|
Post by mrclondon on Aug 13, 2017 21:48:49 GMT
The property is being advertised for sale as from 1st August for £1.3m (on Zoopla, and possibly elsewhere). Why would you do that before the planning outcome is made public ? Why put it on the market immediately before the main holiday season ?
There are 50 photos on the zoopla listing which give a good idea of what the property is.
EDIT: Also of note is the fact that not all of the flats appear on the official council tax register (VR section 13) and the fact that there are 3 boilers, 2 of which each serve multiple flats (VR section 8.1) and work is under way to provide separate electricty, gas and water meters to each flat (VR section 17.2)
References are to the May 2017 valuation report.
|
|
GeorgeT
Member of DD Central
Posts: 1,321
Likes: 1,575
|
Post by GeorgeT on Aug 13, 2017 22:21:10 GMT
Hmmm. One of the BPF loans.
Total loan value only £710k however and only £373k of it on MT. Looks a very solid and easily saleable asset.
|
|
kermie
Member of DD Central
Posts: 689
Likes: 462
Member is Online
|
Post by kermie on Aug 14, 2017 19:47:16 GMT
The property is being advertised for sale as from 1st August for £1.3m (on Zoopla, and possibly elsewhere). Why would you do that before the planning outcome is made public ? Why put it on the market immediately before the main holiday season ? There are 50 photos on the zoopla listing which give a good idea of what the property is. EDIT: Also of note is the fact that not all of the flats appear on the official council tax register (VR section 13) and the fact that there are 3 boilers, 2 of which each serve multiple flats (VR section 8.1) and work is under way to provide separate electricty, gas and water meters to each flat (VR section 17.2) References are to the May 2017 valuation report.Hmm - why wouldn't you? If planning is due to be received soon enough, why not get a head-start and drum up some interest?
|
|
|
Post by mrclondon on Aug 14, 2017 20:01:38 GMT
The property is being advertised for sale as from 1st August for £1.3m (on Zoopla, and possibly elsewhere). Why would you do that before the planning outcome is made public ? Why put it on the market immediately before the main holiday season ? There are 50 photos on the zoopla listing which give a good idea of what the property is. EDIT: Also of note is the fact that not all of the flats appear on the official council tax register (VR section 13) and the fact that there are 3 boilers, 2 of which each serve multiple flats (VR section 8.1) and work is under way to provide separate electricty, gas and water meters to each flat (VR section 17.2) References are to the May 2017 valuation report.Hmm - why wouldn't you? If planning is due to be received soon enough, why not get a head-start and drum up some interest? Because £1.3m is a sensible asking price for the current property without the additional planning permission (£100k up on the latest as is valuation, allowing room to accept offers slightly below asking price). It's going to look mightly odd next week to put the price up by several hundred thousands if planning is approved. (The property will be instantly worth an additional amount equal to the residual value between the additional building's GDV and the cost of building it less 15% profit margin). (If you believe the valuation as containing zero hope value) Sorry, the cynic in me says the borrower believes there is a very good chance that planning is about to be rejected for the second time this year, and is marketing the property whilst there is still the opportunity to price in some hope value.
|
|
kermie
Member of DD Central
Posts: 689
Likes: 462
Member is Online
|
Post by kermie on Aug 14, 2017 21:03:01 GMT
Sorry, the cynic in me says the borrower believes there is a very good chance that planning is about to be rejected for the second time this year, and is marketing the property whilst there is still the opportunity to price in some hope value. Yes, interesting thought - that may well be the case. Given what you say about the properties (i.e. it implies the flats were not properly separated when originally converted from the large house), I have my reservations about the present viability of the BTL-exit-route as well. At this riskier (>10% return) end of the P2P market, being a cynic seems to be a pre-requisite to surviving as a P2P lender.
|
|
|
Post by mrclondon on Aug 21, 2017 16:11:26 GMT
Luton planning portal now shows the decision as "Application Permitted". The planning officers report and decision notice haven't been posted yet.
|
|
|
Post by mrclondon on Aug 23, 2017 22:39:49 GMT
Asking price on zoopla reduced by £200k to "offers over £1.1m" from 22nd August.
The May 2017 valuation was £1.2m based on current layout, with no planning hope value (as far as I understand it).
Which implies the borrower is pretty desperate to sell, not withstanding the MT update suggesting the borrower had received informal offer(s) of interest in the property before formally marketing it. No sane person reduces the price of a property after just 3 weeks on the market in August. The MT loan term is to mid December, so there is no immediate pressure from our side.
So much for my expectation that it would be withdrawn from the market this week, and re marketed next month at a much higher figure. I don't understand what is happening here.
|
|
GeorgeT
Member of DD Central
Posts: 1,321
Likes: 1,575
|
Post by GeorgeT on Aug 23, 2017 22:45:23 GMT
Nor do I. Very strange. I'm in it but only for a 3 figure sum and standing firm at present. Looks a decent property to me.
|
|
|
Post by mrclondon on Sept 27, 2017 12:33:06 GMT
Property switched to a new estate agent wef 12th September, Guide Price Of £1,250,000 - £1,300,000 and bizarrely no mention of the planning application to demolish existing extension and build new block in the garden.
The new estate agent (online only ??) is based in Bolton in the North West !!
|
|
m2btj
Member of DD Central
Posts: 626
Likes: 749
|
Post by m2btj on Sept 27, 2017 16:10:35 GMT
Property switched to a new estate agent wef 12th September, Guide Price Of £1,250,000 - £1,300,000 and bizarrely no mention of the planning application to demolish existing extension and build new block in the garden. The new estate agent (online only ??) is based in Bolton in the North West !! Luton has seen some of the fastest property price growth in the country & the town's estate agents are no slouches when it comes to shifting property. A Bolton based agent is somewhat of an enigma???
|
|
|
Post by mrclondon on Oct 28, 2017 20:50:19 GMT
The latest move on the sale pricing yo-yo was to change the headline pricing to "Offers over £1,150,000" wef 12th Oct, but they didn't edit the listing text on rightmove which still states "Guide Price Of £1,200,000 - £1,300,000".
With just six weeks to maturity, it doesn't look like they have accepted the offer(s) that has/have reportedly been made.
LATE EDIT: Disclosure - I continue to have a stake in this loan (albeit small, c. 40% of my normal per loan size), and I have not as yet decided whether to attempt to sell this stake on the SM prior to the maturity date.
EVEN LATER EDIT: Links to the estate agents web site, and to the two planning applications (the rejected one, and the approved one) are available on DD Central's MT DD board.
|
|
|
Post by rollercoaster on Oct 28, 2017 22:51:05 GMT
The Bolton based estate agent is probably due to BPF being Manchester based with director history in Bolton.
|
|
fp
Posts: 1,008
Likes: 853
|
Post by fp on Oct 29, 2017 0:17:24 GMT
Mr negativity strikes again.....
|
|
dermot
Member of DD Central
Posts: 862
Likes: 517
|
Post by dermot on Dec 5, 2017 18:38:51 GMT
This is due to terminate next week, but I see no updates have been made since 16th October - any ideas on repay/renew?
|
|
drgonzo
Member of DD Central
Posts: 82
Likes: 95
|
Post by drgonzo on Dec 5, 2017 20:11:41 GMT
It's just grown a 'Renew' button... so looks like a renewal/extension is on the cards.
|
|