Re: Stadium Developments : Thu Dec 22, 2011 12:57 pm  

Kosh wrote:

Have a think. Why is the act of taking your house away if you fail to keep up the repayments on your mortgage called repossession?

A house - or any other building - is legally owned by whoever has their name on the deeds and in the land registry. Simples.

That is so flawed.

You simply do not own your house outright which is the only real form of ownership until the debt is settled in full. Even with one payment left if you were to default the house would be repossessed and sold at auction for a price (theoretically) that covers the payment plus costs. In theory the BS can flog your £100,000 house for £500 if they wished. Though this is unlikely they will accept any auction price that meets the reserve which could leave you many thousands of pounds worse off.

How can you possibly own something that someone else can sell at a loss after as little as 8 weeks if you hit trouble.

Same applies to Saints. I fully agree they seem to have a very good deal and I honestly doubt Saints will ever look back if they are sensible. However they don't as a company or as individual own the club outright as suggested.

Re: Stadium Developments : Thu Dec 22, 2011 1:03 pm  

Doesn't that just make it collateral against a loan rather than the banks property?

You agree to pay them the loan back if not they seek alternate means to recoup the money, so they take what ever they can to secure their money back, I'm quite sure if you only had one payment left they'd probably just send the bailiffs around and take your TV and stereo or car rather than your house.

Re: Stadium Developments : Thu Dec 22, 2011 1:06 pm  

vastman wrote:

That is so flawed.

You simply do not own your house outright which is the only real form of ownership until the debt is settled in full. Even with one payment left if you were to default the house would be repossessed and sold at auction for a price (theoretically) that covers the payment plus costs. In theory the BS can flog your £100,000 house for £500 if they wished. Though this is unlikely they will accept any auction price that meets the reserve which could leave you many thousands of pounds worse off.

How can you possibly own something that someone else can sell at a loss after as little as 8 weeks if you hit trouble.

Same applies to Saints. I fully agree they seem to have a very good deal and I honestly doubt Saints will ever look back if they are sensible. However they don't as a company or as individual own the club outright as suggested.

That's a very large chip on your shoulder

Re: Stadium Developments : Thu Dec 22, 2011 2:08 pm  

Odem wrote:

Agreed.

My only problem with our stadium arrangement is not that we don't 'technically own the stadium. It is that we don't decide everything that goes on there like you can. We don't have a club shop, we can't use all the facilities at will. We can't have a proper club shop on the site. We don't get the money from the kiosks.

Anybody trying to make out we have some sort of better deal than saints in this case is deluded.

We recover from this through our rent being less than the running costs of a stadium.

Thank you , a very sensible repsonse , we both agree that Saints and Wigan have differing deals both clubs are happy with what they have , end of

And the thread decends back into nitpicking

Re: Stadium Developments : Thu Dec 22, 2011 5:11 pm  

Don't know why people are arguing with Vastman. He works in print design; he knows all about home ownership and mortgages.

Re: Stadium Developments : Thu Dec 22, 2011 5:53 pm  

vastman wrote:

That is so flawed.

You simply do not own your house outright which is the only real form of ownership until the debt is settled in full.

Even with one payment left if you were to default the house would be repossessed and sold at auction for a price (theoretically) that covers the payment plus costs. In theory the BS can flog your £100,000 house for £500 if they wished. Though this is unlikely they will accept any auction price that meets the reserve which could leave you many thousands of pounds worse off.

How can you possibly own something that someone else can sell at a loss after as little as 8 weeks if you hit trouble.

Same applies to Saints. I fully agree they seem to have a very good deal and I honestly doubt Saints will ever look back if they are sensible. However they don't as a company or as individual own the club outright as suggested.

Errr, no!

Saints own the Stadium, it is theirs and their alone, however, what they do have is LOAN secured on the property. If they default on the LOAN, then, and ONLY then, can the Bank/BS seek to get their money back. The same applies to you, me and anyone else who may have a loan secured on property be that a house, car or ancient artifact!

As has been pointed out - that's why it's called RE-possession.

Re: Stadium Developments : Thu Dec 22, 2011 10:35 pm  

Horatio Yed wrote:

Did someone trying buying the LSV to give to Leigh, are they not selling period or asking too much?

No , there was a rumour that an ' interested party ' had asked about buying the whole site including the stadium , but no mention of ' giving ' it to Leigh

Re: Stadium Developments : Fri Dec 23, 2011 7:45 am  

A shed load of pics from Salford's new ground posted by one of the users of the Salford forum... https://picasaweb.google.com/1018370713 ... JS22YqCOQ#

A shed load of pics from Salford's new ground posted by one of the users of the Salford forum... https://picasaweb.google.com/1018370713 ... JS22YqCOQ#

Re: Stadium Developments : Fri Dec 23, 2011 1:40 pm  

Iain wrote: A shed load of pics from Salford's new ground posted by one of the users of the Salford forum... https://picasaweb.google.com/1018370713 ... JS22YqCOQ# Well Iain , I'll hold my hand up and admit I was wrong , they managed it , just Are those players with the baby Bently from Sale

Iain wrote: A shed load of pics from Salford's new ground posted by one of the users of the Salford forum... https://picasaweb.google.com/1018370713 ... JS22YqCOQ# Well Iain , I'll hold my hand up and admit I was wrong , they managed it , just Are those players with the baby Bently from Sale

Re: Stadium Developments : Mon Dec 26, 2011 5:18 am  

Very positive all round.

Two new grounds for Saints and Salford, plus Widnes with decent facilities and continued development of some of the existing grounds.