House buyers insist on 'No vote' clause for Scottish purchases

sss555s

Is that the same TSB that is owned by Lloyds of London?

Can we have the capital movement controls link please?

HAMISH_MCTAVISH

sss555s wrote: »

Is that the same TSB that is owned by Lloyds of London?

No.

TSB is not owned by Lloyds of London. Lloyds of London is an insurance syndicate.

Can we have the capital movement controls link please?

Sure....

Independence could leave Scotland in a "financial mess" as it suffers the "wholesale relocation" of financial activity away from the newly independent nation, according to a research paper.

A report by Capital Economics predicts "significant capital flight" by banks, insurance firms and pension funds in the event of a Yes vote.

The report said: "We would not be surprised if the Bank of England's contingency preparations, which (bank governor) Mark Carney highlighted two weeks ago, included capital controls on the Scottish financial sector to prevent a run on Scottish banks immediately after the referendum result was announced."

http://www.huffingtonpost.co.uk/2014/08/29/scottish-independence_n_5735192.html

mayonnaise

HAMISH_MCTAVISH wrote: »

I've moved a 6 figure sum out of Scotland and Scottish banks. My family have all done similar.

I would advise anyone else to do the same.

Thanks for the heads up.
I have a - rather small - amount at a Scottish based pension fund. Do you think capital controls would limit my ability to transfer to a UK based fund? Sorry...I'm not very clued up on this.

HAMISH_MCTAVISH

mayonnaise wrote: »

Thanks for the heads up.
I have a - rather small - amount at a Scottish based pension fund. Do you think capital controls would limit my ability to transfer to a UK based fund? Sorry...I'm not very clued up on this.

The point of capital controls is to stop people moving money out of Scotland.

So yes.

Move it now.

Graham_Devon

HAMISH_MCTAVISH wrote: »

Very sensible.

What bank will issue a mortgage after a Yes vote anyway?

When they have no idea what the currency will be, what the central bank will be, or what the interest rates will be.

I believe there are quite a few potential problems with a yes vote.

However, I also believe these problems will have already been faced by other countries who changed currencies or went independant.

You come across a bit hysterical. No mortgages after scottish independance? Come on. All debts will simply be converted to the correct currency if it changes as has happened throughout history.

As for Londoners putting clauses on buying a house. Who really cares? Is it in the Scottish persons best interest that wealthy Londoners buy up homes in Scottish cities? ..... probably not!

HAMISH_MCTAVISH

Graham_Devon wrote: »

No mortgages after scottish independance? Come on.

I didn't say that.

I said virtually no mortgages until the currency and financial system questions are settled.

That could take years....

All debts will simply be converted to the correct currency if it changes as has happened throughout history.

Oh really...

That easy eh?

What about mortgages contracted in Sterling and tied to BOE base rates?

What about mortgages from English banks that don't have a presence in Scotland?

How do lenders and borrowers manage risk from exchange rate fluctuations after separation?

What if the Pound or Groat appreciate or depreciate markedly? The security of the house may no longer be worth the mortgaged amount when converted back into the lenders originating currency.

What about mortgages that have been securitised?

etc....

You really haven't thought this one through at all Graham.... It will be far from simple, and there will be very considerable disruption and risk, which means banks will simply not lend until things are clearer and less risky.

As for Londoners putting clauses on buying a house. Who really cares? Is it in the Scottish persons best interest that wealthy Londoners buy up homes in Scottish cities? ..... probably not!

This isn't just Londoners now. It's anyone with a bit of common sense.

beecher2

Even the Scotsman finds it difficult to go with this one

http://www.scotsman.com/news/politics/top-stories/scottish-independence-buyers-want-indyref-clause-1-3531698

Sharon Zaremski, associate at estate agency Strutt & Parker, said that she had also heard industry claims that some clients were requesting the legal right to back out of a sale.
She said: “We know from talking to solicitors that a small number of offers are being made subject to a No vote. It is definitely not widespread and we do not have any offers subject to the outcome of 18 September.”
However, Robert Carroll, managing director of property firm Mov8, said that concerns over independence had had little obvious effect on the market.
He said: “I am a firm believer that the truth lies in numbers rather than in individual opinion. The number of sales and purchases that we acted in during the past month are not only in line with what we would have expected but are beyond what we would have hoped for in
August.”
David Marshall, business development manager with the Edinburgh Solicitors Property Centre, added: “There may be a small number of these offers out there, but I would be surprised if any seller was motivated to accept such an offer unless it was substantially better in financial terms than the next best.”

I wouldn't accept such an offer - I wonder if any have been.

Thrugelmir

sss555s wrote: »

All the banks are UK banks until after the 18 month negotiation period is finished.

The Banks are owned by their shareholders.

sss555s

HAMISH_MCTAVISH wrote: »

No.

TSB is not owned by Lloyds of London. Lloyds of London is an insurance syndicate.



Sure....


http://www.huffingtonpost.co.uk/2014/08/29/scottish-independence_n_5735192.html

Ok Lloyds bank, based in London.


Are they going to let TSB sink?

I think I will counter that and join TSB.

They look pretty decent.

I had a quick look at the link but it's more nonsense.

Graham_Devon

HAMISH_MCTAVISH wrote: »

What about mortgages contracted in Sterling and tied to BOE base rates?

What about mortgages from English banks that don't have a presence in Scotland?

How do lenders and borrowers manage risk from exchange rate fluctuations after separation?

What if the Pound or Groat appreciate or depreciate markedly? The security of the house may no longer be worth the mortgaged amount when converted back into the lenders originating currency.

What happened when Ireland joined the EU?

All those issues you lay out above, Ireland have already been through.

The way you talk, we could never change anything ever again.