Writedown!!!!

I see now that you brought this issue up before.

Why didn't you let Pepper sell the house and buy it back? You could have gone bankrupt etc also. I don't understand why you didn't when the value was very low. Particularly when you had a brother willing to help you.
 
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Bronte said:
I see now that you brought this issue up before.

Why didn't you let Pepper sell the house and buy it back? You could have gone bankrupt etc also. I don't understand why you didn't when the value was very low. Particularly when you had a brother willing to help you.
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Thanks Bronte. By the time my brother put the money together and we were able to put the proof of funds to them they spent a couple of months deciding on it a then proposed the split offer.
 
Ah here. As it turns out... you ARE the reason for high interest rates in this country. Purposely putting in extra rooms in contravention of planning ? Theres only one reason for that...rdiculous
 
Dazzler123 said:
Ah here. As it turns out... you ARE the reason for high interest rates in this country. Purposely putting in extra rooms in contravention of planning ? Theres only one reason for that...rdiculous
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Having had to jump through a million different hoops to get planning for a house with no neighbors in a very remote setting I don’t think a glorified attic conversion constitutes a major planning issue.
 
Mr peabody said:
Having had to jump through a million different hoops to get planning for a house with no neighbors in a very remote setting I don’t think a glorified attic conversion constitutes a major planning issue.
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Not a major issue other than it affecting the ability of anyone, including a bank to sell the Property?
 
Mr peabody said:
U

Unfortunately at time of construction I never thought it possible that the current situation would arise
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Really? Because your original post indicates that you never paid a full monthly payment from the date the loan was drawn down. Given that the mortgage was presumably drawn down in stages to build the house, you would have been very likely aware you would not be able to repay as various tranches were drawn down. Then you made a change to the plans which presumably addrd to the build cost?

Sorry. But this is a prime example of why we pay the highest interest rates. 300k for a house build must be some house too
 
Dazzler123 said:
Really? Because your original post indicates that you never paid a full monthly payment from the date the loan was drawn down. Given that the mortgage was presumably drawn down in stages to build the house, you would have been very likely aware you would not be able to repay as various tranches were drawn down. Then you made a change to the plans which presumably addrd to the build cost?

Sorry. But this is a prime example of why we pay the highest interest rates. 300k for a house build must be some house too
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Self employed in construction at time of drawdown. Mortgage broker advised me to consolidate 2 business loans into the mortgage.
Lender had no problem with this as there was large equity at the time.
Attic conversion cost approximately 5k extra at time of build and was done at the time as I felt it was a lot easier to do it then than down the road.
FULL mortgage payments made for 16 months after final drawdown and moving into the house up to the crash and there was absolutely no financial issues during drawdown so I don’t know what you are gettin at there?
 
Mr peabody said:
Self employed in construction at time of drawdown. Mortgage broker advised me to consolidate 2 business loans into the mortgage.
Lender had no problem with this as there was large equity at the time.
Attic conversion cost approximately 5k extra at time of build and was done at the time as I felt it was a lot easier to do it then than down the road.
FULL mortgage payments made for 16 months after final drawdown and moving into the house up to the crash and there was absolutely no financial issues during drawdown so I don’t know what you are gettin at there?
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Yeah fair enough i stand correcred. It seemed to read that you never made a full payment. But the planing issue is a big negative against you. Seems to me at worst, that its a deliberate attempt to scupper and sale in the future and at best, its simply ignoring plsnning laws
 
Dazzler123 said:
Yeah fair enough i stand correcred. It seemed to read that you never made a full payment. But the planing issue is a big negative against you. Seems to me at worst, that its a deliberate attempt to scupper and sale in the future and at best, its simply ignoring plsnning laws
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But when he did the attic conversion he was hardly thinking there is going to be a crash, I'll lose my job and I'm going to do this so the bank can't sell the house down the road.
 
Dazzler123 said:
Yeah fair enough i stand correcred. It seemed to read that you never made a full payment. But the planing issue is a big negative against you. Seems to me at worst, that its a deliberate attempt to scupper and sale in the future and at best, its simply ignoring plsnning laws
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To be honest at time of construction in my naïveté I didn’t even know it could affect the sale and this was down to the fact That I never in any way even thought that the sale could ever possibly arise.
 
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