romy
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Post by romy on Jan 20, 2016 23:32:10 GMT
Do we ever get sight of legal report, investigations into title etc? ( apologies if this has been dealt with before I'm pretty new to p2p and ss) It seems to me that valuation documents often have outstanding issues or comments along the lines of I ( the valuer) have assumed that - there is no japanese knotweed/great crested newts
- the property has right of access over the only available road I've just driven up to get there
- the tenants don't have long term rights to be there
- there aren't any mines/celtic burials underneath
etc etc
Some, ?all, of these are presumably clarified in the solicitors work up so it would be very reassuring to see these as well as the valuation
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cooling_dude
Bye Bye's for the PPI
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Post by cooling_dude on Jan 20, 2016 23:53:05 GMT
Do we ever get sight of legal report, investigations into title etc? ( apologies if this has been dealt with before I'm pretty new to p2p and ss) It seems to me that valuation documents often have outstanding issues or comments along the lines of I ( the valuer) have assumed that - there is no japanese knotweed/great crested newts
- the property has right of access over the only available road I've just driven up to get there
- the tenants don't have long term rights to be there
- there aren't any mines/celtic burials underneath
etc etc
Some, ?all, of these are presumably clarified in the solicitors work up so it would be very reassuring to see these as well as the valuation
Well the Valuation Report, which every live loan and some pipeline loans have, do seem to contain such details that you are mentioning. We don’t get to see actual legal report or investigations into title. I would guess there are legal implications on Lendy Ltd side of things that means they can’t publish them to a 3rd Party (i.e. saving stream members)
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webwiz
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Post by webwiz on Jan 21, 2016 9:54:20 GMT
ISTM that the points you mention are a mixture of those for a solicitor and those for a surveyor doing a full survey rather than a valuation.
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romy
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Post by romy on Jan 21, 2016 14:16:34 GMT
In all honesty I'm probably more interested in right of access than the newts. ( sorry newts)
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adrianc
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Post by adrianc on Jan 21, 2016 18:53:32 GMT
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romy
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Post by romy on Jan 21, 2016 21:11:44 GMT
Might cost a lot more than 5k to get acess I'd guess and you can "Trap and translocate" the newts if you get a licence. Thanks I now know much more about newts and their habitat than I did before!  |
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Post by Deleted on Jan 27, 2016 13:29:38 GMT
With regards to the legal people working for SS:
a) Do we know which office/people are hired by SS? Is there any internal person looking after at least the initial legal documentation/negotiations?
b) Is this workforce sufficient? In the last few months I am starting to see a real big slow-down of things.
In fact:
- We have a very long pipeline not moving (which has been very long with no news for over a month)
- We don't have news on the crucial negotiations on many of the loans that Barclays were supposed to take over (loan 16,17,18,19 etc.)
- We haven't really seen a repayment anywhere for over 6 months. Yes some loans were rescheduled/postponed (and some more than once), but I feel a bit uneasy in seeing not a single repayment coming trough.
Is it a problem of insufficient workforce to follow properly the busy portfolio?
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adrianc
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Post by adrianc on Jan 27, 2016 18:48:57 GMT
With regards to the legal people working for SS: a) Do we know which office/people are hired by SS? Is there any internal person looking after at least the initial legal documentation/negotiations? b) Is this workforce sufficient? In the last few months I am starting to see a real big slow-down of things. In fact: - We have a very long pipeline not moving (which has been very long with no news for over a month) - We don't have news on the crucial negotiations on many of the loans that Barclays were supposed to take over (loan 16,17,18,19 etc.) - We haven't really seen a repayment anywhere for over 6 months. Yes some loans were rescheduled/postponed (and some more than once), but I feel a bit uneasy in seeing not a single repayment coming trough. Is it a problem of insufficient workforce to follow properly the busy portfolio? You're assuming the delays are with SS.
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Post by Deleted on Jan 28, 2016 6:20:52 GMT
With regards to the legal people working for SS: a) Do we know which office/people are hired by SS? Is there any internal person looking after at least the initial legal documentation/negotiations? b) Is this workforce sufficient? In the last few months I am starting to see a real big slow-down of things. In fact: - We have a very long pipeline not moving (which has been very long with no news for over a month) - We don't have news on the crucial negotiations on many of the loans that Barclays were supposed to take over (loan 16,17,18,19 etc.) - We haven't really seen a repayment anywhere for over 6 months. Yes some loans were rescheduled/postponed (and some more than once), but I feel a bit uneasy in seeing not a single repayment coming trough. Is it a problem of insufficient workforce to follow properly the busy portfolio? You're assuming the delays are with SS. To be honest, I am simply asking as I have no certainties. Of course I am starting doubting the interest from Barclays is serious (at least for all the loans where they were mentioned) as I cannot believe a commercial bank negotiate a 6-12 months loan for 6 months...
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SteveT
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Post by SteveT on Jan 28, 2016 7:48:55 GMT
You're assuming the delays are with SS. To be honest, I am simply asking as I have no certainties. Of course I am starting doubting the interest from Barclays is serious (at least for all the loans where they were mentioned) as I cannot believe a commercial bank negotiate a 6-12 months loan for 6 months... It won't be a 6-12 months loan, it will be a long-term commercial mortgage. The loan particulars for Pebbles 43/44/45 clearly state "Exit Strategy: Commercial mortgage within 6 months." One of the reasons that borrowers are willing to pay high bridging rates for a few months to lenders like SS is that they can move very much faster than do the big commercial banks. Have a little patience and faith in SS's judgement. Their track record to date (including pulling out of a few deals late on when the legals didn't look right) strongly suggests that they know what they are at.
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