adrian77
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Post by adrian77 on Jul 30, 2021 16:18:55 GMT
not sure how long the leaseholds have left to run - hopefully the value of these flats has gone up due to the current uplift - that said we don't have a repossession order and I have known tenants do a huge amount of damage in such situations...
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rogerthat
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Post by rogerthat on Nov 29, 2021 10:08:59 GMT
Loan Reference: 2986994099
UPDATE:
The last update advised of possession issues surrounding the property, which would be lengthy and costly. The Receivers subsequently received a global offer from an unrelated third party, in relation to a sale of all three properties at a level of £550,000. This offer was reviewed by the Receivers, and their instructed agents, who considered all factors, to include the position with the first charge holders on the properties (whereby defaults and arrears have been accruing) which reduces the net proceeds that would be available to FS. The Receivers therefore recommended the offer for acceptance, as the best available outcome for FS and investors. As a result, contracts have now been exchanged and the sale is due to complete in late December 2021.
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adrian77
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Post by adrian77 on Nov 29, 2021 11:03:15 GMT
I smacked this one with my smutty stick (see posts). As a matter of interest what the hell is going on here ? I think 2 flats have been sold previously and partial repayment made but it is not clear to me Is the FS blurb simply stating the 3rd flat is going to realise zero? Hate to think how much the fees are going to be on this one... Why the hell are there problems with repossession - I am in the process of repaying my home interest-ony mortage and believe me the bank will have no problem in repossessing it if need be! How the hell does an "unrelated" borrower know he can get these flats so cheap? I thought the London market was booming - 3 flats for £550K - are they having a giraffe! This stinks to high heaven to me - several of us said this
I thank you
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iRobot
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Post by iRobot on Nov 29, 2021 22:06:27 GMT
How the hell does an "unrelated" borrower know he can get these flats so cheap? Unrelated borrower - do you know something we don't!? Any number of reasons (don't forget the 1st charge holders also figure in this one quite prominently) but one scenario could easily be: 1) Buyer notices three flats in same building being marketed for an extended period of time 2) Enquiries with agents confirm there are 'problematic' tenants in situ in one-or-more of the flats. 3) land registry enquiries confirm the vendor and the charge holder(s) info 4) other enquiries confirm that Mr Vendor is recently bankrupt 1+2+3+4 = 3-for-2 offer. No idea of the circumstances or the condition, but reports show a flat sold for £170k earlier this year just a hundred metres or so away from the security address. It is an outlier, other sales are typically twice that amount and more - but it does show it can happen. No. The two loans are separate and one does not rank behind the other. There's £445k in 1st charge loans ahead of FS / Lenders; let's say £480k to include 1st charge holders' accrued interest & fees, etc From a combined £550k sale, that would leave £70k to FS; less, say, £35k in FS' costs would leave £35k for Lenders With a combined FS loan of £141k, that would see a return of around 25%. Many of the above numbers are pure supposition on my part; the actual return could be very easily be more or less. It should also be considered that, as separate loans, the amounts may not be combined for all calculations. For example, the nett realisation may be split 63%/37% in line with the loan amounts and one of the loans may have had a greater amount of recovery effort (and costs) associated with it. Lenders in these loans simply won't know until FS (CG&Co) provide a breakdown. (Whenever that might be...)
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adrian77
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Post by adrian77 on Nov 30, 2021 5:36:43 GMT
Have looked at flats in the area one of which is below and known to us
Flat X, 999 ***tham High Road is a 1 bedroom leasehold flat - it is ranked as the 15th most expensive property in SW99 XXX, with a valuation of over £370,000.
Since it last sold in xxx 2005 for £9999, its value has increased by £223,000.
True we don't know the lease lengths but £550K for 3 strikes me as very cheap
Yes we sure don't know what is going to happen here - post from My 2018
yeah expect it has!
Well done FS - 3 flats in a booming part of London and we have problems with possession etc etc and we don't even know what really is happening except the investors are going to take a big hit....
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