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Post by loftankerman on Sept 26, 2017 22:15:53 GMT
Ironically, I have an advert at the bottom of my page: "Don't get held hostage by ransomware". Sophos offering to prevent aforementioned threat. Shame they can't also protect strips of land... Mine was showing fleece waterproof trousers when I read this. I'm pleased to say I won't be needing them to contain my anxiety as I passed on this loan. That hasn't stopped me being appalled by the outcome though.
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hazellend
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Post by hazellend on Sept 26, 2017 22:27:08 GMT
Out of interest does anybody know what the borrower paid for the land?
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hazellend
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Post by hazellend on Sept 26, 2017 22:55:45 GMT
Could it be that they are pricing it low to drive up interest and that the are expecting closer to 2 mil then?
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jaswells
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Post by jaswells on Sept 26, 2017 23:21:52 GMT
This is beginning to look like one of the clear reasons P2P will struggle long term. The asymmetry of information in the market means the borrower, despite all efforts made through DD, will likely always have superior knowledge of the true value of an asset. P2P lenders are an easy target to off load assets they have been unfortunate enough to acquire and later gained greater clarity. We can discuss pathways to overcome this but any student of behavioural economics would understand that the incentive structure is mostly all wrong from the outset. The best solution would be consistently lower LTV's than industry standard, but as with this case losses will still be made.
If all is true, the owner of this land must be praising the lord at how p2p lending came along at the right time.
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cooling_dude
Bye Bye's for the PPI
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Post by cooling_dude on Sept 26, 2017 23:29:38 GMT
Could it be that they are pricing it low to drive up interest and that the are expecting closer to 2 mil then? It's a known tactic that sellers to price low to increase interest, but a c1.75m discount (based on the previous purchase) is pushing it IMO The LY updates say it all - there are issues, and this will affect the value (hence the low guide).
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Post by martin44 on Sept 27, 2017 9:35:44 GMT
I personally don't think this is a site access issue, after spending some time rooting around today, i found quite a comprehensive document included in the original planning application with regards to the use of wo****nd view as the main access rd....(All 100% good)... i would envisage that this is a highways agency England rd where checks would have been made prior to ensure access would not be an issue. Also The original drawings for the project include.... 'Single Access Point from Woodland View (leading to Ashey Road).' Not sure if this is good news or bad... still non the wiser as to the drastic reduction in value.  edited spelling Whilst the document in the Planning Application details the site access point and indeed the road has been adopted and is a public highway, it is only a public right of way up to the point where construction has stopped. Highway Authorities can only adopt (take over and maintain) roads and footpaths which have been completed. The photographs in the VR and the site survey clearly show that the road construction has been stopped about 2 feet from the site boundary. In essence this narrow strip of land belongs to the developer who built Woodland View and he is quite within his rights to refuse access across this. He can legally stop anyone constructing anything on this strip. This has nothing to do with the Local Authority or the Highways Department It would certainly be good if Paul64 could just give us a quick comment on this, nothing in depth, just a quick 'yes this is an access issue' .. at least it will put this to bed. Any chance Paul64
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guff
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Post by guff on Sept 27, 2017 10:22:47 GMT
I personally don't think this is a site access issue, after spending some time rooting around today, i found quite a comprehensive document included in the original planning application with regards to the use of wo****nd view as the main access rd....(All 100% good)... i would envisage that this is a highways agency England rd where checks would have been made prior to ensure access would not be an issue. Also The original drawings for the project include.... 'Single Access Point from Woodland View (leading to Ashey Road).' Not sure if this is good news or bad... still non the wiser as to the drastic reduction in value. edited spelling Whilst the document in the Planning Application details the site access point and indeed the road has been adopted and is a public highway, it is only a public right of way up to the point where construction has stopped. Highway Authorities can only adopt (take over and maintain) roads and footpaths which have been completed. The photographs in the VR and the site survey clearly show that the road construction has been stopped about 2 feet from the site boundary. In essence this narrow strip of land belongs to the developer who built Woodland View and he is quite within his rights to refuse access across this. He can legally stop anyone constructing anything on this strip. This has nothing to do with the Local Authority or the Highways Department Hence the name ransom strip.
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sqh
Member of DD Central
Before P2P, savers put a guinea in a piggy bank, now they smash the banks to become guinea pigs.
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Post by sqh on Sept 27, 2017 19:42:37 GMT
martin44 Whilst the document in the Planning Application details the site access point and indeed the road has been adopted and is a public highway, it is only a public right of way up to the point where construction has stopped. Highway Authorities can only adopt (take over and maintain) roads and footpaths which have been completed. The photographs in the VR and the site survey clearly show that the road construction has been stopped about 2 feet from the site boundary. In essence this narrow strip of land belongs to the developer who built Woodland View and he is quite within his rights to refuse access across this. He can legally stop anyone constructing anything on this strip. This has nothing to do with the Local Authority or the Highways Department Hence the name ransom strip. The Highways Authority or Local Council normally own the first metre from the edge of the road. This allows for public footpaths and access control onto the road. I live in a village where there is no pavement and have moved my driveway, it wasn't easy. I doubt if the developer has a 2 foot ransom strip between the road and the fence. It is possible that the developer has a strip on the other side of the fence.
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guff
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Post by guff on Sept 27, 2017 20:07:57 GMT
Hence the name ransom strip. The Highways Authority or Local Council normally own the first metre from the edge of the road. This allows for public footpaths and access control onto the road. I live in a village where there is no pavement and have moved my driveway, it wasn't easy. I doubt if the developer has a 2 foot ransom strip between the road and the fence. It is possible that the developer has a strip on the other side of the fence. I'd assumed it was behind the fence otherwise the Audi would never get out.
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seeingred
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Post by seeingred on Sept 27, 2017 23:22:48 GMT
Are we mixing up Isle of Wight and DFL001 in Exeter?
Both are possible ransom strip issues.
DFL001 had a Land Rover hidden behind fencing of the adjoining house (I have a photo). Don't recall an Audi being involved.
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littleoldlady
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Running down all platforms due to age
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Post by littleoldlady on Sept 28, 2017 6:39:52 GMT
Are we mixing up Isle of Wight and DFL001 in Exeter? Personally I do have trouble in not doing so. They are now my only holdings in L and there are similarities.
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Post by martin44 on Sept 28, 2017 8:27:31 GMT
DFL001 had a Land Rover hidden behind fencing of the adjoining house (I have a photo). Don't recall an Audi being involved.If you go to google maps and drop your man at the end of woodland view, you can see the so called ransom strip, the house to the left has an audi on the drive.  edit. we are talking isle of wight.
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Post by genialharry on Sept 30, 2017 9:29:06 GMT
I have read all this thread and it looks very worying. I have not leant any money with Lendy yet I think I will wait till the worst default loans are setled
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littleoldlady
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Post by littleoldlady on Sept 30, 2017 11:12:55 GMT
I have read all this thread and it looks very worying. I have not leant any money with Lendy yet I think I will wait till the worst default loans are setled Very wise IMO.Those of us that have been with them a long time have earned enough interest to sustain some losses but I don't think now is a good time to start. You could look at Moneything or even Funding Secure (ugh!), but they also have loans in trouble. Safer are platforms loaning on residential but their rates are much lower.
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twoheads
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Programming
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Post by twoheads on Oct 10, 2017 17:00:29 GMT
I have now seen two VRs for this property. One dated October 2015 and another dated April 2016 which is just when the loan went live. Many thanks to the diligent investor who provided this information from the earlier valuation and appendices. As has already been pointed out previously, the short paragraph at the bottom of page 3 reads: 2.2 Site and Access
Proposed vehicular and pedestrian access is from W******* V***, which is an adopted Highway, with existing
pedestrian access via W**** R***. We have assumed access rights exist and that there is no ransom situation.Interestingly, the sentence in red only appears in the later valuation, not in the earlier one. So clearly someone, somewhere had thought about this potential problem at some time or other.
For everyone's delight, below is a lovely plan of the proposed development from one of the appendices.  |
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