cwah
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Post by cwah on Dec 29, 2018 15:29:33 GMT
interested in this one but mixed opinions on the one hand there seems to be no garage and I wonder if the adjoining development has damaged the foundations etc on the other hand the adjoining flats seem very expensive compared to the house so either the house is reasonably priced or the flats overpriced? The house is 4 bed 1340 ft2 is £1.1m = £821 per ft2 whilst a 2-bed flat 937 ft2 is £875K = £933 per ft2 Any comments - I thank you I think it's not possible to invest in this property? How are you planning to invest? The LTV seems reasonable
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cwah
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Post by cwah on Jul 21, 2019 17:05:12 GMT
Anyone has news on this loan? I put a big chunck of my money in because I know this house won't sell much below loan value even in distressed situation.
But it has been a while and the clock is ticking. I'm afraid the fees will eat up a significant amount of recovery.
FS has been ignoring me for the last 3 months of continuous request of info.. saying the manager is in meeting
Anyone has insight on it?
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adrian77
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Post by adrian77 on Jul 21, 2019 18:35:40 GMT
have had a quick re-look at this one - the crack above the stair riser worries me - I wonder if it is heave but it needs a structural engineer to look at it. In my business I often see problems from adjoining developments - hopefully there is no serious problem here but I don't understand why there is such a delay.
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james21
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Post by james21 on Jul 21, 2019 18:38:00 GMT
Anyone has news on this loan? I put a big chunck of my money in because I know this house won't sell much below loan value even in distressed situation. But it has been a while and the clock is ticking. I'm afraid the fees will eat up a significant amount of recovery. FS has been ignoring me for the last 3 months of continuous request of info.. saying the manager is in meeting Anyone has insight on it? you need to raise a formal complaint not enough folk on here do that
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cwah
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Post by cwah on Jul 21, 2019 19:27:24 GMT
have had a quick re-look at this one - the crack above the stair riser worries me - I wonder if it is heave but it needs a structural engineer to look at it. In my business I often see problems from adjoining developments - hopefully there is no serious problem here but I don't understand why there is such a delay. They have new build 1 bed flat selling just next door. They've sold 3 recently between £600k (sold early buyer) and £400k in 2018. These are 50-60sqm2 1 bed flat under HTB. Then all the house within 1/2 miles sold at least at £600k in the last 5 years, and £900k within 1/4 miles. I shouldn't be worried about a fire sale for this house but somehow it gets me worried due to administration fees.
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adrian77
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Post by adrian77 on Jul 22, 2019 6:21:15 GMT
Just checked the latest valuation - the house is rented (missed that when I first invested) and the valuer confirms a structural report is needed. Looks as if the landlord may well be liable for CGT - nasty! I wonder if the tenants don't want to leave and the landlord does not want to sell...
I note the rent is £37,700 pa - so if we take £720K at 20% that is £140K pa The loan has been active for 473 days so say interest due £181K i.e £900K owed before expenses and increasing at £1,680 per month I can understand why people are anxious for this one to be sold and why refinancing has not been forthcoming!
Please say if my maths are wrong.
To me the rental situation it is not clear - not sure if this is an official HMO or whether let to a tenant who has breached the contract and re-let rooms on the side?
Doubtless FS will clarify this.
Personally I would buy any house with an over-looked garden
Interesting one.
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cwah
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Post by cwah on Jul 22, 2019 7:01:19 GMT
Just checked the latest valuation - the house is rented (missed that when I first invested) and the valuer confirms a structural report is needed. Looks as if the landlord may well be liable for CGT - nasty! I wonder if the tenants don't want to leave and the landlord does not want to sell... I think even with structural damage it will keeps significant value due to its location (just near golders green station) and total size around 450-500 sqm2.
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benaj
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Post by benaj on Jul 22, 2019 7:44:48 GMT
Anyone has news on this loan? I put a big chunck of my money in because I know this house won't sell much below loan value even in distressed situation. But it has been a while and the clock is ticking. I'm afraid the fees will eat up a significant amount of recovery. FS has been ignoring me for the last 3 months of continuous request of info.. saying the manager is in meeting Anyone has insight on it? Transactions last year in that post code are mainly Flats, the last over million transaction was back in 2014 in that Ho***** Road EDIT: the MRICS who provided the VR joined the firm same year for the valuation according to his linkedin, previous role prior to joining his current firm related more to Management of rural estates, covering agriculture, sporting assets, residential and commercial properties, although he's been Registered Valuer with over seven years post qualification experience
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cwah
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Post by cwah on Nov 8, 2019 6:03:52 GMT
Anyone knows what happens with this one? It's a freehold house in london zone 3 near the tube station. I expect that if it goes under fire sale it shouldn't go much below loan value and recovery should be good. However now that the platform bankrupted I don't know what would happen with recovery and clocking fees. I have a VERY significant amount invested there and I thought this one would be safe but I couldn't expect platform bankruptcy in my risk consideration
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Post by mrclondon on Nov 12, 2019 16:23:43 GMT
Loan has been defaulted on the website.
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Post by overthehill on Aug 28, 2020 16:42:22 GMT
"Solicitors are reviewing this matter with a view of appointing Receivers; however, due to the type of facility provided, being a regulated credit agreement under the Consumer Credit Act 1974, specialist consumer credit counsel is required."
I don't understand what this means but at least it is a meaningful update and possibly some action taken, first evidence we've seen for nearly for 12 months.
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cwah
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Post by cwah on Aug 28, 2020 17:04:34 GMT
I've sent them continuously email.
They take 2 months to answer some random answer like it's in progress.
But really, nothing happened...
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adrian77
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Post by adrian77 on Aug 28, 2020 17:36:43 GMT
you what - this looks like even more FS gross incompletence to me. Tell you what I think is a possibilty, without any evidence whatsoever, this borrower who may well me a very interesting character if our internet research is correct has massive credit card debts and the card company also has a charge on the house and the FS "property experts" missed this - so there may well be the original mortgage company, the card company and FS/CG all wanting a slice. Also looks to me as if the new building next door may well have affected the property structurally as well as the saleabilty - I used to live in this part of London and this one never did ring true with me and surely if would have sold months ago if there was not a problem here. Hopefully I am completely wrong...
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cwah
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Post by cwah on Aug 28, 2020 17:43:17 GMT
you what - this looks like even more FS gross incompletence to me. Tell you what I think is a possibilty, without any evidence whatsoever, this borrower who may well me a very interesting character if our internet research is correct has massive credit card debts and the card company also has a charge on the house and the FS "property experts" missed this - so there may well be the original mortgage company, the card company and FS/CG all wanting a slice. Also looks to me as if the new building next door may well have affected the property structurally as well as the saleabilty - I used to live in this part of London and this one never did ring true with me and surely if would have sold months ago if there was not a problem here. Hopefully I am completely wrong... If the credit card companies have a right on the property, then surely there would be a charge on the house no?
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adrian77
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Post by adrian77 on Aug 28, 2020 17:48:33 GMT
Well yes but whether these amateur idiots checked for this is another question and I guess is why they need specialist legal advice - wonder what that will cost! I guess the bun fight will be who has the second charge the card company or FS and who has the third charge - as I said there is clearly something very wrong here and my theory about a credit card debt is mere supposition - care to deny this CG?
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