Wanting to buy canal boat

[Traveller]

On 20/04/2017 at 07:54, mark99 said:

If your mortgage is paid off soon does that mean you have spent 25 years accruing an appreciating asset only to then sell it off any buy a fast depreciating high maintenance stress ridden asset?

If it depreciates, which it does, I would not call it an asset, not in the financial sense anyway.

[john6767]

On 4/20/2017 at 13:01, Athy said:

You didn't find them unpalletable, then?

 

We bought, in about 2000, a house in Heanor which had been in the same ownership for some 20 or more years. When our solicitor got to work, she reported that the house was not on the land registry. It took a little time, but she did sort things out. She never suggested disposing of the deeds, but I suppose they weren't yet on computer back then.

We bought our current house back in 2002, and it was paper based then.  I moved the mortgage about 3 years later when the cheap deal on the initial one ran out, and had the paper deeds returned to me then, as they were no longer needed.  So my guess would be it changed somewhere between 2002 and 2005.

[cuthound]

We bought our house in 2014.

The solicitor gave me a big bundle of deeds and said I could do what I liked with them as the official records are now online with the Land Registry.

[ditchcrawler]

2 hours ago, jonathanA said:

Not sure you get deeds anymore I sold a house we owned outright a couple of years ago and when I reclaimed the deeds from my solicitor he commented they would probably be destroyed as the land registry were going electronic ? 

Fascinating documents -  those were about 150 years old. Wish I'd made copies of them but only had them for few hours 

When we had a mortgage the bank held the deeds and when it was paid off we got them back. A few years ago we decided to make life easier when we needed to move we would register everything as it should be these days with the Land registry via the solicitor who was doing our wills. We got everything back

 

[WotEver]

We hold the deeds to a grave

[Richard10002]

6 hours ago, jonathanA said:

Not sure you get deeds anymore I sold a house we owned outright a couple of years ago and when I reclaimed the deeds from my solicitor he commented they would probably be destroyed as the land registry were going electronic ? 

Fascinating documents -  those were about 150 years old. Wish I'd made copies of them but only had them for few hours 

Our solicitor told us to keep the deeds, as there is probably something in them that some nitpicking solicitor acting for a future buyer will want to know, and which isn't available anywhere else?

as an estate agent, I know that she is right, and our deeds are going nowhere!

 

[MtB]

On 24/04/2017 at 14:38, Traveller said:

If it depreciates, which it does, I would not call it an asset, not in the financial sense anyway.

Most business assets depreciate.

Assets are capital expenses eg plant, machinery, vehicles etc which are expected to last years before depreciating to zero. As opposed to revenue expenses like wages, fuel, stationery etc.

[MtB]

On 24/04/2017 at 14:59, john6767 said:

We bought our current house back in 2002, and it was paper based then.  I moved the mortgage about 3 years later when the cheap deal on the initial one ran out, and had the paper deeds returned to me then, as they were no longer needed.  So my guess would be it changed somewhere between 2002 and 2005.

 

The current Land Registry was established in 1925. Implementation was incremental, finally being completed in 1998.

https://en.wikipedia.org/wiki/Land_registration#England_and_Wales

[john6767]

2 minutes ago, Mike the Boilerman said:

 

The current Land Registry was established in 1925. Implementation was incremental, finally being completed in 1998.

https://en.wikipedia.org/wiki/Land_registration#England_and_Wales

Doesn't say when the documentation all went electronic though, which is what was being discussed.

[ditchcrawler]

21 minutes ago, Mike the Boilerman said:

 

The current Land Registry was established in 1925. Implementation was incremental, finally being completed in 1998.

https://en.wikipedia.org/wiki/Land_registration#England_and_Wales

I think it only happens when the owner has it registered or the property changes hands. we did ours about 6 years ago so 2010 ish

[MtB]

On 24/04/2017 at 22:41, john6767 said:

Doesn't say when the documentation all went electronic though, which is what was being discussed.

I thought we were discussing when the set of deeds ceased to be definitive proof of ownership, this function being taken over by an entry in the Land Registry.

 

On 24/04/2017 at 22:59, ditchcrawler said:

I think it only happens when the owner has it registered or the property changes hands. we did ours about 6 years ago so 2010 ish

True then, and still is. The point being that until 1998 there were parts of the country where registration with the LR on change of ownership remained optional. In 1998 it finally became mandatory country wide. There is still plenty of property about not registered with the LR, because it has yet to change ownership since LR registration became mandatory in the area.

[mark99]

9 hours ago, Mike the Boilerman said:

Most business assets depreciate.

Assets are capital expenses eg plant, machinery, vehicles etc which are expected to last years before depreciating to zero. As opposed to revenue expenses like wages, fuel, stationery etc.

 

Our engineering assets in my business depreciate 5% every year via our accountant. Constantly adding more at one end and depreciating the existing at the other. We could have bought a Hudson last year with the deprec. cost. 

Edited April 25, 2017 by mark99

[Sea Dog]

4 hours ago, Mike the Boilerman said:

I thought we were discussing when the set of deeds ceased to be definitive proof of ownership, this function being taken over by an entry in the Land Registry

No, we were discussing Sharon wanting to buy a boat, but it was a while back...

[Traveller]

11 hours ago, Mike the Boilerman said:

Most business assets depreciate.

Assets are capital expenses eg plant, machinery, vehicles etc which are expected to last years before depreciating to zero. As opposed to revenue expenses like wages, fuel, stationery etc.

Looking at it that way fine. I was looking at the concept of owning a house versus a boat in the context of the OP. Maybe, I should have included the word "appreciating" in front of asset.

[Alan de Enfield]

12 hours ago, Mike the Boilerman said:

Most business assets depreciate.

One of our business assets was 'land', our accountants insisted that we depreciated this asset every year, whilst in 'reality' it tripled in value in 10 years.

Book-keeping can be made to show whatever you want it to show.

It is financially 'convenient' to under value your assets