Taylor Wimpey Share Discussion Threads

[jugears] 06/9/2020 13:02

pandercar, you were not even born you lying f----r!!!!! & you have got know experience about investing that is very clear by your posts, I suppose it takes a c--t to know one though!!!!

[imastu pidgitaswell] 06/9/2020 13:01

I just thought it worth being clear about the quantification of the issue, as a number of newspaper headlines are somewhat histrionic and they can always dig up a quote from the compensation culture wannabees. Even though they have been compensated for anything they perceive to have been 'lost.'

The issue was pay x and a ground rent or pay y. The difference between x and y being a NPV of the future ground rent, with the 7% annual increase factored in. Makes no difference, they just don't want to do specifics and detail. The last response being particularly desperate to find some sort of basis for being negative.

He's back on filter - as usual, there is no attempt at quantification or specifics, just more of the same generic negativity.

[pander45] 06/9/2020 11:24

Juggy, I'm no newbie and I did hold onto my Next shares. It's the benefit of experience.....

[gbh2] 06/9/2020 08:32

"I unfiltered you"

The majority of those Filtered reply on the above move which is why they continue whining about the Hate topic of the day!

IF one is certain of one's chosen path there's absolutely no reason to defend it, especially several times a day :))

[jugears] 05/9/2020 16:03

sikh

SIf HBs and BoE say it'll be 1-2 yrs before we're back to pre-covid levels then it'll coincide with H2B ending.IKH

we are almost guaranteed to be able to cut the time span in half then if they have said it.

[sikhthetech] 05/9/2020 15:19

Imastu

"People chose a lower leasehold price with a ground rent increasing at 7% a year. Or they paid a higher freehold. That's freedom of choice."

lol

So the authorities demanded a stop to the practice because they wanted to RESTRICT freedom of choice!!!.
Really??? lol

More like it was exposed and following an investigation HBs didn't have a choice.



Leading developers sign leasehold reform pledge, but critics claim its cobbled together


"For existing leaseholds, developers have promised to help them move to RPI-indexed rises in ground rent regardless of whether they have previously asked to amend their leaseholds or not.

The pledge also requires developers not to insert onerous clauses in future agreements, and ensure details of each leasehold are represented in a ‘fair and transparent way’.

Developers have also agreed to put in place both appropriate complaints and redress schemes to reassure leaseholders that any future problems are dealt with appropriately."

[imastu pidgitaswell] 05/9/2020 15:00

As I say, I'm not doing this, as it is all conjecture, and you can get quite hysterical about it, not to mention your colleagues.

I have detailed above what I believe the quantification to be and why it is not particularly interesting. People chose a lower leasehold price with a ground rent increasing at 7% a year. Or they paid a higher freehold. That's freedom of choice. And whatever after the fact sins are now being called out, they have been compensated for.

You're looking for things that aren't there, but something tells me you will continue to look. Stick to the Brexit/CV19 thing, at least there you can't be proved wrong. Yet.

[sikhthetech] 05/9/2020 14:54

Imastu

"You can be sure TW. et al, notwithstanding having redressed this already, will be pointing these pertinent facts out to the CMA."

These points were already raised during the initial Parliamentary report into leasehold reform, which was published last year.

Again that is fact and not emotional opinion.


I think the fact that HBs are already agreed to stop selling single dwelling as leasehold and have already set aside money to redress the onerous terms shows that they accepted the reports findings. I doubt they will now go over old ground.
(That is an opinion!!!)





"And made provision and indeed largely compensated in cash already for it."

A decade ago, the banks made provision and compensated for PPI. It's still ongoing!!!!

[imastu pidgitaswell] 05/9/2020 14:49

sikh, I unfiltered you as you responded so quickly, so I assumed you responded to me. But just to be clear, you and flrartyhkjefghlwe are filtered, because of your inability to move past negative generality and address quantitative specifics.

Read the words again. It is about the prices differential on the sale of property, be it flats or houses. It was their choice and the the pricing reflected that. You quote 'doubling after ten years', as do the papers. Just think about it. That is a compound rate of just over 7%. In historic terms, that's around average - consider that rate against average annual house price growth. It isn't that big a deal.

Personally, I think the idea of buying a house on leasehold is silly, and I am glad they have stopped it. And made provision and indeed largely compensated in cash already for it. I think you are reading too much into this. And you think you are not. And round and round we go. Or don't, because you will be back on filter.

[sikhthetech] 05/9/2020 14:45

Imastu

"Some facts rather than a lot of emotion"

You think an article in a newspaper from someone who owns a flat are FACTS rather than an opinion!
Really!!!! How naive are you???


Flats are usually sold as leasehold, as there are usually more than 1 in a single dwelling with common areas which are usually the responsibility of the freeholder.
Leases tend to have ground rent increases after 20, 25 or 33 yrs.


HBs were selling New Build SINGLE DWELLINGS as leasehold on onerous ground rent terms. ie Ground rents doubling after just 10yrs.


Crucial difference.

That is a fact not an opinion.

[imastu pidgitaswell] 05/9/2020 14:28

An interesting reader's comment in The Times, on their article about this. Hope they don't mind me recording it here - some facts rather than a lot of emotion:


"I politely disagree and I am actually a leaseholder of a modest flat.

Buying a house leasehold means buying at a discount in exchange for an annual payment, called ground rent, for a portion of the freehold cost. The size of that discount depends on the rent. Higher rent and inflation indexation, bigger discount.

Ground rent is best compared with an interest-only long-term mortgage. It can be indexed or not. A ground rent of £100 fixed equals a mortgage of about £5000. That's the discount you expect and receive.

Would I sign now a 100 year lease with a doubling of rent every 10 years, meaning based upon 7% annual inflation? No. But possibly yes.

It means that firstly you should get and negotiate a truly fat discount on freehold. Secondly, historically this 7% is the average inflation that the UK governments have willfully created since 1910: you now need almost £99 for one £1 bought then. If we get anything like high or hyper inflation again, your 7% indexed lease may make you sit very comfy, having got your enormous buying discount.

Lastly, true or faked ignorance is never a defense. I bought mine without any knowledge about leases and management charges. My charges are low and lease holding works well. Whatever a solicitor points out, I suspect many buyers like myself will just ignore any warnings because they are so focused on buying anyhow, truly in love with the object."


You can be sure TW. et al, notwithstanding having redressed this already, will be pointing these pertinent facts out to the CMA. There is a need to see past the initial hysteria and focus on the actualities. The (lack of) price action yesterday until the broader market sell-off is an indication of how relatively trivial this issue is. Happy to have added at the death.

[sikhthetech] 05/9/2020 13:42

Dodge Meister

"The Group expects the scheme will run for several years and anticipates approximately GBP40.0 million of the provision will be utilised within the next twelve months." quote from half yearly results"


Exactly, TW expects the scheme to run for several years. I think that's why CMA are chasing it up.



The story will continue to rear it's head until all HBs have redressed the leasehold scandal.

The reputational damage to all HBs is far more than the amounts to be paid out.

The way the properties were sold by saleman, the use of HBs recommended solicitors, the time taken to redress. Whilst homebuyers, HBs customers suffer, the HBs are paying their shareholders dividends.


Similarities to PPI and Banks.
PPI claims ran for a decade after the initial agreements by the banks and it's still ongoing.

The amount paid out for PPI also increased substantially from the initial estimates.

[ftir1] 05/9/2020 13:36

The bulls are living in "Cloud Cuckoo Land" the chart has just broken down, £1.00 will be here soon enough.

The idiots who boast on a daily basis that you've "just bought some more" look more insane by the day.

Tin hat time will follow, when it breaks through the £1.00 level.

HB's are totally f@cked.

SELL

[sikhthetech] 05/9/2020 13:27

Happy Bear
"Help2Buy is continuing"


It changes in March 2021, the scheme ends in 2023 and currently, there are NO plans to extend it..That's a fact from the govn website.


"Separately, the government’s new Help to Buy scheme, which will replace the current scheme, will come into place from 1 April 2021 and run until March 2023 as planned and there are no plans for further extensions."




If HBs and BoE say it'll be 1-2 yrs before we're back to pre-covid levels then it'll coincide with H2B ending.

[dodge meister] 05/9/2020 13:25

Pander45...inflation with rising unemployment? Rising interest rates when the BoE was examining negative interest rates...come on.

[dodge meister] 05/9/2020 13:19

"In 2017 the Group launched an assistance scheme to help certain customers restructure their ground rent agreements with their freeholder and established an associated provision of GBP130.0 million to fund this. The amounts and timing of the outflows depend largely on the number and rate of eligible applicants to the scheme and ongoing discussion with freeholders. The Group expects the scheme will run for several years and anticipates approximately GBP40.0 million of the provision will be utilised within the next twelve months." quote from half yearly results

Looking at around 18,000 people across the country and companies affected. Looks to be well covered.

[pander45] 05/9/2020 13:12

Lets see who has the last LOL juggy. Headwinds include leasehold, fleecehold, banks constricting mortgages, loss of HTB, loss of SDLT relief, unemployment, inflation, rinsing interest rates, weak B2L, lockdown threats and the list goes on.......looks like a winner Juggy you are right.

[happy bear] 05/9/2020 12:46

Help2Buy is continuing, just changed a bit.

"The Government's current Help to Buy scheme in England will end in March 2021 and a new one, just for first-time buyers, will start on 1 April 2021. Still with just a 5% deposit and a 75% mortgage, first time buyers may be able to borrow up to 20% of the cost of a new Barratt home from the Government, or 40% in London."

[simonsmithiv] 05/9/2020 12:38

Just imagine the sweet smell of burning shorts, scrambling to buy back when a vaccine is approved soon and the markets rebound. Throw in TW's stonking quarterly's and the last minute Brexit deal that will almost certainly happen. Plus the likelihood of Rishi extending H2B and other incentives. Anyone fooling themselves that the house builders will be left to flounder obviously doesn't have a clue. Tories always help the housing market and there's plenty of positive news coming that will make this soar back above 150p. Even the CMA is already factored in, no problem. Anyone short here, or expecting it to go down in a straight line, is a mug.

[gbh2] 05/9/2020 09:50

Looks like I missed some good buying prices yesterday afternoon, I'll be back for Monday's opening to see what I can pick up :))

[jugears] 05/9/2020 08:53

Ppi lol, 90% of people new what they were signing up to but still got a pay the others were obviously a load of thick c---s, & the same with leasehold some may have been misled well but you are not trying to tell me the rest were to thick to read or understand what they were getting in to? My understanding is that it is the companies that the leases were sold to (which was always going to happen) that are at fault.Looking at the money Tw have set aside I think it is very over generous.

[buywell3] 05/9/2020 00:06

fruitcake nutty also probably is

sector building weakening I see

pain there is track down coming soon

[pander45] 04/9/2020 23:52

Exactly, PPI like problems could be coming here......costly.