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Re: Buying a house (and renting)
Posted: Wed Feb 28, 2024 8:15 am
by Squinty
I did wonder about the 48k. If that's a year...holy strawberry float.
Needs to happen, but I also have some concern over how government will do it. They are incompetent as hell and never carry out big changes/projects well.
Re: Buying a house (and renting)
Posted: Wed Feb 28, 2024 8:20 am
by Grumpy David
Moggy wrote:poshrule_uk wrote:TBF I read that as he only has £48k in his pension as a whole. I imagine his other pensions are worth a hell of a lot more.
The Teachers' Pension Scheme is a DB (final salary) arrangement. Which means there is no "pot", it's a pension based on service and salary.
Isn't a value attributed to a DB pension in order to determine if the pension value (pot) exceeds the Pension Lifetime Allowance?
It's poor journalism to refer to a DB pension in that way rather than yearly amount received.
Re: Buying a house (and renting)
Posted: Wed Feb 28, 2024 8:30 am
by Moggy
Grumpy David wrote:Moggy wrote:poshrule_uk wrote:TBF I read that as he only has £48k in his pension as a whole. I imagine his other pensions are worth a hell of a lot more.
The Teachers' Pension Scheme is a DB (final salary) arrangement. Which means there is no "pot", it's a pension based on service and salary.
Isn't a value attributed to a DB pension in order to determine if the pension value (pot) exceeds the Pension Lifetime Allowance?
It's poor journalism to refer to a DB pension in that way rather than yearly amount received.
Not really, the LTA would be written as a percentage not as a pot like that. It's worked out by multiplying the pension by 20, but nobody would ever refer to their DB pension like that.
Even if he did, that'd mean his pension was worth £2.5k pa. Which would mean describing himself as a "retired maths teacher" is utter bollocks as for a pension that small, he'd have only been working as a teacher for a few years.
Re: Buying a house (and renting)
Posted: Wed Feb 28, 2024 9:55 am
by Oblomov Boblomov
It is jarring how every now and then Michael Gove will do something good, and have a way of actually making progress with things. Of course, you're never far away from being reminded actually what a total gooseberry fool he is.
Re: Buying a house (and renting)
Posted: Wed Feb 28, 2024 11:30 am
by Ecno
Grumpy David wrote:Moggy wrote:poshrule_uk wrote:TBF I read that as he only has £48k in his pension as a whole. I imagine his other pensions are worth a hell of a lot more.
The Teachers' Pension Scheme is a DB (final salary) arrangement. Which means there is no "pot", it's a pension based on service and salary.
Isn't a value attributed to a DB pension in order to determine if the pension value (pot) exceeds the Pension Lifetime Allowance?
It's poor journalism to refer to a DB pension in that way rather than yearly amount received.
You multiply the annual value by 25 for LTA. It was a strawberry floating scam cooked up by the public sector, it should be closer to 35.
It's why I'm a huge fan of getting rid of the LTA equalises the treatment much more fairly (among other reasons).
Edit: It was 20. We were absolutely hoodwinked by the PS.
Re: Buying a house (and renting)
Posted: Thu Feb 29, 2024 1:38 pm
by Tomous
Oblomov Boblomov wrote:It is jarring how every now and then Michael Gove will do something good, and have a way of actually making progress with things. Of course, you're never far away from being reminded actually what a total gooseberry fool he is.
Didn't take long
Re: Buying a house (and renting)
Posted: Thu Feb 29, 2024 2:51 pm
by Oblomov Boblomov
Tomous wrote:Oblomov Boblomov wrote:It is jarring how every now and then Michael Gove will do something good, and have a way of actually making progress with things. Of course, you're never far away from being reminded actually what a total gooseberry fool he is.
Didn't take long
Perfect
Re: Buying a house (and renting)
Posted: Thu Feb 29, 2024 3:27 pm
by Squinty
Put an offer in on a house. Now, the waiting game to see if she accepts.
Re: Buying a house (and renting)
Posted: Sat Mar 02, 2024 9:00 am
by Moggy
Towns within commuting distance of major cities have seen some of the biggest rent rises of the last three years, new research suggests.
The cost of new lets rose by more than a third in areas such as Bolton, Newport and Bradford between 2020 and 2023, property portal Zoopla said.
https://www.bbc.co.uk/news/business-68338400
Re: Buying a house (and renting)
Posted: Mon Mar 25, 2024 12:54 pm
by Squinty
Never been through the selling a house/buying a house thing before. I have a question.
How long is it reasonable to give someone at the top of our chain to find another house? It's coming up on four weeks and the lady we are buying from hasn't found anything yet.
I get that england might be a bit different from here in regards to this. I'm just curious really.
Re: Buying a house (and renting)
Posted: Mon Mar 25, 2024 3:05 pm
by Tomous
Four weeks isn't very long to find a house to be honest.
Re: Buying a house (and renting)
Posted: Mon Mar 25, 2024 3:49 pm
by Squinty
Tomous wrote:Four weeks isn't very long to find a house to be honest.
This is why I wanted to ask. We managed it in 3 weeks but we knew exactly what we wanted and we had enough money to broaden the scope out a bit.