seeingred
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Post by seeingred on Sept 28, 2017 17:51:45 GMT
" vulchers, the lot of them " Vultures provide a useful service in Nature. They have a closely defined role and know their place. A group of vultures is called a committee, venue or volt. In flight, a flock of vultures is a kettle, and when the birds are feeding together at a carcass, the group is called a wake. www.thespruce.com/fun-facts-about-vultures-385520
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Sept 28, 2017 18:01:03 GMT
? The LPA will be acting in the interests of the the lender, all 3,727 of them, not "developer" Check out PFK-FC As for estate agents; not all but some are notoriously, cunning and untrustworthy. They will already be calling their pet buyers, vulchers, the lot of them and a group is referred to as a wake! Actualy not true. Receiver is appointed by lender but is an agent of the borrower with the role of fulfilling the borrowers obligations in best way possible. They therefore act in the interests of all parties to achieve the best outcome possible.
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agent69
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Post by agent69 on Sept 28, 2017 18:16:48 GMT
The borrower has played a blinder really. Off the pitch if not on it
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gurberly
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Post by gurberly on Sept 28, 2017 18:28:54 GMT
Pity Many Savingstream Lenders?
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mikes1531
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Post by mikes1531 on Sept 28, 2017 19:49:55 GMT
Reading the Lendy update, I feel their preferred option is to sell to neighbouring developers, and access would be possible through their land. Yes, but... Put yourself in the neighbouring developers' shoes. It looks to me as if they effectively have a ransom strip as well. All they have to do is put a price on the access rights that's a bit lower than the borrower's son's price and the LPA receivers will be unable to dispose of the security for any significant value. The relevant fact is that the development plot appears to be landlocked. And without access, it can't have much value, can it?
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Post by martin44 on Sept 28, 2017 21:57:09 GMT
? The LPA will be acting in the interests of the the lender, all 3,727 of them, not "developer"Check out PFK-FC As for estate agents; not all but some are notoriously, cunning and untrustworthy. They will already be calling their pet buyers, vulchers, the lot of them and a group is referred to as a wake! My bold. LPA looks after LPA 1st, Then the lender.
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Post by jimreaper on Sept 28, 2017 22:38:20 GMT
Pity Many Savingstream Lenders? LOL....?
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Post by jimreaper on Sept 28, 2017 22:39:39 GMT
" vulchers, the lot of them " Vultures provide a useful service in Nature. They have a closely defined role and know their place. A group of vultures is called a committee, venue or volt. In flight, a flock of vultures is a kettle, and when the birds are feeding together at a carcass, the group is called a wake. www.thespruce.com/fun-facts-about-vultures-385520Oh, they work in groups, guaranteed.
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Post by jimreaper on Sept 28, 2017 22:40:56 GMT
? The LPA will be acting in the interests of the the lender, all 3,727 of them, not "developer"Check out PFK-FC As for estate agents; not all but some are notoriously, cunning and untrustworthy. They will already be calling their pet buyers, vulchers, the lot of them and a group is referred to as a wake! My bold. LPA looks after LPA 1st, Then the lender. You’re speaking from experience?
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Post by jimreaper on Sept 28, 2017 22:54:01 GMT
Reading the Lendy update, I feel their preferred option is to sell to neighbouring developers, and access would be possible through their land. Yes, but... Put yourself in the neighbouring developers' shoes. It looks to me as if they effectively have a ransom strip as well. All they have to do is put a price on the access rights that's a bit lower than the borrower's son's price and the LPA receivers will be unable to dispose of the security for any significant value. The relevant fact is that the development plot appears to be landlocked. And without access, it can't have much value, can it? I’m not convinced about the ransom strip. It’s going take some time to gather the facts and I believe there will be sufficient evidence that the access is indeed, part and parcel of the title the lender holds. What happens if the son gets an offer for the house? Its on the market with the agent appointed to sell the development before entering receivership and visible on the usual selling sites. Now reduced to £695k - dream on. Use Firefox, download Property Bee add-on and you will see the history.
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Post by martin44 on Sept 28, 2017 22:58:19 GMT
My bold. LPA looks after LPA 1st, Then the lender. You’re speaking from experience? Are you?
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Post by jimreaper on Sept 28, 2017 22:59:36 GMT
? The LPA will be acting in the interests of the the lender, all 3,727 of them, not "developer" Check out PFK-FC As for estate agents; not all but some are notoriously, cunning and untrustworthy. They will already be calling their pet buyers, vulchers, the lot of them and a group is referred to as a wake! Actualy not true. Receiver is appointed by lender but is an agent of the borrower with the role of fulfilling the borrowers obligations in best way possible. They therefore act in the interests of all parties to achieve the best outcome possible. Agreed but nevertheless, they must obtain the best outcome financially and the borrower will be responsible for the incurred costs, in full. Does Lendy require, in addition to the security, personal gurantees too, if there is a shortfall? For those unfamiliar see here
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Sept 28, 2017 23:10:10 GMT
Actualy not true. Receiver is appointed by lender but is an agent of the borrower with the role of fulfilling the borrowers obligations in best way possible. They therefore act in the interests of all parties to achieve the best outcome possible. Agreed but nevertheless, they must obtain the best outcome financially and the borrower will be responsible for the incurred costs, in full. Does Lendy require, in addition to the security, personal gurantees too, if there is a shortfall? For those unfamiliar see hereCosts will be taken from the realisations so as this effectively reduces the amount returned to lenders or surplus it does fall on the borrower as you say. Lendy does take PGs, secondary security is detailed in the loan paticulars in each case. I take it you arent a Lendy lender.
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Post by jimreaper on Sept 28, 2017 23:32:09 GMT
No, not a lender yet.
I’m encouraged by the PG’s though, appreciated, thank you. Perhaps “developers” quote of having his shirt taken, has some substance and the threat, if true, referred to those PG’s.
I strongly believe that they will have to be enforced as the sites value, in any scenario, including a build out by Lendy, will never cover the debt.
Happy to to be proved wrong though.
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Post by masquedefer on Sept 29, 2017 7:40:50 GMT
@ Paul, Lendy Presumably L's solicitor when setting up the loan was responsible inter alia, for ensuring that the site had full legal access rights without any ransom strip issues? This is what solicitors are expected to do when advising on and processing a land purchase or a property mortgage. Surely L will be chasing them regarding their professional liability in this respect?
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