Aico
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| posted on 22/1/08 at 04:18 PM |
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Forced carsale because of a new house
I see lots of cars being sold for this reason in The UK. They want to buy a house and need to sell the car because of that. What is the reason behind
this? Is it something English? Is it a requirement for the morgage to sell your car? Or is the first payment very very big?
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whitestu
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| posted on 22/1/08 at 04:23 PM |
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Most peole need a big deposit!
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02GF74
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| posted on 22/1/08 at 04:25 PM |
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In the UK we have something called the V5 - it is a document that has the car owner's (actaully the keeper of the car) name and address on
it.
Rather than mess about with the beareaucracy and costs, not to mention time, to change these details, it is usuaully beneficial to sell the car and
let the new owner deal with this.
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Phil.J
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| posted on 22/1/08 at 04:26 PM |
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Getting on the housing ladder in the UK is very difficult as property is excessively expensive, hence many people have to liquidate their expensive
assets to try and raise the necessary deposits. Nobody wants to sell their cars but it is a sad fact of life that they are often forced to.
Renting can be even more expensive than buying strangely.
[Edited on 22/1/08 by Phil.J]
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02GF74
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| posted on 22/1/08 at 04:28 PM |
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^^^^^ don't believe them 
It is like those adverts selling cars due to addition to family - what utter nonsense - the baby can stay at home!
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onzarob
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| posted on 22/1/08 at 04:53 PM |
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quote:
Originally posted by Aico
I see lots of cars being sold for this reason in The UK. They want to buy a house and need to sell the car because of that. What is the reason behind
this? Is it something English? Is it a requirement for the morgage to sell your car? Or is the first payment very very big?
House prices are £150K average and most mortgages require a 10% deposit, hence the toy must go!!!
I must admit I find the baby forces sale of a 2 seater sports car a little bit less honest as it was hardly a commuter car in the first place!!!
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dan__wright
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| posted on 22/1/08 at 05:10 PM |
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quote:
Originally posted by onzarob
quote:
Originally posted by Aico
I see lots of cars being sold for this reason in The UK. They want to buy a house and need to sell the car because of that. What is the reason behind
this? Is it something English? Is it a requirement for the morgage to sell your car? Or is the first payment very very big?
House prices are £150K average and most mortgages require a 10% deposit, hence the toy must go!!!
I must admit I find the baby forces sale of a 2 seater sports car a little bit less honest as it was hardly a commuter car in the first place!!!
i could just about get a 1bed / studio flat with that here, looking at 190k min for a house here 
FREE THE ROADSTER ONE…!!
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bonzoronnie
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 posted on 22/1/08 at 05:29 PM |
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!!!????
quote:
Originally posted by 02GF74
In the UK we have something called the V5 - it is a document that has the car owner's (actaully the keeper of the car) name and address on
it.
Rather than mess about with the beareaucracy and costs, not to mention time, to change these details, it is usuaully beneficial to sell the car and
let the new owner deal with this.
I'm confused !!??
V5 document only requires 1 box to be ticked. Keepers new address details. Signature & date.
Second class stamp to DVLA Swansea
I have never heard of a car being for sale because it is too much trouble changing the address details on a V5 document.
Ronnie
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Aico
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| posted on 22/1/08 at 05:30 PM |
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That's a lot. Especially the deposit. I don't think we have that here in Holland.
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Neill117
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| posted on 22/1/08 at 05:46 PM |
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The other reason is garage equipped houses are a premium over regular houses. I am looking to buy and find myself in a catch 22 situation. I cant
afford a house with a garage unless I sell the car to pay the extra. If I do that I don't need a garage. I think i will save a bit more first
but others may not have that option.
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MikeRJ
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| posted on 22/1/08 at 06:20 PM |
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quote:
Originally posted by onzarob
I must admit I find the baby forces sale of a 2 seater sports car a little bit less honest as it was hardly a commuter car in the first place!!!
If you are single or have a partner and no kids then why on earth not? I had an MR2 Turbo for 4 years that I commuted 60 miles every day to work and
back. When my daughter came along it meant we were totally reliant on the wifes car, she couldn't use mine if hers was being fixed/serviced
etc. so I sold it and bought a 5 door hatch.
Plenty of other people working here that have a 2 seater as their main car as well.
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hobbsy
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| posted on 22/1/08 at 06:20 PM |
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Pah!
You can sleep in your car but you can't race your house!
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iank
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| posted on 22/1/08 at 06:33 PM |
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quote:
Originally posted by Aico
That's a lot. Especially the deposit. I don't think we have that here in Holland.
You can (at least you used to be able to) get a 100% loan on the house. However the interest rate you get charged is several percent above people
with a 10% deposit - to insure against the risk of prices going down.
Do lenders in Holland routinely give 100% loans?
--
Never argue with an idiot. They drag you down to their level, then beat you with experience.
Anonymous
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Aico
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| posted on 22/1/08 at 07:25 PM |
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I do know here in Holland you can get a certain amount. Like you make 30.000 Euro's/year and then you can get around 130.000 Euro morgage. This
means an old house or appartment. Monthly payment of around 650 Euro's. You can only get a new/expensive house if you both work so you can
combine the morgage. So yes you can get a 100% morgage if the house is within budget. Prices here keep on rising bit by bit so I guess no deposit
needed here. I don't think the interest is lower here if you pay a deposit. You do get a taxdeduction on the interest paid for the morgage. This
makes it easy for 2 workers to buy a new and expensive house.
[Edited on 22/1/08 by Aico]
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zilspeed
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| posted on 22/1/08 at 07:49 PM |
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quote:
Originally posted by Aico
You do get a taxdeduction on the interest paid for the morgage. This makes it easy for 2 workers to buy a new and expensive house.
[Edited on 22/1/08 by Aico]
We used to have tax relief here too - MIRAS. Mortgage Interest Relief At Source.
That was stopped of course.....
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onzarob
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| posted on 22/1/08 at 08:53 PM |
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quote:
Originally posted by MikeRJ
quote:
Originally posted by onzarob
I must admit I find the baby forces sale of a 2 seater sports car a little bit less honest as it was hardly a commuter car in the first place!!!
If you are single or have a partner and no kids then why on earth not? I had an MR2 Turbo for 4 years that I commuted 60 miles every day to work and
back. When my daughter came along it meant we were totally reliant on the wifes car, she couldn't use mine if hers was being fixed/serviced
etc. so I sold it and bought a 5 door hatch.
Plenty of other people working here that have a 2 seater as their main car as well.
I drove a MG Midget for a year as my only car...I knew someone would pick me up on that......had to be from Devon
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