What’s wrong with this property

Herzlos

ReadySteadyPop said:

Herzlos said:

But rent also went up to cover the landlords bills, and tenants were evicted if landlords lost the houses. No-one apart from the super rich is safe from them. 

It's all about timing which you can't predcit. If you buy right before a drop (like I did and ended up at about 110% LTV) then it can be brutal in the short term but it'll balance out over time. 

You still need to live somewhere, right?

It is a bit of an overgeneralization though, and verging a bit far into discussing the economy rather than houses. 

More likely now that they will just continue to pay rent to the bank or other new owner, much harder to evict now, and even back then this happened in lots of cases, many young people will just run back to parents if the rental goes bad so that means even more supply hitting the market.

Really? Can you cite something to support that?

Because everything I've looked up indicates that outside a few niche cases the lender is likely to start eviction immediately in order to auction the property off. You might get a few months but you're not secure.

And that's assuming the landlord doesn't start the eviction process themselves to try and sell before reposession. 

ReadySteadyPop

Herzlos said:

ReadySteadyPop said:

Herzlos said:

But rent also went up to cover the landlords bills, and tenants were evicted if landlords lost the houses. No-one apart from the super rich is safe from them. 

It's all about timing which you can't predcit. If you buy right before a drop (like I did and ended up at about 110% LTV) then it can be brutal in the short term but it'll balance out over time. 

You still need to live somewhere, right?

It is a bit of an overgeneralization though, and verging a bit far into discussing the economy rather than houses. 

More likely now that they will just continue to pay rent to the bank or other new owner, much harder to evict now, and even back then this happened in lots of cases, many young people will just run back to parents if the rental goes bad so that means even more supply hitting the market.

Really? Can you cite something to support that?

Because everything I've looked up indicates that outside a few niche cases the lender is likely to start eviction immediately in order to auction the property off. You might get a few months but you're not secure.

And that's assuming the landlord doesn't start the eviction process themselves to try and sell before reposession. 

I`m not clear what point you are trying to make, the poster you responded to was talking about the 80`s and 90`s crash, to be honest the most likely scenario now for mortgage debt holders is just extended loans meaning they pay the debt for 35 or 40 years instead of 25. In the 80`s and 90`s council houses were prevalent, BTL wasn`t really a thing, do you think the government now are going to allow 10`s of thousands of renters to be thrown out of their homes because the landlord can`t pay their mortgage debt?

ReadySteadyPop

Jaybee_16 said:

I would be thinking carefully before moving anywhere near North Finchley. 

The triangle of Ballards Lane, High Road and Kingsway is due for redevelopment apart from the listed Tally-Ho pub and Arts Depot and flats above. Looking at the attached, the whole North Finchley area is to be redeveloped with likely significant upheaval over a number of years.

There's also the redevelopment of the Lodge Lane car park, to have leisure facilities and flats above.

Towards East Finchley the current Leisure Way site is to be redeveloped with over 1000 properties.

https://www.barnet.gov.uk/sites/default/files/assets/citizenportal/documents/planningconservationandbuildingcontrol/PlanningPolicy/SPD/NorthFinchleySPD/TheNorthFinchleyTownCentreFrameworkSPDFeb2018.pdf

I lived in East Finchley from 1982 - 2020.

Are you glad you moved?

ReadySteadyPop

GDB2222 said:

Herzlos said:

ReadySteadyPop said:

Are you saying this Waitrose is the only shop in the area? Fascinated that you think paying for an online delivery is a "pain", how do you arrive at that thinking after nearly 30 years of online deliveries where it is obviously massively popular? Groceries can be delivered in 20 minutes if you use the express delivery services and normal deliveries are 1 hour slots, people regularly wait far far longer for plumbers and other trades to arrive?

I'm saying this Waitrose is only a few minutes walk away - it's handy. I'm not talking about any other shops in the area. Being near a physical shop is a huge convience, seemingly to everyone but you. 

Online delivery is a pain. We use them fairly often, and you need to book a delivery slot, pay a basket charge, there's often a mimimum value and you dont get much control over replacements. It's definitely useful for pre-planned stuff but it's not convenient. 

How much does  20 minute grocery delivery cost? What if you only need a single onion? How is 20 minutes quicker than a 10 minute round trip to the shop on foot?

I’m sure YBE knows this, but there are simply masses of shops in the area. Just speaking from memory, there’s Sainsbury’s Waitrose and Lidl , as well as Argos and Poundland. 

So that contradicts the whole notion that Waitrose somehow signifies a better area and could create value, maybe in a small town in the Peak District or North Wales, certainly not in over-built areas of London.

Herzlos

ReadySteadyPop said:

Herzlos said:

ReadySteadyPop said:

Herzlos said:

But rent also went up to cover the landlords bills, and tenants were evicted if landlords lost the houses. No-one apart from the super rich is safe from them. 

It's all about timing which you can't predcit. If you buy right before a drop (like I did and ended up at about 110% LTV) then it can be brutal in the short term but it'll balance out over time. 

You still need to live somewhere, right?

It is a bit of an overgeneralization though, and verging a bit far into discussing the economy rather than houses. 

More likely now that they will just continue to pay rent to the bank or other new owner, much harder to evict now, and even back then this happened in lots of cases, many young people will just run back to parents if the rental goes bad so that means even more supply hitting the market.

Really? Can you cite something to support that?

Because everything I've looked up indicates that outside a few niche cases the lender is likely to start eviction immediately in order to auction the property off. You might get a few months but you're not secure.

And that's assuming the landlord doesn't start the eviction process themselves to try and sell before reposession. 

I`m not clear what point you are trying to make

I'm responding to what seems to be your claim that renting in a recession is safer than a mortgage because even if the house is reposessed you don't get evicted, but I can't find anything online to back that up and hoping you do. 

Herzlos

ReadySteadyPop said:

Herzlos said:

ReadySteadyPop said:

The point I made was that this Waitrose isn`t a marker of anything except footfall through the area, it is just one of many shops, if you went into a financial crisis with a recent mortgage on one of these flats I don`t think that would be a good place to be.

The wider point was that convenience has a value, and amenities are important when deciding on where you want to live. How much bearing it has on the sale price is largely irrelevant because we're not Ybe.

Going into any financial crisis having just make a big purchase is going to hurt a bit, but no worse than being stuck renting. There's also so indication that's going to happen or that Ybe would be massively affected by it. In fact he's probably better moving before a crisis because once it hits properties going on the market tend to dry up especially from developers who can just sit on a plot for a while. 


The more important issues are which properties are somewhere he'd want to live, and whether the price is worth it to him. We can't answer either of those questions and your standard "everything is £100k overpriced" mantra doesn't help.

In a small rural village or towns miles from the nearest city, maybe (In the more populated parts of the UK you are never really THAT far away from anything though?) In the middle of London in the internet delivery age not so much. The Waitrose and the multiple other shops nearby will do little to help sell these flats, it is a classic case of the Three O`s, overbuilding, over-supply and overpriced.

You really don't understand that a shop within a few minutes walk is more convenient than internet delivery? If not then that's fair enough, I'm done trying to explain it. Only Ybe will know if that affects his purchase decision making process.

ReadySteadyPop

Herzlos said:

ReadySteadyPop said:

Herzlos said:

ReadySteadyPop said:

Herzlos said:

But rent also went up to cover the landlords bills, and tenants were evicted if landlords lost the houses. No-one apart from the super rich is safe from them. 

It's all about timing which you can't predcit. If you buy right before a drop (like I did and ended up at about 110% LTV) then it can be brutal in the short term but it'll balance out over time. 

You still need to live somewhere, right?

It is a bit of an overgeneralization though, and verging a bit far into discussing the economy rather than houses. 

More likely now that they will just continue to pay rent to the bank or other new owner, much harder to evict now, and even back then this happened in lots of cases, many young people will just run back to parents if the rental goes bad so that means even more supply hitting the market.

Really? Can you cite something to support that?

Because everything I've looked up indicates that outside a few niche cases the lender is likely to start eviction immediately in order to auction the property off. You might get a few months but you're not secure.

And that's assuming the landlord doesn't start the eviction process themselves to try and sell before reposession. 

I`m not clear what point you are trying to make

I'm responding to what seems to be your claim that renting in a recession is safer than a mortgage because even if the house is reposessed you don't get evicted, but I can't find anything online to back that up and hoping you do. 

Another poster described their memories of the 80`s housing crash, you seem to disagree with this memory or don`t like their version of reality, II am not sure which it is?

ReadySteadyPop

Herzlos said:

ReadySteadyPop said:

Herzlos said:

ReadySteadyPop said:

The point I made was that this Waitrose isn`t a marker of anything except footfall through the area, it is just one of many shops, if you went into a financial crisis with a recent mortgage on one of these flats I don`t think that would be a good place to be.

The wider point was that convenience has a value, and amenities are important when deciding on where you want to live. How much bearing it has on the sale price is largely irrelevant because we're not Ybe.

Going into any financial crisis having just make a big purchase is going to hurt a bit, but no worse than being stuck renting. There's also so indication that's going to happen or that Ybe would be massively affected by it. In fact he's probably better moving before a crisis because once it hits properties going on the market tend to dry up especially from developers who can just sit on a plot for a while. 


The more important issues are which properties are somewhere he'd want to live, and whether the price is worth it to him. We can't answer either of those questions and your standard "everything is £100k overpriced" mantra doesn't help.

In a small rural village or towns miles from the nearest city, maybe (In the more populated parts of the UK you are never really THAT far away from anything though?) In the middle of London in the internet delivery age not so much. The Waitrose and the multiple other shops nearby will do little to help sell these flats, it is a classic case of the Three O`s, overbuilding, over-supply and overpriced.

You really don't understand that a shop within a few minutes walk is more convenient than internet delivery? If not then that's fair enough, I'm done trying to explain it. Only Ybe will know if that affects his purchase decision making process.

I do understand, I am minutes away from multiple shops including 24 hour supermarkets but still sometimes use delivery services like "Whoosh" when I can`t be bothered going out and trudging round a shop full of stressed people looking at their phones, with the rise of mental health and anxiety issues more and more people are getting stuff delivered. The "Waitrose" thing is a standing joke now, it is like people saying that twigs in vases or the smell of baking bread would sell a house, it doesn`t anymore and is frankly just ridiculous now that economic reality is re-asserting itself. I`m not saying that a physical shop isn`t a utility of value if it is close to your house, I am just saying that in London that is like saying a bus has utility value, it isn`t going to help shift an overpriced flat in an overbuilt area with oversupply of flats. (and shops)

MeteredOut

Did the OP ever get an answer as to what was wrong with the property

Herzlos

ReadySteadyPop said:

Herzlos said:

ReadySteadyPop said:

Herzlos said:

ReadySteadyPop said:

Herzlos said:

But rent also went up to cover the landlords bills, and tenants were evicted if landlords lost the houses. No-one apart from the super rich is safe from them. 

It's all about timing which you can't predcit. If you buy right before a drop (like I did and ended up at about 110% LTV) then it can be brutal in the short term but it'll balance out over time. 

You still need to live somewhere, right?

It is a bit of an overgeneralization though, and verging a bit far into discussing the economy rather than houses. 

More likely now that they will just continue to pay rent to the bank or other new owner, much harder to evict now, and even back then this happened in lots of cases, many young people will just run back to parents if the rental goes bad so that means even more supply hitting the market.

Really? Can you cite something to support that?

Because everything I've looked up indicates that outside a few niche cases the lender is likely to start eviction immediately in order to auction the property off. You might get a few months but you're not secure.

And that's assuming the landlord doesn't start the eviction process themselves to try and sell before reposession. 

I`m not clear what point you are trying to make

I'm responding to what seems to be your claim that renting in a recession is safer than a mortgage because even if the house is reposessed you don't get evicted, but I can't find anything online to back that up and hoping you do. 

Another poster described their memories of the 80`s housing crash, you seem to disagree with this memory or don`t like their version of reality, II am not sure which it is?

I was responding to your claim of "More likely now that they will just continue to pay rent to the bank or other new owner" in relation to renting when the bank reposesses a rental property. 

I have no experience of the 1980's housing crash, or the boom that immediately followed, nor do I think it's particuarly relevant given it was over 40 years ago and the world is drastically different. I was talking about a hypothetical future crash and how renting isn't more stable than owning.