Mike W

Registered with Property118.com
Tuesday 10th September 2013

Latest Comments

Total Number of Property118 Comments: 192

Mike W

15:06 PM, 25th January 2019
About 3 weeks ago

The Daily Mail gets it?

Yep GO's search for more tax receipts has undone all the careful housing market management since the crash. In Ireland and Spain property prices halved with the inevitable impact on confidence and the overall economy. Now as more British landlords unload houses the property is often not selling. Why?- because many BLT props are not what FTB want. In my city center houses have been on the market for 2-3 years with price declines of 20-40%. Indeed it is now cheaper to buy some houses at less than new build cost.... Read More

Mike W

13:49 PM, 17th December 2018
About 2 months ago

HMO - Camden Council sending letters to the mortgage provider?

The issue is the heavy handed approach by the mortgagee. Did you complain? What actual response did you get? An apology?
I have frequently come across cases (when remortgaging a property) that the lender does not have an understanding of their own policy. In one case I declared all (including that it was an HMO) on the application but the valuer, appointed by the lender, said: excellent property but you have a problem - it's an HMO and they don't lend on HMOs. I laughed and said read the website. But the valuer put in his report and sure enough a few days later the lender pulled the plug. However I then complained and quoted their own website and stated that if they did not re-instate the offer I would complain to the Ombudsman. They backed down.... Read More

Mike W

17:29 PM, 17th October 2018
About 4 months ago

Proposal to make BTL a time limited offer - Feedback request

As with all these proposals they are not thought though. They tend to come with preconceived ideas from 'bogus' studies. And I include the Government in that sentence. I provide accommodation to students. I don't think they are in the buying market but I can ask. As for selling (!) the market I am located in has ceased to function and houses have dropped in value caused by stamp duty changes, additional taxes on landlords, and excessive regulation. And in a falling market a first time buyer is not likely to consider buying. A house next to one of ours - opposite the university - has been on the market for over two years. It remains unsold. The occupant died and it is now sort of lived in by relatives who are desperate to sell but not at any price. Another house again very near the university has sold after being on the market for 18 months 15% below market value two years ago. Another landlord has 3 properties empty very near the university but is not selling yet. So this is a segment of the market not even considered.
When I started in my career I had to move every 2-3 years. That is not long enough to justify buying and selling a house. It was and still is cheaper to rent for such periods (and less risky of loosing money). Another segment of the market ignored.
Then as others have stated those on benefits and renting - can afford to buy? seriously? Another segment of the market ignored.
The big problem here is people who do not understand the market getting publicity for silly ideas, and a government desperate to raise tax by ways which will distort the market in ways they (hopefully) never intended.
The real problem here is that if you allow uncontrolled immigration you end up with a million plus new residents (5 years at 200,000 pa), who need homes to live in. They may well be contributing in their taxes to the benefit of the country but their taxes do not pay for the additional city that is required. And by city I mean the houses, roads, trains, hospitals, schools etc. They did not bring their houses with them. Now you can accommodate this increase in other ways such as multiple occupancy, by extending existing housing stock and squeezing more pupils in existing schools etc, but there comes a point whether that is not possible.
As someone who had to move with work I can understand the need to move but when it becomes a very large migration over a relatively short time then the system cannot survive.
Any housing stock needs to provide for the mobile work force, the people who move around the country from project to project, indeed those who move from one country to another to work on the project. Most of those people do not want to buy and they would never get a council house or social housing.
I wonder whether those who seek solutions to the housing problem are not seeing the forest for the trees around them? or is it a too difficult subject to raise?... Read More

Mike W

18:22 PM, 10th September 2018
About 5 months ago

Having the Rugg pulled out from under - 'MOT Check'!

This is discrimination. Why wouldn't home owners be required to have this as well to ensure they are not living in a hovel? Start with home sales/purchases and then regular MOT.
Sounds like super nanny state?

Then perhaps someone will see how ridiculous this is.... Read More

Mike W

14:42 PM, 27th March 2018
About 11 months ago

First time having a guarantor?

As others have said - check.
Linkedin accounts can be false.
Even if checked out before - did you see the check? Is it relevant today? Why is the tenant moving? Do you believe the current landlord/agent?
Am I paranoid?
My best example: a really nice student offering her school aged sister as guarantor - sister pretending to be the mother!... Read More