Jeepers
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Post by Jeepers on Aug 16, 2016 17:10:36 GMT
Would have thought Brexit would have a negative effect on the value of such an expensive home- especially down south. Property prices are spiralling out of control, the average person can't afford to buy a property and rents are rising fast, often the state has to pay these rents. I was hoping Brexit would cause property prices to stop rising and go through a phase flatlining. Instead credit is being relaxed, intensifiying the bubble! My family with 1 working parent and 4 children, can borrow 4.8 times income! This can't be right, the BoE should limit this to 3.5-4. We're not talking the average person- This is a £4.25m home, not your average 3 bed semi so the state paying rent is irrelevant to a multi-million pound property.
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homes119
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Post by homes119 on Aug 16, 2016 17:13:27 GMT
Yes it's a quirk of RM, only the latest pics are shown in the sold prices section. Kind of makes sense if it's changed hands multiple times. That's the latest price recorded at the Land Registry for this property. Edit. You can search it here landregistry.data.gov.uk/app/ppdJust put in the postcode I was just wondering the exact same thing regarding the 2013 price. Also, the valuation report (dated beginning of the year) valued the property at 4,250,000 pounds. It's advertised for sale for 4,750,000. Not sure how to feel about this... Is it an indication that the borrower is not under financial pressure? Does this increase the likelihood of an extension? Does SS have role in signalling to the borrower that the listed price could be unrealistic and that the borrower may default on the loan? There's 7 days left... and at the high-end house prices are already being impacted by Brexit.
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Liz
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Post by Liz on Aug 16, 2016 17:14:08 GMT
Would have thought Brexit would have a negative effect on the value of such an expensive home- especially down south. Why? Top end of market was struggling pre-Brexit because foreign buyers werent buying due to home difficulties & stamp duty changes. Drop in sterling means they now get a lot more bricks for their dinar/dollar etc so it has reportedly had a positive effect. I've never understood this, you get more house for your money buying, but when you sell, you get less currency back. Currency is worth more on the way in, but worth less on the way out.
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boundah
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Post by boundah on Aug 16, 2016 17:21:04 GMT
Would have thought Brexit would have a negative effect on the value of such an expensive home- especially down south. Property prices are spiralling out of control, the average person can't afford to buy a property and rents are rising fast, often the state has to pay these rents. I was hoping Brexit would cause property prices to stop rising and go through a phase flatlining. Instead credit is being relaxed, intensifiying the bubble! My family with 1 working parent and 4 children, can borrow 4.8 times income! This can't be right, the BoE should limit this to 3.5-4. Prices are already falling in prime London and several of the huge BtL developments outside the centre. Rents are now stagnant or falling in many parts of the city. Sooner or later the ripples will spread out as they always have. SO: I'm not planning on any big property investments any time soon.
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homes119
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Post by homes119 on Aug 16, 2016 17:23:45 GMT
Why? Top end of market was struggling pre-Brexit because foreign buyers werent buying due to home difficulties & stamp duty changes. Drop in sterling means they now get a lot more bricks for their dinar/dollar etc so it has reportedly had a positive effect. I've never understood this, you get more house for your money buying, but when you sell, you get less currency back. Currency is worth more on the way in, but worth less on the way out. Yes, but the way out may be years and years from now. I do think that the currency drop does help support the price levels but that the net result in sterling on valuations will be a decrease nonetheless (albeit smaller than it could be due to currency impact).
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oldgrumpy
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Post by oldgrumpy on Aug 18, 2016 15:10:20 GMT
Oh shucks. No repayment coming on this one for a while. Borrower been a naughty boy and breached the planning rules?
Funny how SS's updates over multiple loans all come at once after weeks of silence.
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Post by reeknralf on Aug 18, 2016 18:18:26 GMT
I think I can take credit for this update; if 'credit' is the appropriate term. I alerted SS last night, and said I'd hold off posting on here until they gave me the go ahead. I haven't had a reply from them, but as they've now let the cat out of the bag, I guess I can post. He's been more than a little naughty. The house is too tall, there are lots of unauthorised windows, and about 300m2 of living space without planning. Yes, 300m2. He's offered to undo some of the unauthorised living space but has asked to keep the remainder, plus the windows and too-high ridge. There's a mass of complaints from neighbours attached to the application. They are apparently well-pissed that someone has built an illegal 'footballer mansion' in their green, leafy and refined corner of the world. If he is made to undo all the unauthorised work, the value is going to take a big hit, even the bits he's proposing to undo are going to hurt. I wonder how long it takes from finding out you're in breach of planning, to compiling and submitting a long and detailed retrospective planning application. The loan drew down in February. The planning was submitted 12/05. All the details are on www.molevalley.gov.uk |
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Post by Deleted on Aug 18, 2016 18:53:51 GMT
Some of those objection letters are quite entertaining
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cooling_dude
Bye Bye's for the PPI
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Post by cooling_dude on Aug 18, 2016 19:23:11 GMT
Some of those objection letters are quite entertaining They sure are; I've never seen so many individual letters, all overwhelmingly objecting to the (retrospective) plans... This was submitted on 25-May-2016... and SS are only finding out about this now  This property is well and truly in the Green Belt...
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Liz
Member of DD Central
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Post by Liz on Aug 18, 2016 19:32:21 GMT
Some of those objection letters are quite entertaining Yep, the neighbours are "pissed"
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dovap
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Post by dovap on Aug 18, 2016 19:41:54 GMT
seems particularly odd that 'certain modifications' were made specifically for a potential buyer - how odd
another one glad to be out of
(weird the way decent amounts of some loans appear on the SM only for bad news to appear sometime later)
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TitoPuente
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Post by TitoPuente on Aug 18, 2016 19:48:03 GMT
In other contexts that is called insider information.
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Post by martin44 on Aug 18, 2016 19:50:10 GMT
Nothing unduly to worry about, SS have now sent out there "planning experts" ... i wonder where they were when this loan was proposed, could it be that the SS "planning experts" did not scrutinize the original planning and the asset.
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Liz
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Post by Liz on Aug 18, 2016 19:51:28 GMT
seems particularly odd that 'certain modifications' were made specifically for a potential buyer - how odd another one glad to be out off (weird the way decent amounts of some loans appear on the SM only for bad news to appear sometime later) On the positive side, these improvements modifications, add value, so get buying this on the SM; Well at least £42k, to get me out of this one 
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Post by martin44 on Aug 18, 2016 21:08:07 GMT
seems particularly odd that 'certain modifications' were made specifically for a potential buyer - how odd another one glad to be out off (weird the way decent amounts of some loans appear on the SM only for bad news to appear sometime later) On the positive side, these improvements modifications, add value, so get buying this on the SM; Well at least £42k, to get me out of this one And also a future DFL (demolition funding loan)
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