Steven Burnell

Registered with Property118.com
Wednesday 21st August 2013


Latest Comments

Total Number of Property118 Comments: 17

Steven Burnell

19:52 PM, 29th November 2013
About 6 years ago

Property Research Tool

I updated my copy of Internet Explorer & it now works on my computer.... Read More

Steven Burnell

17:08 PM, 2nd November 2013
About 6 years ago

I Am A Property Developer - Ask Me Anything!

Hi Tony
How easy is it to convert an old closed down pub in a housing estate into, say, separate Flats? I guess the structural side of the project might vary depending on the existing building, but what about the change of use side of things too? Some of these run-down pubs are very cheap & often close to shops & bus routes.... Read More

Steven Burnell

18:38 PM, 7th October 2013
About 6 years ago

Negative equity - forced to repay mortgage

David, I'm not clear what you were hoping for. The situation you described is very unusual & warranted clarification. People may have commented differently if, for example, you had been mis-sold the mortgage or if the dramatic loss of value had been caused by structural problems that ought to have been discovered in your pre-purchase survey. However, if your situation has no direct cause / fault other than poor judgement or plain bad luck then I'm not sure what help you need. But, maybe you can still get some useful expert advice from Mark's contacts? Best of luck!... Read More

Steven Burnell

18:14 PM, 4th October 2013
About 6 years ago

Negative equity - forced to repay mortgage

David
Is there no equity in either of the other 2 mortgaged properties that another lender might be able to re-mortgage, especially the one coming up in just 4 years - sounds like you could stand the extra outgoing cash flow?
Are you absolutely certain that the drop in equity is as big as you fear - it is hard to imagine such a sustained drop? Is it a wreck / is it a flat in a block with structural problems - or can you do anything to the property to create more [realisable] value cost effectively?
I'd be very cautious & very fearful of overpaying every month; might it be wiser to put that money to one side for any future potential negotiation?
Given you have some time to execute a 'damage limitation' plan, could you in the meantime sell your own house, clear its mortgage, downsize, and then pay MX off? A hard 'hit' but might be less bad than taking a hit to your professional standing & future earning power?
Sorry if these sound too analytical (its the accountant in me), but sometimes I find someone being willing to ask 'daft' questions is what I've needed to plan a way forward.
Good luck & I hope Mark's contacts can give you the advice you need.... Read More

Steven Burnell

21:01 PM, 3rd October 2013
About 6 years ago

Tenants Charter - Mr Pickles, have you gone completely mad?

Reply to the comment left by "Jack Madethisup" at "02/10/2013 - 14:44":

On another forum (http://www.propertytribes.com/landlords-pickle-thanks-eric-pickles-tenants-charter-t-9178.html) John Corey writes:

"Back when I owned property in Oregon, I remember an eviction I dealt with directly. Rent due on the 1st, notice about it being late on the 3rd. Failure to pay within 2 days and I get to file with the court. Court date set for the 10th. Count agrees and tenant has to be out by the 14th. The Sheriff will visit the property and assist under criminal threat with the move to the curb."

So perhaps we should welcome a quid pro quo of long tenancy for eviction enforced in a fortnight here in the UK?... Read More