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

in_my_bumble_opinion

Thrugelmir wrote: »

That's the ultimate holding company. The Company that you'll buy shares in on the LSE.

It's not where Lloyds Bank plc is registered (the wrong assertion I corrected).

Any registered offices of the group in Scotland could become another wing of their 'overseas' department. Who knows....perhaps an indy Scotland will offer better conditions than Jersey?

sss555s

Thrugelmir wrote: »

You'll have plenty to talk about that won't concern us. :j

Like the independence debate!

ruggedtoast

Graham_Devon wrote: »

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!

Scotland has a population density 1/7 that of the rest of the UK, and a declining, ageing population, due to emigration and a low birth rate.

It badly needs people moving north to south, not the other way.

Rich London people and their wretched empty second third and fourth homes have wrecked places like where you live, but that is very far from happening anywhere north of Cheshire.

ging84

HAMISH_MCTAVISH wrote: »

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.

An English one

Generali

Lloyds Bank head office is on Gresham St in The City. Lloyds Bank's registered office is in Edinburgh.

After independence, my understanding is that Lloyds Bank would be required to move to England as you must be registered where most of your customers are

Presumably Lloyds would set up a Scottish subsidiary to service Scottish clients or otherwise simply sell that part of the business if it is no longer considered core.

The problem is in the meantime. There is a very good chance of a run on Scottish banks as people would be nervous about the future currency their savings are in. No bank can withstand a run.

Jonbvn

in_my_bumble_opinion wrote: »

...perhaps an indy Scotland will offer better conditions than Jersey?

LOL - In your dreams;)

Jonbvn

Generali wrote: »

The problem is in the meantime. There is a very good chance of a run on Scottish banks as people would be nervous about the future currency their savings are in. No bank can withstand a run.

Thanks for this! Just moving money out of TSB & BOS as we speak!

Generali

Jonbvn wrote: »

Thanks for this! Just moving money out of TSB & BOS as we speak!

I'd be putting my money into HSBC: it's a properly international bank. Lots of UK exposure, yes but likely to be the last one standing if the worst happens in the UK, not that I think it will.

I'd certainly move assets out of companies people are likely to think are 'Scottish', regardless of whether they are or not.

HAMISH_MCTAVISH

sss555s wrote: »

Whatever it is. Do you think his money was not safe in the TSB?

It's not really about money not being safe. If you stay below the govt guarantee levels that should be protected.

It's about money potentially being frozen for an indefinite period of time with restrictions on it's movement.

Generali

HAMISH_MCTAVISH wrote: »

It's not really about money not being safe. If you stay below the govt guarantee levels that should be protected.

It's about money potentially being frozen for an indefinite period of time with restrictions on it's movement.

In the event of a Yes vote there is an additional prism to view this through: would English people want their taxes to bail out savers in a soon-to-be foreign country? I would guess not.

That's going to be the smallest part of a big problem in the event of a Yes vote: what to do about spending money in Scotland by the Government in London. A lot of English people are going to have an attitude which goes something along the lines of 'f... 'em. If they don't want us, we don't want them'. That isn't going to be conducive to British Governments putting any resources into Scotland. Trouble is, the Scottish devolved Government, like all local Governments in the UK, is almost entirely reliant on the UK Government for its money.

That the money is raised in Scotland is moot. It is paid to London in just the same way that money raised in Waverley or Monmouth is.