The Wilsons are going under.

Silverbull

poppy10 wrote: »

Didn't they claim last year that they had wealthy Arab or Russian investors who were oh-so-desperate to buy the whole portfolio from them as a job lot?

Im sure it could be true the question is at what price? Are the Wilsons prepared to take such a big hit on what they thought they were worth?

MissMoneypenny

Silverbull wrote: »

Im sure it could be true the question is at what price? Are the Wilsons prepared to take such a big hit on what they thought they were worth?

I doubt if they are the ones who get to say what hit they take. I should imagine they are under quite a bit of pressure now from the lender.

They have been selling off racehorses too. Not quite the retirement they perhaps once thought they would have, but thanks to their huge portfolio in one area and the effect it will have on the lender, they will get lucky and be protected.

Lets hope they can forget their errrors when they retire and be grateful to be rid of the problem. "If only" will just be a torture.

PasturesNew

But they still got 10+ years of good living ... and even if they walked with nothing at the end, they'd still have their two teacher pensions (so more than standard a OAP pension).

But Burberry will take a hit when the missus can't afford their lovely outfits.

dopester

PasturesNew wrote: »

But they still got 10+ years of good living ... and even if they walked with nothing at the end, they'd still have their two teacher pensions (so more than standard a OAP pension).

Except when maybe they don't, having possibly transferred it or somehow borrowed against it.

The two former maths teachers have amassed their wealth over a relatively short period, Judith investing her teacher’s pension fund in their first semi-detached house.

http://www.gullands.com/news/view/129/Buy-to-Let-millionaires-Choose-Gullands

I'd be surprised if they didn't have some other private pension provision anyway - which I'm led to believe can't be fully seized in bankruptcy.

Llubrevlis

Its been talked about before, but how much cap gains will they be paying I wonder?

After bank charges it must really hurt to see how much tax they will be paying.

lewisa

Llubrevlis wrote: »

Its been talked about before, but how much cap gains will they be paying I wonder?

After bank charges it must really hurt to see how much tax they will be paying.

Ultimately, Id prefer it if the didnt pay a penny in CGT, because if they dont pay any CGT they arent making any gains.

Personally, I love paying taxes(excluding consumption taxes) because the more tax I pay, the richer I am.

Charterhouse

dopester wrote: »

Except when maybe they don't, having possibly transferred it or somehow borrowed against it.

http://www.gullands.com/news/view/129/Buy-to-Let-millionaires-Choose-Gullands

I'd be surprised if they didn't have some other private pension provision anyway - which I'm led to believe can't be fully seized in bankruptcy.

That really sums up how stupid she is if she turned a final salary pension scheme into a residential property fund. Jesus that would be idiotic.

PasturesNew

dopester wrote: »

Except when maybe they don't, having possibly transferred it or somehow borrowed against it.

http://www.gullands.com/news/view/129/Buy-to-Let-millionaires-Choose-Gullands

I'd be surprised if they didn't have some other private pension provision anyway - which I'm led to believe can't be fully seized in bankruptcy.

But, if it were possible to borrow against their future pensions, they could just weigh up what they have -v- the pension/repayments... and could just go BR and keep the pension, at worst. That's their lowest point surely: two teacher pensions and bankruptcy... which is still a lot.

PasturesNew

I knew somebody that in about 2004-2005 was convinced by their neighbours to take their small family-run private hotel, borrow a shedload, extend it into luxurious holiday flats ... and without lifting a finger sit back and watch the money roll in.

Trouble is, it didn't... and still hasn't.

First the builders got seriously behind and they missed a whole season of letting
They spent about £3k on a website for bookings, without any actual marketing plan, just a shiny website
By the time they were built they were desperate, nice shiny flats, nice shiny website - no bookings
The following year they tried to flog 1-or-all flats. No takers.
I bumped into the guy in the street, he'd only just found out that if they sold one flat they'd have to pay CGT on it, so they'd need to sell a 2nd to pay that ... and then a 3rd to actually break even .... only none sold.
There were still no holiday bookings. They put in for more PP and upped the price for the whole building/plot/the lot - no taker.
Late last year I saw the flats on the residential-marketplace, for rent at £550/month, not £1000/week for holidays.

Now, several years on from the start ... they've still not sold anything, still not getting the holiday bookings ...

And, the irony is, when they started they would have had £0 mortgage almost ... and they really do have location, location, location.

Their game is taking years to play out, with just one property (well, 1, then 5....).

I just checked RM, they were removed again from listing earlier this week ... and they're just £5k less than the 2007-2008 asking price. Much better places either side of them cheaper... better in all respects., cheaper by up to £50k

poppy10_2

PasturesNew wrote: »

But, if it were possible to borrow against their future pensions, they could just weigh up what they have -v- the pension/repayments... and could just go BR and keep the pension, at worst. That's their lowest point surely: two teacher pensions and bankruptcy... which is still a lot.

They've always got their side-businesses to fall back on:

January 2007

Fergus Wilson promises to provide the answers in a new TV show, which he describes as a hybrid of The Apprentice and Dragons' Den, with elements borrowed from the X Factor.


A pilot show is expected to be broadcast later this year. Would-be house-buyers will compete for mortgages, and he will act as their no-nonsense mentor.


His wife wants no part in the programme.


"I'm not interested in providing free advice that might backfire," she says curtly. Instead, Mrs Wilson will impart her wisdom at Imperial College, London, where she was recently appointed as an Adjunct Professor. "Judith is Britain's first buy-to-let lecturer," her other half quips proudly.


This month, she will also launch the Judith Wilson Investment Property Bond, a new concept in accumulating wealth via bricks and mortar. She will sell stakes of five per cent in ten of her rented houses, with a promise they will double in value every seven years.
The idea is for parents to buy a £10,000 stake for their children at birth, so that by the time their son or daughter reaches the age of 21, the investment will be worth £80,000; sufficient for a deposit on their first home.