Meet the Wilsons Part 3 - The TV bonkers debate

chucky

Housebear51 wrote: »

Yes but they are selling houses 1 at a time. They have sold a few already apparently.

Also a company has no allowance. The conlibs are making it what about 10K each so 20K for a couple. Thats a lot of money to pay tax on in a LTD company.

Im not so sure it was worth them having all their houses in a LMT company it would mean they would have to pay more for each mortgage. Banks hate LTD`s if they get too far in neg equity they can just walk away. The banks can`t case a company like they chase an individual, so they charge a lot more when dealing with a LTD.

it depends on the bank if they've taken personal guarantees for the loan from directors or not, most do - the likes of mortgage express or HBOS i think it was didn't do this and have a few liabilities that they can't get repaid now...

Housebear51

Housebear51 wrote: »

Harry can you tell where you heard this?

Or did you make it up that they have all their 900 odd houses in a LTD company?

There are advantages and disadvantages to doing this.

It would be easier for the bank to repossess when rents fall due to cuts in housing benefit, if they are in a LTD company.

Still no reply from Harry I think he made it up.

brit1234

Haven't the banks taken over control of lots of their houses already?

Housebear51

brit1234 wrote: »

Haven't the banks taken over control of lots of their houses already?

If thats true before IRs go up and rents come down then they are going to get wiped out next few years.

dopester

I think the article got it wrong because it is unlikely Fergus and his wisdom is anything of interest towards a US audience.

More likely one of Alvin Hall's British money/debt shows.

Soon after I read something that it might be on TV, but I know part of it also went out on radio.

Alvin Hall's Generations of Money: Episode 1
12:00 pm Saturday, 31st July, BBC Radio 4
Episode 1. 1/4. Financial guru Alvin Hall helps four different generations plan for an uncertain future.

Iplayer Availability: 10 days left to listen

It's a 30 minute episode, and not a bad show. Some of the baby-boomers spent like it was good times forever and that boom conditions could never end.

Fergus gets featured in the intro to the show: [Fergus Wilson: "I worked very very hard for a couple of years to earn some money to get going, so my message is to stop belly-aching and get on with it."]

Some wisdom from Fergus at 10:49 onwards about housing older people returning from Spain, and I'm typing this as I listen to it, so maybe some more later on, or in episodes to come. (Update. Nothing more from Fergus after 10:49, so maybe he'll be included more in future episodes.)
http://www.bbc.co.uk/programmes/b00t5xqf

John_Pierpoint

As I remember Fergus was stocking his houses with ex-pats who had cashed in their property and emigrated to Spain and buy the dream vineyard (or even the sea front flat) only to discover that the local Spanish laws allowed their Vineyard to be rezoned by the local authority and the first step was they paid for the new roads and drains, then the Spanish property market crashed, and their UK money was devalued by 30% against the German Euro, finally they noticed that the UK nest egg was earning not 4% net but 0.5% gross.
So as forced sellers they crawled back to Britain into the welcoming arms of Fergus - he knows they have some money left even if the banks don't think they are credit worthy.

Any more of the IPOD generation want to have a gloat?

Exocet

I heard Fergus on the radio. I really thought he sounded deluded. Like someone who believes what they are saying, but it isn't actually the truth. It didn't quite ring true somehow. There may be one or two who have decided to return home and live with Fergus as a landlord, but he made it sound like it was a new business plan.

Remember, a few months ago Fergus had some Russian buyers who were competing to buy the whole lot. Didn't happen.

They also had a court case over a lavatory seat. Now if I were a multi millionaire I can assure you that I would not be bothered, and also would not want the bad publicity. Makes them look like money grubbers, desperate for every penny. tbh I would be in a Bentley in the South of France, or similar and hopefully not looking like Rupert the Bear.

I respectfully suggest it is all an illusion.

dopester

Yoo-hoo.

Fergus wasn't in part 2 of 4 of Alvin Hall's radio show "Generations of Money" last week.

He's seems to be a big part of todays part 3 of 4.

I'm listening to it now. They're driving around and Fergus says "I own 41 over there", ect ect.

Alvin: You own 900 properties?
Fergus: Well 800 and something.

Radio show Iplayer link.
http://www.bbc.co.uk/programmes/b00tcs29

John_Pierpoint

http://www.smartnewhomes.com/Content/Press-release/17583/Rising_rental_arrears_horrendous.aspx