Housing markets

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A place for serious discussion on any non-religious topic

Re: Housing markets

Postby Lyn » April 15th, 2012, 10:15 pm

I agree with you Sprocks. I banked with the Abbey and when I lived on my own for a while, some years back, I was charged £30 for a direct debit which bounced, what is more they tried to take the money again a day or so later and it doubled, in the meantime, because of the charges, everything else bounced too! I ended up with £120 of bank charges which was a lot of money back then, especially as I was on my own. In the end I was so disgusted with them I closed the account and actually went without a bank account for a few years. I have one now of course. What makes me sick about banks is that when you have nothing, they fleece you, when you have a bit - such as when you get your pension - they fawn over you, offering all sorts of loans and cards. I tell them to get stuffed (not in those words).

Still, when you are after a mortgage it's a different matter, you have to go to the lender who offers the best rates. I let John deal with all that, though obviously the mortgage is in my name too and I had to give my income details, and tried not to think about it. Our house had to be valued, actually we did that at the beginning of last year, and it was said to be worth £330,000 (with various remarks about it being in need of some attention, nothing new there). I have to say we were lucky in some ways (or husband thinks so), a week after we got the interest only mortgage for the flat, it was decided that purchasers had to put down 50% of the purchase price for an interest only mortgage. That would have been £62,500! Out of our range. Imagine young people having to find that sort of deposit.

I was saying earlier about how much higher the prices are in Chislehurst which we are on the edge of. We went out for a meal there early this evening with our son and his girlfriend, picked them up and as we drove there I was looking at little houses in the road that their road leads to. They are old fashioned, flat fronted terraced houses with small 30' gardens at the back, no garages (unless the house is on the corner and a garage can be put in the back garden, which has been done on the two corners we saw). You know the sort of houses I mean, quite old, small sitting room and dining room, originally two bedroomed but a lot of people have added an extension, making three beds and a larger kitchen, etc. No front garden, just a little space to put plants and the bins. I said to John how charming these little houses were for first time buyers. Anyway it seems son and girlfriend were thinking the same, saw a for sale sign on one of the mid terrace ones and looked it up on the internet. £480,000!!!!!! Is it any wonder that so many are choosing to rent now?
Lyn
 
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Re: Housing markets

Postby Pondero » April 15th, 2012, 10:37 pm

I don't think we are allowed to have interest only mortgages here, but I don't really know.
Point 2.Victoria,
We have overdraft protection in one bank , so if we ever did try to pay a bill without having all the money in the account, we would be allowed up to $5,000 without penalty.

I am surprised you can't get overhead protection?
Last edited by Pondero on April 16th, 2012, 10:36 am, edited 1 time in total.
Let nothing disturb you.
Let nothing make you afraid.
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God alone never changes.
Patience gains all things.
If you have God you will want for nothing.
God alone suffices.

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Re: Housing markets

Postby Lyn » April 15th, 2012, 11:52 pm

We have overdraft facilities here too Pondy, but for an agreed sum and the amount depends on income. Things "bounce" if you go overdrawn unauthorised, even £1.
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Re: Housing markets

Postby Pondero » April 16th, 2012, 12:57 am

Victoria Plum wrote:We have overdraft facilities here too Pondy, but for an agreed sum and the amount depends on income. Things "bounce" if you go overdrawn unauthorised, even £1.


Well, you just have to be careful that is all. As seniors we pay lower fees or no fees at all for some things. For example,it costs us nothing to use the bank's ATM machine anywhere in the country, if we need cash.
Let nothing disturb you.
Let nothing make you afraid.
All things are passing.
God alone never changes.
Patience gains all things.
If you have God you will want for nothing.
God alone suffices.

— St. Teresa, The bookmark of Teresa of Ávila, [28]
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Re: Housing markets

Postby Lyn » April 16th, 2012, 11:44 am

Oh it doesn't cost anything to use an ATM in a bank here, you don't have to be seniors for that, or in a post office and some big supermarkets. The machines in corner shops and the like levy a small charge.

Very easy for working people to go over their overdraft limit by just a little, quite unintentionally, especially if they are shouldering the bills on their own. Rent/mortgage, all the bills, fares to work, lunch, general maintenance (just of themselves), or one off unexpected expenses can suddenly wreak havoc in all their monthly calculations. Very hard for young people, especially in and around the big cities where everything costs more. I think the bank charges are exorbitant - it was years ago when I was charged £30 for just not having enough to cover one direct debit, which I told you then spiralled. I have no idea what the charges are now, they could be much more but there was talk some years ago of lowering them because so many people complained about the rate of charges, and how they were applied, being unethical. I am extremely glad to be beyond all that now.
Lyn
 
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Re: Housing markets

Postby Pondero » April 16th, 2012, 1:49 pm

There is a large house,relatively new or remodelled at the SW corner of Edenbridge and Royal York road proudly displaying a sign showing a photo of the two real estate agents, saying:SOLD ABOVE ASKING PRICE.
Now, I know no more about that sale.But, I read in the paper that sometimes r.e.agents start off with an artificially low price then collect the offers, finally having a bidding war on the house, as in an auction.The result is that the buyer in the heat of the moment pays too much for the property.
Let nothing disturb you.
Let nothing make you afraid.
All things are passing.
God alone never changes.
Patience gains all things.
If you have God you will want for nothing.
God alone suffices.

— St. Teresa, The bookmark of Teresa of Ávila, [28]
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Re: Housing markets

Postby Lyn » April 16th, 2012, 3:29 pm

They have a system like that in Scotland. In England (& Wales), it generally works the other way around, people put in offers below asking price. You occasionally see a house for sale that says: "Offers in excess of.....", but they are the rich type houses.

Auctions are a different matter and it used to be possible to pick up a house reasonably cheaply at an auction, they were often repossessions or else houses from the private rented sector - like in the old days when there were estates owned by a landlord and the tenants lived there for life on a controlled rent. In more recent years the houses and flats have been sold off, either to the tenant (at a price considerably below market value), or when the tenant dies, sold by auction because it's usually too much bother to do the place up when it has been cleared. Funnily enough I have a cousin, 72, who lives in a house like that, has lived there all her life, a small two bedroomed place with very nice garden back and front but she has no central heating and her kitchen is very tiny. It is charming there, she does have heating up and down but only the type of appliances you switch off and on at the plug. Used to have coal fires! The owners put in new windows and do major repairs where necessary but it is very old fashioned. When she pops her clogs it will be sold and fetch quite a lot of money even at auction, but will be a sound investment for someone good at diy.
Lyn
 
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Re: Housing markets

Postby Pondero » April 16th, 2012, 6:39 pm

Here unlike the UK we have a seller's market and in such a market you pay more than the house is worth.Toronto is overheated, and has taken over from Vancouver in being the most overheated place in the country.I am going to get a photo of that house which sold above asking price, if my daughter wants me to take my grandchildren to baseball, as that house is on the way there. It is a luxurious house but in a noisy area with heavy traffic on Royal York Road, being what it is, I wouldn't buy a house there.
There have been a few sales on RY road the last few months a little further north, some really luxurious. There is no shortage of buyers for new,large luxurious houses.

I think people are crazy. Opposite us ( we share the same back garden fence) the house has a collapsing roof near the right chimney, which you can only see from our upstairs windows. Well, yesterday at about 2:30 pm I saw a balding Chinese man accompanied by a well dressed man, obviously a real estate agent, and two teenage girls. The prospective buyer (assuming he is a buyer) looked at the garden and back of the house and took photos with his cell phone. He could not see the top of the flat roof from his position I know that. Whether he went up on the roof or not I don't know.
The house is not listed publicly for sale, as we drive past it and I would have seen the signs.
Let nothing disturb you.
Let nothing make you afraid.
All things are passing.
God alone never changes.
Patience gains all things.
If you have God you will want for nothing.
God alone suffices.

— St. Teresa, The bookmark of Teresa of Ávila, [28]
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Re: Housing markets

Postby Lyn » April 16th, 2012, 7:55 pm

Presumably any prospective buyer will have a full structural survey done before putting in an offer.
Lyn
 
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Re: Housing markets

Postby Pondero » April 16th, 2012, 9:47 pm

Deleted.
Last edited by Pondero on April 16th, 2012, 11:36 pm, edited 3 times in total.
Let nothing disturb you.
Let nothing make you afraid.
All things are passing.
God alone never changes.
Patience gains all things.
If you have God you will want for nothing.
God alone suffices.

— St. Teresa, The bookmark of Teresa of Ávila, [28]
User avatar
Pondero
 
Posts: 12752
Joined: October 25th, 2007, 11:03 am
Location: Etobicoke,Ontario, Canada

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