DFL017 - ** H***r R*w, Old Marylebone Road DEFAULT

Thanks CD.

Will do.

Charges on CH are not to be relied on, as they rely on the company or the borrower to inform them that the charge has been satisfied, which isn't a regular occurrence.  I have seen many outstanding charges that are in fact "satisfied", and indeed there are several Lendy & SSSH still showing on borrowers CH page long after the loan has repaid.

There is a legal obligation to register new charges on CH, but for some reason, it is not a legal requirement to inform CH that it has been satisfied (I got this via an e-mail exchange with CH; I will try and dig out the e-mail)

The only reliable source to see if charges have been removed from a title is LR (although that can take months to update) 

According to SS e-mail, this will be given the number DFL017 and will go live tomorrow.

Well, it's on Zoopla, right now for £7.5 Mill, including pp, how does that square with the £11,000,000 "Valuation" (scratches head)?!:-


7 bed block of flats for sale £7,500,000 (£1,620/sq. ft)

H***r R*w   4,631 sq. ft*


Basement and three upper floors

Property description

******* are delighted to bring to the market this exciting development opportunity with a **. H***r R*w is a knock down and rebuild scheme with planning permission for 6 lateral residential flats plus commercial (D2) space on the lower ground floor which could potentially be a gym to benefit future residents.



The existing end of terrace property sits on a site measuring c.196 sq mt and consists of a partial basement with 3 upper levels and a pitched roof constructed in brick and slate with its main frontage onto H***r R*w. The building has previously been used as a Pilates centre with residential upper parts.



The planning was granted on **** August 2014 for a knock down and rebuild mixed use scheme to comprise of 6 lateral apartments all with balconies (with the exception of the 4th floor flat) and with the lower ground floor unit benefitting from a courtyard garden. The proposed total net saleable area is 8300 sq. Ft.



Located a 5 minute walk from M********e High Street with all the amenities and boutiques that M*******e Village has to offer. C*******t village and H*** P*** are also a short walk. Ideally located for transport with M********e S*****n, E*****e R**d, and B***r S****t  all within walking distance.



Notice

Please note we have not tested any apparatus, fixtures, fittings, or services. Interested parties must undertake their own investigation into the working order of these items. All measurements are approximate and photographs provided for guidance only.

But if it's For Sale at £7.5M how can any "Valuers" say it's worth £11M, where did the extra magic £3.5M come from?

Nope

The GDV is 20m - £11m is the MV as reported by the valuation.

Been looking to sell for £7.5m since 2015, so this is simply overvalued and as noted, the loan looks to be 100% LTPV

It isn't the first on SS - the Garden Centre was a 100% loan and there are several others