEY ARE THE RAINFALL AND DROPLETS AND SMALL RIVULETS!!! THE WHOLE SYSTEM DEPENDS ON THEM!!! AND -- WELL, IT'S SO, SO SIMPLE!!! -- DO NOT BUY INTO THIS SCAM AT ALL: KEEP OUT: BRING IT ALL DOWN..

JUST SAY: "WE WILL ONLY BUY AT THE SAME PRICE AS YOU DID MATE - SO, IF YOU SLASH 60% OFF THAT PRICE - TO NEAR WHAT YOU PAID -- THEN- AND ONLY THEN - WE WILL THINK ABOUT BUYING THAT PROPERTY!!!! ALL FTB's JUST NEED TO TELL THEIR MATES/COLLEGE FRIENDS ETC. - LOOK AT HPC - ALL GET TOGETHER VIA TEXT/EMAIL/THE WEB ETC. - AND SIMPLY LOOK AT WHAT HAS BEEN GOING ON!!!! IT IS A PYRAMID SELLING SCAM!!! THE BIGGEST EVER!!! -- DO NOT ALLOW YOURSELF TO BE LEAD LIKE LAMBS TO THE SLAUGHTER!! JUST SAY NO!!! WE WILL NOT BE RIPPED OFF!

WHY SHOULD WE PAY "£180k" WHEN YOU BOUGHT IT 5 YEARS AGO FOR £60k??!!!!!!! NO!! - we MIGHT pay £65k - but that's it !!!!! That's all we are offering - because that is all we can afford - just like it was for you!! After all, Gordon Brown loves to boast how inflation has been a negligible "1-2%"!!! -- Well - that means we may pay a few hundred more that you paid 4 years ago!!! That is ALL it is worth!!!!

All FTB's out there - get out there and spread the word: You have the power. Use it. Fight back.

-----------------------------------------------------------------------------------------------

Eric is quite right -- there IS a way to fight back: it is quite possible with the kind of communictions we have today: FTB's take note: Use your mobile texting/emails/websites/HPC -- co-ordinate mass action. Where there is a will, there is a way. :rolleyes::D

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This is just terrible. People wouldn't really do this would they ?

http://www.singingpig.co.uk/discussion/forum/?f=7&m=42963

If a property is sold for 300K, it must be worth it. It's just awful that someone would try and offer less at the last minute.

I mean, the property was 200K last year and it's definitely worth another 100. Next year it'll be at least 1 million.

Here's someone else desperately trying to justify themselves.

Read and enjoy :

http://www.singingpig.co.uk/discussion/forum/?f=7&m=42939

The maths in the latter post are wrong! So that's how bulls are staying bullish, they can't do basic maths.... :)

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The maths in the latter post are wrong! So that's how bulls are staying bullish, they can't do basic maths.... :)

What alot of the posts here fail to mention, is that a lot of investors have not bought anything in the last 2 years or so, as returns were poor. They are simply waiting until prices drop to a level when yeilds are better. Thus pushing prices back up to current levels.

:blink: How will this help FTB, their competition has not vanished its just dormant waiting for the same level of pricing that FTB need to get back into the market again.

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What alot of the posts here fail to mention, is that a lot of investors have not bought anything in the last 2 years or so, as returns were poor. They are simply waiting until prices drop to a level when yeilds are better. Thus pushing prices back up to current levels.

:blink: How will this help FTB, their competition has not vanished its just dormant waiting for the same level of pricing that FTB need to get back into the market again.

I would agree that most professional investors haven't bought, however many, many first time BTlers have jumped on the bandwagon in the last year, right at the peak, just as investors in tech shares did in early 2000. My brother was one of them, and cited the incredible rise in prices as the reason for doing so, last November.

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My brother was one of them, and cited the incredible rise in prices as the reason for doing so

I will never understand this mentality. "Prices have risen massively, and I have missed out on most of the gains, so now I will compound my mistake by getting into property/dot com shares/tulip bulbs/classic cars/land without planning permission etc etc.!" Yeah! Great idea! :rolleyes:

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RE: Eric Pebble's v recent post - : Oh it so funny to see the bulls STILL ramping it all up. And yes, much of all this ramping over the last 5+ years has been massively ochestrated between the numerous [shady, in the background...] property "developers", "investors", etc. in concert with moneylenders and all PARTICULALRY using PR AGENCIES - THE EXPERTS at manipulating press & media reports AND TV prgrammes, "news Items" etc etc. - ALL TO ONE FOCUS & Message - "PROPERTY IS FAILSAFE" etc. etc. ALWAYS REMEMBER - MOST of what you read in the media and hear/see too -IT IS PUT THERE BY PR AGENCIES: THIS IS THEIR JOB, THIS IS WHY THEY MAKE SO MUCH MONEY!!!!

A friend of mine (I keep giving him huge grief) is in junior partnership with a guy who has been in the property "game" for 40 years - and I have been watching them play for the past 5-7 years; they have been going right accross the UK buying up all sorts of properties - ALL OVER the UK - renting them out, doing them up, etc etc. - and over the last 10-18 months they have sold ALL OF THEM OFF!! The senior guy has seen it and done it ALL before - and he knew EXACTLY what he was doing - and he has made MILLIONS AND MILLIONS - he is a total expert - he saw the fall coming over 18 months ago, and started off-loading as of then. ALSO: he and other partners in this property "game" have been spending very big amounts on "publicity" & PR - via many PR Agencies - placing vast nunbers of articles, items, tv clips, and even backing at least 2 of the tv property programmes (on the quiet, behind various guises, via "associates"), feeding the entire media machine in all sorts of ways, many quite subtlely, talking the WHOLE thing up and up. Of course those who are half switched on could not have failed to notice the INCREDIBLE saturation of media hype on the property scene,....

Well guys & girls!!! - It is almost entirely rigged - the whole thing has been ochestrated by the vested interests - and, yes!, you can't deny it - they've achieved their aims -they've "done well" - many many of them - even the thickos like Krusty Allcrap & S Beeny types -- they have ALL made huge amounts of dosh on the back of this... and it is NOT a coincidence that large portions of the media - particulalry the "reporting"/news media have NOT talked property down -look at eh BBC Website - it STILL reports the Wriggelsworth/Halifax CR*P/LIES as "NEWS"!!! - WHY??? Becasue Producers and Editors etc - THEY ALL have fingures in ALL SORTS of pies!!!! You may not believe this - but it is the case.

Also, v large numbers of MP's - including MANY "New Labourites" - have been using their generous salaries and allowances to buy into the scam too -Large numbers if them own SEVERAL properties, particulalry in London & area - this is a story that I urge any aspiring investigative journalist out there to pursue....

SO - the REAL PROS out there have known all along that this is a game!!! - and have understood that it is, in effect, a MASSIVE Pyramid Selling Game/Scam -- i.e. Get in at the bottom - and sell out at the top - timing is crucial....

There is, however, a way the poor FTB's can start to fight back; the poor FTB's who have been utterly USED by, in particular, their "friendly" banks and mortgage providers to feed this whole scam - by being led into the "dream" [etc.], like lambs to the slaughter - many of them persuaded to buy into the "market" at rip-off prices and feeding the "system" - acting effectively as the fall guys feeding hard earned money at vastly hyped up prices - feeding the rivulets and small streams - into the water supply further down - into streams, small rivers, large rivers,deltas, lakes, etc. etc. gorges, huge oceans etc etc. - which is where the ultimate winners in this "game" clean up at - HERE is where the players of the game clean up - take the money and run.

FTB's CAN fight back: They need to understand what has been going on - it isn't rocket science anyway!!!! - They simply ALL need to tell each other what is going on -- from college/university/job starter [etc.] levels upwards -- AND ALL REALIZE - THEY HAVE IMMENSE POWER: THEY ARE THE RAINFALL AND DROPLETS AND SMALL RIVULETS!!! THE WHOLE SYSTEM DEPENDS ON THEM!!! AND -- WELL, IT'S SO, SO SIMPLE!!! -- DO NOT BUY INTO THIS SCAM AT ALL: KEEP OUT: BRING IT ALL DOWN..

JUST SAY: "WE WILL ONLY BUY AT THE SAME PRICE AS YOU DID MATE - SO, IF YOU SLASH 60% OFF THAT PRICE - TO NEAR WHAT YOU PAID -- THEN- AND ONLY THEN - WE WILL THINK ABOUT BUYING THAT PROPERTY!!!! ALL FTB's JUST NEED TO TELL THEIR MATES/COLLEGE FRIENDS ETC. - LOOK AT HPC - ALL GET TOGETHER VIA TEXT/EMAIL/THE WEB ETC. - AND SIMPLY LOOK AT WHAT HAS BEEN GOING ON!!!! IT IS A PYRAMID SELLING SCAM!!! THE BIGGEST EVER!!! -- DO NOT ALLOW YOURSELF TO BE LEAD LIKE LAMBS TO THE SLAUGHTER!! JUST SAY NO!!! WE WILL NOT BE RIPPED OFF!

WHY SHOULD WE PAY "£180k" WHEN YOU BOUGHT IT 5 YEARS AGO FOR £60k??!!!!!!! NO!! - we MIGHT pay £65k - but that's it !!!!! That's all we are offering - because that is all we can afford - just like it was for you!! After all, Gordon Brown loves to boast how inflation has been a negligible "1-2%"!!! -- Well - that means we may pay a few hundred more that you paid 4 years ago!!! That is ALL it is worth!!!!

All FTB's out there - get out there and spread the word: You have the power. Use it. Fight back. 

-----------------------------------------------------------------------------------------------

Eric is quite right -- there IS a way to fight back: it is quite possible with the kind of communictions we have today: FTB's take note: Use your mobile texting/emails/websites/HPC -- co-ordinate mass action. Where there is a will, there is a way. :rolleyes:  :D

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  • 439 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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