Owning your own home

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  • Anecdata; I spent my small PPI claim on a camera.

    Had it been £15k I'd have put it in savings or in this case tried to spend more on a house or borrow less.

    But yeah I guess it's already motivated a few here to move early. Plus to some extent it's free £s for the Govt as a £15k less on your SDLT income from a house sale is still more than no SDLT income at all.

  • i do wonder if we will see an increase on construction sites - we saw a reduction in application for new water mains/connections but whether they see as an opportunity to get more sales who knows? FTB arent getting good mortgages so just stock sitting there maybe?

  • Doesn't matter how it gets spent does it, as long as houses at higher prices are churning faster, it looks like the economy is doing better, just smoke and mirrors, not there to help people

  • Yeah, this is what we're now saving - which will be spent on renovations to the house, which had been put on the back burner due to covid19.

  • Plus to some extent it's free £s for the Govt as a £15k less on your SDLT income from a house sale is still more than no SDLT income at all.

    I'm not sure how many people are going to decide when they were never going to move due to this though. It's more likely to just accelerate transactions than prompt new ones.

  • True.

    But most people want to move at some point, but if the market is stagnant then there is no where to go.

  • It probably makes a quicker move less painful though - if you bought 2 years ago and had planned to be there for another 2yrs this might make you move on

  • It doesn't, it just entices more people to buy homes, which has a knock on effect of making tax cuts raises less appealing to the majority, therefore making people defacto Tories

  • Prospective new tenant wants to pay 12 months in advance.

    It's a scam of some sort, right? Or they're going to set up a growing operation / knocking shop...

  • Feels dodgy. Why would anyone want that?

  • Sounds well dodgy. References?

  • Out tenants had to pay 7 months up front as they had just moved from Australia and had temporary contracts for employment. They then had to pay the next 5 months in full after 6 months, this was something the letting agents insisted on. However our tenants decided to keep it up after the first year because they preferred it. I don't quite understand why but they seem to like it.

  • I’ve offered it in return for a discount in the past- did they ask for that?

  • They offered this as their opening gambit, with no discount requested.

  • Grow house.
    Or trap house.

  • Or sublet.

  • Money laundering was my first thought.

  • Mate of mine sold their house (divorce) and ended up renting, paid 12 month's rent up front because she knows she'd spunk the cash if it's sitting her bank account.
    She doesn't grow anything fun, or run a brothel (AFAIK)

  • A friend paid for a year up front because they'd been declared bankrupt recently (easiest way to resolve various messy divorce issues). They'd borrowed the money from various friends (including me) and paid it back over the year. Once explained the landlord was happy to accept it, and provided a discount.

  • Are they from the UK or moving here from abroad?

    I know some people who've gone to work abroad and been given a housing allowance up front and so they've paid a year's rent in advance.

    In fact I was talking to someone about that last night who's got a flat in Abu Dhabi for a year, paid up front, and has lived there for 8 weeks, and whose contract is probably not going to be renewed due to covid. Luckily his employer paid.

  • Speaking from experience paying up front like that is often to do with a lack of guarantor etc. I've lived in two places where we've paid 6 months upfront then the following 6 months in one chunk too

  • There’s a difference as a renter being asked to pay 6/12m upfront to actively asking to pay it and not seeking a discount.

  • Seems pretty odd to me

  • especially right now, when many people struggle to make their rent payments...for a bit of beyond-this-thread perspective

  • How are they paying? Seems a bit of an odd scam given that you will know where to find them, all I can think of is some kind of squatters rights thing, using a fraudulent cheque that clears but then has the money clawed back.

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Owning your own home

Posted by Avatar for Hobo @Hobo