clojure-uk 2016-08-03 | Slack Archive

I worked for Rightmove on their HIPs project (home information packs). This would have taken all the tedious search stuff out of solicitors hands, but they lobbied the labour gov and the gov folded, the Rightmove project was then scrapped

korny10:08:51

In Aus, there is no “chain” - if you buy a house, you pay a 10% deposit up front, and after a 3 day cooling off period, that’s it. You can still pull out before settlement, but you lose the 10%… there is still a 30-90 day settlement period to get the paperwork settled, but it’s agreed up front.

korny10:08:23

If you want to buy before you’ve sold, you need to go to a bank and get a “bridging finance” loan

xlevus10:08:09

and aren't there penalties for gazumping?

korny10:08:00

I don’t think you are allowed to gazump once the cooling off period is over. I don’t know, never heard of it happening - there must be some sort of penalty at least

xlevus10:08:51

My wife said there was. Maybe it's the same 10%.

xlevus10:08:42

but yeah, you'd have to either sell the house at significantly below market rate, or have a buyer pay a lot more than the penalty to make gazumping worth it

jonpither10:08:01

@korny: is the system in Aus good?

mccraigmccraig10:08:30

norway sounds the same as aus - the contract is formed when you make the offer (can't remember about cooling off). it certainly seemed a lot simpler than then uk

korny10:08:39

I think it’s better, but it is riskier for the buyer. And they are insanely keen on auctions, which offsets most of the good things

thomas10:08:43

My understanding is that in NL you can gazump, but only at significant cost. I think both parties sign some sort of contract of intent.

jonpither10:08:17

is it possible for the seller to change their mind after the buyer deposit is paid?

thomas10:08:40

and that basically says it goes through...

thomas10:08:35

and also allows for temporary mortgages so that you can move while owning two houses for a few days/weeks. so no chain crazyness

otfrom10:08:05

thomas: surely the point of living in NL is you don't have to buy

otfrom10:08:06

;-)

thomas10:08:44

yes… most bizarrely in NL there is a a tax for home owners on what you would have earned if you had rented out the property you are currently living in (and own yourself)

xlevus10:08:51

that is bizarre

thomas10:08:08

yes, it is some sort of predetermined fee based on the size of the house… Just looking at a web site that attempts to explain it all… very complicated. You can deduct the various costs related to buying a house from your taxes as well eg. solicitor fees

thomas10:08:15

from what I understand the tax system in NL is very very complicated. but as with the England house buying process… the people who can change it have no interest in changing it.

thomas10:08:35

💶 💷

jonpither10:08:00

We're at the lowest level of UK home ownership in the UK since forever 😞

jonpither10:08:58

lower than just before Maggie Thatcher sold off all the council homes (which have since been processed through as buy-to-lets and let out to low income households at exorbitant levels)

agile_geek12:08:46

I doubt my children will ever own their own home. Especially as mine will get sold to pay for me and my wife to rot in a poor retirement home...oh joy! That's really cheered me up!

korny12:08:55

yay. I’m looking at a new mortgage that will keep me working until I’m 70… 🙂

dasmoth12:08:20

Britain used to tax imputed rent on property you own. See "schedule A income tax"

jonpither12:08:14

Just booked our pad in Bratislava...

jonpither12:08:59

October for me is XT16 to kick it off, http://functionalconf.com/ in Bangalore, then EuroClojure in Bratislava

korny13:08:10

October for me is GotoCopenhagen, then XT16. Not going to make EuroClojure 😞

dominicm13:08:53

@agile_geek: There is hope. I just bought a house with a 5% deposit using the help to buy scheme 🙂. I'm 19.