|
Post by martin44 on Oct 8, 2018 21:52:16 GMT
So can I sell my house, not use the money to pay off my mortgage, and just walk away? yes you can .. of course you then have to face the consequences of the legal proceedings .
|
|
p2pete
Member of DD Central
Posts: 144
Likes: 142
|
Post by p2pete on Oct 8, 2018 22:00:35 GMT
True, too much personal liability with a mortgage. So the trick is to set up a company, buy a house using a loan, then sell the house, extract all the cash and liquidate the company?
|
|
ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
Posts: 11,335
Likes: 11,558
|
Post by ilmoro on Oct 8, 2018 22:01:13 GMT
So can I sell my house, not use the money to pay off my mortgage, and just walk away? No, as technically ownership belongs to the mortgage provide so no legimate sale could take place without them releasing the security. The borrower hasn't sold the site, he has taken deposits on units, there has been no transfer of legal ownership which is now on the hands of the administrator.
|
|
|
Post by martin44 on Oct 8, 2018 22:09:03 GMT
So can I sell my house, not use the money to pay off my mortgage, and just walk away? No, as technically ownership belongs to the mortgage provide so no legimate sale could take place. The borrower hasn't sold the site, he has taken deposits on units, there has been no transfer of legal ownership which is now on the hands of the administrator. secondary security is perfectly viable... not in this case admittedly, as the question i answered was 'So can I sell my house'
|
|
ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
Posts: 11,335
Likes: 11,558
|
Post by ilmoro on Oct 8, 2018 22:39:06 GMT
No, as technically ownership belongs to the mortgage provide so no legimate sale could take place. The borrower hasn't sold the site, he has taken deposits on units, there has been no transfer of legal ownership which is now on the hands of the administrator. secondary security is perfectly viable... not in this case admittedly, as the question i answered was 'So can I sell my house' you've lost me ... what secondary security?
|
|
Godanubis
Member of DD Central
Anubis is known as the god of death and is the oldest and most popular of ancient Egyptian deities.
Posts: 2,011
Likes: 1,013
|
Post by Godanubis on Oct 8, 2018 23:25:20 GMT
Lawyers would pay mortgages and give you the balance. They handle the sale and would be held responsible if mortgages were not paid. So no one can take money and run.
|
|
p2pete
Member of DD Central
Posts: 144
Likes: 142
|
Post by p2pete on Oct 9, 2018 6:52:35 GMT
Yes, the solicitors pay off the mortgage, estate agents etc directly so the con doesn't work in a domestic situation. So why is it allowed on £24m scale. Why don't the buyers solicitors pay directly to the first charge lender rather than allowing the borrower to waltz off with the money?
|
|
elliotn
Member of DD Central
Posts: 3,064
Likes: 2,681
|
Post by elliotn on Oct 9, 2018 7:22:23 GMT
Yes, the solicitors pay off the mortgage, estate agents etc directly so the con doesn't work in a domestic situation. So why is it allowed on £24m scale. Why don't the buyers solicitors pay directly to the first charge lender rather than allowing the borrower to waltz off with the money? There are agreements that can be put in place, for examples solicitors controlling monies in escrow. In fact the PBL seemed very much like that ie development paid for by apartment deposits released by Ly based on IMS reports before Ly let them have a facility for the development to be paid for by us and now the depositors may lose all their money.
|
|
elliotn
Member of DD Central
Posts: 3,064
Likes: 2,681
|
Post by elliotn on Oct 9, 2018 7:25:54 GMT
"We are writing to advise of the Creditors’ Meeting that took place today with Lendy in attendance. Its objective was to consider the options under review by the administrator, including the potential build out of the site.
From a Lendy investor’s perspective, it’s important that we make you aware that the meeting took place today. The directors of the borrower company were also present at the meeting. Whilst the borrower company reiterated some vexatious allegations about our conduct throughout the development at the meeting, Lendy’s position remains the same. As previously communicated, our decision to appoint an administrator and to propose to build out the site was made with a view to protecting our investors. With the borrower company breaching various material terms of the loan facility, having amongst other things, not been open about the level of deposits that had been paid by off-plan purchasers, we lost confidence in the developer’s ability to compete the project within a reasonable timescale, and on budget. We were therefore left with no alternative but to proceed with the appointment of an administrator.
Our approach in situations like this is to always act in the best interests of our investors, and to do everything in our power to maximise the return of their investment.
We will continue to update you as the administration progresses." I’m sure Ly have complied with any NDA from the Creditors’ Meeting although I’m not sure sensitive updates about administration behind a security wall (or private email) should be published in full on a public forum. Edit - or even re-quoted, d’oh.
|
|
Mr_N
Posts: 222
Likes: 225
|
Post by Mr_N on Dec 3, 2018 10:48:57 GMT
An article appeared in the Liverpool Echo over the weekend, claiming that the administrators are "confident they will soon reach a deal."
Throw "What's happening with Liverpool's stalled developments as ANOTHER scheme is sold?" into google.
"As appointed administrators, we are working to maximise the return for stakeholders, and are currently moving towards a deal that would see control of the property move to the investors.
"There has been a large amount of interest and the deal being worked towards offers the best outcome for all involved. This is likely to be completed early next year.”
|
|
michaelc
Member of DD Central
Say No To T.D.S.
Posts: 5,717
Likes: 2,986
|
Post by michaelc on Dec 3, 2018 19:03:49 GMT
We are currently in correspondence with their solicitor and reviewing the offer and carrying out due diligence and will provide further updates as they become available.
Anyone know what due diligence needs to be carried out on an _offer_ ?
|
|
ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
Posts: 11,335
Likes: 11,558
|
Post by ilmoro on Dec 3, 2018 19:10:24 GMT
We are currently in correspondence with their solicitor and reviewing the offer and carrying out due diligence and will provide further updates as they become available.Anyone know what due diligence needs to be carried out on an _offer_ ? Proof of funds for a start
|
|
|
Post by Badly Drawn Stickman on Dec 3, 2018 19:13:45 GMT
We are currently in correspondence with their solicitor and reviewing the offer and carrying out due diligence and will provide further updates as they become available.Anyone know what due diligence needs to be carried out on an _offer_ ? Given the number that seem to be failing because the potential buyer can't raise the funds. Do you have the money? Might be a good starting point. Edit, Drat the pig sitting on the guy beat me to it.
|
|
Mucho P2P
Member of DD Central
Posts: 946
Likes: 1,635
|
Post by Mucho P2P on Dec 3, 2018 19:16:53 GMT
We are currently in correspondence with their solicitor and reviewing the offer and carrying out due diligence and will provide further updates as they become available.Anyone know what due diligence needs to be carried out on an _offer_ ? AML as well.
|
|
michaelc
Member of DD Central
Say No To T.D.S.
Posts: 5,717
Likes: 2,986
|
Post by michaelc on Dec 3, 2018 19:45:29 GMT
But that is so pathetically little effort in comparison to the amount of DD needed by the buyer its hardly worth mentioning is it?
|
|