|
|
Post by wiseclerk on Apr 4, 2016 8:04:30 GMT
EDIT: one due diligence check that many people have done is to pay £3 to sample the land registry records for one or more of the transactions to confirm the p2p platform do indeed have a charge against the title. I've done so on a couple myself, only takes ten minutes.
I am not a UK resident, so pls ignore my ignorance. Can I do that online? Where? Thx.
|
|
ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
Posts: 11,334 
Likes: 11,558
|
Post by ilmoro on Apr 4, 2016 8:22:06 GMT
EDIT: one due diligence check that many people have done is to pay £3 to sample the land registry records for one or more of the transactions to confirm the p2p platform do indeed have a charge against the title. I've done so on a couple myself, only takes ten minutes
I am not a UK resident, so pls ignore my ignorance. Can I do that online? Where? Thx. Yes, you do need to register here
|
|
ablender
Member of DD Central
Posts: 2,204
Likes: 555
|
Post by ablender on Apr 4, 2016 15:47:54 GMT
EDIT: one due diligence check that many people have done is to pay £3 to sample the land registry records for one or more of the transactions to confirm the p2p platform do indeed have a charge against the title. I've done so on a couple myself, only takes ten minutes.
: Can you explain further please? How it works and why needed? Cheers.
|
|
locutus
Member of DD Central
Posts: 1,059
Likes: 1,622
|
Post by locutus on Apr 4, 2016 15:50:39 GMT
EDIT: one due diligence check that many people have done is to pay £3 to sample the land registry records for one or more of the transactions to confirm the p2p platform do indeed have a charge against the title. I've done so on a couple myself, only takes ten minutes.
: Can you explain further please? How it works and why needed? Cheers. Go here: eservices.landregistry.gov.uk/www/wps/myportal/My_HomeSign up, log in, search for the property that has a loan on it, pay £3 for the title and then check Lendy appears in the Charges list.
|
|
|
|
Post by Deleted on Apr 4, 2016 17:59:16 GMT
EDIT: one due diligence check that many people have done is to pay £3 to sample the land registry records for one or more of the transactions to confirm the p2p platform do indeed have a charge against the title. I've done so on a couple myself, only takes ten minutes.
: Can you explain further please? How it works and why needed? Cheers. Well, the user Zoll posted some questions related to helping him better trust SS before investing. Some doubts the user Zoll raised are related to the existence of the borrowers (are they real? Has anyone met one? he asked). As part of the due diligence you could check the borrower details (and make some enquires on them), but at the same time you could easily verify that lendy/SS did actually really put a charge on the property (our security). If the charge is there, it means the sums have really been lent to this person (and not for example kept in the companies' coffers, in a scam) and Lendy really have a security against the loan. Given it is an easy and relatively cheap check, some people with large investments, do it....
|
|
ablender
Member of DD Central
Posts: 2,204
Likes: 555
|
Post by ablender on Apr 4, 2016 20:12:09 GMT
Got it. Thanks for the clarification.  For some reason I understood that you invest £3 in a loan and somehow you will have access to some information about them. Obviously this is totally wrong - have no idea why I understood it like that. 
|
|
|
|
Post by mrclondon on Apr 5, 2016 17:49:01 GMT
I've extracted all the posts from the "Too good to be true" thread that was on the SS board that related to Land Registry due diligence. Land registry checks are a sensible part of a due diligence strategy. I'll defy anyone to understand the risks of some loans on p2p platforms such as SS, AC, TC, FS, MT without reference to the land registry records. This is not just about platform due diligence (the "has {Lendy/AC/MT partner/TC sponsor/FS} registered the title") but also about individual loan due diligence (the "I don't understand the valuation report").[/p]
I simply have far too much money in p2p platforms and individual loans not to do this type of due diligence every day to inform my choice of loans in which to lend. |
|
brin
I am trying to stay calm.
Posts: 379
Likes: 69
|
Post by brin on Apr 5, 2016 18:09:30 GMT
Not something I have done before but very good advice, would someone be able to show a pic of one so we could see what we are looking at, and maybe when people have one done they could stick it up here and save a lot of £3 quids. sorry not sure about any legalities as whether this would be possible.
|
|
oldgrumpy
Member of DD Central
Posts: 5,087
Likes: 3,233
|
Post by oldgrumpy on Apr 5, 2016 18:12:41 GMT
Right. If Mr Clondon invests in a loan we can can all pile in! Carefully!  (Now, how to hack into each platform and have a butcher's at his accounts.... Shuang ...got a job for you!)  |
|
|
|
Post by mrclondon on Apr 5, 2016 18:25:33 GMT
Not something I have done before but very good advice, would someone be able to show a pic of one so we could see what we are looking at, and maybe when people have one done they could stick it up here and save a lot of £3 quids. sorry not sure about any legalities as whether this would be possible.
If you follow this link to the Land registry site, you should see some help info in a box titled "How to find a property". The font is a tad small, but look carefully and you'll see links to example pdf's of titles, title plans, and flood risk reports.
No, it would not be feasible to publish them on the forum as it would be publically identifying the borrower.
|
|
ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
Posts: 11,334
Likes: 11,558
|
Post by ilmoro on Apr 5, 2016 18:27:34 GMT
Not something I have done before but very good advice, would someone be able to show a pic of one so we could see what we are looking at, and maybe when people have one done they could stick it up here and save a lot of £3 quids. sorry not sure about any legalities as whether this would be possible. There is an example on the LR site. No need to sign up
|
|
brin
I am trying to stay calm.
Posts: 379
Likes: 69
|
Post by brin on Apr 5, 2016 18:43:50 GMT
Not something I have done before but very good advice, would someone be able to show a pic of one so we could see what we are looking at, and maybe when people have one done they could stick it up here and save a lot of £3 quids. sorry not sure about any legalities as whether this would be possible.
If you follow this link to the Land registry site, you should see some help info in a box titled "How to find a property". The font is a tad small, but look carefully and you'll see links to example pdf's of titles, title plans, and flood risk reports.
No, it would not be feasible to publish them on the forum as it would be publically identifying the borrower.
Thanks Mr clondon, I did not know about this prior to zoll's post's, and I'm sure there are others who do not know as well, just looked at the t&c's and then cottoned on to OG's post.... fortunately I can take a joke. 
Your Obligations
4.1 You shall not:
4.1.1 use the System in any way that causes the System or access to it be interrupted, damaged or impaired.
4.1.2 use or attempt to use any automated software agents (including without limitation, any screen scraper, spider or other web crawler) to access the System or to search, copy or monitor, display or obtain links to any part of the System.
4.1.3 use the System to copy or display the Data and information for display on any other website.
This may well be a eyebrow's raiser , but there it is, I didn't know you could do this. 
|
|
jonah
Member of DD Central
Posts: 2,031
Likes: 1,113
|
Post by jonah on Apr 5, 2016 18:52:52 GMT
Surely this thread should be in the general forum though, not the SS one?
Probably either stickied or linked to from a 'useful threads' sticky or similar?
|
|
brin
I am trying to stay calm.
Posts: 379
Likes: 69
|
Post by brin on Apr 5, 2016 19:04:52 GMT
Must say I agree with Jonah, not sure this should be specifically placed here. linked to SS.  |
|
littleoldlady
Member of DD Central
Running down all platforms due to age
Posts: 3,045
Likes: 1,862
|
Post by littleoldlady on Apr 5, 2016 19:12:05 GMT
No, it would not be feasible to publish them on the forum as it would be publically identifying the borrower.
It seems pointless all of us doing the same check. For SS, maybe ilmoro could incorporate a simple yes/no on his invaluable thread. Anyone who has done the check could tell him and he could update the list. Ideally we would take it in turns to pay but that would take some organising and it might work on an honesty basis.
|
|
