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Post by Boxer6 on Sept 26, 2019 6:26:35 GMT
My wife used to be a property developer for several years up until 2010 when the banks pulled all funding but she is easily drawn back into the excitement of buying something, doing lots of work and significantly increasing its value. She used to go and view properties and have an offer submitted within hours so I suppose for her it's nothing out of the ordinary. You know, this is a bit like being at work assessing a patient; you think you've got all the information you want/need at first meeting (well, the newbies do!) but find out more and more as time goes on, often quite important things!
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Post by Deleted on Sept 26, 2019 6:58:00 GMT
My neighbours have their house on the market at the moment and it is a 6 bed place because they converted the garage into a granny flat. I'm dreading what will move in next with that many bedrooms on offer as there is only parking for 4 small cars on their drive. Maybe we should get moving on this as theirs is way overpriced and we could do an undercut.
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Post by Roadsterstu on Sept 26, 2019 8:13:28 GMT
My wife used to be a property developer for several years up until 2010 when the banks pulled all funding but she is easily drawn back into the excitement of buying something, doing lots of work and significantly increasing its value. She used to go and view properties and have an offer submitted within hours so I suppose for her it's nothing out of the ordinary. She wants a project then. Just make sure you have at least a littlecsay in it. If I were you I'd be insisting that if she has the rest of the house to refurbish, you have the double garage to fit out as a man cave and a home for the M5. Then start planning for what else could join the M5 in time. Good luck, it might just work out.
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Post by PG on Sept 26, 2019 10:16:14 GMT
Stamp duty is the most stupid tax going. Well along with several others too. But if a key source of economic activity in the UK is people moving house - as it is - it is madness to disincent people to do that by making them pay for the privilege. And the left-leaning argument that only "rich" people pay on "big houses" and as you are "rich" you can afford it, demonstrates their usual utter lack of economic awareness. It's called the property ladder for a reason you fuckwits. People are less willing to move up (or back down) it due to the stupid costs involved.
I have thought for some time that the best idea is to abolish stamp duty and IHT and make homes subject to CGT. But allow roll over of all main residence gains. Thus when you downsize (or die) you do pay. And as you'll pay anyway when you die, people would hopefully be more willing to downsize.
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Post by racingteatray on Sept 26, 2019 10:35:59 GMT
I quite liked the idea of shifting stamp duty to sellers. Reduces the burden all round, other than for end-of-lifers but I have limited sympathy for downsizers.
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Post by johnc on Sept 26, 2019 10:46:17 GMT
She wants a project then. Just make sure you have at least a littlecsay in it. If I were you I'd be insisting that if she has the rest of the house to refurbish, you have the double garage to fit out as a man cave and a home for the M5. Then start planning for what else could join the M5 in time. Good luck, it might just work out. I reckon it is perfect for a Caterham!
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Post by Tim on Sept 26, 2019 11:55:49 GMT
Stamp duty is the most stupid tax going. Well along with several others too. But if a key source of economic activity in the UK is people moving house - as it is - it is madness to disincent people to do that by making them pay for the privilege. And the left-leaning argument that only "rich" people pay on "big houses" and as you are "rich" you can afford it, demonstrates their usual utter lack of economic awareness. It's called the property ladder for a reason you fuckwits. People are less willing to move up (or back down) it due to the stupid costs involved. Ably supported by those notorious commies in the Tory government
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Post by PG on Sept 26, 2019 13:07:10 GMT
Stamp duty is the most stupid tax going. Well along with several others too. But if a key source of economic activity in the UK is people moving house - as it is - it is madness to disincent people to do that by making them pay for the privilege. And the left-leaning argument that only "rich" people pay on "big houses" and as you are "rich" you can afford it, demonstrates their usual utter lack of economic awareness. It's called the property ladder for a reason you fuckwits. People are less willing to move up (or back down) it due to the stupid costs involved. Ably supported by those notorious commies in the Tory government Indeed. I am institutionally right-wing, or is that institutionally anti-left wing. They used to be the same thing but I'm not so sure any more. Anyway, blu-labour, red-labour, yellow-labour, green-labour, all-the-colours-of-the-rainbow-labour. What a choice Blair's legacy gives us.
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Post by racingteatray on Sept 26, 2019 13:35:27 GMT
I'm still trying to decipher that response.
But Tim's point (and mine earlier) is that, whilst yes SDLT came in under Blair, the current Stamp Duty regime was a chimaera dreamed up by Tory Chancellor George Osborne and brought in to control a rampant housing boom just before his chum Cameron had the clever idea of losing a referendum which then proceeded to pour untold gallons of cold water all over the housing boom.
Perhaps John can remind us how stamp duty worked on house purchases prior to SDLT coming in?
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Post by Tim on Sept 26, 2019 13:45:28 GMT
A housing boom that's recently been boosted by Help to Buy, another commie type policy thought up by.......?
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Post by johnc on Sept 26, 2019 13:52:45 GMT
Perhaps John can remind us how stamp duty worked on house purchases prior to SDLT coming in? Without looking up all the rates the big issue with the old system was that you had tax cliff edges where for example up to £250,000 you only paid 1% but as soon as you went £1 over that figure you paid 3% on the whole lot. e.g. £250K resulted in £2,500 to the Treasury but £250,001 resulted in a smidgin over £7,500. I think it was 5% over £500K or maybe £750K The new system was supposed to be fairer because the higher rates only applied to the amounts over certain thresholds e.g. the 3% would only apply to the excess over £250,000 in the example above. Unfortunately we have Politicians involved in this decision making process and they decided that they would take that opportunity to increase the percentages and mess about with the bands. At the same time there was a lot of talk about the great wealth divide so anyone buying a house over about £350K in Scotland was worse off and anyone buying in the rest of the UK over about £600K was worse off - a lot!
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Post by Deleted on Sept 26, 2019 14:21:20 GMT
We extended a few years ago because the amount that would have been lost in stamp duty, moving expenses and legal fees would have paid for a good chunk of the work anyway - that and having the extension done to my own spec.
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Post by racingteatray on Sept 26, 2019 14:21:40 GMT
Thanks but I meant pre-2003?
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Post by johnc on Sept 26, 2019 14:36:06 GMT
Thanks but I meant pre-2003? No chance of me remembering that! I found this which suggests that rates weren't much better back then although prices were much lower: And again at the budget in 2000 the rates increased, and they stayed the same during 2001, 2002, 2003 and 2004. Rate Charge Band 0% Up to £60,000 1% Over £60,000 and under £250,000 3% Over £250,000 and under £500,000 4% Over £500,000
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Post by PG on Sept 26, 2019 15:01:08 GMT
To add to john's points and the comment that it was a Tory wheeze to increase stamp duty, it was Brown and then Darling who first increased rates hugely and as John say's, the cliff edge nature was a ridiculous throwback to when rates were very low. Osbourne's new system cam in in 2014 and introduced the bands. Of course, he also buggered about with the rates to still stuff everybody. Before Labour were elected in 1997 and after their first budget. Under Labour rates just kept going up - Osbourne's new system - If my maths is correct this is the overall change over the years at various house prices. So, actually, I do stand by my comment that it was a left-leaning government that decided that rich people could pay more. Which Osbourne fractionally rowed back at some levels, but not the higher levels. So, a pox on both their houses.
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Post by johnc on Oct 3, 2019 10:01:29 GMT
It looks like we have a bun fight for our house. It was listed at 4pm on Tuesday, we had 4 viewers yesterday and 4 more booked for today. Two of yesterday's viewers are coming back for a second look and one of them has already made a verbal offer (not quite at the level I would take it off the market for but not that far away). It's still a ball ache but the figures being banded about are well above what I would have considered the value to be a month or so ago and the house she wants to move to is well under valued in our opinion.
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Post by racingteatray on Oct 3, 2019 10:13:18 GMT
Sounds good. Looks like all that hard work on the garden and whatnot is paying off. It's amazing what a nice finish inside and out can do for a house - it seems to me that many buyers can really only see what's directly in front of them and will pay a premium for "just move in" and not having to think about decorating.
Never forget seeing my mother's old family home come up for sale over a decade after we moved out, and, barring the furniture, it was exactly as we had left it - same carpets, same paint and wallpaper. Ok, Mum had completely renovated the whole house from top to bottom when she took it on, but by this point, that had a quarter of a century ago! Also sad to see how the immaculate gardens had been completely let go.
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Post by johnc on Oct 3, 2019 10:24:40 GMT
Sounds good. Looks like all that hard work on the garden and whatnot is paying off. It's amazing what a nice finish inside and out can do for a house - it seems to me that many buyers can really only see what's directly in front of them and will pay a premium for "just move in" and not having to think about decorating. Never forget seeing my mother's old family home come up for sale over a decade after we moved out, and, barring the furniture, it was exactly as we had left it - same carpets, same paint and wallpaper. Ok, Mum had completely renovated the whole house from top to bottom when she took it on, but by this point, that had a quarter of a century ago! Also sad to see how the immaculate gardens had been completely let go. Susan calls me anal about the grass: I feed it, spike the lawn, mow it every week and it looks great - one neighbour came across when I was cutting the front lawn and said she thought I had gone mad because up until that point she thought it was fake grass. The house is immaculate inside too but I take little credit for that apart from the constant list of DIY jobs I get presented with. I am really hurting inside about this move but I have decided to accept it as a necessary sacrifice to maintain a healthy and happy marriage where we talk happily every day, still make each other laugh, work well together, like to do the same/similar things and miss each other if apart for any length of time - at the end of the day those are the things that bring contentment and enjoyment, not bricks and mortar. Edit: and the garage is massive and perfect for a Boxster or Caterham which I will get one way or another
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Post by Deleted on Oct 3, 2019 11:05:33 GMT
I wish you well with it, hope it does you and yours the very best.
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Post by Tim on Oct 3, 2019 12:23:42 GMT
That sounds excellent John, its nice to have more than 1 person seriously interested.
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Post by PG on Oct 4, 2019 12:25:19 GMT
Under the Scottish system, once you accept a bid verbally does that count as locked? Or does it have to be in writing and accepted before it is locked in?
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Post by johnc on Oct 4, 2019 14:49:30 GMT
Under the Scottish system, once you accept a bid verbally does that count as locked? Or does it have to be in writing and accepted before it is locked in? The system has changed significantly over the past 20 years in particular and moral standards have slipped somewhat. It used to be that if an offer was made through a Solicitor and accepted by a Solicitor, although it wasn't technically binding at that stage, the Solicitors (being men of their word) would basically refuse to withdraw or change the offer or they would resign. You need to "Conclude Missives" in Scotland to make the deal binding. This part of the deal was usually done as quickly as possible after the offers were accepted and any conditions satisfied, such as mortgage approval or carrying out a suitable survey. However the changes that have come about now mean that Solicitors are often no longer men of their word and will withdraw offers or acceptances or try to change them. They also drag everything out as long as possible with the missives and often these don't get signed until the day before moving which I consider wholly unsatisfactory when you have everything packed up, the removers arranged and then someone changes their mind. The Scottish system used to be great because it brought certainty. Banks were also prepared to provide bridging loans if the sale date and the purchase date were not the same - this also allowed essential work to get carried out whilst the old house was retained for a few weeks and the move could be made when the work was done. Unfortunately banks no longer provide bridging loans (except in exceptional circumstances) so the useful overlap periods are also gone. Progress.... I think not! The Scottish system is now very similar to the English one.
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Post by Tim on Oct 4, 2019 15:32:24 GMT
I hate the process of signing the missives the day before - just at the point where you're most stressed and still packing up stuff you have to trail along to a solicitors office. This can lead to all sorts of mishaps, e.g. having a massive argument with the missus as she's just scraped the side of the car on a skip at the dump or perhaps reversing into a fencepost in a carpark on the same day to the smug satisfaction of the aforementioned angry wife!! Happy times all round
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Post by PG on Oct 4, 2019 18:34:19 GMT
Sounds worse then the UK system now then if the "missives" are effectively what we jessy southeners call "exchanging contracts". Nobody exchanges contracts until everything is in place - finance, survey etc. People usually like to exchange 2-4 weeks before completion of the sale.
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Post by Roadrunner on Oct 4, 2019 21:31:20 GMT
Sounds worse then the UK system now then if the "missives" are effectively what we jessy southeners call "exchanging contracts". Nobody exchanges contracts until everything is in place - finance, survey etc. People usually like to exchange 2-4 weeks before completion of the sale. ... but they sometimes exchange on the day or day before completion. Back in my estate agency days I had someone decide at the latest minute they they were not going to move after all. The whole chain collapsed several people had to cancel their move at the 11th hour and I lost a four figure sum in my personal earnings that month. It was about then when I decided to move back into agribusiness...
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Post by Roadsterstu on Oct 5, 2019 19:53:55 GMT
Sounds good. Looks like all that hard work on the garden and whatnot is paying off. It's amazing what a nice finish inside and out can do for a house - it seems to me that many buyers can really only see what's directly in front of them and will pay a premium for "just move in" and not having to think about decorating. Never forget seeing my mother's old family home come up for sale over a decade after we moved out, and, barring the furniture, it was exactly as we had left it - same carpets, same paint and wallpaper. Ok, Mum had completely renovated the whole house from top to bottom when she took it on, but by this point, that had a quarter of a century ago! Also sad to see how the immaculate gardens had been completely let go. Susan calls me anal about the grass: I feed it, spike the lawn, mow it every week and it looks great - one neighbour came across when I was cutting the front lawn and said she thought I had gone mad because up until that point she thought it was fake grass. The house is immaculate inside too but I take little credit for that apart from the constant list of DIY jobs I get presented with. I am really hurting inside about this move but I have decided to accept it as a necessary sacrifice to maintain a healthy and happy marriage where we talk happily every day, still make each other laugh, work well together, like to do the same/similar things and miss each other if apart for any length of time - at the end of the day those are the things that bring contentment and enjoyment, not bricks and mortar. Edit: and the garage is massive and perfect for a Boxster or Caterham which I will get one way or another The edit is what you need to really push for here!
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Post by johnc on Oct 7, 2019 14:02:14 GMT
Closing date (for sealed bids) set for Thursday 5 or 6 people interested. Fingers crossed for a good offer.
My wife has accepted the possibility of a Caterham and has rented me one for a day of my choosing - think i'll wait for Spring.
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Post by Roadrunner on Oct 7, 2019 14:27:54 GMT
Closing date (for sealed bids) set for Thursday 5 or 6 people interested. Fingers crossed for a good offer. My wife has accepted the possibility of a Caterham and has rented me one for a day of my choosing - think i'll wait for Spring. Sounds like a win-win situation.
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Post by LandieMark on Oct 8, 2019 6:46:17 GMT
That's sounds great.
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Post by PG on Oct 8, 2019 8:50:36 GMT
Just make sure there is enough parking / garage space and spare cash for your fun car as well as the car your daughter will inevitable need once she can drive.
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