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Wilsons Selling Up. The Lot. All 700 Houses.

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Comments

  • ninky_2
    ninky_2 Posts: 5,872 Forumite
    Zandoni wrote: »
    Not read all the thread yet but there is a very important difference between Tesco and the wilsons.

    You can shop in Tesco's every week and be sure that they will not sue you. Rent a house from the Wilsons and who knows..........

    don't be so sure.....

    http://www.dailymail.co.uk/news/article-1047270/Tesco-delivery-driver-sues-customer-twisting-ankle-driveway.html
    Those who will not reason, are bigots, those who cannot, are fools, and those who dare not, are slaves. - Lord Byron
  • Lotus-eater
    Lotus-eater Posts: 10,792 Forumite
    Part of the Furniture 10,000 Posts Combo Breaker
    dopester wrote: »

    That is some turnaround from their previous exit strategy.
    Interesting quote from that link.

    'We are not going to sell all at once,' says Fergus, referring to a portfolio worth £250m. 'That would collapse the entire market in Ashford and Maidstone. We have even got to be careful to avoid selling clusters in the same street.'

    Mmmm, looks like he's changed his mind slightly. :rolleyes:
    Freedom is not worth having if it does not include the freedom to make mistakes.
  • PasturesNew
    PasturesNew Posts: 70,698 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Lotus-eater wrote: »


    Mmmm, looks like he's changed his mind slightly. :rolleyes:
    You mean: "just realised they f**ked up big time ... and the only way they can really shift them is to become immortal"

    Drip feeding one a week onto the marketplace it would still take 18 years to shift them. Even one per day every workiing day of the year (261) would take nearly 4 years.
  • shakerbaby
    shakerbaby Posts: 413 Forumite
    I wonder why the complete and total utter turn-around. Somethings in the wind.
  • ninky_2
    ninky_2 Posts: 5,872 Forumite
    shakerbaby wrote: »
    I wonder why the complete and total utter turn-around. Somethings in the wind.

    could it be that many btl mortgages contain a clause whereby the negative equity has to be paid to the lender on demand...with 700 properties that could be quite a bit of cash they could potentially be liable for.
    Those who will not reason, are bigots, those who cannot, are fools, and those who dare not, are slaves. - Lord Byron
  • shakerbaby
    shakerbaby Posts: 413 Forumite
    ninky wrote: »
    could it be that many btl mortgages contain a clause whereby the negative equity has to be paid to the lender on demand...with 700 properties that could be quite a bit of cash they could potentially be liable for.

    Lender calling in the debts then? Makes me wonder if the original master plan last year of selling 1 a week was to appease the lenders in someway, however now they've got tired waiting. :confused:
  • carolt
    carolt Posts: 8,531 Forumite
    Particularly if the downturn meant they couldn't shift any.

    Why do I have this strange idea that the greedy !!!!!!!s, having done everything possible to ensure they bought the properties as cheaply as possible, will be equivalently skinflint when trying to sell, and insist on prices that no-one is prepared to pay, thus endlessly chasing the market down, but never ever selling?
  • Zandoni
    Zandoni Posts: 3,465 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Photogenic
    ninky wrote: »
    don't be so sure.....

    http://www.dailymail.co.uk/news/article-1047270/Tesco-delivery-driver-sues-customer-twisting-ankle-driveway.html

    Oh no not Tescos as well...........
  • chucknorris
    chucknorris Posts: 10,795 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    edited 4 September 2009 at 5:24PM
    ninky wrote: »
    could it be that many btl mortgages contain a clause whereby the negative equity has to be paid to the lender on demand...with 700 properties that could be quite a bit of cash they could potentially be liable for.

    BTL Mortgages do not have this however I can't quite remember the phrase for their probable type of loan (Chucky knows maybe he could remind me) but it probably isn't separate mortgages, it will be a facility to borrow up to a global amount. I think the rules for this type of loan are different and it's not impossible that they might be worried about (or actually received) a margin call as you say to cover any negative equity
    Chuck Norris can kill two stones with one birdThe only time Chuck Norris was wrong was when he thought he had made a mistakeChuck Norris puts the "laughter" in "manslaughter".I've started running again, after several injuries had forced me to stop
  • PasturesNew
    PasturesNew Posts: 70,698 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    chucknorris wrote: »
    ...phrase for their probable type of loan ...
    Blanket mortgage is one term used.
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