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Public Sales More information and full contact details for all the following sales are available in the database - just type in the name of the auctioneer of your choice into the search facility. If you are a member of GAUK please note that the following information is available in the news section as soon as we get it Pugh and Company We are pleased to inform you that our 7th September 2005 2005 auction details are now available on our website www.pugh-company.co.uk. Should you be interested
in any of the lots please do not hesitate to contact our offices
on 01772 722444. News Why It's A Good Time To Remortgage How do you decide which type of deal to go for when you re-mortgage? Do you try to predict the way the Bank of England base rate will go? Or do you work out which deal will result in the smallest monthly payments? And how do you decide how long to tie yourself in for – two, three, five or ten years? There are so many factors to consider! Following the four base rate increases in five months last year, many of us have been a little edgy, unsurprisingly, regarding the future. After all, rates seem to be pretty volatile – and no one can predict what will happen next. And of course, for those of us with variable rate mortgages a change in interest rates will be felt most strongly in our monthly payment. There is currently increasing speculation that the base rate may be due for a cut in the near future as a result of a slowdown in the economy. If this were to occur a lot of people on variable rate deals would certainly be made very happy – and it may explain why so many of those re-mortgaging are choosing to switch to this type of mortgage. But are we ignoring fixed-rate deals at our peril? The recently released Your Move Re-mortgage Index has examined the overall cost of moving a £100,000 repayment mortgage on a Standard Variable Rate of 6.59%, to each of the Moneyfacts Best Buys for fixed and discounted variable rate deals over two, three, and five year terms.
So although the savings to be made in the first year are comparable between both fixed and discounted deals, the fixed-rate deals have shown the biggest change since 2004 – a whopping 174% change for the five year deal. Savings to be made on discounted deals on the other hand have got progressively worse. Fixed-rate deals have been getting steadily cheaper and are now available at the lowest interest rates in 18 months in absolute terms - Your Move believes that this shows a continued dramatic increase in the attractiveness of fixed-rate mortgages. It also comments on the fact that borrowers may be being 'wrong-footed by fast changing interest rate expectations'. Additionally, fixed-rate deals are currently very cheap when compared in relative terms – the Best Buy five year fixed rate deal is just 0.06% higher than the two year discount deal! Essentially, this means that the example borrower would only pay an extra £5 per month for the extra certainty the five year deal would bring. Whichever type of mortgage deal you choose depends on your personal circumstances. If you're on a tight budget, a fixed rate deal will bring stability. However, if your mortgage does not consume a large proportion of your income (and you think interest rates may fall) a discount deal may be more up your street. Five years is a long time – and interest rate cuts are rarely given in full to a variable rate mortgages (increases always seem to be though!). Weigh up the pros and cons carefully for your situation. The sting in the tail is the exit fee, and they're getting more venomous all the time. Always speak to your current lender about the deals it can offer when re-mortgaging – it may be able to offer you a good deal and you could avoid or reduce this fee. ----------------------------------------------------------- Top Auction Tip Be Selective About Auctions Property and Land Auctions are not all the same. Which auction you pick depends on what you want to buy. Do you want a property to live in as your main home? Do you want a bargain to sell quickly and make a fast buck? Do you want cheap properties for investment purposes? Do you want land on which to build? If you want a property in which to live you need to choose an auction house that offers only a few properties of higher quality. This way there will be less people attending and more opportunities for you to buy your dream home. If you want to buy to make a quick profit or investment purposes, there are auction houses which offer several hundred properties at one session. You will probably pick up a bargain but you must be prepared to bid against many other people looking for the same opportunity as yourself. If land is what you are after, there are specialists who offer land with or without planning permission. There are several of these on our database. Therefore, do your homework before entering into the auction arena. It can be fun and very rewarding but it can also be a minefield. Remember, research and planning is the key to success. ------------------------------------------------------------ Beware buying Property in Northern Cyprus Following the Turkish invasion of 1974, the forced eviction of more than 170,000 Greek Cypriots - now approximately, 220,000 counting children - from their ancestral homes, and the illegal occupation of 36,4% of the Republic of Cyprus’s territory, the Turkish occupation regime placed the properties of dispossessed owners at the disposal of its own "authorities", the Turkish military, and ordinary Turkish Cypriots. After the commencement of Turkey’s organized colonization of occupied Cyprus in late 1974 many such properties were handed over to Turkish mainland settlers. The distribution of properties was also used by the Turkish Cypriot leadership to "buy off" political influence both within and without the Turkish Cypriot community. It should be stressed that, according to the 1964 Land Registry figures - which were still valid in 1974, approximately 82% of the privately owned land in the occupied area was owned by Greek Cypriots, while the Turkish Cypriots owned approximately 16.7%.. Since the 24 April 2004 referenda, certain Turkish acts, have indicated the efforts by the Turkish Government to create new faits accomplis by intensifying the construction on illegally usurped Greek Cypriot properties in the occupied north. Turkey’s subordinate local administration embarked on a frenzy of unprecedented construction and "property sales" in the occupied areas of the Republic of Cyprus and on an unlawful transfer of a new wave settlers from Turkey under the pretext that they were "construction workers". Therefore, it is very important to note that any purchase of property in that part of Cyprus is in jeopardy since it is legally owned by Greek Cypriot refugees who were forced to flee in 1974 in order to save their lives from the invading Turkish forces. Any investment of immovable property in the occupied area is insecure and any investor runs the risk to be brought before justice by the legal owners of that property. Entering into a contract for the purchase of such property in the area under Turkish military occupation that belongs to Greek Cypriots, constitutes an illegal act which will expose the purchaser to grave legal and financial consequences. Based on such case law Greek Cypriots who own property in the occupied area, remain, at all times, the rightful legal owners of such property and their rights stand unaffected. Any "title deeds" that may have been or would be issued to prospective purchasers by the "authorities" of the subordinate to Turkey local administration in the occupied area, the so-called "Turkish Republic of Northern Cyprus", is of no legal validity whatsoever and in no way does it prejudice the rights of the true owners of such properties. The two landmark judgments of the European Court of Human Rights in the Loizidou vs. Turkey case, of 18 December 1996, and the Cyprus vs. Turkey case, of 10 May 2001, clearly set out that Greek Cypriot owners cannot be deemed to have lost their legal title to their properties as a result of the occupation and have always remained and will continue to remain the only true and lawful owners. More recently (6 April 2005) the European Court of Human Rights in the case of Greek Cypriot refugee Myra Xenides-Aresti, reaffirmed Turkey’s responsibilities for human rights violations in the occupied areas of the Republic of Cyprus. The Court once more reaffirms that the title deeds and the right of Greek Cypriot owners on their properties in occupied Cyprus have not been affected in any way, neither by the continuing Turkish occupation nor by any other measure the local, subordinate to Turkey, administration (so defined by the ECHR) may have taken. Furthermore, they fully expose the illegality of the expropriation of Greek Cypriot properties in the occupied area and the risks to anyone who is tempted to enter into illegal transactions, or may have already done so, regarding such properties. More specifically, purchasers run the risk of being sued at any time by the Greek Cypriot owners, before the Courts of the Republic of Cyprus, as indicated by the case of Mr. Meletios Apostolides, a displaced person from the occupied village of Lapithos. Mr. Apostolides filed a suit against a British couple, Mr. & Mrs. David and Linda Orams, for building a holiday home on land he was forced to abandon during the 1974 Turkish invasion, of which he, nevertheless, remains the legal owner. The Nicosia District Court on November 9, 2004, ruled that the Orams should: · demolish the house, · return the property to the rightful owner without further ado, · pay damages of £7654.83 and £294.41 a month, starting from December 2004, until the property is returned to Mr. Apostolides, plus court costs. As a result of a European Union Regulation by which National Court decisions in any one member state can be executed in the other member states, it is now possible, in case of non compliance with the Cyprus Court decision, for the Orams to be subject to arrest and their property assets in the UK to be subject to confiscation. Those considering buying property in the occupied part of Cyprus, should bear in mind that the accession of the Republic of Cyprus to the E.U. offers the possibility to lawful owners of property in the occupied territory, who continue to be prevented from enjoying their property rights, to seek redress and safeguard those rights through the European legal system. Moreover, those who choose to ignore the law run the risk to be arrested by the Police Authorities of the Republic of Cyprus and their property in their permanent residence to be confiscated.
The Positive Club "The difference between a successful person and others is not a lack of strength, not a lack of knowledge, but rather in a lack of will. " -- Vincent T. Lombardi "You don't have to change that much for it to make a great deal of difference. A few simple disciplines can have a major impact on how your life works out in the next 90 days, let alone in the next 12 months or the next 3 years. " --Jim Rohn Remember
that if you are a HPI member that the database is constantly
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sales, also use the news and members' forum.
If you are not already a member of Hot Property Investor and which to gain access to the huge searchable database then please click here: http://www.hotpropertyinvestor.com and hit the join button for a choice of subscription options. There are hundreds of auction houses listed, 1,000s of sales a week. Kind regards |
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