flat purchases in salford quays

Dan29 · 11 July 2008 at 11:29PM

I believe the BBC move is now likely to be after the 2012 Olympics.

Also, it's only 2,400 jobs which isn't a huge number of people - and in any case it's unlikely that 2,400 people will move from London to Salford; many people won't want to move and some of those jobs will go to people who already live in the Salford area.

Plus, not everyone will want to live in Salford when there are nicer areas relatively nearby that will still be more affordable than London.

Finally, as fishtastic says, most BBC staff don't earn a fortune, although there are certainly worse-paying employers. fishtastic, BBC job ads should always show the grade, which corresponds to the salary ranges shown in this PDF: http://www.bbc.co.uk/foi/docs/freedom_of_information/selected_requests_and_responses/2008/RFI20080301_Pay_grades.pdf

fishtastic · 11 July 2008 at 11:42PM

Dan29 wrote: »

BBC job ads should always show the grade, which corresponds to the salary ranges shown in this PDF: http://www.bbc.co.uk/foi/docs/freedom_of_information/selected_requests_and_responses/2008/RFI20080301_Pay_grades.pdf

Thanks for that Dan, having looked at those pays scales I would be staying in bed :rotfl:.

As Dan said, many will not want to move 'up north'. I've heard that when asked most say they aren't impressed by the idea, and this seems to agree...

http://www.how-do.co.uk/rumours-and-conjecture/north-west-media-rumours/is-the-bbc-looking-for-five-live-staff-as-londoners-opt-to-stay-in-the-smoke?-200806112784/

Regards

Fishtastic

PasturesNew · 12 July 2008 at 12:26AM

Studio, Salford Quays, £395/month
http://www.rightmove.co.uk/viewdetails-18494527.rsp?pa_n=1&tr_t=rent

lynzpower · 12 July 2008 at 7:29AM

I too would be looking at your contract that you signed.

Do you have any legal cover included on your contents insurance?

Trollfever · 12 July 2008 at 9:16AM

A failed business venture.

Take independent, professionally qualified advice in the future.

CH1954_2 · 12 July 2008 at 10:31AM

Search for properties for sale at around the price you're paying for your studios. If these are more desirable than the properties you are buying, you will not be able to sell your properties for as much as you are paying for them.

Search for properties to let at around what you will be paying for the mortgages on your properties. If these are more desirable than the properties you are buying, you will not be able to let your properties for enough money to cover your outgoings even ignoring things like service charges, voids, depreciation on furnishings etc.

In both cases take into account the number of properties available: the more there are, the less likely it is that your position will change over time.

If, as I suspect, neither of these searches brings you good news, you need to take advice from a lawyer specialising in property and contract law as to the best way forward.

dhassen · 12 July 2008 at 2:04PM

I wouldn't rent a studio in salford at any price..... I'm sure lots of other young pro.s wouldn't either, especially when there are soooooo many flats available in manchester. I'd cut your losses

WTF?_2 · 12 July 2008 at 2:14PM

pbeastty wrote: »

would like some advice with regards to this money problem. have put deposits of £23,000 down on two flats in salford quays on january 2007 before they were built. they will be finished in january 2009. the 10% deposit on each has now increased to a 30% deposit due in january due to the credit squeeze. i am now in a situation whereby i either walk away and lose £23,000 or take a gamble and try and raise a further £40,000 plus and potentialy invest in flats i may or may not be able to rent. each studio is priced at £118,000 and £116,000 respectively. they are still advertised at the initial asking price.

question

1. the chances are they will have depreciated by the 10% before i actually purchase them is it time to walk away or is there any way i can recoup some of the deposit. i nearly wish i had hit vegas and put the money on red. or am i just being greedy. Any help appreciated

As you say, they've almost certainly lost 10% of their value anyway so even if you were to commit to purchase you'd be looking at such losses.

Take a long hard look at current selling prices, extrapolate to 2009 and then walk away is my advice.

(Also, pay a good contract lawyer to go over the contract in case there's a way you can weasel out and get the deposit back. Probably not though).

GDB2222 · 12 July 2008 at 2:36PM

Is this a binding contract, though? You need legal advice on what your options are. If you can walk away leaving your 10% deposit behind, that may well be the cheapest option, but you need to be sure that you won't just be pursued through the courts for the balance.

pbeastty · 12 July 2008 at 6:35PM

thanks for all the replies you win some you lose some. if you want to laugh more the flats are the supposed award winning www.abito.co.uk flats does this make any difference. i cant see them hitting a 30% reduction that would price them at £90,000 but i do predict at least 10%. thanks for the advice

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flat purchases in salford quays

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