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Post by jackpease on Jan 10, 2017 12:03:46 GMT
Google 'Fiddlers Castle' for anyone to have any doubt as to the consequences of building a house/castle/c****t without planning permission and annoying the planning authority enough for them to take it all the way.
Perhaps the most material issue in any valuation
Jack P
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guff
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Post by guff on Jan 10, 2017 12:12:00 GMT
Surely we should be able to trust a Valuation Report from a RICS Member? One would have hoped so, however: 1. SS instructed valuer to address some very specific requirements. 2. The valuer did not address those requirements. 3. SS released the valuation report. Both SS and the valuer are negligent IMHO.
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cooling_dude
Bye Bye's for the PPI
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Post by cooling_dude on Jan 10, 2017 12:12:41 GMT
Google 'Fiddlers Castle' for anyone to have any doubt as to the consequences of building a house/castle/c****t without planning permission and annoying the planning authority enough for them to take it all the way. Perhaps the most material issue in any valuation Jack P Slightly different - The building is not at fault, just the use it can be utilised for. Currently, SS & the VR presume it is Residential, but we have seen no evidence of that. It seems it should be a restaurant. Rereading both VR(s), and they do seem very sale brochure-ish. One of the worst on SS I've seen TBH.
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guff
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Post by guff on Jan 10, 2017 12:13:40 GMT
… with living accommodation on the top floor.
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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 10, 2017 12:17:14 GMT
Seems to me that shoddy & misleading Valuation Reports are OK and acceptable on here then, no-one seems to be getting too bothered about it?
Until, of course, the Loan defaults and money is lost because of sales problems stemming from dubious Planning Permissions which were not commented on, or worse, completely omitted.
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cooling_dude
Bye Bye's for the PPI
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Post by cooling_dude on Jan 10, 2017 12:17:22 GMT
… with living accommodation on the top floor. Maybe, possibly. I've read and reread so many PP Applications and Appeals it's hard to keep track... Seriously... I have never seen so many for one site.
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Post by dualinvestor on Jan 10, 2017 12:18:38 GMT
Again georget, it's not about "avoiding the loan if you don't like the smell of it." Again, I repeat, it is about ensuring that Valuation Reports are honest and contain full information and disclosure and can be relied upon. If you simply avoid a Loan because of a misleading Valuation Report you are encouraging & condoning the ongoing production of said sloppy "Reports" on all future Loans. Surely we should be able to trust a Valuation Report from a RICS Member? Seemingly not. :-) Depends on what you mean by "trust." If it is that the valuation gives the actual value of the property, no. It is a opinion based upon his professional expertise, and hopefully the "red book." The only true valuation is available in hindsight based upon what someone will pay for it. If you mean it should have been prepared properly and in accordance with the standards of his profession, yes. Sadly not all valuations meet this standard or litigation lawyers specialising in Professional negligence for/against surveyors would not exist.
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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 10, 2017 12:18:39 GMT
Thank you Guff, you agree the severity of this.
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cooling_dude
Bye Bye's for the PPI
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Post by cooling_dude on Jan 10, 2017 12:18:56 GMT
Seems to me that shoddy & misleading Valuation Reports are OK and acceptable on here then, no-one seems to be getting too bothered about it? Until, of course, the Loan defaults and money is lost because of sales problems stemming from dubious Planning Permissions which were not commented on, or worse, completely omitted. VR is c**p What you want - a mutiny?
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guff
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Post by guff on Jan 10, 2017 12:19:25 GMT
… with living accommodation on the top floor. Maybe, possibly. I've read and reread so many PP Applications and Appeals it's hard to keep track... Seriously... I have never seen so many for one site. My brain is befuddled.
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guff
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Post by guff on Jan 10, 2017 12:22:04 GMT
Thank you Guff, you agree the severity of this. I do and I raised it with SS yesterday but am still awaiting a response.
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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 10, 2017 12:36:01 GMT
Look folks, I'm done with this now, I too have just done something about it and raised the issue with SS as well Guff. And also RICS.
If Investors aren't bothered about being conned mislead and do nothing about stopping practises such as this continuing in the future then fine.
Do nothing.
Or Complain, to RICS, SS and the FCA, and stop it now.
Arrivederci.
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Post by d_saver on Jan 10, 2017 12:46:21 GMT
I'm not sure anyone is trying to con anyone here, but certainly it could be a lot clearer.
The statement in the VR to me reads that this property comes under this usage class, not that it has it, and that the valuation is based on that. The way it reads to me, they didn't really check to see if it did or didn't. If they did, they didn't make it clear as others tend to.
Full disclosure is better for all though. If SS are aware they should have simply added 'it should be noted all PP are not necessarily present' and no-one could complain. The VR is either prepared on information provided, PP simply assumed, of if confirmed with planning, sloppy, no?
I'd hate to think info like this was purposely presented in this way to not be negative about the loan. On the contrary, I'd still be prepared to invest, if I can quantify the risks to the best of my ability, but I'll skip this one, even if it may be possible to unload it in the SM after, 'cos I can't.
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oldgrumpy
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Post by oldgrumpy on Jan 10, 2017 15:03:29 GMT
I read that " the borrower is an Architect and <removed> development. He has been in the industry for decades and has worked on <removed> planning, architecture and interior design on both domestic and commercial projects. The borrower has spent over £xmil on this project and has enhanced its value considerably, leaving lots of equity in the property."
My further DD reveals this architect is Swedish, but I can find no record whatsoever on Swedish websites or anywhere else about his qualifications and/or previous developments. Before I invest in this flamboyant property, does anyone know whether he has been trading under another name than the MD mentioned in the new valuation document? I would like to see some of his other successfully completed projects over the decades. savingstream |
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will
Member of DD Central
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Post by will on Jan 10, 2017 15:18:08 GMT
Does anyone else have a sneaking suspicion that this wont be going live today?
PS. All you DD diggers on here are fantastic. SS should pay you!
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