Wilsons not paying mortgages

LydiaJ

PasturesNew wrote: »

Unfortunately, as much as we'd all like them to spend their retirement in a pokey, rented, 1-bed flat, with the sort of landlord they proved to be .... the reality is they'll walk away comfortable. Even if the whole lot were repossessed ... they'd still have two good teachers' pensions to live on.

Teachers' pensions are an excellent scheme, but they won't keep the Wilsons in the style to which they've become accustomed. They gave up teaching in their early 40s, so they probably have about 20 years in the scheme. Back of an envelope calculation suggests that'll give them about £9k pa each in retirement, assuming they were ordinary maths teachers and not heads of department or something.

wymondham

Why do people have such a downer on the Wilsons? Are people forced to rent their properties? Be good to know...

PasturesNew

LydiaJ wrote: »

Teachers' pensions are an excellent scheme, but they won't keep the Wilsons in the style to which they've become accustomed. They gave up teaching in their early 40s, so they probably have about 20 years in the scheme. Back of an envelope calculation suggests that'll give them about £9k pa each in retirement, assuming they were ordinary maths teachers and not heads of department or something.

£9k each, that's £18k tax free as a household, is a LOT. Plenty enough for fripperies and fun. They'll get a free bus pass and state pensions too.

No income would give them the lifestyle they've become accustomed to, but they won't be paupers. Far from it.

kabayiri

Tbh, I find the story disappointing.

I guess you always hope that as people become more successful and grow their business, they also grow as people.

But the Wilsons still seem small minded, with the petty arguments with the council over trifling sums.

It's little wonder people don't warm to him. At least he doesn't represent the vast majority of landlords.

stator

wymondham wrote: »

Why do people have such a downer on the Wilsons? Are people forced to rent their properties? Be good to know...

Essentially yes. When the greedy BTL LLs go around hoovering up all the cheap properties they push young FTB off the bottom of the market and force them to stay renting.

LydiaJ

PasturesNew wrote: »

£9k each, that's £18k tax free as a household, is a LOT. Plenty enough for fripperies and fun. They'll get a free bus pass and state pensions too.

No income would give them the lifestyle they've become accustomed to, but they won't be paupers. Far from it.

I agree they won't be paupers. But their £18k will only be tax free because it's under the personal allowance (and therefore only if it's their only income).

I don't think £18k pa for a household of two professional graduates is huge. If they wind down their empire successfully they'll obviously have a lot more than that in retirement, but if it all goes as pear shaped as some have suggested, and they wind up with mortgage arrears on large numbers of empty properties that they can't sell, £18k pa + state pension won't go far at all.

kabayiri wrote: »

Tbh, I find the story disappointing.

I guess you always hope that as people become more successful and grow their business, they also grow as people.

But the Wilsons still seem small minded, with the petty arguments with the council over trifling sums.

It's little wonder people don't warm to him. At least he doesn't represent the vast majority of landlords.

What kabayiri said.

wymondham

stator wrote: »

Essentially yes. When the greedy BTL LLs go around hoovering up all the cheap properties they push young FTB off the bottom of the market and force them to stay renting.

But isn't this what landlords do? After all they are in business so need to make money? Still don't see the problem I'm afraid as they can't be the only landlords around if people take such a dislike to them?

Generali

kabayiri wrote: »

Tbh, I find the story disappointing.

I guess you always hope that as people become more successful and grow their business, they also grow as people.

But the Wilsons still seem small minded, with the petty arguments with the council over trifling sums.

It's little wonder people don't warm to him. At least he doesn't represent the vast majority of landlords.

Isn't it that kind of eye for detail that can make a successful business. Warren Buffet is famous for keeping HQ low key and small (and thus cheap).

lisyloo

No income would give them the lifestyle they've become accustomed to, but they won't be paupers. Far from it.

So what?
They've earned their pensions as teachers.
Why should they be paupers when they set themselves up with a decent pension before running a business?
I haven't followed their other antics but settling themselves up with a decent pension before branching out into more risky ventures sounds like they've been extremely sensible to me.

PN - It sounds like because you haven't done so well yourself (for whatever reason) that you'd be happier if other people were paupers and it annoys you that some of us have done better.
Perhaps your serial bad luck was none of your making and you've been incredibly unlucky, but trying to do down successful people is not becoming.
It does make me wonder whether your jealousy and negativity is part of the reason you've not "got on" in life.
You don't see successful people on here slagging other people off for what they've earned legally and in a respected profession.

kabayiri

Generali wrote: »

Isn't it that kind of eye for detail that can make a successful business. Warren Buffet is famous for keeping HQ low key and small (and thus cheap).

I do know what you mean Gen.

There must be a balance, but landlords like most owners benefit from the services councils provide - safe neighbourhoods; maintained streets; etc.

There would be a time when a bill of a few thousands would derail their fledgling business, but not now when they have a thousand plus properties. The council believe these are legitimate charges, and the court has upheld their claim.

To quote Mr Fergus
"Business is all about getting along with people and that is the problem with the council"

Well, I would argue it works two ways. If he made serious efforts himself to get along with the council employees then he might find it easier to avoid court issues in future.