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Post by mrclondon on Jun 24, 2015 20:12:42 GMT
My first reaction when I saw the email was that £40k for 2 secure underground parking places in Fulham sounds like a bargain. (Don't laugh, please  - they can easily go for £100k plus EACH ). Fulham is SW6, and this search of a popular London estate agent throws up four results: www.foxtons.co.uk/search?submit_type=search&per_page=20&order_by=price_asc&prop_type=parking&keyword_value=sw6&keyword_type=postcodeDoes the photo on the first three look familiar ? The £40k is for a double parking place so could be our target, the £20k is a single. So far so good. BUT if you follow the link for the £30k one there is some additional text "Must own flat in building" - this is the norm for parking places in residential buildings, after all you wouldn't want to live in a building that any Tom,Dick or Harriet was able to rummage around in the underground car park. So my take on this is £40k for two parking places is a bargain simply because the target purchasers are limited to the occupiers of the flats in the building. And trust me, most people in such buildings in London simply don't want cars. So could be slow to sell if disposal was required. For a wider view of London parking places try this link www.foxtons.co.uk/search?submit_type=search&per_page=50&order_by=price_desc&prop_type=parkingand wonder at £480,000 for 2 parking places !!!
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Post by fundingsecure on Jun 24, 2015 21:32:43 GMT
mrc - just a quick note to respond to your comments.
You are correct that some of the parking spaces have restricted covenants or leases limiting their sale to existing tenants.
The title deeds for the two separate parking spaces over which we have a first charge do not have any such restriction. Neither of these are currently listed for sale.
HTH
FundingSecure
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Post by profunder on Apr 14, 2016 20:54:12 GMT
It will need a miracle for this one to be resolved quickly as the parking places can only be utilised by occupiers of the building above the car park. The building is in inner London, where many residents don't have cars.
Did FS state the spaces could only be used by residents? If true then these parking spaces will be worth less than the £20k valuation?  Not always true, plenty of these empty buildings have empty spaces, but parking exchanges for value. However I only have limited information and I fear the restrictions may be the owner must own property in the building. We would need to check the restrictions on title - occupation restriction is not so bad vs ownership restrictions. A lot of people want two spaces even if not used, so the additional reserved spaces may increase their flat value. However if there are already two spaces per flat, these will be tough to flog. has anyone worked out the location and/or title details?
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Post by mrclondon on Apr 14, 2016 20:55:34 GMT
"London Parking Spaces" has defaulted with an LPA receiver appointed. It will need a miracle for this one to be resolved quickly as the parking places can only be utilised by occupiers of the building above the car park. The building is in inner London, where many residents don't have cars.
Did FS state the spaces could only be used by residents? If true then these parking spaces will be worth less than the £20k valuation?
FS said they could be sold to non-residents - see 2nd post in this thread
£20k is a typical price for a residents only parking space, £50k+ for a totally unrestricted one .... so I concluded that these can be owned by non-residents but only used by residents. (Other internet research I did at the time tended to support that view, but I accept I may be wrong)
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Post by bracknellboy on Apr 14, 2016 21:16:28 GMT
Oh B**********s. I have only small amount in FS and am rarely logging in. But London Parking Spaces is one of my loans. And not completely insubstantial amount. Does FS send out emails when a loan has gone pear shaped ? I don't recall seeing anything.
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SteveT
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Post by SteveT on Apr 14, 2016 21:34:52 GMT
Oh B**********s. I have only small amount in FS and am rarely logging in. But London Parking Spaces is one of my loans. And not completely insubstantial amount. Does FS send out emails when a loan has gone pear shaped ? I don't recall seeing anything. No, there are no automatic emails sent out when FS add updates to overdue loans, but they clearly have the capability to do so as I do receive occasional "FundingSecure Loan Update" emails when they wish to communicate something pro-actively. The most recent was yesterday, concerning the cancellation and re-listing of the "Mixed Use Property - Bristol" loan, and was prefaced with "An update has just been added to a loan that you have an investment in."
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Post by mrclondon on Apr 15, 2016 11:07:26 GMT
I've moved the recent posts discussing this into the original thread.
It is interesting to note that 9 months after my original post on this thread, it appears from the first link I provided the double parking place at £40k is still for sale. Currently two singles at £20k for sale, one flashed offer accepted (or equivalent wording); both singles restricted to building residents.
profunder , I seem to remember reading a couple of years ago that actual demand for resident parking places in inner London apartment blocks is 1 parking space per 5 apartments, when talking of bog-standard 2 bed apartments in the £500k-£750k range. When I was looking at properties 12 years ago (as an out of towner) I was astounded to see vast largely empty parking under each building, but in reality I only use my car once a month on average. I know of one block going up near me that has no parking spaces, and indeed a restrictive covenant in the deeds to prevent the overnight parking of a car owned by the resident in the London Borough entirely. The demand is for parking spaces that can be used during office hours by out of towners, and hence residents only parking spaces are of no use.
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Post by Financial Thing on Apr 15, 2016 11:14:12 GMT
I seem to remember reading a couple of years ago that actual demand for resident parking places in inner London apartment blocks is 1 parking space per 5 apartments, when talking of bog-standard 2 bed apartments in the £500k-£750k range. When I was looking at properties 12 years ago (as an out of towner) I was astounded to see vast largely empty parking under each building, but in reality I only use my car once a month on average. I know of one block going up near me that has no parking spaces, and indeed a restrictive covenant in the deeds to prevent the overnight parking of a car owned by the resident in the London Borough entirely. The demand is for parking spaces than can be used during office hours by out of towners, and hence residents only parking spaces are of no use.
Seems like the parking spaces will be a loss then
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Post by bracknellboy on Apr 15, 2016 11:38:24 GMT
If there are restrictive convenants in place with regard to who can use, and this is not covered in the valuation (which it might be) then FS response on this thread of 24th June would seem to have been perhaps a trifle on the side of 'not the full picture'.
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sqh
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Post by sqh on Apr 15, 2016 23:26:41 GMT
There are 3 bed apartments in this development, each with only one allocated parking space, and a price tag of £1.4m. Weekly rent is £740 with one parking space. It would be very useful to have an extra parking space.
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pom
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Post by pom on Jun 13, 2016 13:10:20 GMT
So am I the only person starting to wonder from the (not very helpful) updates why it is that if there were no restrictive covenants in place its taking so long to work out what to do with them and they're having to consult with the building landlord?
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pom
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Post by pom on Jul 16, 2016 8:50:11 GMT
So after no news for a month (and before I posted I tried their online chat who claimed no knowledge at all of this loan....and sent an email asking about it which was NEVER replied to) finally an update that does at least tell us in a roundabout way that they ARE on the market...
Edit - interestingly having looked on rightmove they appear to be marketing them as a double space....which seems a bit weird when they treated them separately when valuing etc - can't help wondering if that would limit interest - can see why someone would want an extra spot, but 2 extra seems a bit of a stretch
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sqh
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Post by sqh on Feb 22, 2017 14:34:06 GMT
After 609 days the Parking Spaces have been sold, but the receivers and agents are the only winners. Thankfully, FS have covered lender capital losses.
It seems 50% LTV isn't low enough on small loans when a receiver is involved.
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pom
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Post by pom on Feb 22, 2017 14:58:29 GMT
After 609 days the Parking Spaces have been sold, but the receivers and agents are the only winners. Thankfully, FS have covered lender capital losses. It seems 50% LTV isn't low enough on small loans when a receiver is involved. Wow - thanks for posting about this seeing as they don't appear to be in any rush to notify us directly. I'm kinda not entirely surprised - it occurred to me sometime after jumping in that a couple of estate agent letters saying we reckon we could sell them for this wasn't exactly a quality valuation....I like to think I wouldn't have invested had it been further on in my p2p career. Well I wouldn't have as I stopped investing with FS soon after  Ah well, very glad it's all over and I don't have to check up on them any more
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fp
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Post by fp on Feb 25, 2017 20:40:15 GMT
A pat on the back for fundingsecure for covering lender capital losses is in order I think. |
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- they can easily go for £100k plus EACH ).
