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Post by earthbound on May 4, 2016 18:26:28 GMT
ben That's exactly right, that's why i posted my theory, so far it has worked perfect, the reason its posted is "where can it go wrong"? i am actively looking for anyone to put me straight, so i can * improve my theory further. edit*.. not "improve my theory further".. but.. *reduce my statistical chances of a <polishes the crystal ball> ...hmm, need some more Mr Sheen. Lottery numbers please..... 
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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
Posts: 11,329 
Likes: 11,549
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Post by ilmoro on May 4, 2016 18:45:03 GMT
This turn up may well have thrown my cunning theory of track. all of my investments are 1st charge only, and i was always under the assumption that it would remain so, to find a second charge is possible , later, after my funds have gone in , is a little unsettling, but was known, but what is more unsettling is to now find that the second charge could in fact instigate a default against the asset without the first charge having a say, that is very worrying. As an illustration, lenders in AC Essex loan already referenced received an email today to vote on allowing an additional charge in favour of the council to cover sums owing.
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Post by earthbound on May 4, 2016 18:57:42 GMT
This turn up may well have thrown my cunning theory of track. all of my investments are 1st charge only, and i was always under the assumption that it would remain so, to find a second charge is possible , later, after my funds have gone in , is a little unsettling, but was known, but what is more unsettling is to now find that the second charge could in fact instigate a default against the asset without the first charge having a say, that is very worrying. As an illustration, lenders in AC Essex loan already referenced received an email today to vote on allowing an additional charge in favour of the council to cover sums owing. I was sat thinking about this and wondered whether SS, FS OR whoever, could include a clause in the t&c's to state, "no other charge will be accepted on the asset" but then realized via mrclondon's post that they do already have this option, BUT not if it is placed via a court as a CCJ or other charge, DD is so important on all loans, but ultimately no matter how good your DD, there seems always to be a way to stitch up the MAIN lenders, leaving them with ultimate loss should it occur.
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Post by mrclondon on May 4, 2016 19:34:44 GMT
earthbound ... not all 2nd charges are bad news ... the FS Golders Green 2nd charge loan (which renewed last week) only takes the combined LTV to 64% against a pretty solid valuation of £1.1m despite the valuer's comments of poor condition. And given the valuation is approaching 12 months old, its reasonable to assume another £100k or so on top.
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Post by earthbound on May 4, 2016 19:43:52 GMT
earthbound ... not all 2nd charges are bad news ... the FS Golders Green 2nd charge loan (which renewed last week) only takes the combined LTV to 64% against a pretty solid valuation of £1.1m despite the valuer's comments of poor condition. And given the valuation is approaching 12 months old, its reasonable to assume another £100k or so on top. Thanks mrclondon .. its the bad news ones that worry me, however it wont alter my theory, because no-one so far , it seems to me, has a better alternative.
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