pikestaff
Member of DD Central
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Post by pikestaff on Jan 22, 2016 18:43:35 GMT
Wouldn't AC's lawyers have picked this up when they checked the Title Deeds with the Land Registry? This is well outside my area of expertise so I've forwarded it to the credit team for response. The entry on the Land Register will show who the current owner is, and it will show any charges registered against the property, but it won't show ownership history. So no, I don't think they could.
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Post by chris on Jan 22, 2016 19:10:05 GMT
This is well outside my area of expertise so I've forwarded it to the credit team for response. The entry on the Land Register will show who the current owner is, and it will show any charges registered against the property, but it won't show ownership history. So no, I don't think they could. That was my understanding but wasn't sure of myself.
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Post by Deleted on Jan 22, 2016 20:50:44 GMT
This is well outside my area of expertise so I've forwarded it to the credit team for response. The entry on the Land Register will show who the current owner is, and it will show any charges registered against the property, but it won't show ownership history. So no, I don't think they could. To satisfy my own curiosity I have paid my £3 and obtained the electronic copy of the Title Deed Register for the property, (a lawyer can pay more and get access to much more information than I can get for £3) As is often the case there are a number of covenants that have been imposed by different owners and charge holders over the years and these public bodies and companies are named. There is one entry in the property register dated as long ago as 1994. By far the most interesting item, in my view, is the price paid for the property on 5th March 2014, which is not a million miles away from what is on the table now.
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Post by Ton ⓉⓞⓃ on Jan 23, 2016 0:11:05 GMT
The entry on the Land Register will show who the current owner is, and it will show any charges registered against the property, but it won't show ownership history. So no, I don't think they could. To satisfy my own curiosity I have paid my £3 and obtained the electronic copy of the Title Deed Register for the property, (a lawyer can pay more and get access to much more information than I can get for £3) As is often the case there are a number of covenants that have been imposed by different owners and charge holders over the years and these public bodies and companies are named. There is one entry in the property register dated as long ago as 1994. By far the most interesting item, in my view, is the price paid for the property on 5th March 2014, which is not a million miles away from what is on the table now.
I'm guessing there was a different building on the site in 1994. The Borrower bought the property in 2013 I believe, Our loan drew down on the 5th March 2014. Value paid being £1,960,000.00 In Edit. the loan we were paying off though was for £1.8m
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Post by andrewholgate on Jan 23, 2016 9:32:20 GMT
I have stated before on other threads, that will always remain an option if misrepresentation can be proven with expert witness help. AC will look at every route available but due process has to be followed before a decision can be made to do so. It's not as simple as just throwing our toys out of the pram. The reason the question was removed because it was emotive and potentially damaging. I understand your question but the heat and emotion needs to be removed. I have asked two questions on the Q&A recently: the first time I was given the brush-off with an answer that referred to another source that allegedly contained the answer to my question when it clearly doesn't; the second question was deleted because it apparently contained information that was so secret that the borrower and his lawyers would have been unable to work it out for themselves, the email explaining why did not address the legitimate questions that I had also asked.
What has annoyed me most about the email sent out on 20/1 was that, up until that point, Lenders were being told the property was valued at £X and suddenly it was worth £X-33%. I don't know how others feel about this issue but to my mind if you are going to place a charge over property as security then you should ensure that it is valued correctly. In addition it would also seem common-sense for P2P lenders like AC to continue to periodically check the condition and value of the security for the duration of the loan. AC cannot afford to play a percentage game, as is the case with big retail lenders, whose business model allows for a percentage of failures. Too many AC loans are failing for want of proper diligence in my view. If you do not listen to your Lenders then like me they will vote with their feet. The thing is it looks like you don't really care as long as you are making money, both from lenders and borrowers.
You are making a pretty serious allegation the AC has not undertaken proper due diligence and valuations. Can you please substantiate that with hard evidence? You are making strong accusations about our conduct and potentially libellous statements. I take that very seriously. Also you allege we don't care. You obviously don't know me or the culture we have built at AC. I'm not going to repeat what I has said before. Lastly too many loans failing? 2015 saw 4 loans out of 60+ default. One of those was due to a death, so make that 3. Long term SME default rates are c10% and currently around 5%. This may sound pithy, but I have 20 years lending experience including bad debt management. How many years have you worked in SME lending?
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Post by chris on Jan 23, 2016 13:16:55 GMT
@abbot - I've heard back from the credit team and there were no previous bankruptcies at that property. The property had previously been in receivership which the Land Registry are not notified of and there are no other central databases which could have been searched.
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