Petition to extend the SDLT holiday to be debated in Parliament on Monday

MaryNB

BikingBud said:

How about if you take 25% off the purchase prices of all the houses, who loses then?
HMRC and bankers, everyone else is saving!

Anybody in negative equity as a result of the drop in value.

nyermen

• the purchaser is entitled to possession of the subject matter of the transaction

To the point of "Substantive before 31st March" - this line - wouldn't that suggest exchange?

SDLT_Geek

nyermen said:

• the purchaser is entitled to possession of the subject matter of the transaction

To the point of "Substantive before 31st March" - this line - wouldn't that suggest exchange?

No, a buyer is not normally entitled to possession at exchange of contracts.  Possession is normally taken at completion.  But occasionally substantial performance can happen before completion if the buyer takes possession beforehand.

SpiderLegs

BikingBud said:

How about if you take 25% off the purchase prices of all the houses, who loses then?
HMRC and bankers, everyone else is saving!

If ever there was a plan conceived after an evening of substance abuse, then this it.
’let’s put anyone with a >75% mortgage into negative equity’.

Crashy_Time

SpiderLegs said:

BikingBud said:

How about if you take 25% off the purchase prices of all the houses, who loses then?
HMRC and bankers, everyone else is saving!

If ever there was a plan conceived after an evening of substance abuse, then this it.
’let’s put anyone with a >75% mortgage into negative equity’.

But as posters on here constantly tell us, negative equity doesn`t matter if you don`t sell?

SpiderLegs

Crashy_Time said:

SpiderLegs said:

BikingBud said:

How about if you take 25% off the purchase prices of all the houses, who loses then?
HMRC and bankers, everyone else is saving!

If ever there was a plan conceived after an evening of substance abuse, then this it.
’let’s put anyone with a >75% mortgage into negative equity’.

But as posters on here constantly tell us, negative equity doesn`t matter if you don`t sell?

Oh lord, it’s that time is it.
Tell you what, I’ll explain it when you tell us when the imminent housing market closedown is coming, when the emergency interest rates are going up, how you get at your 50% lower transactions stat and what your prediction for house prices is in 2021.

Crashy_Time

MaryNB said:

BikingBud said:

How about if you take 25% off the purchase prices of all the houses, who loses then?
HMRC and bankers, everyone else is saving!

Anybody in negative equity as a result of the drop in value.

That helps FTB`ers though, and they are the lifeblood of the market?

MaryNB

Crashy_Time said:

MaryNB said:

BikingBud said:

How about if you take 25% off the purchase prices of all the houses, who loses then?
HMRC and bankers, everyone else is saving!

Anybody in negative equity as a result of the drop in value.

That helps FTB`ers though, and they are the lifeblood of the market?

By punishing every other homeowner? The ones who will suffer are those who bought something like a small flat in their 20s and then need somewhere bigger when they have kids but cannot sell (family member of mine got stuck in this trap after buying in Ireland in 2007). They would have been FTBs in recent years and already had to suffer high house prices. Or those who need to move for work purposes but can't because they cannot sell and become so called accidental landlords. If all the house prices drop by 25% the only people who can sell to FTBs are those that have paid off a good chunk of their mortgage.  

Crashy_Time said:

SpiderLegs said:

BikingBud said:

How about if you take 25% off the purchase prices of all the houses, who loses then?
HMRC and bankers, everyone else is saving!

If ever there was a plan conceived after an evening of substance abuse, then this it.
’let’s put anyone with a >75% mortgage into negative equity’.

But as posters on here constantly tell us, negative equity doesn`t matter if you don`t sell?

A lot of the comments on this forum trying to reassure nervous buyers refers to smaller fluctuations in the market. The fact that banks don't do 100% mortgages any more means they're less likely to be in negative equity so quickly. A 25% drop would be similar to the 2008 crash when lending rules weren't as strict and high LTV mortgages were much easier to get.  I wouldn't wish that catastrophe on any homeowner! I saw the chaos it caused in Ireland.

SpiderLegs

Oh Mary you’ve spoiled all the fun!

Crashy_Time

MaryNB said:

Crashy_Time said:

MaryNB said:

BikingBud said:

How about if you take 25% off the purchase prices of all the houses, who loses then?
HMRC and bankers, everyone else is saving!

Anybody in negative equity as a result of the drop in value.

That helps FTB`ers though, and they are the lifeblood of the market?

By punishing every other homeowner? The ones who will suffer are those who bought something like a small flat in their 20s and then need somewhere bigger when they have kids but cannot sell (family member of mine got stuck in this trap after buying in Ireland in 2007). They would have been FTBs in recent years and already had to suffer high house prices. Or those who need to move for work purposes but can't because they cannot sell and become so called accidental landlords. If all the house prices drop by 25% the only people who can sell to FTBs are those that have paid off a good chunk of their mortgage.  

Crashy_Time said:

SpiderLegs said:

BikingBud said:

How about if you take 25% off the purchase prices of all the houses, who loses then?
HMRC and bankers, everyone else is saving!

If ever there was a plan conceived after an evening of substance abuse, then this it.
’let’s put anyone with a >75% mortgage into negative equity’.

But as posters on here constantly tell us, negative equity doesn`t matter if you don`t sell?

A lot of the comments on this forum trying to reassure nervous buyers refers to smaller fluctuations in the market. The fact that banks don't do 100% mortgages any more means they're less likely to be in negative equity so quickly. A 25% drop would be similar to the 2008 crash when lending rules weren't as strict and high LTV mortgages were much easier to get.  I wouldn't wish that catastrophe on any homeowner! I saw the chaos it caused in Ireland.

The banks only care about making new loans though, existing homeowners have been bailed out by default as the banks were saved by zero rates, if they have then decided not to pay down their debt or buy into even higher prices that is their decision to make, they won`t get any sympathy from me when it all falls apart (again)