bloodycat
Member of DD Central
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Post by bloodycat on Jan 6, 2018 17:35:57 GMT
Here we go again!! Sounds like the IOW saga all over again!
From Lendy update:
"The LPA Receiver has now met with the borrower to discuss his original plan for the disposal of the property. Following this meeting, the LPA Receiver will be obtaining its own advice regarding realistic pricing and marketing strategy"
I would have thought realistic pricing would have consisted of working out what the borrower owes us, including interest and the LPA receivers fees! After that, who gives a s***e if the borrower gets nothing from the sale? Realistic pricing - i.e. yet another case where the original valuation was based more on getting an appropriate LTV for the loan size rather than an unbiased true valuation. I seem to remember part of the marina valuation was based on the mooring fees, which were considerably higher than comparable sites in the area with no obvious justification as to why this may be. -Wasn't there also some problem that actually they only had permission for leisure and not residential moorings? As for the chalet - valuation of such a unique building is obviously more difficult and subjective (though the general consensus seems to be it is a hideous monstrosity) - I think the planning issues with it though were more to do with it's use rather than the building itself.
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elliotn
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Post by elliotn on Jan 7, 2018 5:15:51 GMT
Here we go again!! Sounds like the IOW saga all over again!
From Lendy update:
"The LPA Receiver has now met with the borrower to discuss his original plan for the disposal of the property. Following this meeting, the LPA Receiver will be obtaining its own advice regarding realistic pricing and marketing strategy"
I would have thought realistic pricing would have consisted of working out what the borrower owes us, including interest and the LPA receivers fees! After that, who gives a s***e if the borrower gets nothing from the sale? Realistic pricing - i.e. yet another case where the original valuation was based more on getting an appropriate LTV for the loan size rather than an unbiased true valuation. I seem to remember part of the marina valuation was based on the mooring fees, which were considerably higher than comparable sites in the area with no obvious justification as to why this may be. -Wasn't there also some problem that actually they only had permission for leisure and not residential moorings? As for the chalet - valuation of such a unique building is obviously more difficult and subjective (though the general consensus seems to be it is a hideous monstrosity) - I think the planning issues with it though were more to do with it's use rather than the building itself. *From memory only* - but to give idea of the complexity of sale alongside taste/charging orders - I think PP issue was using the whole house as residential when there had been a restaurant on the ground floor. For the marina, I think he'd also made changes and then tried to apply for restrospective PP (in addition to non-resi moorings).
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mary
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Post by mary on Jan 12, 2018 16:02:11 GMT
Check out the Evening Standard today for a puff piece advertising the sale - for £12m!
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ozboy
Member of DD Central
Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Jan 15, 2018 20:26:38 GMT
Still being featured. Thing is, anyone with this amount of dosh will know it's been on and off the market for some time and they'll obvs make ridiculously low offers.
I hope the sale price is enough for everyone to get their Capital with Interest, after various and numerous Fees.
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webwizard
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Post by webwizard on Feb 18, 2018 12:18:06 GMT
On the market at £12 million.
Use Google and search for "c***** homes & property"
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ozboy
Member of DD Central
Mine's a Large One! (Snigger, snigger .......)
Posts: 3,163
Likes: 4,854
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Post by ozboy on Apr 17, 2018 21:04:40 GMT
Any updates on this? I don't have anything in Lendy but this loan fascinates me. EDIT: A quick google seems to indicate the C****t price is now down to £5 Million?!  |
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webwizard
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Post by webwizard on Apr 18, 2018 5:50:14 GMT
The property was added to RightMove website on 7 Dec 2017 but has been removed from the site.
On Savilles (on behalf of LPA receivers) for offers in excess of £5m. ..and then there is stamp duty of £663,750
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nsinvestor
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Post by nsinvestor on Apr 18, 2018 7:39:06 GMT
Britain’s weirdest home for sale for a sum 61% lower than the £13 million sum asked for it in 2016; it has been repossessed and comes with a 69-foot long indoor beach
In October 2016, The Steeple Times featured what could quite possibly be Britain’s weirdest home. Offered then for £10 million, *********** has now been repossessed and is being marketed for just £5 million – or a sum 61% lower than its initial asking price of £13 million in August 2016.
Now marketed by Savills on behalf of LPA Receivers,*****************. It includes an indoor 69-foot man-made beach filled with 40 tonnes of sand, a dining room with an especially vulgar 18-seat Swarovski crystal table and a kitchen with just what any budding Mary Berry couldn’t live without – five Gaggenau fridges.
Extending to 5,478 square foot in total, *********** also comes with a number of private moorings on the River Thames.
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Post by skint4achange on Apr 18, 2018 15:22:03 GMT
Well I am glad that post was made in a way that the asset couldn't be identified......................................................By a blind person with no internet!  |
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ozboy
Member of DD Central
Mine's a Large One! (Snigger, snigger .......)
Posts: 3,163
Likes: 4,854
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Post by ozboy on Jul 3, 2018 21:17:43 GMT
I was bored so popped in here to check up on my favourite loan. But nought since April?
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Post by charliebrown on Jul 4, 2018 11:52:32 GMT
The latest update states that if no offers have been made by end of September they will carry out a review of the situation.
How about they carry out a review of the situation now?
Add this to the disaster pile.
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Post by pmac67 on Jul 23, 2018 23:43:04 GMT
I wish I had a DeLorean so I could go back and redo the DD on this loan... What a farce this beach Hut is ! The original valuation report is a joke, It seems to me the only qualification required to be a RICS Valuer is to have a pen and some form of transport... How can something purchased for £980k in 2013 be worth £6.25 million just 3 years later ? The report was written like an estate agents presentation probably because that's all they are, quoting prices as high £10 million <by Sotheby> Nothing in the area is valued as high as this shed, similar properties made from bricks and mortar are bigger and half the price... The original report claims the property is 8838 square feet, but now according to it's property listing on Rightmove it's shrank to just 5478 square feet ?? The original valuation report also mentions the Deer nearby and the lovely 365 degree views ! And that's not a typo by me... the report says 365 !
Got a bike ? got a pen ? can't measure and have no understanding of geometry ? Well you too can be a member of RICS...
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Post by chrisuk on Jul 31, 2018 0:05:40 GMT
There was a tv report about this development on the London local news. The council moved in today and removed the moorings. They also interviewed two couples who had bought very expensive houseboats who now have nowhere to moor them. They showed their contracts to the camera that stated the moorings had planning permission. This was obviously not true. They also attempted to interview the borrower who referred them to his lawyers.
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Post by nyquest on Jul 31, 2018 22:29:45 GMT
oh great.  |
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mason
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Post by mason on Aug 3, 2018 19:34:49 GMT
The moment this loan went live was the moment I sold up everything I had left in this platform and moved on.
I wish all unfortunate souls caught up in this mess the best of fortunes, and failing that, successful claims to the Financial Ombudsman Service for being wilfully misled.
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