ozboy
Member of DD Central
Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Jul 20, 2017 12:21:31 GMT
Full details are on one of the major property websites. Interesting to note there is a 12 month AST in place that started in June 2017 at £1000/month, which is a sub 1% yield. Very helpful....! Yes, what the heck is that all about? That's a £10,000 a month house if anything, certainly not a £1000! Why would they let it at about a 10th of the market rent on a 12 month AST? Somethings smells. Your nose and mine r1200gs. Your nose, and mine, and probably everyone else's.
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dovap
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Post by dovap on Jul 20, 2017 12:32:26 GMT
must have missed the updates on this one
?
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r1200gs
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Post by r1200gs on Jul 20, 2017 12:49:41 GMT
must have missed the updates on this one ? No, you didn't. So.... We have a Lendy valuation of 2.45 million. An auction guide price of 1.6 million. A tenant paying a fraction of the going market rent who can't be outed for at least 6 months and probably longer. Isn't this going well?
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oldgrumpy
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Post by oldgrumpy on Jul 20, 2017 12:51:45 GMT
Yes, what the heck is that all about? That's a £10,000 a month house if anything, certainly not a £1000! Why would they let it at about a 10th of the market rent on a 12 month AST? Somethings smells. Your nose and mine r1200gs. Your nose, and mine, and probably everyone else's. Miss F*********r the tenant (at "matesrate" low price) appears as co-director with this loan's borrower on several companies. She should be moving out soon. Should. edit. 22 July. Oh dear! Surprise! Surprise! She changed her mind just before the auction started and decided to stay!! That couldn't possibly be pre-arranged .... could it?
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r1200gs
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Post by r1200gs on Jul 20, 2017 12:59:33 GMT
Your nose and mine r1200gs. Your nose, and mine, and probably everyone else's. Miss F*********r the tenant (at "matesrate" low price) appears as co-director with this loan's borrower on several companies. She should be moving out soon. Should. Then why take a brand new 12 month AST just this month? If I was a potential purchaser, I would be thinking that if she's awkward, she's going to be there at least a year and likely longer while paying effectively nothing at all to live there. The action of letting this property like this is sabotage.
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oldgrumpy
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Post by oldgrumpy on Jul 20, 2017 13:46:50 GMT
Miss F*********r the tenant (at "matesrate" low price) appears as co-director with this loan's borrower on several companies. She should be moving out soon. Should. Then why take a brand new 12 month AST just this month? If I was a potential purchaser, I would be thinking that if she's awkward, she's going to be there at least a year and likely longer while paying effectively nothing at all to live there. The action of letting this property like this is sabotage. Maybe it was just to have a presence on the property rather than having it empty for long periods, which insurers don't like and might attract vandals and/or squatters. She was/is "residential only", (and was forbidden to smoke!).
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r1200gs
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Post by r1200gs on Jul 20, 2017 13:53:29 GMT
Auction live now.
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treeman
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Post by treeman on Jul 20, 2017 13:54:28 GMT
14:52 bidding started
14:54 Winning bid £1,800,000
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r1200gs
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Post by r1200gs on Jul 20, 2017 13:54:48 GMT
Sold 1.8 million.
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oldgrumpy
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Post by oldgrumpy on Jul 20, 2017 14:01:05 GMT
Maybe Miss F*********r bought it with one of their other joint entities. Don't be silly Grumps! 
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r1200gs
Member of DD Central
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Post by r1200gs on Jul 20, 2017 14:04:55 GMT
Then why take a brand new 12 month AST just this month? If I was a potential purchaser, I would be thinking that if she's awkward, she's going to be there at least a year and likely longer while paying effectively nothing at all to live there. The action of letting this property like this is sabotage. Maybe it was just to have a presence on the property rather than having it empty for long periods, which insurers don't like and might attract vandals and/or squatters. She was/is "residential only", (and was forbidden to smoke!). There was some mention of this tenancy before the auction and it sounded messy. It sure can't have helped the sale price. How much of this do Lendy get now? Auctioneers and receivers don't come cheap.
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mosaic
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Post by mosaic on Jul 20, 2017 14:06:12 GMT
It seems to me that a switched on purchaser could get the AST voided as it cannot be used if the property is "Being let for a very low rent / at no cost"
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jcb208
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Post by jcb208 on Jul 20, 2017 14:08:52 GMT
Lendy really need to look in to some of these valuations going forward as properties are not achieving any where near the valuation price ,not sure If they will come out ok on this or not once all costs are accounted for
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r1200gs
Member of DD Central
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Post by r1200gs on Jul 20, 2017 14:13:48 GMT
Lendy really need to look in to some of these valuations going forward as properties are not achieving any where near the valuation price ,not sure If they will come out ok on this or not once all costs are accounted for Yup, yet another going for substantially less than the loan valuation. Still, thank goodness there is unlikely to be much of a shortfall, if any?
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oldgrumpy
Member of DD Central
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Post by oldgrumpy on Jul 20, 2017 14:18:14 GMT
So, we have an illegal tenant who shares directorships with the defaulting borrower, and (possibly) sabotages the auction procedures. If the buyer isn't connected to them, can the buyer "cool off" and withdraw* from completing the auction purchase because of late disclosures affecting the property?
Edit 16:41 * apparently not - full disclosure before the auction started.
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