even more than I hated them this morning!

This a.m. a letter from my bank - apparently I am 1 month
in arrears with a business loan repayment!

Oh no I'm not!

January I spoke to them and told them I was moving the
standing order from 29th of month to 5th of following
month, as a lot of customer are now not paying on time by
BACS, but late by 'cheque in the post'

No Problem, they said.

This month they took a second payment for "arrears from
January" Cheeky feckers! - a phone call sorted this, and
to give them their due, the money was back in the account
within the hour.

Then this afternoon a visit to the estate agent to put
house sales 'Plan C' to them.

House valued by 2 agents at 140k, 3rd at "140k but 130 to
be realistic"
So we put it up for £125k

Bigest problem in house sales is *minimum* 10% deposit

Plan C was to increase the price to 130k and offer £10k
'gifted deposit' so a buyer would only need £3k deposit.

No Can Do! It's not illegal, but banks/BS's will
immediately drop the valuation by £10k!

Not only but also, even if the buyers beg/borrow/steal
sufficient deposit from, say, Bank of Dad, Bank Of Grandma,
& Bank Of Auntie, - if the deposit is not demonstrably
coming from the buyers own savings, the bastards now
require written confirmation from the source of these funds
that the benefactor does not require repayment and that the
money is a gift!


--
Rob_P
UKRM(at)indqualtec.co.uk
uppercase(d) BBIWYMC#1 BOG#11? MRO#31 IBCDBBB#1(kotl)
FJ1200, CCM130 Benelli Cabriolet (gone)
Looks like Rab C Nesbit.

On Mon, 06 Jun 2011 19:30:50 +0100, R C Nesbit <(E-Mail Removed)> wrote:
> House valued by 2 agents at 140k, 3rd at "140k but 130 to
> be realistic"
> So we put it up for £125k


> Bigest problem in house sales is *minimum* 10% deposit

Don't see why that's a problem. The days of 100% mortgages to anyone
with a pulse are long gone and the banks are now covering their arses
in case prices drop further.

> Plan C was to increase the price to 130k and offer £10k
> 'gifted deposit' so a buyer would only need £3k deposit.




> No Can Do! It's not illegal, but banks/BS's will
> immediately drop the valuation by £10k!

That's because you're trying to scam the bank by claiming that a 120k
transaction is actually a 130k transaction and trying to get them to
lend against a false,inflated valuation.

R C Nesbit wrote:

> Not only but also, even if the buyers beg/borrow/steal
> sufficient deposit from, say, Bank of Dad, Bank Of Grandma,
> & Bank Of Auntie, - if the deposit is not demonstrably
> coming from the buyers own savings, the bastards now
> require written confirmation from the source of these funds
> that the benefactor does not require repayment and that the
> money is a gift!

Yes and all that needs to be done is pay it from a savings account in your
own name. No biggie.

Everything going towards dragging prices back towards 4 times earnings is a
good thing shirly.

--
Hog

On Mon, 06 Jun 2011 19:30:50 +0100, R C Nesbit <(E-Mail Removed)> wrote:

>So we put it up for £125k
>
>Bigest problem in house sales is *minimum* 10% deposit

How so? Presumably people have to be able to budget long *before*
taking on such a substancial debt as a mortgage.

ginge <(E-Mail Removed)> wrote:

> On Mon, 06 Jun 2011 19:30:50 +0100, R C Nesbit <(E-Mail Removed)> wrote:
>
> >So we put it up for £125k
> >
> >Bigest problem in house sales is *minimum* 10% deposit
>
> How so? Presumably people have to be able to budget long *before*
> taking on such a substancial debt as a mortgage.

You're trying to make sense out of a posting by dope so you'll never be
able to grasp it.

ginge ((E-Mail Removed)) wrote:
>
> On Mon, 06 Jun 2011 19:30:50 +0100, R C Nesbit <(E-Mail Removed)> wrote:
>
> >So we put it up for £125k
> >
> >Bigest problem in house sales is *minimum* 10% deposit
>
> How so? Presumably people have to be able to budget long *before*
> taking on such a substancial debt as a mortgage.

10% of the value of a 2-bed flat round this way is about 30 grand.
That's a lot of wedge to save up while also paying the rent, especially
when the rent and the cost of a mortgage aren't so very far apart.

--
ogden

gsxr1000 - the gentleman's sports-tourer
ktm duke - the practical cross-town commuter

On Mon, 06 Jun 2011 19:30:50 +0100, R C Nesbit <(E-Mail Removed)> wrote:

> if the deposit is not demonstrably
>coming from the buyers own savings, the bastards now
>require written confirmation from the source of these funds
>that the benefactor does not require repayment and that the
>money is a gift!

That sounds perfectly sensible to me. No wonder you object.

--
Colin Irvine
ZZR1400 BOF#33 BONY#34 COFF#06 BHaLC#5
http://www.colinandpat.co.uk

On Mon, 6 Jun 2011 21:55:42 +0100, ogden <(E-Mail Removed)> wrote:

>ginge ((E-Mail Removed)) wrote:
>>
>> On Mon, 06 Jun 2011 19:30:50 +0100, R C Nesbit <(E-Mail Removed)> wrote:
>>
>> >So we put it up for £125k
>> >
>> >Bigest problem in house sales is *minimum* 10% deposit
>>
>> How so? Presumably people have to be able to budget long *before*
>> taking on such a substancial debt as a mortgage.
>
>10% of the value of a 2-bed flat round this way is about 30 grand.
>That's a lot of wedge to save up while also paying the rent, especially
>when the rent and the cost of a mortgage aren't so very far apart.

Indeed it is down there, so just rent, like you do. It's the sensible
option for where you live.

He's complaining about a 125k house, in the wilds of nottinghamshire.

On Mon, 6 Jun 2011 21:45:35 +0100, (E-Mail Removed) (Andy B) wrote:

>ginge <(E-Mail Removed)> wrote:
>
>> On Mon, 06 Jun 2011 19:30:50 +0100, R C Nesbit <(E-Mail Removed)> wrote:
>>
>> >So we put it up for £125k
>> >
>> >Bigest problem in house sales is *minimum* 10% deposit
>>
>> How so? Presumably people have to be able to budget long *before*
>> taking on such a substancial debt as a mortgage.
>
>You're trying to make sense out of a posting by dope so you'll never be
>able to grasp it.

Good point, well made.

ginge ((E-Mail Removed)) wrote:
>
> On Mon, 6 Jun 2011 21:55:42 +0100, ogden <(E-Mail Removed)> wrote:
>
> >ginge ((E-Mail Removed)) wrote:
> >>
> >> On Mon, 06 Jun 2011 19:30:50 +0100, R C Nesbit <(E-Mail Removed)> wrote:
> >>
> >> >So we put it up for £125k
> >> >
> >> >Bigest problem in house sales is *minimum* 10% deposit
> >>
> >> How so? Presumably people have to be able to budget long *before*
> >> taking on such a substancial debt as a mortgage.
> >
> >10% of the value of a 2-bed flat round this way is about 30 grand.
> >That's a lot of wedge to save up while also paying the rent, especially
> >when the rent and the cost of a mortgage aren't so very far apart.
>
> Indeed it is down there, so just rent, like you do. It's the sensible
> option for where you live.
>
> He's complaining about a 125k house, in the wilds of nottinghamshire.

Well, yes, but he's a tedious git and it's all about me really. So talk
about me, me, me me me.

--
ogden

gsxr1000 - the gentleman's sports-tourer
ktm duke - the practical cross-town commuter