Property Meltdown

24Knews main news & discussion threads
Forum rules
Please read: 24Knews Forum Rules

Re: Property Meltdown

Postby Pixel8r » Thu Jul 30, 2015 7:40 pm » Safari 8.0.6 Safari 8.0.6  Mac OS X Mac OS X  Screen Resolution: 2560 x 1440 2560 x 1440

"Money is Gold, and nothing else"
(As John Pierpont Morgan once stated under oath before the USCongress and the Pujo Commission in 1912)
User avatar
Pixel8r
Founder
Founder
Rhodium Rocket
Rhodium Rocket
 
Posts: 18248
Joined: Fri Dec 04, 2009 4:16 pm
Location: South West UK

Re: Property Meltdown

Postby Laura » Sat Aug 01, 2015 5:59 pm » Firefox 39.0 Firefox 39.0  Windows Seven Windows Seven  Screen Resolution: 1366 x 768 1366 x 768

A clip from 'The House that 100k Built'

The 'award-winning' architect is worse than Krusty, but so far up himself that he has become compulsive viewing for us.

In this clip the couple have run out of funds, but Piers has a solution to their wall finish problem! :roll:

http://www.bbc.co.uk/programmes/p02y8gh3
Sai Baba, when asked the question "What is the purpose of physical life?" responded: "To learn not to do it again."
User avatar
Laura
Half Krug Member
Half Krug Member
Progress to next rank:
64.9%
 
Posts: 1563
Joined: Tue Dec 08, 2009 11:03 am

Re: Property Meltdown

Postby warpig » Sat Aug 01, 2015 6:06 pm » Google Chrome 43.0.235 Google Chrome 43.0.235  Windows Seven 64 bits Windows Seven 64 bits  Screen Resolution: 1680 x 1050 1680 x 1050

I did architecture at university, it seems to attract that sort.

Laura » 01 Aug 2015 17:59 wrote:A clip from 'The House that 100k Built'

The 'award-winning' architect is worse than Krusty, but so far up himself that he has become compulsive viewing for us.

In this clip the couple have run out of funds, but Piers has a solution to their wall finish problem! :roll:

http://www.bbc.co.uk/programmes/p02y8gh3
"There can be no other criterion, no other standard than gold. Yes, gold which never changes, which can be turned into ingots bars, coins, which has no nationality and which is eternally and universally accepted as the unalterable fiduciary value par excellence"

"Betting against gold is the same as betting on governments. He who bets on governments and government money, bets against 6,000 years of recorded human history."

Charles de Gaulle
User avatar
warpig
Platinum Poster
Platinum Poster
Progress to next rank:
15.1%
 
Posts: 3379
Joined: Sat Dec 05, 2009 12:46 am

Re: Property Meltdown

Postby Laura » Sat Aug 01, 2015 7:00 pm » Firefox 39.0 Firefox 39.0  Windows Seven Windows Seven  Screen Resolution: 1366 x 768 1366 x 768

So you do the acrylic, but not the holes Wp? :whistle:
Sai Baba, when asked the question "What is the purpose of physical life?" responded: "To learn not to do it again."
User avatar
Laura
Half Krug Member
Half Krug Member
Progress to next rank:
64.9%
 
Posts: 1563
Joined: Tue Dec 08, 2009 11:03 am

Re: Property Meltdown

Postby Laura » Sun Aug 02, 2015 3:13 am » Google Chrome 42.0.231 Google Chrome 42.0.231  Android Android  Screen Resolution: 960 x 544 960 x 544

^ Sorry Wp, for some reason that seemed witty after two cans of 8%

Now I don't have a clue :( :crazy:
Sai Baba, when asked the question "What is the purpose of physical life?" responded: "To learn not to do it again."
User avatar
Laura
Half Krug Member
Half Krug Member
Progress to next rank:
64.9%
 
Posts: 1563
Joined: Tue Dec 08, 2009 11:03 am

Re: Property Meltdown

Postby Pixel8r » Sun Aug 02, 2015 5:27 am » Safari 8.0.7 Safari 8.0.7  Mac OS X Mac OS X  Screen Resolution: 2560 x 1440 2560 x 1440

Laura » Sun Aug 02, 2015 4:13 am wrote:^ Sorry Wp, for some reason that seemed witty after two cans of 8%

Now I don't have a clue :( :crazy:

Careful of that booze :naughty:
"Money is Gold, and nothing else"
(As John Pierpont Morgan once stated under oath before the USCongress and the Pujo Commission in 1912)
User avatar
Pixel8r
Founder
Founder
Rhodium Rocket
Rhodium Rocket
 
Posts: 18248
Joined: Fri Dec 04, 2009 4:16 pm
Location: South West UK

Re: Property Meltdown

Postby Laura » Sun Aug 02, 2015 7:26 am » Firefox 39.0 Firefox 39.0  Windows Seven Windows Seven  Screen Resolution: 1366 x 768 1366 x 768

I've stopped the wine intake, the doc didn't say anything about beer :D
Sai Baba, when asked the question "What is the purpose of physical life?" responded: "To learn not to do it again."
User avatar
Laura
Half Krug Member
Half Krug Member
Progress to next rank:
64.9%
 
Posts: 1563
Joined: Tue Dec 08, 2009 11:03 am

Re: Property Meltdown

Postby Pixel8r » Sun Aug 02, 2015 7:34 am » Safari 8.0.7 Safari 8.0.7  Mac OS X Mac OS X  Screen Resolution: 2560 x 1440 2560 x 1440

Laura » Sun Aug 02, 2015 8:26 am wrote:I've stopped the wine intake, the doc didn't say anything about beer :D

Got to let your hair down occasionally, but you pay the price the next day.
"Money is Gold, and nothing else"
(As John Pierpont Morgan once stated under oath before the USCongress and the Pujo Commission in 1912)
User avatar
Pixel8r
Founder
Founder
Rhodium Rocket
Rhodium Rocket
 
Posts: 18248
Joined: Fri Dec 04, 2009 4:16 pm
Location: South West UK

Re: Property Meltdown

Postby warpig » Sun Aug 02, 2015 8:31 am » Google Chrome 43.0.235 Google Chrome 43.0.235  Windows Seven 64 bits Windows Seven 64 bits  Screen Resolution: 1680 x 1050 1680 x 1050

Yeh I stop at the pompous design level and let the monkeys do the work... :D

Laura » 01 Aug 2015 19:00 wrote:So you do the acrylic, but not the holes Wp? :whistle:
"There can be no other criterion, no other standard than gold. Yes, gold which never changes, which can be turned into ingots bars, coins, which has no nationality and which is eternally and universally accepted as the unalterable fiduciary value par excellence"

"Betting against gold is the same as betting on governments. He who bets on governments and government money, bets against 6,000 years of recorded human history."

Charles de Gaulle
User avatar
warpig
Platinum Poster
Platinum Poster
Progress to next rank:
15.1%
 
Posts: 3379
Joined: Sat Dec 05, 2009 12:46 am

Re: Property Meltdown

Postby Laura » Thu Aug 06, 2015 7:29 pm » Google Chrome 42.0.231 Google Chrome 42.0.231  Android Android  Screen Resolution: 960 x 544 960 x 544

http://www.housepricecrash.co.uk/forum/ ... 1102768442

"I'm going to hazard that in 2008 the banks went easy on the margin calls as they knew that the only thing that could save them was the government stepping in to fill the hole on the liability side of their balance sheet as the money markets closed to them. As Brown did not want to see house prices collapse and that collapse to be interpreted as further evidence of his incompetency the lenders quickly came under pressure to put a halt to the fire sale (and were given assurances that they'd not be going to the wall).

Again, this time it is different. The liability side of the banks' balance sheets are now to a much greater extent retail deposits which will not be flighty in a crash so the systemic threat to the solvency of the banking sector entire no longer exists. Further the systemic threat was so significant because there was no framework for handling the insolvency of a decent sized bank. Its books would essentially freeze - there is a reason that they bailed the banks, the alternative was worse. However, the Treasury immediately got the 2009 Banking Act on the statute books and there has been a practice run for the resolution regime with a minnow, the Dunfermline, which passed off without fuss.

Hence now the execs at the big lenders know two things. Firstly, they will be allowed to go bust, because they will just be unfussily swept into UKAR. Secondly, they will know that if the bank they run goes bust, they will lose their nice little troughing job, and they won't get another so good. They are going to throw the buy-to-let investors under the bus at the first sniff of trouble and each lender will know that they mustn't dawdle with the mercy killings as their competitors would seize on the error by getting hold of and disposing the assets on which their loan books were secured before the oppo did.

The mechanics of all the leverage and the incentives for the lenders to murder their customers are extraordinary"

.............
Mark Alexander from property118 must regret showing his face on hpc

Watch on youtube.com
Sai Baba, when asked the question "What is the purpose of physical life?" responded: "To learn not to do it again."
User avatar
Laura
Half Krug Member
Half Krug Member
Progress to next rank:
64.9%
 
Posts: 1563
Joined: Tue Dec 08, 2009 11:03 am

Re: Property Meltdown

Postby Pixel8r » Sat Aug 22, 2015 11:05 am » Safari 8.0.7 Safari 8.0.7  Mac OS X Mac OS X  Screen Resolution: 2560 x 1440 2560 x 1440

This has been coming for a long time, I am very glad it is finally here. Maybe we will finally see house prices starting to come back into this stratosphere. :D :clap:

Death of buy-to-let: landlords wake up to Osborne's 150pc tax

The Chancellor's complex new tax – which will see some buy-to-let investors paying more than 100pc of their profits in tax – is already prompting some landlords to sell

Hundreds of thousands of landlords and their accountants are digesting the impact of George Osborne’s shock tax change unveiled in the summer Budget on July 8.

The tax increase, on which there was no consultation, will be phased in from 2017 and fully implemented by 2020.

The change was unexpected, and the new regime is highly complex, so investors and their tax advisers are only now fully grasping its effects. Many investors remain unaware of the change, or underestimate its severity.

All higher-rate taxpayers who own buy‑to‑let properties on which there is a large mortgage will pay substantially more tax. Some current basic-rate taxpayers will also be hit, because the change will push them into the higher-rate tax bracket.

Those who are worst affected will see:

● the actual tax they pay on their investment rising twofold or more;
● the tax rate payable rising above 100pc, meaning that more than all of their profit is paid in tax;
● a degree of tax that pushes them into loss, making their investment financially unviable and forcing them to increase rents sharply – or sell.
"Money is Gold, and nothing else"
(As John Pierpont Morgan once stated under oath before the USCongress and the Pujo Commission in 1912)
User avatar
Pixel8r
Founder
Founder
Rhodium Rocket
Rhodium Rocket
 
Posts: 18248
Joined: Fri Dec 04, 2009 4:16 pm
Location: South West UK

Re: Property Meltdown

Postby Pixel8r » Fri Sep 04, 2015 8:57 pm » Safari 8.0.8 Safari 8.0.8  Mac OS X Mac OS X  Screen Resolution: 2560 x 1440 2560 x 1440

Wait till they see that their houses that the bank actually owns are now worth less than they have on mortgage, which they can't pay... Osborne's 150% tax on BTL should see to that.

Mortgages: Nearly one million 'face difficulties'

Nearly a million homeowners have no way of paying off their mortgages because they opted for interest-only loans, according to Citizens Advice.

The new figure is much higher than previous estimates from lenders and from the City watchdog, the Financial Conduct Authority (FCA).

Citizens Advice said 934,000 owners did not have a plan for how to pay back the money at the end of the mortgage term.

It warned that time was running out for some to organise their finances.

They faced having to sell their homes or even have the property repossessed if they were unable to find other funds, the charity said...
"Money is Gold, and nothing else"
(As John Pierpont Morgan once stated under oath before the USCongress and the Pujo Commission in 1912)
User avatar
Pixel8r
Founder
Founder
Rhodium Rocket
Rhodium Rocket
 
Posts: 18248
Joined: Fri Dec 04, 2009 4:16 pm
Location: South West UK

Re: Property Meltdown

Postby Laura » Fri Sep 04, 2015 9:20 pm » Google Chrome 42.0.231 Google Chrome 42.0.231  Android Android  Screen Resolution: 960 x 544 960 x 544

They faced having to sell their homes or even have the property repossessed if they were unable to find other funds, the charity said


That's a relief. I was wondering where Puppet Dave was going to plonk his Syrians.

.......
No music on this thread Pix? :wave:
Sai Baba, when asked the question "What is the purpose of physical life?" responded: "To learn not to do it again."
User avatar
Laura
Half Krug Member
Half Krug Member
Progress to next rank:
64.9%
 
Posts: 1563
Joined: Tue Dec 08, 2009 11:03 am

Re: Property Meltdown

Postby Pixel8r » Fri Sep 04, 2015 11:45 pm » Safari 8.0.8 Safari 8.0.8  Mac OS X Mac OS X  Screen Resolution: 2560 x 1440 2560 x 1440

Laura » Fri Sep 04, 2015 10:20 pm wrote:
No music on this thread Pix? :wave:

I've given up on a lost cause
"Money is Gold, and nothing else"
(As John Pierpont Morgan once stated under oath before the USCongress and the Pujo Commission in 1912)
User avatar
Pixel8r
Founder
Founder
Rhodium Rocket
Rhodium Rocket
 
Posts: 18248
Joined: Fri Dec 04, 2009 4:16 pm
Location: South West UK

Re: Property Meltdown

Postby Pixel8r » Fri Sep 04, 2015 11:57 pm » Safari 8.0.8 Safari 8.0.8  Mac OS X Mac OS X  Screen Resolution: 2560 x 1440 2560 x 1440

I wonder what percentage it really is and how many have actually spoken to citizens advice. I also wonder what happens when rates start to go up and they can't even make payments towards clearing their mortgages now. We should see house prices start to fall substantially soon as all the BTL crew start to panic sell which will leave them in an even worse state.

Citizens Advice said 934,000 owners did not have a plan for how to pay back the money at the end of the mortgage term.
"Money is Gold, and nothing else"
(As John Pierpont Morgan once stated under oath before the USCongress and the Pujo Commission in 1912)
User avatar
Pixel8r
Founder
Founder
Rhodium Rocket
Rhodium Rocket
 
Posts: 18248
Joined: Fri Dec 04, 2009 4:16 pm
Location: South West UK

Re: Property Meltdown

Postby Pixel8r » Sat Sep 05, 2015 12:12 am » Safari 8.0.8 Safari 8.0.8  Mac OS X Mac OS X  Screen Resolution: 2560 x 1440 2560 x 1440

This next year is going to be very interesting. I am expecting things to start kicking off later this month and we will go back into a 2008 style crash, only this time it will be much worse because the debt has been increased by 40% and nothing has been solved. With rates down at zero for 7 years now they will have nothing they can do to try and reverse the crash this time... Out of bullets.

Very glad to be patiently renting and waiting to be able to pick up a nice place from one of the many forced sellers. Funny how people in the UK feel like the have to have a house that they own, on the continent it is completely different. UK sheep have been sold down the route of having to own at any cost thinking it will bring them security.

Think I'll buy myself a nice farm and have a studio in a barn and build some permanent room sets.
"Money is Gold, and nothing else"
(As John Pierpont Morgan once stated under oath before the USCongress and the Pujo Commission in 1912)
User avatar
Pixel8r
Founder
Founder
Rhodium Rocket
Rhodium Rocket
 
Posts: 18248
Joined: Fri Dec 04, 2009 4:16 pm
Location: South West UK

Re: Property Meltdown

Postby Laura » Sat Sep 05, 2015 6:03 am » Google Chrome 42.0.231 Google Chrome 42.0.231  Android Android  Screen Resolution: 960 x 544 960 x 544

^ :thumbup:

We have a travelling friend who wants to buy in France. OH told him to rent as the bottom has yet to be discovered.
Then continue renting as you might need to run away very fast and property ownership tends to inhibit that, especially with a modern uk mindset.
French currency history is one of chaos and failure, whereas in the UK it is merely the latter.
No wonder the French elite love the EU and the Euro. It can be both bled dry and the finger be pointed elsewhere. A wet dream for them.


From hpc on btlrs:
"...... That you've been forcing young families to live in insecure accomodation so that you can parasite off the back of their wages is not the easiest thing to admit to if you wish to maintain the illusion that you are a "nice" person. Many people also seem to derive some of their self worth from the value that they believe their assets to be worth, even when said assets are effectively owned by the bank......"

http://www.housepricecrash.co.uk/forum/ ... 1102785582
Sai Baba, when asked the question "What is the purpose of physical life?" responded: "To learn not to do it again."
User avatar
Laura
Half Krug Member
Half Krug Member
Progress to next rank:
64.9%
 
Posts: 1563
Joined: Tue Dec 08, 2009 11:03 am

Re: Property Meltdown

Postby Pixel8r » Sat Sep 05, 2015 6:27 am » Safari 8.0.8 Safari 8.0.8  Mac OS X Mac OS X  Screen Resolution: 2560 x 1440 2560 x 1440

I'm actually happy with the flat I have rented got a really nice view over the river and the landlord is a very accommodating man, just allowed me to extend my lease by two months until I know where I am.

Many of those in the UK that are feeling that they have to own are ending up in places they don't really want to live. There are so many forced landlords appearing in the UK, needing to move house but finding that they can't sell for the debt they have on the place and choosing to rent it instead only to actually increase their debt loading on another place. Interest only mortgages are the reason, personally I know four in that predicament.

I wonder how much of the QE money in the UK has actually just transformed in to increased debt on the public.
"Money is Gold, and nothing else"
(As John Pierpont Morgan once stated under oath before the USCongress and the Pujo Commission in 1912)
User avatar
Pixel8r
Founder
Founder
Rhodium Rocket
Rhodium Rocket
 
Posts: 18248
Joined: Fri Dec 04, 2009 4:16 pm
Location: South West UK

Re: Property Meltdown

Postby Pixel8r » Sat Sep 05, 2015 8:31 am » Safari 8.0.8 Safari 8.0.8  Mac OS X Mac OS X  Screen Resolution: 2560 x 1440 2560 x 1440

Trapped by the system.

Trapped in consent to let and negative equity dilemma?

I have a flat which is in negative equity by 25k. As the flat wasn’t suitable for my little girl to grow up in I bought a house. trapped

I ask my lender for a consent to rent my flat out. It is only allowed for two years and one if the condition is to return to live there after the agreed period, which I am not intending to do.

I can’t get a Buy to Let mortgage as I have to pay the difference from the market price plus 30% minimum deposit that it is required, which amounts to £50k. I don’t have this money and I need to rent the flat out so I can keep paying the mortgage. What shall I do?

When I went to the mortgage provider to ask for advice after I explain my situation, I have been told ‘who will know that I am renting it out if I keep my mortgage payment going’. That wasn’t the advice I was expected. Please can someone advise what I shall do? I want to do the right thing, but I am stuck.

Also will my landlord buildings and contents insurance be valid if I don’t tell the mortgage provider I rented my property out? I can’t see why it shouldn’t be.

Ps I am single mum and I have never defaulted on any payments.
"Money is Gold, and nothing else"
(As John Pierpont Morgan once stated under oath before the USCongress and the Pujo Commission in 1912)
User avatar
Pixel8r
Founder
Founder
Rhodium Rocket
Rhodium Rocket
 
Posts: 18248
Joined: Fri Dec 04, 2009 4:16 pm
Location: South West UK

Re: Property Meltdown

Postby Pixel8r » Sat Sep 05, 2015 8:51 am » Safari 8.0.8 Safari 8.0.8  Mac OS X Mac OS X  Screen Resolution: 2560 x 1440 2560 x 1440

Laura » Fri Sep 04, 2015 10:20 pm wrote:
No music on this thread Pix? :wave:

Sorry Laura couldn't resist it.

Watch on youtube.com
"Money is Gold, and nothing else"
(As John Pierpont Morgan once stated under oath before the USCongress and the Pujo Commission in 1912)
User avatar
Pixel8r
Founder
Founder
Rhodium Rocket
Rhodium Rocket
 
Posts: 18248
Joined: Fri Dec 04, 2009 4:16 pm
Location: South West UK

PreviousNext

Return to Main Discussion Forum

Who is online

Users browsing this forum: No registered users and 7 guests