Not if they declare themselves bankrupt, and they can be released from bankruptcy after 12 months these days. This chucking in the keys happened quite a bit in the recession in the early eighties when house values dropped and mortgagees found themselves out of a job and in negative equity.
But what's market value? A house on our road for sale for £115k for a long time and another sold for £35k less recently.
There may be, but there are also plenty of houses built for the lower middl= e class and up, which are not rubbish. If I were unlucky enough to have to rebuild I would certainly not want to k= eep the Victorian standards of insulation, but there's not much else I'd wa= nt to change - rooms with reasonably high ceilings, doors made from solid w= ood rather than hardboard, timber windows rather than unattractive UPVC, pl= us the various design features like cornices and so on. All of those things= would mean it would cost considerably more than a new build of the same no= minal number of bedrooms. I'm sure that the cost of removing rubble and so on that had fallen into th= e cellar would also not be negligible...
Not necessarily: most of the cost of a house is in the labour. Using better materials doesn't bump the price up that much.
I'm sure that the cost
Though putting in a Victorian style cornice bumps up a labour by a significant amount
tim
dle class and up, which are not rubbish.
keep the Victorian standards of insulation, but there's not much else I'd = want to change - rooms with reasonably high ceilings, doors made from solid= wood rather than hardboard, timber windows rather than unattractive UPVC, = plus the various design features like cornices and so on. All of those thin= gs would mean it would cost considerably more than a new build of the same = nominal number of bedrooms.
the cellar would also not be negligible...
Victorian kitchen and laundry? Plumbing? Heating?
iddle class and up, which are not rubbish.
to keep the Victorian standards of insulation, but there's not much else I'= d want to change - rooms with reasonably high ceilings, doors made from sol= id wood rather than hardboard, timber windows rather than unattractive UPVC= , plus the various design features like cornices and so on. All of those th= ings would mean it would cost considerably more than a new build of the sam= e nominal number of bedrooms.
o the cellar would also not be negligible...
I'm thinking in terms of reinstatement of what's there now, not trying to r= eturn to what was originally built - so most of those have been substantial= ly modified. I'm not interested in going back to gas light...
middle class and up, which are not rubbish.
t to keep the Victorian standards of insulation, but there's not much else = I'd want to change - rooms with reasonably high ceilings, doors made from s= olid wood rather than hardboard, timber windows rather than unattractive UP= VC, plus the various design features like cornices and so on. All of those = things would mean it would cost considerably more than a new build of the s= ame nominal number of bedrooms.
nto the cellar would also not be negligible...
return to what was originally built - so most of those have been substanti= ally modified. I'm not interested in going back to gas light...
Most Victorian features can still be obtained at a price. Even if a house collapses the fancy brickwork can often be recovered.
Plasterwork and joinery might be a problem but there are firms specialise in the fancy freizes etc. Costly.
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