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Post by mrclondon on Feb 5, 2019 20:59:23 GMT
The report on title document issued supposedly by some independent third party states the tenure is freehold .... search on the stated title number on the LR website and you retrieve the LEASEHOLD record (which correlates to the leasehold details provided by Proplend / the VR). The report on title document (para 3) states the third party has read the valuation and there is no discrepancy between that and their own searches. (Not worth the paper its written on, although to be fair it does talk about the leasehold towards the end of the document.)
It is vital that lenders conduct their own detaled due dilligence on all loans offered by p2p platforms. Mis-representation is all too frequent.
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hantsowl
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Post by hantsowl on Feb 5, 2019 21:32:08 GMT
The report on title document issued supposedly by some independent third party states the tenure is freehold .... search on the stated title number on the LR website and you retrieve the LEASEHOLD record (which correlates to the leasehold details provided by Proplend / the VR). The report on title document (para 3) states the third party has read the valuation and there is no discrepancy between that and their own searches. (Not worth the paper its written on, although to be fair it does talk about the leasehold towards the end of the document.)
It is vital that lenders conduct their own detaled due dilligence on all loans offered by p2p platforms. Mis-representation is all too frequent.
Notify proplend for comment.
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lobster
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Post by lobster on Feb 6, 2019 8:10:01 GMT
The report on title document issued supposedly by some independent third party states the tenure is freehold .... search on the stated title number on the LR website and you retrieve the LEASEHOLD record (which correlates to the leasehold details provided by Proplend / the VR). The report on title document (para 3) states the third party has read the valuation and there is no discrepancy between that and their own searches. (Not worth the paper its written on, although to be fair it does talk about the leasehold towards the end of the document.)
It is vital that lenders conduct their own detaled due dilligence on all loans offered by p2p platforms. Mis-representation is all too frequent.
Apologies if I'm being a bit slow here, but how do you actually access the "report on title" document ? I see where it says it can be "viewed under documents" - but for some reason I just can't find the document ! Thanks
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liso
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Post by liso on Feb 6, 2019 8:30:47 GMT
The document appears to have been removed from the site.
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lobster
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Post by lobster on Feb 6, 2019 8:33:42 GMT
The document appears to have been removed! Yes - that thought has just occurred to me. Could well be that Proplend have pulled the (duff ?) document in response to mrclondon original post
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Post by alexp2p on Feb 6, 2019 8:40:06 GMT
And what does this means in your opinion for an investment - the behaviour from Proplend with removing a document? Sensible or not sensible?
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lobster
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Post by lobster on Feb 6, 2019 8:52:10 GMT
And what does this means in your opinion for an investment - the behaviour from Proplend with removing a document? Sensible or not sensible? Well I can understand why they would remove an erroneous document. However it would have been helpful if they had put some indication , displayed prominently on the loan details, to say that they were updating the document. Perhaps a quick response here too. OK , not ideal, but hey - I've seen a lot worse in my time and it's a first offence (to my knowledge) so this little episode wouldn't , in itself, put me off investing.
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Post by proplend on Feb 6, 2019 8:55:18 GMT
Apologies - this was simply a case of an error on a third party document that needed to be corrected. More important not to have an incorrect document available.
Thank you for pointing it out - it's has been corrected and is back live. Richard
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Post by alexp2p on Feb 6, 2019 9:08:22 GMT
The borrower has a long leasehold and not a freehold. How easy is it possible to enforce a first charge in such a case? Any legal difficulties?
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Post by proplend on Feb 6, 2019 9:17:59 GMT
The borrower has a long leasehold and not a freehold. How easy is it possible to enforce a first charge in such a case? Any legal difficulties? Good morning alexp2p. There is no difference in the enforcement of a long leasehold vs a freehold. Richard
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hantsowl
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Post by hantsowl on Feb 6, 2019 12:07:49 GMT
I notice that tranche B of this loan had £52500 available. With £1000 minimum bid, how is the remaining £500 handled? Is is possible in these cases to bid for the £500 or does the last bid of £1000 simply get allocated to it? With my ISA fully subscribed this year and interest creeping above the £500 mark it would be useful to bid for the odd £500 rather than waiting a few months for paid interest to creep up to £1000. proplend
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IFISAcava
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Post by IFISAcava on Feb 6, 2019 12:10:27 GMT
I notice that tranche B of this loan had £52500 available. With £1000 minimum bid, how is the remaining £500 handled? Is is possible in these cases to bid for the £500 or does the last bid of £1000 simply get allocated to it? With my ISA fully subscribed this year and interest creeping above the £500 mark it would be useful to bid for the odd £500 rather than waiting a few months for paid interest to creep up to £1000. proplend there was one time where there was still £500 left in a loan and the minimum bid was £1000 so no one could buy it. Not sure how it works out - I suspect from experience where I have bid eg £2000 but get an email later in the day that there were overbids at the end and I can only have £1000 that they will do similar for the last £500. But would be good to get clarification from PL.
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IFISAcava
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Post by IFISAcava on Feb 6, 2019 12:14:44 GMT
ps proplend - the statement page on the website is not working properly - all garbled
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rs
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Post by rs on Feb 6, 2019 12:26:55 GMT
ps proplend - the statement page on the website is not working properly - all garbled The statement web page is all garbled but download the csv file which works perfectly fine.
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Post by proplend on Feb 6, 2019 13:29:11 GMT
ps proplend - the statement page on the website is not working properly - all garbled The statement web page is all garbled but download the csv file which works perfectly fine. Hopefully you should see this resolved now - any issues please contact us directly. Richard
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