Liz
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Post by Liz on Jun 6, 2016 20:24:43 GMT
From the local council web site There is no room for new graves at ******** or R******* cemeteries. You can purchase the exclusive rights of burial for new graves in ********* and ********* cemeteries. No prices but seemingly, from other councils and cemetries, much less tha £15,000, more like £3/4,000 Have SS told us what price the purchaser is buying this big field for? If not I'm assuming no more than £5m. Why don't SS members buy this site, cheap burial site for us all and sell excess plots off to maintain the site, maybe even pay for security, under soil heating, a brass band and more.
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oldgrumpy
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Post by oldgrumpy on Jun 6, 2016 20:31:07 GMT
Strange that SS seem quite happy to accept the (unrealisic?) figure of £15000 per plot, just to help bump up the valuation, hence the loan. Maybe a representative of SS could explain these figures to us, to put our minds at rest re. the given LTV.
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Post by earthbound on Jun 6, 2016 20:31:09 GMT
From the local council web site There is no room for new graves at ******** or R******* cemeteries. You can purchase the exclusive rights of burial for new graves in ********* and ********* cemeteries. No prices but seemingly, from other councils and cemetries, much less tha £15,000, more like £3/4,000 Have SS told us what price the purchaser is buying this big field for? If not I'm assuming no more than £5m. Why don't SS members buy this site, cheap burial site for us all and sell excess plots off to maintain the site, maybe even pay for security, under soil heating, a brass band and more. ... no point.. its a dying trade.  Ooo ive got lots more.. 
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moist
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Post by moist on Jun 6, 2016 20:33:16 GMT
I know links not allowed...but these actual plots are currently for sale for £2000 freehold.........get googling
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cooling_dude
Bye Bye's for the PPI
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Post by cooling_dude on Jun 6, 2016 20:42:54 GMT
I know links not allowed...but these actual plots are currently for sale for £2000 freehold.........get googling Good find. Makes you wonder where £15,000/ plot came from... I must be missing something. Edit; I think we might be needing an updated valuation report for this one; the attached report was carried out on 11 February 2014Edit Again; just spotted the overview; new valuation has been instructed and is expected by the 13th of June with a targeted completion date of the 15th.
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moist
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Post by moist on Jun 6, 2016 20:53:02 GMT
I've asked SS
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Post by dualinvestor on Jun 6, 2016 20:58:15 GMT
I know links not allowed...but these actual plots are currently for sale for £2000 freehold.........get googling Good find. Makes you wonder where £15,000/ plot came from... I must be missing something. Edit; I think we might be needing an updated valuation report for this one; the attached report was carried out on 11 February 2014 Another report is due on 13 June with a targeted completion date of 15 June
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cooling_dude
Bye Bye's for the PPI
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Post by cooling_dude on Jun 6, 2016 20:59:28 GMT
Good find. Makes you wonder where £15,000/ plot came from... I must be missing something. Edit; I think we might be needing an updated valuation report for this one; the attached report was carried out on 11 February 2014 Another report is due on 13 June with a targeted completion date of 15 June I was just editing my original post when I spotted it
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Post by harvey on Jun 6, 2016 21:07:28 GMT
I can't believe they would even consider lending nearly six million pounds against land that is only suitable for a cemetery.
And if you read the valuation report that value is totally based on the Borrowers figure of £15,000 for a 50 year lease on a plot. Even the valuer says on page 3 of the report that the figure is based on assumptions told to him by the borrower and the figure is not suitable for use for lending purposes or anything else. In the report the valuer give some evidence of the value of plots in the area being around £2,000. In short this valuation is totally silly and unrealistic.
And if you think about it can you imagine trying to sell that land asset on the open market. The only demand would be maybe from a local authority wanting to extend it's cemetery and they don't pay that sort of money for a bit of burial land. And imagine the worst case scenario which is that between the date of the loan and the date of Recovery some bodies have been buried there. That's really going to enhanced the value and saleability of the Land isn't it!
Hopefully the 2nd valuation will not be based on assumptions provided by the borrower but will be a completely independent valuation done by the valuer and accordingly this extraordinary sounding proposal will be dropped. But it disappoints me a little that saving stream have felt fit to put it in the pipeline when it doesn't take a rocket scientist to work out that it doesn't add up at all and it's off the scale in Risk.
Forget 12%, I'd be looking for at least 30% to have a stake in this one.
I was rather hoping after the garden centre they would be erring more on the side of caution and not going more wildly into the realms of super high risk pie in the sky stuff.
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Liz
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Post by Liz on Jun 6, 2016 21:09:00 GMT
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cooling_dude
Bye Bye's for the PPI
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Post by cooling_dude on Jun 6, 2016 21:10:28 GMT
Where the indicated £15,000/ plot figure came from would be nice to know...
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adrianc
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Post by adrianc on Jun 6, 2016 21:11:27 GMT
I know links not allowed...but these actual plots are currently for sale for £2000 freehold.........get googling I'm finding VERY different information to you. I know you can't post a link, but would you mind PMing it to me? First off, it won't be "freehold". Modern graves are ALWAYS time-limited. According to H******g borough council's website - "buying a grave" page - H********h and R*****m cemetery have no plots available. R*****d cemetery has "a few" "traditional" (rather than lawn cem) plots available, which are "more expensive". The borough's only other cem, U*******r, is only lawn cem. Lawn, by their definition, is a headstone plus a small 18" "garden". Trad, by their definition, has the full plot available for memorial. You could also buy two Trad plots and have a fully brick-walled grave. I can't see prices for any of those options online. £2k sounds too cheap, though. A quick google suggests that the cem the in-laws are in currently charges a grand for the plot plus two grand to use it. And that's not in London, and not in anywhere near as high demand as this area seems to be. A quick google suggests that local demand outstrips supply to the point where there are local press stories over a borough councillor opening a privately-owned cemetery (his second - the other's near-full), in competition with the borough, after another proposal didn't get planning permission. And it does indeed seem to be driven by cultural demographics - a very large slice of the demographic in that area really do not go in for cremation one tiny bit.
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locutus
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Post by locutus on Jun 6, 2016 21:15:02 GMT
Strange that SS seem quite happy to accept the (unrealisic?) figure of £15000 per plot, just to help bump up the valuation, hence the loan. Maybe a representative of SS could explain these figures to us, to put our minds at rest re. the given LTV. This is not the type of fanciful valuation I expect to see on SS. It really does undermine the credibility of the whole platform and calls into question their judgement elsewhere. Unless I'm missing something completely obvious, this is one I wouldn't touch with someone else's bargepole. I say this as one of SS's biggest fans. Sort it out.
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Post by harvey on Jun 6, 2016 21:15:30 GMT
Read the valuation report in full and get towards the end where the valuer gives some comparable evidence of the cost of burial sites that he has found and it is around the £2,000 mark.
The only unknown here is whether Jewish people are prepared to pay a massive premium because they are a lot keener to be buried rather than cremated. I won't be gambling on that.
My only experience of the cost of burial plots is not in London and is some years old now but my belief is that while they are admittedly in short supply that £15,000 for a relatively short term lease on a small plot of land in a cemetery is absolutely ridiculous
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Liz
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Post by Liz on Jun 6, 2016 21:25:06 GMT
Where the indicated £15,000/ plot figure came from would be nice to know... It's wild optimism, we all know that. I'm going to buy a plot of land in Darlington, say im going to sell the flats I "plan" to build at say £1m each, and raise a loan based on my figure, and retire in the sun.
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Ooo ive got lots more.. 
