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Post by westcountryfunder on Jul 6, 2018 14:15:52 GMT
To my amateur eye, this is is now looking worrying. There appears to be no security which FS can enforce, and we are reliant on a solicitor's undertaking which is only of any use if a sale of the flat can be achieved. 'Lots of interest' but no offers. Asking too much. There must be a price at which a sale can be achieved, unless there is something very wrong with the place.
What are these 'other options' which FS say are being investigated?
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r00lish67
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Post by r00lish67 on Jul 6, 2018 14:28:40 GMT
To my amateur eye, this is is now looking worrying. There appears to be no security which FS can enforce, and we are reliant on a solicitor's undertaking which is only of any use if a sale of the flat can be achieved. 'Lots of interest' but no offers. Asking too much. There must be a price at which a sale can be achieved, unless there is something very wrong with the place. What are these 'other options' which FS say are being investigated? It is a bit of an unusual one, this one. The borrower undertaking, point 6 states: "In the event of delay in the settlement and/or sale process the Borrower acknowledges that she shall be liable to the lender to continue to make payment under the loan agreement pursuant to the provisions contained therein for an extended period of the loan of up to 12 months from the date of commencement of the loan agreement which shall be the long stop date.It's not clear to me whether this 12 month period was also restarted once the loan renewed, but assuming it was then that period expired last February. However, as you say, what's not clear is what FS exactly can/will do about it now that it's expired, as no consequences were spelled out. They did a bit of posturing about 6 months ago about renewing etc, and then seem to have just let it gently slide into the twilight zone with all the rest.
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Post by westcountryfunder on Jul 6, 2018 16:39:03 GMT
When this loan started it was on 06/08/15, number 2931220568. We were told that a charge could not be taken over the property because it was in trust. Yet, at that time there was apparently an existing mortgage of £910k. So someone had, and presumably still has, a first charge. My knowledge of trust law is minimal, but I am unable to see why a second charge would be unavailable to FS, even at this late stage.
I wonder whether the 'reputable firm law firm' who we are told runs the trust fund just said to FS 'you can trust us, so let's keep it simple'. I just hope we FS suckers won't pay the price.
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adrian77
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Post by adrian77 on Jul 6, 2018 17:16:23 GMT
sorry FS don't believe a damn word - we have heard all this twaddle before - this loan is nearly 12 months late and the valuation is 3 years old - there is NO definitive sign of the money. I just don't understand why somebody coming into £2m needed to go to FS. Also I can't find this property on the sales market
Clearly something is very badly wrong here - maybe the trust is being disputed or maybe HMRC aren't very happy
The legal statement refers to ANY monies....
Agreed sounds yet another disaster to me but what do I know.
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song
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Post by song on Jul 6, 2018 17:50:48 GMT
Also |I can't find this property on the sales marke. Try Domus Nova W11
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adrian77
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Post by adrian77 on Jul 7, 2018 6:26:48 GMT
Have found a 3 bed flat in same street - I presume it is the same flat but it is £2.6m which seems cheap! This flat looks fantastic and is one the best parts of London so why hasn't it sold? I would wager there is a legal snaggette somewhere which ,at best, is blocking the sale I also agree why FS could, in theory, have taken a second charge or maybe the trust said "no"?
Far too many questions and not enough answers from FS
Also the term "reputable law firm" is an oxymoron in my book...
Yet another interesting one!
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Post by westcountryfunder on Jul 7, 2018 10:00:53 GMT
Have found a 3 bed flat in same street - I presume it is the same flat but it is £2.6m which seems cheap! This flat looks fantastic and is one the best parts of London so why hasn't it sold? I would wager there is a legal snaggette somewhere which ,at best, is blocking the sale I also agree why FS could, in theory, have taken a second charge or maybe the trust said "no"? Far too many questions and not enough answers from FS Also the term "reputable law firm" is an oxymoron in my book... Yet another interesting one! Go on, do buy it. You know you want to!
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adrian77
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Post by adrian77 on Jul 7, 2018 12:56:18 GMT
no problem all I need is a £2.6m loan now where can I find somebody who would be stupid enough to lend me that amount...
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Imothep
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Post by Imothep on Jul 8, 2018 9:48:54 GMT
Have found a 3 bed flat in same street - I presume it is the same flat but it is £2.6m which seems cheap! This flat looks fantastic and is one the best parts of London so why hasn't it sold? I would wager there is a legal snaggette somewhere which ,at best, is blocking the sale I also agree why FS could, in theory, have taken a second charge or maybe the trust said "no"? Far too many questions and not enough answers from FS Also the term "reputable law firm" is an oxymoron in my book... Yet another interesting one! Decent part of w11 , but not the best , multiple floor flats with small footprints are traditionally hard to sell in this area , and def not for 1800£ sq ft , and there are much better quality finished units on the market in the same area at better prices . Nothing will happen until it is is either priced properly and the summmer hols are finshed now ...
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adrian77
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Post by adrian77 on Jul 8, 2018 16:38:50 GMT
interesting reply thanks - like this forum as it enables people with specific knowledge (unlike FS) to comment. Surely you can't be saying the FS valuation of £3.1m is over-optimistic? And that is before the rip-off legal fees for managing and dissolving the trust...
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jo
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Post by jo on Jul 8, 2018 16:58:16 GMT
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Nomad
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Post by Nomad on Jul 8, 2018 17:13:06 GMT
They haven't posted anything here, other than loan announcements, for some months...
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jo
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Post by jo on Jul 9, 2018 7:40:57 GMT
They haven't posted anything here, other than loan announcements, for some months... I know, makes me feel better though.
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mjc
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Post by mjc on Jul 9, 2018 8:02:44 GMT
They haven't posted anything here, other than loan announcements, for some months... New loans posted: Like about 19 in April, 8 in May and ONE in June, with none in July. Have they dissed this forum, or are they miffed by our concerns at lack of chasing recalcitrant borrowers? Is FS singled out for more critical concern than any other platform?
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rogerthat
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Post by rogerthat on Jul 9, 2018 8:20:11 GMT
They haven't posted anything here, other than loan announcements, for some months... New loans posted: Like about 19 in April, 8 in May and ONE in June, with none in July. Have they dissed this forum, or are they miffed by our concerns at lack of chasing recalcitrant borrowers? Is FS singled out for more critical concern than any other platform?Who knows, who cares and if so, perhaps they ought to ask themselves why. Like all platforms, without investors, they are nothing..they don't exist..they cease to be...In fact they become an ex platform.
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