fogey
Posts: 171
Likes: 104
|
Post by fogey on Apr 25, 2017 2:25:28 GMT
Looks like the back of beyond to me ...
|
|
|
Post by Deleted on Apr 25, 2017 9:26:58 GMT
Well it is in the dark spaces south of Watford, so yes
|
|
fogey
Posts: 171
Likes: 104
|
Post by fogey on Apr 25, 2017 14:45:04 GMT
location location location ... wonder how that will be described when the estate agents manage to find it ..
|
|
slush
Member of DD Central
Here to learn. Please be gentle.
Posts: 79
Likes: 38
|
Post by slush on Apr 25, 2017 17:25:51 GMT
location location location ... wonder how that will be described when the estate agents manage to find it .. Perhaps as handy for the school?
|
|
fogey
Posts: 171
Likes: 104
|
Post by fogey on Apr 27, 2017 19:19:37 GMT
I was thinking more along the lines of " in a very secluded position nestling within the bosom of 14 surrounding properties "
|
|
|
Post by rollercoaster on Jun 27, 2017 12:08:05 GMT
I was looking at this, troubling is my summary. Location is poor. A mile from the station, not in the good school catchment areas. 12 neighbours, some are council houses, a few have sales history so are privately owned. One has sofas and broken scooters in the front garden.
The approved planning took 3 attempts. The development will have small bedrooms, low ceiling heights and a tiny sunken garden in shade. The gardens are overlooked and surrounded. A right of access down the drive to a neighbour's garage.
So the money. Property sale 1.35 million. Clearance, excavations, build costs to a 'premium' finish must be 400k. Getting builders in London is hard.
Finance costs, Sales and tax costs add up. A look at the available properties at the 2 million price point shows more conventional homes in better locations.
So the is the bet here purely on property values increasing?
|
|
hazellend
Member of DD Central
Posts: 2,361
Likes: 2,179
|
Post by hazellend on Jun 27, 2017 18:11:09 GMT
I was looking at this, troubling is my summary. Location is poor. A mile from the station, not in the good school catchment areas. 12 neighbours, some are council houses, a few have sales history so are privately owned. One has sofas and broken scooters in the front garden. The approved planning took 3 attempts. The development will have small bedrooms, low ceiling heights and a tiny sunken garden in shade. The gardens are overlooked and surrounded. A right of access down the drive to a neighbour's garage. So the money. Property sale 1.35 million. Clearance, excavations, build costs to a 'premium' finish must be 400k. Getting builders in London is hard. Finance costs, Sales and tax costs add up. A look at the available properties at the 2 million price point shows more conventional homes in better locations. So the is the bet here purely on property values increasing? I think the bet was to change the planning permission for more units rather than one big house, but if that fails, build the big house anyway and make some profit. The guy behind it seems to know a thing or two about property, so I've put my usual 1 unit of P2P investment chunk into it.
|
|
|
Post by rollercoaster on Jun 27, 2017 21:47:59 GMT
My last bit of DD means I'm out.
From planning docs:
The gross internal area of the new house will be:
Basement: 63.2sq.m.
Ground Floor: 174.9sq.m.
First Floor: 86.0sq.m.
Total: 324.1sq.m.
so 3500 sq ft. Not the "planning for a 4,500 sq ft house" referred to on MT and the VR. The VR values on sq foot so is approx 22% overvalued.
Planning docs online: <link identifying secured asset redacted>
|
|
ozboy
Member of DD Central
Mine's a Large One! (Snigger, snigger .......)
Posts: 3,156
Likes: 4,830
|
Post by ozboy on Jun 27, 2017 22:02:01 GMT
Nice work rollercoaster, Thank You, you are to be commended Sir! VRs eh? They're hardly ever wrong.
|
|
|
Post by mrclondon on Aug 1, 2017 12:09:09 GMT
I had a quick look at the plot yesterday afternoon as I was nearby. A temporary metal fence has been positioned across the entrance to the main part of the plot at the end of the access lane. The plot still contains the garages, and a single car with a flat tyre. (The blue and yellow notices on the garages relate to the previous use as council owned parking). The immediate impression is that it really is quite a small plot, and the access lane is pretty uninspiring (to put it mildly). As mentioned earlier, one of the adjoining properties has built a garage at the back of their property accessed via the same lane that is now owned by our borrower.
|
|
m2btj
Member of DD Central
Posts: 626
Likes: 749
|
Post by m2btj on Aug 1, 2017 12:27:45 GMT
I wonder in that motor will increase the value of the site on any new VR?
|
|
|
Post by mrclondon on Aug 1, 2017 14:18:54 GMT
Just spotted an update was added to the loan (on the new update tab) at the weekend: "The borrower is just finalising the costs for building one house which they should have by the end of next week. They have considered building more than one house on the plot, however the additional time that this would take has led them to stick to one house. They anticipate starting the building works mid to late August with a view to sell off-plan."I was intending buying into this loan once the planning had been amended to a multiple property scheme. However, since my opinion remains unchanged from my post back in March that the suggested GDV for a single property seems "ambitious" for that particular plot, I remain firmly out.
|
|
liso
Member of DD Central
Posts: 389
Likes: 394
|
Post by liso on Aug 1, 2017 14:33:52 GMT
Couldn't agree more. And your photos of the plot - thank you Mr C - only reinforce my decision.
|
|
|
Post by rollercoaster on Aug 2, 2017 16:20:59 GMT
No correction on the loan details and valuation then? Hmm, when does this cross the line to willful misrepresentation?
|
|
liso
Member of DD Central
Posts: 389
Likes: 394
|
Post by liso on Aug 2, 2017 16:56:57 GMT
The loan was made on the basis of a single property. So no misrepresentation.
|
|