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A.steve

I Know Why House Prices Are So High.

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House prices are so high because your parents have been imprudent owner occupiers... they're only renting, really.

You see, they bought their houses with mortgages in the 1970s, and their building society was demutualised and they said "thankyou very much" for the payout when the building society demutualised. They didn't think "Hey, y'know, I'm actually selling my house to stock market speculators for a few hundred quid."

So, what happens when a demutualised building society goes bankrupt?

Yes, that's right... all its assets are auctioned off. So, ask yourself this: do you have your property deeds, or are they being used as collateral to underwrite the stock market?

Better still... ask your parents... who bought their house decades ago... ask them how they can sleep knowing that the government can evict them if their demutualised building society goes bankrupt and they don't have the cash to make the highest bid at an auction.

I couldn't sleep thinking about that one.

Edited by A.steve

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But arent you forgetting that those with mortgages in the 70s would have paid them off by now.....

......unless of course they MEW'd that is......... :blink::)

You're also forgetting that in really real terms EVERYBODY is a tenant under UK law-oh yes we are mortgage paid or not. Freehold just means the TENURE has no time limit but it's a tenure just the same!!!

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But arent you forgetting that those with mortgages in the 70s would have paid them off by now.....

......unless of course they MEW'd that is......... :blink::)

You're also forgetting that in really real terms EVERYBODY is a tenant under UK law-oh yes we are mortgage paid or not. Freehold just means the TENURE has no time limit but it's a tenure just the same!!!

It's up to you whether you contract with land registry or not.

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But arent you forgetting that those with mortgages in the 70s would have paid them off by now.....

......unless of course they MEW'd that is......... :blink::)

You're also forgetting that in really real terms EVERYBODY is a tenant under UK law-oh yes we are mortgage paid or not. Freehold just means the TENURE has no time limit but it's a tenure just the same!!!

My parents had an open mortgage for £1000. This open mortgage left their title deeds on the books of the building society as an asset - against which *the building society* could borrow. Hence, if the building society goes bankrupt, my parents loose their house and have to bid for it at auction.

Sometimes I wonder why parents are allowed to make decisions!

Do they listen when Brown says that banks are "well capitalized" - Yes - that's right - with your house!

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My parents had an open mortgage for £1000. This open mortgage left their title deeds on the books of the building society as an asset - against which *the building society* could borrow. Hence, if the building society goes bankrupt, my parents loose their house and have to bid for it at auction.

Sometimes I wonder why parents are allowed to make decisions!

Do they listen when Brown says that banks are "well capitalized" - Yes - that's right - with your house!

Are you sure about that?

I had a flat for a few years with £1 mortgage outstanding on it. Surelt all this meant is that I owe the building society or their creditors after bankrupcy a pound, and would have to pay it back in that scenario. If the BS went bust, then surely you could get a fresh mortgage with another BS and use that to pay off the debt?

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Are you sure about that?

I had a flat for a few years with £1 mortgage outstanding on it. Surelt all this meant is that I owe the building society or their creditors after bankrupcy a pound, and would have to pay it back in that scenario. If the BS went bust, then surely you could get a fresh mortgage with another BS and use that to pay off the debt?

You shouldn't accept my anonymous word... but I do believe that the deeds for your house are the property of your building society until your loan is repaid. If the building society goes bankrupt, by definition, you can't keep up the payments on a loan secured on it... ergo, de-facto default. *EVEN* if you have hundreds of times the outstanding amount in cash.

Edited by A.steve

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You shouldn't accept my anonymous word... but I do believe that the deeds for your house are the property of your building society until your loan is repaid. If the building society goes bankrupt, by definition, you can't keep up the payments on a loan secured on it... ergo, de-facto default. *EVEN* if you have hundreds of times the outstanding amount in cash.

The property is yours and the deeds will confirm.

The organisation in which you have an outstanding mortgage due holds these deeds for security in the event of you defaulting.

They have to get a court order for possession of your property before they can do anything with it.

Int he event of the organisation failure, then the receiver (if one is appointed for a winding up) would either sell the organisatin as a going concern, so no change for you, or liquidate its assets, which could mean they will ask for you to settle your mortgage, or more likely,they will sell the outstanding mortgage stock on adn your mortgage will be moved to the new owners.

Either way, the property is still yours until the possession order is made in court.

If you are really worried, consult a lawyer

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You shouldn't accept my anonymous word... but I do believe that the deeds for your house are the property of your building society until your loan is repaid. If the building society goes bankrupt, by definition, you can't keep up the payments on a loan secured on it... ergo, de-facto default. *EVEN* if you have hundreds of times the outstanding amount in cash.

Given it is quite clear you don't have a clue what you are talking about, I suggest you post asking questions so you can find out the right answer rather than making spurious and misleading "statements".

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Guest mSparks
My parents had an open mortgage for £1000. This open mortgage left their title deeds on the books of the building society as an asset - against which *the building society* could borrow. Hence, if the building society goes bankrupt, my parents loose their house and have to bid for it at auction.

Sometimes I wonder why parents are allowed to make decisions!

Do they listen when Brown says that banks are "well capitalized" - Yes - that's right - with your house!

Erm no, If the building society went bankrupt one of 2 things would happen:

a)They sell your loan on and you dont know any different

b)They make a demand for immediate payment of the £1000, If your parents couldn't pay the house 'could' be auctioned off, but more likely they would put a £1000 charge against the house, which means when it is sold, they get £1000 of the money (councils do this A LOT) even if it was auctioned off, they would still only get their £1000, anything extra would go back to your parents.

Kids always think they know everything, invariably they are wrong.

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Erm no, If the building society went bankrupt one of 2 things would happen:

a)They sell your loan on and you dont know any different

b)They make a demand for immediate payment of the £1000, If your parents couldn't pay the house 'could' be auctioned off, but more likely they would put a £1000 charge against the house, which means when it is sold, they get £1000 of the money (councils do this A LOT) even if it was auctioned off, they would still only get their £1000, anything extra would go back to your parents.

Kids always think they know everything, invariably they are wrong.

They would need a court order for any of your items in b, and it would be the receiver/administrator doing this.

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Given it is quite clear you don't have a clue what you are talking about, I suggest you post asking questions so you can find out the right answer rather than making spurious and misleading "statements".

A tad harsh loafer. It's an informal message forum, not a fact driven legal debate. <_<

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Possibly harsh, but I get a bit fed up of people spouting rubbish as facts - it's a waste of everyones time, and just needlessly worries people who come here to learn.

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If anybody has any doubts about this they should read this thread:

http://www.housepricecrash.co.uk/forum/ind...=57711&st=0

Baz

well remembered= however, this sort of constant fear of being left out is very widespread- its the main reason people get involved in bubbles, and this time you are not a whole person unless you got the BMW, the plasma and your own flat, whatever the price to your peace of mind

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He's right you know. It is a little known fact that the Crown actually owns all the land and that freeholders merely 'hold the land freely' on the Crown's behalf. I think this is actually now strictly speaking the Crown Estate as opposed to the sitting monarch.

By banging on about 'the Rule of Law' (once they'd stolen the land) The Norman Barons and latterly the German Monarchy have successfully held onto the land for nearly 1,000 years. They have kept it so long that the ownership of their land does not even show up at the Land Registry, as the LR only logs properties/land once it comes up for sale.

Oh and who's right is it to dissolve parliament and call an election? (hint, it starts with a 'Q' currently). Who invites an individual to form a Government? And it is Her Majesty's Government by the way (not ours). And who is the head of the armed forces (oh yes I remember - the Queen).

So who is the biggest beneficiary of HPI? Yes its the Duke of Westminster. And the rich Norman Lords continue to get richer and richer by releasing small parcels of their land for development as the UK population explodes whilst keeping their agribusinesses and sporting lands intact. Oh and they are also the largest beneficiaries of European Union agricultural subsidies. And you might guess they manage their tax affairs very well.

So why worry about HPI and owning versus renting? It's not your land anyway. (phew got back to topic)

Our whole galaxy probably 'belongs' to a distant alien who bought it as a pension investment from the winnings on a scratchcard.

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Guest Bart of Darkness
Our whole galaxy probably 'belongs' to a distant alien who bought it as a pension investment from the winnings on a scratchcard.

You've been watching the end of "Men in Black" again haven't you?

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He's right you know. It is a little known fact that the Crown actually owns all the land and that freeholders merely 'hold the land freely' on the Crown's behalf. I think this is actually now strictly speaking the Crown Estate as opposed to the sitting monarch.

By banging on about 'the Rule of Law' (once they'd stolen the land) The Norman Barons and latterly the German Monarchy have successfully held onto the land for nearly 1,000 years. They have kept it so long that the ownership of their land does not even show up at the Land Registry, as the LR only logs properties/land once it comes up for sale.

Oh and who's right is it to dissolve parliament and call an election? (hint, it starts with a 'Q' currently). Who invites an individual to form a Government? And it is Her Majesty's Government by the way (not ours). And who is the head of the armed forces (oh yes I remember - the Queen).

So who is the biggest beneficiary of HPI? Yes its the Duke of Westminster. And the rich Norman Lords continue to get richer and richer by releasing small parcels of their land for development as the UK population explodes whilst keeping their agribusinesses and sporting lands intact. Oh and they are also the largest beneficiaries of European Union agricultural subsidies. And you might guess they manage their tax affairs very well.

So why worry about HPI and owning versus renting? It's not your land anyway. (phew got back to topic)

Except for the fact that I am also a king, this is spot on. You are all on my land.

Now all we need are facts and evidence to sort out who's right. :lol:

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He's right you know. It is a little known fact that the Crown actually owns all the land and that freeholders merely 'hold the land freely' on the Crown's behalf. I think this is actually now strictly speaking the Crown Estate as opposed to the sitting monarch.

By banging on about 'the Rule of Law' (once they'd stolen the land) The Norman Barons and latterly the German Monarchy have successfully held onto the land for nearly 1,000 years. They have kept it so long that the ownership of their land does not even show up at the Land Registry, as the LR only logs properties/land once it comes up for sale.

Oh and who's right is it to dissolve parliament and call an election? (hint, it starts with a 'Q' currently). Who invites an individual to form a Government? And it is Her Majesty's Government by the way (not ours). And who is the head of the armed forces (oh yes I remember - the Queen).

So who is the biggest beneficiary of HPI? Yes its the Duke of Westminster. And the rich Norman Lords continue to get richer and richer by releasing small parcels of their land for development as the UK population explodes whilst keeping their agribusinesses and sporting lands intact. Oh and they are also the largest beneficiaries of European Union agricultural subsidies. And you might guess they manage their tax affairs very well.

So why worry about HPI and owning versus renting? It's not your land anyway. (phew got back to topic)

Yes, well apart from that - what have the Normans ever done for us?

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