Ranbay
The same rules apply
you replied to me... i made a stament, and evil one at that.
"Landlords are social parasites. They’re the last people we should be honouring"
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you replied to me... i made a stament, and evil one at that.
kabbes
First intersubjective, then internalised
Ye gads, the 110% trap. That's rough.
Ranbay
The same rules apply
only way in 2007 i could get on the market, without a crystal ball that is.
kabbes
First intersubjective, then internalised
This is not true. Negative profits on property income can only be offset against other property income.
mauvais
on reddit or something
I do, because they're the people that have been kicking me out of my house every year (literally), and simultaneously, the people who make it significantly harder to buy one.
not-bono-ever
meh
if we were educated & became adept at looking at financial commitments with a suitably jaundiced eye, we would likely not have the explosion of debt we current have to contend with as a society. It is as if the lack of financial nouse was somehow planned in order to keep the shaky citadel of western capital standing.
/conspiraloon
kabbes
First intersubjective, then internalised
It still means, however, that you started off being given cash that was 10% more than the property value. So you owned a property and then you owned 10% more of the property too in cash. The profit from rent you are now receiving is paying back that 10% extra you should ideally never have been given in the first place.
Ranbay
The same rules apply
the 10% extra paid for the legal fees and stuff, they where about 5k ish, rest went on things like a bed to sleep, Jazz mags and in PS3 etc.
bellaozzydog
rolling turds in glitter
Homes under the hammer
editor
hiraethified
Sorry, what is your point?
kabbes
First intersubjective, then internalised
Sure, but the point is it was money you were given over and above the value of the flat.
Are you sure about the negative equity, by the way? This indicates flats in Cardiff are worth about 10% more than they were in mid-2007:
UK House Price Index
So even ignoring everything else, your 110% mortgage should now be approximately equal to the 110% price. Not that I am for a moment suggesting you sell up. As I say, individuals have to work within the system they are presented with. You are paying a rent that contains a profit, it makes sense for you to receive the same. Impoverishing yourself purely in an attempt to live up to an ideal imposed on you by others makes no more sense than giving away all your worldly goods does.
StigoftheDig
Humdrum mud drummer
You're about 500 yards from me, Ranbay. I never drank in the Bertram because people in the Clifton warned me off it! (Probably nonsense pub talk, I know!)
I had no idea those flats would be that expensive. Yoiks! Sorry you're stuck. Looks like the Canadian will likely be down the flats route soon too.
Cardiff's got a complicated housing market (everywhere does, I know) because of the huge number of students here. Apparently the planning approvals for all these luxury blocks of specialised student accomodation are designed to take a load of shared houses off the market so that they'll be available to young families to buy again - particularly in Cathays. I gather there have been changes in buy-to-let legislation that makes it marginally less profitable to do as well - something to do with tax (can you tell that I'm not an expert...!).
But I once heard a decent source - I think they were an FT journalist/economist - say on a radio show, "the British government will never do - or allow - anything that radically reduces house prices..." because so many people (and particularly so many people who vote, and especially who vote Tory) have their whole financial future tied up in an ever-increasing housing market.
I had no idea those flats would be that expensive. Yoiks! Sorry you're stuck. Looks like the Canadian will likely be down the flats route soon too.
Cardiff's got a complicated housing market (everywhere does, I know) because of the huge number of students here. Apparently the planning approvals for all these luxury blocks of specialised student accomodation are designed to take a load of shared houses off the market so that they'll be available to young families to buy again - particularly in Cathays. I gather there have been changes in buy-to-let legislation that makes it marginally less profitable to do as well - something to do with tax (can you tell that I'm not an expert...!).
But I once heard a decent source - I think they were an FT journalist/economist - say on a radio show, "the British government will never do - or allow - anything that radically reduces house prices..." because so many people (and particularly so many people who vote, and especially who vote Tory) have their whole financial future tied up in an ever-increasing housing market.
DexterTCN
Troy and Abed in the morning
This is incorrect, it can be offset against future years for the same property.
seeformiles
Lost in the wood
I don’t think all landlords are evil (I’ve experienced the best/worst of them while renting) but I’m very much in favour of making BTL difficult to profiteer from. Houses should have a different status as, unlike other goods in the market, secure shelter is a basic human right.
Bahnhof Strasse
Let's av ya fuckin' dancin'!
I like this, but as someone who is in favour of 100% inheritance tax I can see a flaw...
Say my mum has a lot of money to leave, (which she hasn't); under the above system she could leave me £100K, Frau Bahn £100K and each of the baby Bahn's £100K, if it is family only we're already £200K up on the kabbes household. However if she is allowed to leave money she surely can't be restricted to just family, so she could give you and the kabbess £100K each. You then give me £190K...
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Ranbay
The same rules apply
had it 11 years, i was paying instrest only (£600 ish) for 4-5 years as i couldnt afford repayment.... i can't afford to remortgage and have fuck all equity in the place. Can't say for sure, but would say i owe maybe £95k plus on it... would be luck to get £90k for it now. So yeah... can't sell, can't re mortage, can't afford to move back in. so landloard it is, what i cunt i am.
Ranbay
The same rules apply
I live up in St Mellons now, the rent i get on the flat pays for a house up here, so insteal of tiny flat i rent a house with a graden and drive and spare room for my lad to stay in when he comes to stay with me... and we have squirrels in the garden.
not-bono-ever
meh
StigoftheDig
Humdrum mud drummer
Well, quite! But imagine if the Government suddenly built the hundreds of thousands of social/housing association houses that we need to meet demand...
That's a lot of pissed off pensioners and people planning early retirement on their extra house.
Lots of people are landlords of circumstance, like unlucky Ranbay there. I imagine a huge number of them have inherited a house from deceased parents after buying their own and rising house prices and good returns on buy-to-let have made it attractive to keep it and rent it.
Do house prices count as part of GDP? Just wondering if all our growth is actually just house prices going up too.
bellaozzydog
rolling turds in glitter
No need to apologise, you are probably gainfully employed and don’t engage in day time television
Property profit propaganda/property porn
Homes under the hammer is a day time tv property auction show running for 15 years on BBC
Follows property sales to “normal people” at auctions
Every property bought effortlessly turns a resale profit or high percentage return on rent
Even feckless buyers who don’t even view properties before buying them and fuck it up still turn a profit
Bahnhof Strasse
Let's av ya fuckin' dancin'!
I live up in St Mellons now, the rent i get on the flat pays for a house up here, so insteal of tiny flat i rent a house with a graden and drive and spare room for my lad to stay in when he comes to stay with me... and we have squirrels in the garden.
Rent the room out when he's not there.
Get the squirrels serving up crack to the local junky population.
INNOVATE.
Ranbay
The same rules apply
bellaozzydog
rolling turds in glitter
I’m not sure there isn’t BTL pain coming up.
What happens when buy to letters come to the end of their mortgage period, in particular the interest only payers the ones that aggressively chased the profit by borrowing at low rates but have spread themselves very thin. And the Charlie’s who re mortgaged for lifestyle funding
I think that the majority of low level/amateur landlords are just the next bunch of low hanging fruit that the financial system will absorb
Only the sharp operators will continue to turn a profit and even succesful amateurs will have their profits absorbed in the next generations debts (student) and getting them on the property ladder
Apologies a bit scatter gun
What happens when buy to letters come to the end of their mortgage period, in particular the interest only payers the ones that aggressively chased the profit by borrowing at low rates but have spread themselves very thin. And the Charlie’s who re mortgaged for lifestyle funding
I think that the majority of low level/amateur landlords are just the next bunch of low hanging fruit that the financial system will absorb
Only the sharp operators will continue to turn a profit and even succesful amateurs will have their profits absorbed in the next generations debts (student) and getting them on the property ladder
Apologies a bit scatter gun
StigoftheDig
Humdrum mud drummer
A quick Google gives me a total of between 1.75 million (an HMRC figure from last year) and 2 million (from a property company in 2016) private landlords in the UK.
That's potentially a major voting block.
That's potentially a major voting block.
Ranbay
The same rules apply
StigoftheDig
Humdrum mud drummer
I reckon that might account for the missing quarter of a million between the "official" and the survey result.
I know you have, Ranbay, because you have a trustworthy face.
I know you have, Ranbay, because you have a trustworthy face.
Pickman's model
sunset spires and twilight woods
is that madame blavatsky on the cover?
Sure. Which makes it even more important to get their tenants registered.
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