hazellend
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Post by hazellend on Sept 12, 2018 10:46:01 GMT
MoneyThing, the latest update on this loan was "We apologise for the slight delay, however we have been advised that exchange & completion will likely take place on Monday or Tuesday". As it is now Wednesday, and no further update has been provided, please could you let lenders such as me know if the exchange has completed, please? And if not what is the cause of the delay? And I would like to know why a penalty has not been applied, given we have allowed the developer to commence without paying
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averageguy
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Post by averageguy on Sept 13, 2018 14:25:23 GMT
MoneyThing, the latest update on this loan was "We apologise for the slight delay, however we have been advised that exchange & completion will likely take place on Monday or Tuesday". As it is now Wednesday, and no further update has been provided, please could you let lenders such as me know if the exchange has completed, please? And if not what is the cause of the delay? Update on website
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hazellend
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Post by hazellend on Sept 13, 2018 16:35:49 GMT
Every day of delay the buyer is basically enjoying an interest free loan. What incentive do they have not to delay for as long as possible unless a penalty is applied?
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averageguy
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Post by averageguy on Sept 13, 2018 17:18:49 GMT
Every day of delay the buyer is basically enjoying an interest free loan. What incentive do they have not to delay for as long as possible unless a penalty is applied? The buyer? You mean the one who hasn’t got the property yet and not borrowing from us? Update seems fine ...whilst frustrating it’s not abnormal for matters to be delayed ..I think the elastic band can stretch a bit further before my patience snaps
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hazellend
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Post by hazellend on Sept 13, 2018 17:50:39 GMT
Every day of delay the buyer is basically enjoying an interest free loan. What incentive do they have not to delay for as long as possible unless a penalty is applied? The buyer? You mean the one who hasn’t got the property yet and not borrowing from us? Update seems fine ...whilst frustrating it’s not abnormal for matters to be delayed ..I think the elastic band can stretch a bit further before my patience snaps My point is it is in the buyers interest to delay payment as long as possible as we have allowed them to start already. I think some pressure should be applied
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Post by funkymonkey on Sept 13, 2018 18:53:45 GMT
Not sure I fully concur. If the potential borrower, who has already paid a deposit, and is doing works as stated in the update on 08/08/18 then these works are highly likely to be adding value to the site, in order to satisfy the new lender. If so, then what have we got to lose by waiting a bit longer and allowing them to spend time/money on the site?
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averageguy
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Post by averageguy on Sept 13, 2018 19:29:54 GMT
Not sure I fully concur. If the potential borrower, who has already paid a deposit, and is doing works as stated in the update on 08/08/18 then these works are highly likely to be adding value to the site, in order to satisfy the new lender. If so, then what have we got to lose by waiting a bit longer and allowing them to spend time/money on the site? Agreed....and what sort of penalty could be levied/enforced at this stage, if its just a 'bit longer'
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Post by GSV3MIaC on Sept 13, 2018 19:34:05 GMT
IIRC we have already seen one 'contract exchanged, completion payment late' occurrence on MT (P'bury maybe?) so we should not go ape at another one.
I believe there is a certain tolerance (7 days? 10 maybe?) built into the property sale system in the UK, before the seller is allowed to go nuclear.
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hendragon
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Post by hendragon on Sept 13, 2018 20:35:33 GMT
If I have read the updates correctly the buyer has neither exchanged nor completed. The update of the 7/09 states "exchange AND completion will likely take place on Monday or Tuesday". It seems to me that the buyer has no legal obligation to complete as yet. Should they fail to do so it is highly unlikely they could get their 40k deposit back or any recompense for improvement work carried out. That is the implication of exchanging and completing on the same day.
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zendog
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Post by zendog on Sept 13, 2018 21:32:46 GMT
If I have read the updates correctly the buyer has neither exchanged nor completed. The update of the 7/09 states "exchange AND completion will likely take place on Monday or Tuesday". It seems to me that the buyer has no legal obligation to complete as yet. Should they fail to do so it is highly unlikely they could get their 40k deposit back or any recompense for improvement work carried out. That is the implication of exchanging and completing on the same day. From the 13/06 update - "the purchaser has paid a non-refundable deposit of £40,000 to the administrator to register their interest."
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averageguy
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Post by averageguy on Sept 26, 2018 11:28:12 GMT
MT ..this week?
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Post by lendinglawyer on Oct 5, 2018 8:44:26 GMT
MoneyThing is the deposit truly "non-refundable" in all circumstances? If so, the buyer is a mug, but I would expect it to mean something more like "non-refundable unless the seller can't deliver everything it needs to (including the consents) within X period", i.e. it's only non-refundable if the buyer just changes its mind. Unless it really is non-fundable in all circumstances, I would like to request that you exchange with the borrower ASAP subject to a condition to closing that the requisite consents are obtained by X date (which should be a reasonable period bearing in mind the time it could take to obtain a court order) otherwise I fear this sale is going to fall over at the hands of whoever the people holding the consent/ransom rights are.
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Post by MoneyThing on Oct 5, 2018 8:58:40 GMT
MoneyThing is the deposit truly "non-refundable" in all circumstances? If so, the buyer is a mug, but I would expect it to mean something more like "non-refundable unless the seller can't deliver everything it needs to (including the consents) within X period", i.e. it's only non-refundable if the buyer just changes its mind. Unless it really is non-fundable in all circumstances, I would like to request that you exchange with the borrower ASAP subject to a condition to closing that the requisite consents are obtained by X date (which should be a reasonable period bearing in mind the time it could take to obtain a court order) otherwise I fear this sale is going to fall over at the hands of whoever the people holding the consent/ransom rights are. Morning ll, I can confirm that the deposit is wholly non-refundable (i.e. unconditional). We have already suggested an "exchange subject to X" with a long completion, however the buyer's lenders are unwilling to proceed on this basis. Bearing in mind the non-refundable deposit, the costs they have incurred on the site (and substantial other commitments on the site which I cannot elaborate on at this stage), the buyer remains as keen as we are to complete the sale. Kind regards, Ed
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averageguy
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Post by averageguy on Oct 5, 2018 9:02:13 GMT
MoneyThing is the deposit truly "non-refundable" in all circumstances? If so, the buyer is a mug, but I would expect it to mean something more like "non-refundable unless the seller can't deliver everything it needs to (including the consents) within X period", i.e. it's only non-refundable if the buyer just changes its mind. Unless it really is non-fundable in all circumstances, I would like to request that you exchange with the borrower ASAP subject to a condition to closing that the requisite consents are obtained by X date (which should be a reasonable period bearing in mind the time it could take to obtain a court order) otherwise I fear this sale is going to fall over at the hands of whoever the people holding the consent/ransom rights are. Morning ll, I can confirm that the deposit is wholly non-refundable (i.e. unconditional). We have already suggested an "exchange subject to X" with a long completion, however the buyer's lenders are unwilling to proceed on this basis. Bearing in mind the non-refundable deposit, the costs they have incurred on the site (and substantial other commitments on the site which I cannot elaborate on at this stage), the buyer remains as keen as we are to complete the sale. Kind regards, Ed Thanks for that update MT which is reassuring ....any chance of one on the Holiday Park Lancs
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Post by MoneyThing on Oct 5, 2018 9:03:55 GMT
Morning ll, I can confirm that the deposit is wholly non-refundable (i.e. unconditional). We have already suggested an "exchange subject to X" with a long completion, however the buyer's lenders are unwilling to proceed on this basis. Bearing in mind the non-refundable deposit, the costs they have incurred on the site (and substantial other commitments on the site which I cannot elaborate on at this stage), the buyer remains as keen as we are to complete the sale. Kind regards, Ed Thanks for that update MT which is reassuring ....any chance of one on the Holiday Park Lancs Certainly - have set time aside today to work on the platform updates...
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