Loan 1468 <a couple of previous updates then:> 13/04/2020 At the possession hearing in February 2020 the Court granted a possession order effective in April 2020 but as per the government and Court directions there is a stay on repossessions for 3 months, we will therefore apply for a bailiff at the beginning of July 2020.
08/05/2020 The Property is entered into Allsop’s auction at the end of May 2020. We will set our reserve once we have ascertained the level of interest in the Property
Up until the penultimate update on the 13 april, it all made sense. Then on the 8 May, it is implied BC have entered the property into auction since they say they will set the reserve. If the property has not been repossessed how can they enter it into auction?
Seems a very sloppy update to me.
Last Edit: Jun 27, 2020 19:53:28 GMT by Ton ⓉⓞⓃ: To add "BC" to the title
If the possession order (granting BC the right to repossess the property) already became effective in April then I guess there's no reason why they can't test the market in the meantime, even though they've had to delay enforcing the order with a bailiff. That said, not sure how many prospective buyers will want to bid seriously until vacant possession is certain.
Last update was now it has sold in auction (it has for 175k) with completion due on or before June 25. Nothing since then. Maybe it takes them time to sort out the "paperwork" or with my glass half empty hat on, maybe there is a shortfall and they're wondering whether to allow it to be the first loan where all capital and interest hasn't been paid back. Loan was for 140k with headline market valuation at 200k.