bg
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Post by bg on Jul 30, 2018 12:56:32 GMT
if this one defaults (and I am not saying it will although personally I think it is likely) then I estimate auctioneers fees at 2.5% which is £50K on £2m and I think FS charge 5% which is a further £100K so that is £150K before receivership fees which is really going to eat into the first charge. I don't deal at this level of the market (like to sleep at night) but I really can't see this one going for the valuation so is there any local developer or similar who could comment on the valuation. I have read about the castle that went for about 30% of valuation on a different platform - what a mega horlicks! I really hope this one is not in the same league as I have a nibble in it but I am really not very confident - in fact I can't see in making £1m at auction but what do I know. I thank you. No, any FS admin fee is only taken after the investor gets the capital and interest back.
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adrian77
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Post by adrian77 on Jul 30, 2018 16:48:14 GMT
well that is good to know - although not too good for FS's cashflow...
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adrian77
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Post by adrian77 on Jul 30, 2018 17:18:25 GMT
Been thinking about the demolition/property covenance.
Maybe I am being unduly thick but I still don't get fully what is going on here.
Granted it needs doing and doubtless the owner of the retirement flats is chuffed as they now no longer don't look over a huge building.
I don't understand why there is a covenant to reduce the height to 1.5metres given that there is planning permission to build the flats etc which I guess will be more than 1.5m high?
Maybe the new build will allow more light than the cinema did ?
This one has had several other players pull out so they must have done it for a reason whatever that was.
On "Homes under the hammer" they bang on about reading the legal pack - wonder if FS did this before advancing the money...
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Godanubis
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Anubis is known as the god of death and is the oldest and most popular of ancient Egyptian deities.
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Post by Godanubis on Jul 30, 2018 19:22:50 GMT
Been thinking about the demolition/property covenance. Maybe I am being unduly thick but I still don't get fully what is going on here. Granted it needs doing and doubtless the owner of the retirement flats is chuffed as they now no longer don't look over a huge building. I don't understand why there is a covenant to reduce the height to 1.5metres given that there is planning permission to build the flats etc which I guess will be more than 1.5m high? Maybe the new build will allow more light than the cinema did ? This one has had several other players pull out so they must have done it for a reason whatever that was. On "Homes under the hammer" they bang on about reading the legal pack - wonder if FS did this before advancing the money... Let’s hope FS put in their legal pack for selling this at auction that the buyer pays all fees attached to the sale. Hopefully someone will buy without reading the legal pack
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aj
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Post by aj on Aug 3, 2018 13:05:39 GMT
"We have received confirmation from the purchaser's funders that they are set for completion on August 20. The demolition of the building continues to progress well and a fresh photo has been added on the files tab."
Looking at the new photo the demolition work is going backwards as a wall that was demolished last week is now back up!
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kielbasa
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Post by kielbasa on Aug 3, 2018 13:35:41 GMT
It would be encouraging if it does complete on 20th August. It might restore at least a small bit of confidence.
If it doesn't, however ...
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rogerthat
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Post by rogerthat on Aug 3, 2018 13:53:17 GMT
"We have received confirmation from the purchaser's funders that they are set for completion on August 20. The demolition of the building continues to progress well and a fresh photo has been added on the files tab." Looking at the new photo the demolition work is going backwards as a wall that was demolished last week is now back up! Clearly a date or relevant description on each additional photo..or even a 'before' or 'after' is asking too much ! but I'm really hoping the finish line is in sight 
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micky
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Post by micky on Aug 3, 2018 13:58:00 GMT
"We have received confirmation from the purchaser's funders that they are set for completion on August 20. The demolition of the building continues to progress well and a fresh photo has been added on the files tab." Looking at the new photo the demolition work is going backwards as a wall that was demolished last week is now back up!I Having seen the site a few times I can assure that it hasn't. It 'Just an illusion' 
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Post by thegrumbler on Aug 3, 2018 16:46:40 GMT
"We have received confirmation from the purchaser's funders that they are set for completion on August 20. The demolition of the building continues to progress well and a fresh photo has been added on the files tab." Looking at the new photo the demolition work is going backwards as a wall that was demolished last week is now back up! Cannot comment on the completion date. But the demolition seems to be progressing. The wall on the right side you refer to was part of the main remaining building in the previous photo. They are simply showing different depth of vision. So no problem on that front.
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adrian77
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Post by adrian77 on Aug 3, 2018 18:29:43 GMT
I don't like "are set" either there is a legal completion date or there isn't! Granted it may be flexible with a penalty for lateness however what FS have not said is how much this contract is for! As I have said before £2m+ seems very ambitious to me and I hope I am wrong...
Somebody is being very sharp here and it isn't me!
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Post by boudicca on Aug 7, 2018 12:17:54 GMT
Was looking at the large loans that will be repaying soon, this looks promising from the latest update.
Has the demolition work been completed yet, anyone live close by ?
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paulb
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Post by paulb on Aug 7, 2018 13:31:46 GMT
Was looking at the large loans that will be repaying soon, this looks promising from the latest update.
You're either very optimistic, or forgot the quotation marks around "soon"...
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Post by boudicca on Aug 7, 2018 13:38:53 GMT
Was looking at the large loans that will be repaying soon, this looks promising from the latest update.
You're either very optimistic, or forgot the quotation marks around "soon"... I did read all of the previous updates after my first post, there have definitely been a few delays up till now.
At least the demolition work has started.
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Post by brummiefred on Aug 7, 2018 14:55:07 GMT
boudicca Your wish etc. This is the situation this afternoon, but remember the front elevation has a preservation order which will slow up progress, and I do not know which part of the work is tied up in the agreement with the neighbouring development though doubt it's the entire clearance.  
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paulb
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Post by paulb on Aug 7, 2018 15:44:13 GMT
This is the situation this afternoon, Thanks for taking the time to go visit the site, and post the results. At least it does look like things are progressing, so maybe some of that optimism isn't undue.
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