Jeepers
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Post by Jeepers on Jan 19, 2018 20:55:06 GMT
Won't there be some recourse from the valuer ? Was obviously never worth anything like £4.9m !
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Post by mrclondon on Jan 19, 2018 21:13:52 GMT
Hmm .... the auction house website has it listed with a guide price of £1.5m-£2m for Thursday 15th February 2018.
The outstanding loan capital is £3,430,000 ... so the guide price range is 44% to 58% of the capital outstanding.
The link to the auction house is on DD Central, as well as that to the Rightmove listing which clearly states the guide price as £1.5m.
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TitoPuente
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Post by TitoPuente on Jan 19, 2018 21:36:31 GMT
One more valuation cockup. No surprise. Just P2P valuation SNAFU.
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zlb
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Post by zlb on Jan 19, 2018 21:41:30 GMT
Won't there be some recourse from the valuer ? Was obviously never worth anything like £4.9m ! I would have thought so, although don't know how well insured older valuers were. Don't know why they wouldn't mention this in the same way as it's been alluded to on other loans.
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ozboy
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Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Jan 19, 2018 21:43:59 GMT
Readers of this Forum are well aware ( now) of The Great VR / LTV Industry, which is mainly overseen by those Shining Professionals, RICS, and many Investors are now unfortunately getting subsequently burned. As I am wont to repeat, and make no apologies, and will continue to do so, Investors must COMPLAIN in writing. To - The Platform, The FCA and RICS (Good Luck with those three, but it's a formality/procedure that has to be done) and my personal favourite, which I believe is the most effective - your Member of Parliament. Questions and discussion in Parliament about the, let's be very generous here, "parlous" state of The VR Industry, will focus minds wonderfully. Not sure if The Ombudsman is worth a go too but hey ho, with word processing it's a cinch to bung another letter out. Oh, and snail mail shows more "sincerity" than an email, IMHO. I thank you. The Lone Ranger (aka OzBoy) PS - When I started the "Crusade" a year ago there were a number of Apologists at the time, wonder if they feel the same way now?  |
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TitoPuente
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Post by TitoPuente on Jan 19, 2018 21:48:08 GMT
Readers of this Forum are well aware ( now) of The Great VR / LTV Industry, which is mainly overseen by those Shining Professionals, RICS, and many Investors are now unfortunately getting subsequently burned. As I am wont to repeat, and make no apologies, and will continue to do so, Investors must COMPLAIN in writing. To - The Platform, The FCA and RICS (Good Luck with those three, but it's a formality/procedure that has to be done) and my personal favourite, which I believe is the most effective - your Member of Parliament. Questions and discussion in Parliament about the, let's be very generous here, "parlous" state of The VR Industry, will focus minds wonderfully. Not sure if The Ombudsman is worth a go too but hey ho, with word processing it's a cinch to bung another letter out. Oh, and snail mail shows more "sincerity" than an email, IMHO. I thank you. The Lone Ranger (aka OzBoy) You are not alone.
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littleoldlady
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Running down all platforms due to age
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Post by littleoldlady on Jan 19, 2018 21:55:40 GMT
I've written it off (in my mind) about 3 months before it went below 0 days. Getting 25% back would be a nice surprise. Wouldn't you nearly always, fraud apart, get something back from a first charge on property?
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Post by df on Jan 19, 2018 21:56:51 GMT
Hmm .... the auction house website has it listed with a guide price of £1.5m-£2m for Thursday 15th February 2018. The outstanding loan capital is £3,430,000 ... so the guide price range is 44% to 58% of the capital outstanding. The link to the auction house is on DD Central, as well as that to the Rightmove listing which clearly states the guide price as £1.5m. They should have put it on sale when it was due instead of focusing on Cowes Week.
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ozboy
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Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Jan 19, 2018 21:58:56 GMT
titopuente - Cheers Big Ears. (Apologies of course if you do actually have big ears!)  My PS added - When I started the "Crusade" a year ago there were a number of Apologists at the time, wonder if they feel the same way now? |
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Post by df on Jan 19, 2018 22:02:00 GMT
I've written it off (in my mind) about 3 months before it went below 0 days. Getting 25% back would be a nice surprise. Wouldn't you nearly always, fraud apart, get something back from a first charge on property? I hope so.
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sarahcount
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Post by sarahcount on Jan 19, 2018 22:03:47 GMT
The original VR includes as an appendix the letter of instruction from Lendy which includes the line "Please confirm the level of your Professional Indemnity Insurance Cover in your
report, and supply us with copy of an up to date insurance policy schedule". However I can't see that the valuers have addressed this in the body of their report.
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ozboy
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Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Jan 19, 2018 22:19:32 GMT
I recall vividly another (in)famous Lendy Loan where the clear Instruction from Lendy to The Valuer was to comment on Planning Permission/s in particular. Of course this was duly ignored when The Valuer produced their wonderful Report, and The Borrower's coach & horses approach to such little annoyances as PPs came to light a wee bit further down the track. No signs yet, AFAIK, of Lendy pursuing The Valuer in that instance, but I suppose this Loan could be a first.  |
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guff
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Post by guff on Jan 19, 2018 22:27:24 GMT
… No signs yet, AFAIK, of Lendy pursuing The Valuer in that instance, but I suppose this Loan could be a first. Careful - some of us have old and weak sphincters.
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Jeepers
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Post by Jeepers on Jan 19, 2018 22:33:38 GMT
I still think there's a good chance we'll get 100% of capital back but no interest. Whether the shortfall is made up from the valuers insurance or the PF.
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dovap
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Post by dovap on Jan 19, 2018 23:25:42 GMT
I still think there's a good chance we'll get 100% of capital back but no interest. Whether the shortfall is made up from the valuers insurance or the PF. Blimey - reckon the square root of fa is more likely tbh Is this the palace that was on the market with no takers for 2 years before finding the lucky punters of lendy for some free cash ? Think reserve not met is the most likely result of the auction with a good deal more fannying around to follow. Utterly worthless platform imho
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