taffy
Posts: 148
Likes: 359
|
Post by taffy on Nov 29, 2019 12:01:08 GMT
On top of the Llandudno Flat loss, we now have a flat in Manchester valued at £270K selling for less than £160K, quite a significant error in valuation? Are these "valuers" being taken to task, they must have liability insurance or be somehow liable for suh gross negligence?
|
|
adrian77
Member of DD Central
Posts: 3,895 
Likes: 4,122
Member is Online
|
Post by adrian77 on Nov 29, 2019 12:17:36 GMT
just for interest can I ask which flat this was - thanks a lot
Personally I think suing valuers will be a non-starter but happy to hear alternative views
Guess this is going to be typical of future recoveries...
|
|
taffy
Posts: 148
Likes: 359
|
Post by taffy on Nov 29, 2019 13:21:22 GMT
Just noticed some money had been credited to my cash account yesterday, 28 November. No email or any other info about it.
The loan is 3083003938 Gloddaeth Flat in Manchester. The recoveries are looking more like a liquidation fire sale rather than an Administration.
|
|
|
|
Post by FSAG Forum on Nov 29, 2019 14:01:23 GMT
That loan was in the hands of receivers for a year.
|
|
adrian77
Member of DD Central
Posts: 3,895
Likes: 4,122
Member is Online
|
Post by adrian77 on Nov 29, 2019 14:05:29 GMT
I remember this one now - retirement flat which I and others thought was a no-hoper.
However there is a 89% recovery which is not too bad considering the overall loan book
I am really not expecting 89% recovery of my zombie loans...
update - just seen who the valuers were - well these chaps haven't exactly got a good track record in this and other platforms have they - I can't remember if they were sued after a spectacular result which I think was a castle...
|
|
|
|
Post by mitosan on Nov 29, 2019 16:32:28 GMT
In the meeting yesterday someone asked if they would persue RICS indemnity insurance against any of the valuations:-
The administrators said they will persue RICS indemnity insurance for negligent valuations where appropriate, they are seeking legal advice on how to deal with this (I think they said they were getting a briefing on Tuesday). They are currently funding this themselves and say that lots of further legal advice is needed.
However, they mentioned separately that they are only obligated to persue legal cases against directors that caused a loss to the company, and any director actions that caused a loss to investors without causing a loss to the company are not their cases to take. I may not like it but I can understand why this is. I can well imagine that the same principle would apply to the valuations if it came to it. It is of course possible to make an insurance claim without it being a legal case.
|
|
taffy
Posts: 148
Likes: 359
|
Post by taffy on Nov 29, 2019 20:57:15 GMT
I suppose we`ll have to wait until the final payments are received before being able to determine if the lost capital and interest are worth pursuing. There are a couple of "no win, no fee" legal firms I've used before that might be interested. Just have to wait and see. I believe there are strict time limits imposed on the administration process though, it can`t go on and on. After 12 months, legal action can initiated against the company for example.
|
|
