adrian77
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Post by adrian77 on Oct 19, 2018 18:59:44 GMT
I have often said ground surveys need to be done as the ground can be problematic - if I am not allowed to dig trial pits before buying for an extension then I don't buy. No criticism of the borrower but I can't recall FS mentioning this - well we all got our money back with interest so nice one!
I am not so convinced other building projects will end so happily e.g. the care unit but time will tell.
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Imothep
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Post by Imothep on Oct 19, 2018 19:11:22 GMT
I have often said ground surveys need to be done as the ground can be problematic - if I am not allowed to dig trial pits before buying for an extension then I don't buy. No criticism of the borrower but I can't recall FS mentioning this - well we all got our money back with interest so nice one! I am not so convinced other building projects will end so happily e.g. the care unit but time will tell. easier said than done when your are buying a tired but habitable home in prime london as a btl refurb whilst up against other developers who want it as well, “here’s my offer but i just need to lift the carpet and floorboards up , dig a couple of holes and then i’ll let you know if i’m proceeding’ ... as the agent and owner laugh you out of the office , and FS didn’t need to mention it as they lend against the asset , on the valuation given , not on the build mehology or the risk of the build ...the ground as you rightly say is always problematic , often where jobs are won or lost , but that’s part of the risk, calculated with contingency but still a risk.
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adrian77
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Post by adrian77 on Oct 19, 2018 19:41:51 GMT
I agree 100% and this is why I worry about other property loans where no ground survey is done. I take your point about the London market but up here in the frozen North developers such as myself can make "take it or leave it" offers - lovely jubbly!
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ozboy
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Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Oct 19, 2018 21:44:55 GMT
"......... FS didn’t need to mention it as they lend against the asset , on the valuation given........"Oh Dear, Oh Dear, Oh Dear, this one is determined to run, and run, and run. And run. 
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Imothep
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Post by Imothep on Oct 20, 2018 6:53:17 GMT
"......... FS didn’t need to mention it as they lend against the asset , on the valuation given........"Oh Dear, Oh Dear, Oh Dear, this one is determined to run, and run, and run. And run. apologies, should i have said “ RICS valuation instructed “ 
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ozboy
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Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Oct 20, 2018 11:41:49 GMT
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trium
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Post by trium on Oct 22, 2018 6:57:10 GMT
thanks for the positive input - I said I was not risking the current loan and when this chap announced he was refinancing I had a nibble which was clearly the right decision (as hindsight is a perfect science). Also I listen to other comments. I could make cheap annonymous negative comments from the sidelines but I have the whatsits to stick my head about the parapet. Fortune favours the brave but I am still glad I only had a nibble in this one. This one has been interesting. Oh dear - I had a smiley in the comment you quoted but I appear to have upset you. It was intended to be light-hearted and I meant no offense.
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