pip
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Post by pip on Jan 17, 2020 14:09:13 GMT
Think this chat about buy to let investing in Scotland is better suited to the chat about anything else section of the forum .
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Godanubis
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Anubis is known as the god of death and is the oldest and most popular of ancient Egyptian deities.
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Post by Godanubis on Jan 17, 2020 15:15:06 GMT
Think this chat about buy to let investing in Scotland is better suited to the chat about anything else section of the forum . Well actually Ladybank on FS is probably the best investmen FS made
Like most areas of the country there are oppertunities to by cheap for those that have cash funds. and don't mind unpopular locations even here Port Glasgow has £5000 flats you pays your money you take your chance.
Personally even at those prices I can't be bothered with hassle.
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Godanubis
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Post by Godanubis on Jan 17, 2020 15:20:33 GMT
Better put £140000 here you get 4 2 bedroom flats and a House with >£1200 PM income linkAnd how much per month in outgoings for repairs and renewals? Let's just say they are not luxury flats and area more like Sarajevo than Salsbury. There are no great expectations by tennants other than livable accomdation they can afford. These type of properties are half the normal rent for similar sized properties for a reason
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mikes1531
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Post by mikes1531 on Jan 20, 2020 18:44:27 GMT
Right of access is for inspection not multiple viewers. All properties for sale must have Home Report in Scotland it highlights any major problems and gives indicative value/rent Wouldn't the right of access for inspection allow the agent to take photos of the interior that they could post with the listing to give potential buyers an idea of the property condition? The fact that there are none suggests to me that any interior photos would be rather depressing to potential buyers and prices.
Any why aren't there even any exterior photos? Surely you don't need access permission to take a picture of the building! Or is the neighbourhood so intimidating that you're risking your life just going there?
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adrian77
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Post by adrian77 on Jan 20, 2020 21:30:40 GMT
to be honest I would be concerned as to whether any of these properties were used for less than honest cottage industries...one of my tenanted properties is for sale - granted not in Scotland but viewings are not a problem - if these houses are such as cash cow then why is the owner selling them...
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Godanubis
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Post by Godanubis on Jan 21, 2020 2:24:00 GMT
Right of access is for inspection not multiple viewers. All properties for sale must have Home Report in Scotland it highlights any major problems and gives indicative value/rent Wouldn't the right of access for inspection allow the agent to take photos of the interior that they could post with the listing to give potential buyers an idea of the property condition? The fact that there are none suggests to me that any interior photos would be rather depressing to potential buyers and prices.
Any why aren't there even any exterior photos? Surely you don't need access permission to take a picture of the building! Or is the neighbourhood so intimidating that you're risking your life just going there?
I live just along the road from these external photos are on internet as all address a given. I have seen a few the are basic but liveable. The whole area is due for refurbishment the Scottish government is spending a fortune upgrading all property in lots of areas There are 10’s of thousands £ added to house values after renovation and no cost to owners. The flats in the ares will probably be compulsory purchased and demolished as all high rise in the town have been. These are replaced with lovely housing association property. The same goes for Port Glasgow where rents are £8000 . There is massive investment in upgrading houses in Scotland with grants for free boilers and insulation non means tested. Something SNP are actually doing well. Example before link. After renovation link
Example sale £10000 link. This was 28% yield with sitting tenant. The price of a 10 day cruise for a couple Sell the house here at 2004 price and buy 50 of these flats and make £150000 a year At least. (If only)
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adrian77
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Post by adrian77 on May 31, 2020 13:52:45 GMT
To return to the topic of this thread - just been through my zombie loan book to see where we are on this one
According to FS "The property will form part of the new Wirral Waterfront regeneration scheme" - I think tis is very misleading as it is not on the waterfront but it has favourable pre-planning and is 1 acre however it was valued at £1.8m
And now I read
if I did not know FS better I would say this waa a typing error - are they having a laugh or what because this is not funny!
Have looked at the excellent mrc DD and this appears not a millon miles what this was bought for! Did FS do any DD at all - and 3 guesses for who the valuers were - clue - think about a HB pencil! After fees etc I can foresee a 90% capital loss - well done FS - good job you are property experts !
If possible can we have an update - I thank you - stay healthy all
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Post by overthehill on May 31, 2020 16:09:26 GMT
If you can't make a compensation case here then you never will. The valuation basis was a comparison with 3 recent property sales in LIVERPOOL on the other side of the mersey, L1, L3 and L8 all with planning permission. This property only had favourable pre-planning
They couldn't find one similar past sale in the whole of the Wirral???
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adrian77
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Post by adrian77 on May 31, 2020 17:02:28 GMT
Totally agree the valuers should be sued as this valuation is grossly unrealistic in my book. However I wonder if it will get anywhere - the report is 4 years old now and I guess they could cry "Brexit/Covid19" also they do state and on the assumption of the proposed planning being granted, FS have used the £1.8m figure and and personally I think this was highly misleading if not deceptive as surely there was ans still is no planning permission! Not exactty comparing like with like is it!
I hope we can sue the valuers for gross incompetence and also FS for deception As I said hopefully we will soon get an update on this one...
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rogerthat
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Post by rogerthat on Jun 9, 2020 9:53:17 GMT
UPDATE:
The Administrators are seeking professional advice in relation to pursuing alternative avenues of recovery of the shortfall. In this instance solicitors have been instructed to consider whether the pre lend valuation was flawed and the Administrators are looking to enforce the personal guarantee. We will provide a further update in due course.
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ilmoro
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Post by ilmoro on Nov 18, 2020 14:05:03 GMT
Guessing slightly but there is £110,668 sat in the suspense account pending a challenge by the borrower (same as tower block) to the receiver appointment. Im guessing that the funds relate to this loan.
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rogerthat
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Post by rogerthat on Mar 24, 2021 15:58:18 GMT
Theres an email in on this...just rubbing my eyes in disbelief 31.4% recovery FS Fees almost £45K Total recoveries £445,350.00Investors return £282,219.04
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adrian77
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Post by adrian77 on Mar 24, 2021 18:00:34 GMT
I was in this one- so the "travellers" (not the first term I would use) left 160 tonnes of rubbish I guess suing them is out of the question - don't get me started! How the hell did they manage that?
At least it was insured but what a total horlicks. From what I recall this was valued at £1.8m and it sold for how bloody much (£400k) So FS totally screw-up with our money and they insult us by charging around 10% of the recovered money I really hope the judge dealing with this stops this farce
Here's what I wrote in my mega list
what does that prove - 2 things 1) I am an idiot for believing FS 2) we have all been had - also I am sure we were not told this bloke had other FS loans
Do I believe this chap ever intended to do anything than default - answers on a digital postcard
I need a drink - time for The Chase!
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sundown
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Post by sundown on Mar 25, 2021 11:25:37 GMT
Guessing slightly but there is £110,668 sat in the suspense account pending a challenge by the borrower (same as tower block) to the receiver appointment. Im guessing that the funds relate to this loan. Do you know for sure that the funds in the suspense account are for this loan, or if not what loan they relate to? The £110,668 has sat in the suspense account since at least April 2020, and the funds from the sale of the tower block since at least September 2020. A report from the solicitor promised on 30 September is still to materialise so it's high time we had an update on this.
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ilmoro
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Post by ilmoro on Mar 25, 2021 13:12:53 GMT
Guessing slightly but there is £110,668 sat in the suspense account pending a challenge by the borrower (same as tower block) to the receiver appointment. Im guessing that the funds relate to this loan. Do you know for sure that the funds in the suspense account are for this loan, or if not what loan they relate to? The £110,668 has sat in the suspense account since at least April 2020, and the funds from the sale of the tower block since at least September 2020. A report from the solicitor promised on 30 September is still to materialise so it's high time we had an update on this. No. They related to a C**** **3 which is a dissolved company FS never appear to have lent money. So then we are left guessing which loan it relates to. I dont remember why I picked this one but probably the wrong one now. Suspense account in April held undefined £114k.
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