ablender
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Post by ablender on Feb 15, 2016 12:45:48 GMT
Another thing I do not understand is "We are informed there is an overage covenant on the access from the village of Sutton." What is this and will it have any effect? I don't see any reason to be concerned about this. Thanks. That was very useful.
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ablender
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Post by ablender on Feb 15, 2016 12:47:08 GMT
1. I read that there are some wood electricity poles, and 4 electric pylons, together with a water pipeline going through the land. Will any of this make a difference? 2. Also there is mentioned of clay pigeon target shooting license. 3. Another thing I do not understand is "We are informed there is an overage covenant on the 1. The land is massive! There is bound to be water pipelines and pylons, none of which would be of concern. If the valuation indicated that there where transmission towers running through the land, then that would be an expensive issue for planning, but no indication 2. I can't see no issues I can see with this. If the land which has clay pigeon target shooting license has a change of use this license would be automatically removed 3. I have no idea what this means.....! Will have to do some research EDIT : webwiz beat me to it!Thanks dude for your reply. I am glad we can move clay pigeons faster than newts. 
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adrianc
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Post by adrianc on Feb 15, 2016 13:12:11 GMT
Another question: What is "Scheduled Ancient Monument"? Any effect on security? Part of the land once had a castle or a stone-age settlement or something similar on, and that's protected for archeological reasons. There may even be some ruins visible. No effect at all on security.
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mikes1531
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Post by mikes1531 on Feb 15, 2016 16:00:27 GMT
- The total land is valued at £9,400,000, but if you add up each individual sub-divided valuation, the value of comes to £9,385,000 > Luckliy SS have used the sub-divided valuations which adds up to £9,385,000 > However it is worth pointing out that the land is for sale @ £9,250,000, and has been for sale since September last year > There are no 180-day marketing period valuation which would of been a better gauge for LTV IMHO : Inasmuch as the property is being sold about six months after it was listed, ISTM that the price being paid should be a reasonable indicator of the 180-day value. Do we have any idea what the agreed price is?
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SteveT
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Post by SteveT on Feb 15, 2016 16:09:06 GMT
The loan summary states that the price is approx £10k per acre, which is the going market rate for decent arable land.
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cooling_dude
Bye Bye's for the PPI
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Post by cooling_dude on Feb 15, 2016 16:21:00 GMT
- The total land is valued at £9,400,000, but if you add up each individual sub-divided valuation, the value of comes to £9,385,000 > Luckliy SS have used the sub-divided valuations which adds up to £9,385,000 > However it is worth pointing out that the land is for sale @ £9,250,000, and has been for sale since September last year > There are no 180-day marketing period valuation which would of been a better gauge for LTV IMHO : Inasmuch as the property is being sold about six months after it was listed, ISTM that the price being paid should be a reasonable indicator of the 180-day value. Do we have any idea what the agreed price is? I agree, but the surveyor does not touch upon that at all; there is no 90 or 180 day sale value is given at all. This is important stuff for a bridging loan company such as SS to know. If we find out what the final price is (which as AFAIK hasn't been mentioned), then I would be happy to accept that as a 180 day sale value; and personally I would rather see that sum used for the LTV. However, that would mean a larger LTV percentage....... Also, while we’re on the subject; is anybody surprised the surveyor didn’t touch upon that the land they was surveying was currently for sale, and talk about the current asking price? EDIT : A quick search shows that, although the rightmove listing was added 23 September 2015, the land actually went on sale Saturday 6 June 2015
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mikes1531
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Post by mikes1531 on Feb 15, 2016 18:01:36 GMT
If we find out what the final price is (which as AFAIK hasn't been mentioned)... Will we be able to find out the actual price from the Land Registry database once the sale goes through? If so, how long might it take before that info appears? If the property was put up for sale back in June, then the 180-day price would be lower than the actual price.
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paulg
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Post by paulg on Feb 15, 2016 19:06:47 GMT
The loan summary states that the price is approx £10k per acre, which is the going market rate for decent arable land. But the valuation document suggests that farm land in the area sells for a lot less than that, and the figures for tranches B and C suggest a price of around £9.000 an acre.
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cooling_dude
Bye Bye's for the PPI
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Post by cooling_dude on Feb 15, 2016 19:07:35 GMT
If we find out what the final price is (which as AFAIK hasn't been mentioned)... Will we be able to find out the actual price from the Land Registry database once the sale goes through? If so, how long might it take before that info appears? If the property was put up for sale back in June, then the 180-day price would be lower than the actual price. The time it take for the details on the Land register to be updated depends of quite a few factors. As a very rough guide; - a couple of days if it's an already-registered property in its own unique title - a couple of weeks if it's part of a larger title - up to a month if : > it is a new lease > the land is not yet registered. I would guess, that because of the amount of land involved, and the fact that the land is currently held within two ownerships (and it is assumed that it is held under separate titles) that we’re looking at a couple of weeks before the details appear on the land registry Problem is we would have to lay out £3 to get the details, and if the details have yet to be update, we would have to pay a further £3 in the future in the hope that it has been updated! Shell we have a whip around..... 
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mikes1531
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Post by mikes1531 on Feb 15, 2016 20:31:53 GMT
Problem is we would have to lay out £3 to get the details, and if the details have yet to be update, we would have to pay a further £3 in the future in the hope that it has been updated! Shell we have a whip around..... : Thanks for the info. Do I take it that houseprices.landregistry.gov.uk works only for houses?
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cooling_dude
Bye Bye's for the PPI
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Post by cooling_dude on Feb 15, 2016 20:34:29 GMT
Problem is we would have to lay out £3 to get the details, and if the details have yet to be update, we would have to pay a further £3 in the future in the hope that it has been updated! Shell we have a whip around..... : Thanks for the info. Do I take it that houseprices.landregistry.gov.uk works only for houses? I believe so, yes
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Post by sunspot on Feb 15, 2016 22:27:55 GMT
It's been a while, but in my experience, the Land Registry is typically about three months behind!
Of course, I'm talking housing rather than land, but I don't see why there'd be any difference.
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cooling_dude
Bye Bye's for the PPI
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Post by cooling_dude on Feb 15, 2016 22:33:01 GMT
It's been a while, but in my experience, the Land Registry is typically about three months behind! Of course, I'm talking housing rather than land, but I don't see why there'd be any difference. I can't speak for land or complex situations, but I bought a house fairly recently and the details appeared online within a week after the deal was done (It could have been days, but I didn’t check until after a week).
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goopy
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Post by goopy on Feb 17, 2016 16:15:50 GMT
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SteveT
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Post by SteveT on Feb 24, 2016 11:28:23 GMT
The risk of letting on how much is in the prefunding pot is that we will start to see games again. We are tempted to do the "bottom up" allocation over all the loans going forward which should be quite fair and stop people playing the system. Appreciate thoughts on that? , I previously supported leaving the pre-funding mechanism alone until the next few loans had gone live and then reviewing. Based on the allocations over the recent new loans, on balance I now support switching to filling all loans bottom-up as you suggested. The post-Xmas famine is clearly now over, the maximum bottom-up allocation on PBL082 was surprisingly reasonable and the level of "gaming" on loans over £1m is now reaching silly proportions. I don't believe my ultimate allocations in PBLs 77-81 would have been wildly different by either route, but the level of confidence (on both sides) of the likely outcome would have been much higher. Given the large number of upcoming loans in the pipeline and the wide range of loan sizes, I reckon you must be in need of clear, reliable indications of forthcoming lender demand if you're to commit to so many borrowers' draw-down timescales. The current pre-funding mechanism no longer gives you that and leads to regrettable abuse of your goodwill in some quarters (as evidenced by your recent need to return substantial unpaid holdings to the after-market).
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