cooling_dude
Bye Bye's for the PPI
Posts: 2,853 
Likes: 4,298
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Post by cooling_dude on May 27, 2016 19:35:40 GMT
This Loan is LIVE
| Loan Amount | : | £192,000
| | Security Value | : | £275,000 | | SS Indicated LTV | : | 70%
| | 90 Day Market Valuation | : | None Provided | | LTV Based on 90 day Market Valuation | : | N/A |
PLEASE NOTE : This post (and all my DD posts) are no longer being updated by myself (besides the basic loan status)
Observations from the valuation report & other remarks
> This is the same borrower as the borrower in PBL101> Security is a former residential 2 story villa built around 1900 which has been used as an office for some years. A degree of repairs is required to the building. > The borrower is an experienced property investor looking for a short term loan to repay an existing lender > A notice of dilapidations was served some years ago but the works were not undertaken by the tenant despite irritancy notices being served. > Planning consent was granted in March 2013 for a two storey office projection to the main existing building providing an additional net lettable space of 2360 square feet with parking spaces for 8 cars (This consent may now have expired since the valuation). > It is explained in the valuation report that there are several options by which to value this property which produces varying valuations. The lowest resultant figure is provided as the final valuation figure. > Exit StrategyRefinance after refurbishing the property.
| Code Number Assigned | : | 27/05/2016 | | Loan went live @ | : | Due To Go Live Soon | | Allocation | : | £90.00 | | Amount of Investors @ Live | : | 1911 |
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Liz
Member of DD Central
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Likes: 1,297
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Post by Liz on May 27, 2016 21:03:28 GMT
Come on CD, put the whiskey down and due your Due Dil  Maybe he had too much whiskey! Big Al to the rescue. |
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cooling_dude
Bye Bye's for the PPI
Posts: 2,853
Likes: 4,298
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Post by cooling_dude on May 27, 2016 21:08:01 GMT
Come on CD, put the whiskey down and due your Due Dil Maybe he had too much whiskey! Big Al to the rescue.  I've been stuck on the M11 for most of the evening, and only been able to start... and I'm starting with PBL101 And, while I'm not impartial to a glass of whisky, I'm far happier with a Brandy by my side. No Brandy in the house, so I'm getting stuck into an Old Speckled Hen...
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Liz
Member of DD Central
Posts: 2,426
Likes: 1,297
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Post by Liz on May 27, 2016 21:27:20 GMT
Hahaha
These are residential property, so probably lower risk than the average SS loan, no development risk or hard to value development land.
Edit: This forum is so busy today, I'm struggling to keep up, all those new members.
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Post by earthbound on May 27, 2016 21:44:23 GMT
Keep up the good work, and here's one to help you along now you are converted to the bottles.  |
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Post by earthbound on May 27, 2016 22:07:09 GMT
Probably a dumb question, but what is "heritable value" as mentioned in the valuation? not dumb at all, never heard of it myself either.
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cooling_dude
Bye Bye's for the PPI
Posts: 2,853
Likes: 4,298
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Post by cooling_dude on May 27, 2016 22:14:11 GMT
Probably a dumb question, but what is "heritable value" as mentioned in the valuation? I'm not 100% sure, but I guess they just mean the value to a prospective buyer (i.e. the heritable owner)
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Post by earthbound on May 27, 2016 22:17:06 GMT
i had a quick look on google, unless the borrower is pregnant, then no idea.  |
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cooling_dude
Bye Bye's for the PPI
Posts: 2,853
Likes: 4,298
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Post by cooling_dude on May 27, 2016 22:56:13 GMT
www.scan.org.uk/knowledgebase/topics/property_topic.htmTypes of property
Legally speaking, property in Scotland is either ‘heritable’ or ‘moveable’. In origin this was a distinction between landed property and moveable goods. Thus land, houses and minerals in the ground were heritable; furniture, farm stock and minerals which had been mined were moveable. But property could become heritable 'by connection' with heritable property. Thus liferents, feu duties and casualties of superiority, leases and teinds were all heritable. Property could also become heritable 'by destination', that is, by being so specified by the owner. Moveable property includes money, furniture, personal possessions, clothing, and other valuables. Good researching. I'm learning a lot of new words in this Scottish valuation report; Can anyone explain what the hell " feu" means...
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Post by brianac on May 28, 2016 6:48:48 GMT
Feu was previously the most common form of land tenure in Scotland, as conveyancing in Scots law was dominated by feudalism until the Scottish Parliament passed the Abolition of Feudal Tenure etc. (Scotland) Act 2000.[
(From wikipedia)
Not sure how much it clarifies...
Brian
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Post by brianac on May 28, 2016 7:02:49 GMT
This Loan is Due To Go Live On 27/05/2016
Observations from the valuation report & other remarks
> Planning consent was granted in March 2013 for a two storey office projection to the main existing building providing an additional net lettable space of 2360 square feet with parking spaces for 8 cars (This consent may now have expired since the valuation).
In England, PP lasts for 5 years, unless terms and conditions of the PP state otherwise, and of course you can apply for renewal, which <may> be subject to the same rigors as a new application, but usually goes through O.K. providing it hasn't lapsed Not sure how Scotland differs though. Not sure that this helps or not but ... Brian Brian
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cooling_dude
Bye Bye's for the PPI
Posts: 2,853
Likes: 4,298
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Post by cooling_dude on May 28, 2016 9:55:11 GMT
Feu was previously the most common form of land tenure in Scotland, as conveyancing in Scots law was dominated by feudalism until the Scottish Parliament passed the Abolition of Feudal Tenure etc. (Scotland) Act 2000.[ (From wikipedia) Not sure how much it clarifies... Brian Nope.. that doesn't clarify anything, in fact, it only confuses the matter as it now makes less sense when used in the contexts that it has been used in the valuation report And here was me thinking the Scots spoke English .... (although I must be careful what I say, as I was born north of the border... just)
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Post by brianac on May 28, 2016 11:25:09 GMT
In Scotland PP will lapse if no work started within 3 years Generally, applications granted Planning Permission in Principle (PPP) will lapse after three years, unless an application for the detailed scheme dealing with the conditions as set out in the decision document has been submitted to the Council for approval within that time. If the development has not started within 2 years of the approval of any conditions attached to the PPP consent, the consent will lapse.
For applications approved in Full such as householder applications, the development must commence within 3 years of the date of consent or the consent will lapseI stand corrected. and a little wiser  Regards Brian
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Post by brianac on May 28, 2016 11:28:45 GMT
Feu was previously the most common form of land tenure in Scotland, as conveyancing in Scots law was dominated by feudalism until the Scottish Parliament passed the Abolition of Feudal Tenure etc. (Scotland) Act 2000.[ (From wikipedia) Not sure how much it clarifies... Brian Nope.. that doesn't clarify anything, in fact, it only confuses the matter as it now makes less sense when used in the contexts that it has been used in the valuation report And here was me thinking the Scots spoke English .... (although I must be careful what I say, as I was born north of the border... just) And here was me thinking that you wouldn't have any probs with the "mental gymnastics" that I was failing to get my head around
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Liz
Member of DD Central
Posts: 2,426
Likes: 1,297
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Post by Liz on May 28, 2016 11:45:35 GMT
Feu was previously the most common form of land tenure in Scotland, as conveyancing in Scots law was dominated by feudalism until the Scottish Parliament passed the Abolition of Feudal Tenure etc. (Scotland) Act 2000.[ (From wikipedia) Not sure how much it clarifies... Brian Nope.. that doesn't clarify anything, in fact, it only confuses the matter as it now makes less sense when used in the contexts that it has been used in the valuation report And here was me thinking the Scots spoke English .... (although I must be careful what I say, as I was born north of the border... just) Is that north of the M25 border Reading this thread is confusing me further! At least we will get only a small allocation, and it should be repaid before Scotland leaves the union.
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Maybe he had too much whiskey! Big Al to the rescue.
