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Post by brummiefred on Jun 26, 2018 21:30:23 GMT
It was stated in March that the intended purchaser has exchanged contracts but, as it transpired, was unable to complete by the deadline of 29th March, presumably because of funding difficulties.
Now that we have returned to this original purchaser FS are correct in wanting to see some proof of funds.
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adrian77
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Post by adrian77 on Jun 27, 2018 15:34:21 GMT
Have been thinking about this - if the above is read logically the solicitor doing this transaction accepted the original party for exchange , left it hanging in the air (as it that's legal?) , then he accepted another exchange from the latter purchaser (as if that's legal?) and now he is reverting to the original purchasers (as if that's legal unless the contract was terminated?) - well nice to know that £2m of OUR money is being handled so professionally - FS prove me wrong and post a notarised copy of the exchange with date on your web site.
I am so annoyed with myself for not doing DD on FS before investing my money - that said what on earth are the FCA doing about this outfit who are clearly totally out of their depth and should have stuck to flogging glue....
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micky
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Post by micky on Jun 27, 2018 15:54:29 GMT
The new (2nd purchaser) did not exchange, I did clarify this with FS. So I assume the original purchaser had difficulty arranging funds even though they had exchanged.
I also assume that the original purchaser hatched this plan so that they could step in and rescue the deal when it went pear-shaped. Hmmh did FS and the solicitor know???
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adrian77
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Post by adrian77 on Jun 27, 2018 16:25:14 GMT
Agree with all the above but given the first purchasers exchanged I just don't buy the fact that the solicitor even contemplated the latter pary exchanging until the first exchange was cancelled. So either this first exchange was cancelled and the first party are now re-exchanging or we are being given a total load of horlicks if the only conclusion I can reach!
How many of us have bought a 7 figure property without a deposit - exactly!
Message for FS - hello - it is Wednesday as you don't seem to know what day it is!
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spyrogyra
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Post by spyrogyra on Jun 27, 2018 16:44:57 GMT
If I were FS and if I cared about the business long-term, I would state that from now on each prospective purchaser will be asked to pay a non-refundable deposit equal to the amount of the due interest including the interest for let's say 1 more month which will be needed for completion. Then distribute the interest according to the individual amounts of investments immediately. But FS knows better. Hence I keep on selling/withdrawing.
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adrian77
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Post by adrian77 on Jun 28, 2018 8:21:35 GMT
if these are the latter purchasers then why is the reference to completion and not exchange - this does not make sense as it indicated that there were 2 parties who had exchanged but only one has (or hasn't). If we have been given porkies regarding our financial investments I am sure I won't be the only one who will be extremely annoyed.
I wonder if FS will show us proof of an exchange actually taking place.
This one is now well over a month late and all we seem to have is total load of horlicks and no sight of a definitive exchange let alone completion date!
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adrian77
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Post by adrian77 on Jul 3, 2018 7:54:46 GMT
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adrian77
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Post by adrian77 on Jul 5, 2018 19:40:34 GMT
well FS we are still waiting - rather than trot-out pathetic "updates" - please tell us ; has exchange taken place viz "YES" or "NO". If there is no update we will assume that exchange has not taken place and yet again you have posted false information on your site and not be overtly impressed...
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adrian77
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Post by adrian77 on Jul 11, 2018 10:17:50 GMT
if this borrower had exchanged I am sure FS would have told us by now. The answer to the above, in my humble opinion, is "YES" or rather it is already a complete disaster
Bit of a coincidence that this one was "all systems go" but delayed to a bereavement in the solicitor's family i.e. was due to exchange (or complete?) and the buyer pulled out very same week the solicitor was absent on leave - yeah right!
If I had £300K in this one it would already be with my solicitor and she would be demanding evidence of this bereavement.
FS: when it comes to lending money there are a load of legal requirements that have to be met - not least being honest!
I still don't understand what is happening here as the FS statements are ambiguous and contradictory but I have assumed they have been rolled over by a smooth talker and there is no buyer and no exchange on the horizon...the longer this one is left the more the building will deterioate and the worse the final outcome will be.
Personally I have this one down as a 50% loss and that may be too generous....
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micky
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Post by micky on Jul 11, 2018 17:41:39 GMT
I hope not.
This recent update makes me feel optimistic -1 hour ago
'The original purchasers have continued to engage. Their lender's lawyers spoke with our lawyers last week and verbally confirmed that they are instructed and in funds. We understand there is one remaining legal issue which is that a contract entered into by the borrower with a developer of a neighbouring property for joint demolition works needs to be assigned to the purchaser but with new dates and terms. This has been agreed in principle but must be ratified by the developer's board. As the developer is a national plc this may take a few days. In our lawyer's opinion, we are 1-2 weeks from completion.'
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adrian77
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Post by adrian77 on Jul 11, 2018 20:11:17 GMT
if there is a national plc interested then the chances are that they know what they are doing , will have done their homework and will screw this original applicant into the ground. This site has already had at least one other major player pull out.
Do I believe this original borrower :
not a damn word - I mean this chap hasn't got the readies to repay his loan so why on earth is he booking a project - not that the the other developer would accept it without a deposit and legal contract. This borrow has told us about the bereaved solicitor's family, given several other prior exchange and completion dates and told us it was "all systems go".
I may be an old cynic (in fact I am an old cynic) but this one really worries me...
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micky
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Post by micky on Jul 12, 2018 8:14:02 GMT
Well, adrian you dissect it so well. Maybe not so optimistic now  |
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adrian77
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Post by adrian77 on Jul 12, 2018 10:10:56 GMT
I have never been optimistic with this one - given that the DD and quality of FS information is so poor it is impossible to know what is going on here so just my opinion. Time will tell - I may be wrong but I can't see this developer flipping this one and making enough to cover the loan let alone interest...
Don't forget my fun poll
p2pindependentforum.com/thread/12745/cinema-fun-poll-2
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paulb
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Post by paulb on Jul 22, 2018 20:03:09 GMT
I hope not. This recent update makes me feel optimistic -1 hour ago 'The original purchasers have continued to engage. Their lender's lawyers spoke with our lawyers last week and verbally confirmed that they are instructed and in funds. We understand there is one remaining legal issue which is that a contract entered into by the borrower with a developer of a neighbouring property for joint demolition works needs to be assigned to the purchaser but with new dates and terms. This has been agreed in principle but must be ratified by the developer's board. As the developer is a national plc this may take a few days. In our lawyer's opinion, we are 1-2 weeks from completion.' It's just been updated again - looks like the demolition work referred to here is proceeding, though adding another "3 weeks" to the "1-2 weeks" which have just about lapsed. Paul.
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james21
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Post by james21 on Jul 22, 2018 20:11:54 GMT
I hope not. This recent update makes me feel optimistic -1 hour ago 'The original purchasers have continued to engage. Their lender's lawyers spoke with our lawyers last week and verbally confirmed that they are instructed and in funds. We understand there is one remaining legal issue which is that a contract entered into by the borrower with a developer of a neighbouring property for joint demolition works needs to be assigned to the purchaser but with new dates and terms. This has been agreed in principle but must be ratified by the developer's board. As the developer is a national plc this may take a few days. In our lawyer's opinion, we are 1-2 weeks from completion.' It's just been updated again - looks like the demolition work referred to here is proceeding, though adding another "3 weeks" to the "1-2 weeks" which have just about lapsed. Paul. The demolition starts Monday; I hope so. FS ask the borrower to prove the demolition is taking place by poping round and taking a photo (assumed to be local, if not another contact of yours) and posting on your site. Will do wonders to boost confidence. Goodness knows we need it
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