The Wilsons are going under.

PayDay

PasturesNew wrote: »

Not sure if I read your first posting right, or what's gone on. So not sure if this post was correcting something I misunderstood.

Basically, I was agreeing with you when you said
All it needs now is for their tenants to all delay the next rent by one week ....

Sorry to hear about your neighbours.

carolt

National tenants' strike week - wonder if it could catch on? :rolleyes:

PasturesNew

PayDay wrote: »

Basically, I was agreeing with you when you said
All it needs now is for their tenants to all delay the next rent by one week ....

Sorry to hear about your neighbours.

That's the trouble with rented flats ... everybody else is 20-30 years younger so they stomp about and slam doors.... they have crowds of mates that come in with loud/deep voices all through the night, slam the communal door, loud voices, stomp up the stairs, slam the flat door.

They're still at the age where regular sleep doesn't really matter, the weekends are for getting pi55ed and they're deaf from clubbing so don't know they're a bunch of noisy !!!!s.

PasturesNew

carolt wrote: »

National tenants' strike week - wonder if it could catch on? :rolleyes:

Of course, it'd be easiser for those whose landlords take cheques ....
I believe taking cheques from tenants is popular in, lets say, Ashford!

macaque_2

MissMoneypenny wrote: »

Hawkinge is another place where the Wilsons have bougth a lot of houses. I remember Hawkinge as a village in the 70s. It was in the middle of nowhere and was used mainly as a shortcut from Folkestone to the A2. Just a few houses, with one shop, a disused air field, two very rough council estates, a crematorium, a council rubbish tip and then they built one of those area rubbish burners, just round the back of the cricket club.

Apart from the airfield (where they built a massive housing estate) all the rest of it was still there when I last visited and I noticed they had built another housing estate nearer the rubbish burner. Plus there is a fixed speed camera.

Now that is a good post. I'm not entirely sure why, but it is good nevertheless.

Running_Horse

mbga9pgf wrote: »

Greedy B*stards deserve the council flat they are now going to end up in.

Park Wood or Mangravet? They are nearest to Boughton Monchelsea.

267 2 & 3 bed houses on sale in Ashford at the moment. It is already one of the cheaper towns in Kent. A flood of new properties for sale will have quite an impact.

Gorgeous_George

They were maths teachers !!!!!!!

A whole generation of kids will be able to add up but not take away?

GG

boomerangs

Give the Wilsons a rifle each and send them to Afghanistan. Lets see how they get on over there.

Generali

PayDay wrote: »

...it seems they may have a cashflow problem...

From reading the article and assuming that the journalist has it right and not Mr Wilson, the problem is one of solvency not cash flow. The houses can't be sold to pay off the debt as they're worth less than the debt at a marketable price and the income coming in won't service the debt.

The arrears, according to the article, are £350,000 on 177 houses. That's arrears of £1,977 per house.

Assume their average house is worth £175,000 (reasonably generous)
Assume that the houses are on repayment mortgages for 85% of their value then the mortgages would be for £148,500.
At a mortgage rate of 3.5% that would be a monthly repayment of £666.83 on a repayment mortgage.
That puts them 3 months in arrears

However......

Being forced to sell 177 2 bed semi-detached houses in a place the size of Ashford would be pretty devastating to prices I would imagine. According to the Land Registry, about 275 houses were sold there in July 2009. Also, Mortgage Express is the Government owned BTL arm of Bradford and Bingley. The Government has expressly stated that they wish to avoid repossessions.

Finally, it is possible that the Wilson's took out 'Lifetime' mortgages which had a 'no negative equity' clause that ME say on their website that the Government will honour (link)

Generali

Furthermore, looking at this:

link

it is far from certain that our pedagogist heros are going to be able to cover that level of mortgage.