adrian77
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Post by adrian77 on Feb 13, 2020 16:23:59 GMT
damn bloody right it should - both to we investors and also the valuer (who had covered himself against non-disclosure/structural issues).
The only way I can describe this as a non lawyer is gross deception.
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syalith
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Post by syalith on Mar 10, 2020 15:32:37 GMT
Third buyer has pulled out. Buyers clearly don't want to touch it with a barge pole.
With stock markets across the world in free fall due to the virus I don't see anyone buying this any time soon.
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adrian77
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Post by adrian77 on Mar 10, 2020 16:07:28 GMT
I find the update a bit confusing - am I correct in thinking the litigation rights have been sold and this new company are the one now pursuing this one?
So why are so many buyers pulling out - my architect is mega busy at the moment so have not asked her but a problem with the roof sounds a complete disaster to me as I am sure this forms part of the structural integrity of the building. Just possibly there was a reason why this 1960s tower block was sold off cheaply by the local council! If I am right then the only option may well be to demolish the damn building which really would be the mother of all c!ck-ups! Any local builders interested in cheap bathrooms etc! That said I wonder how much of OUR money was actually spent on it.
At best these new litigants are going to take 30% of the proceeds so this looks a complete disaster all round but 70% of a 30% recovery is better than nothing!
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kielbasa
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Post by kielbasa on Mar 10, 2020 17:28:38 GMT
I find the update a bit confusing - am I correct in thinking the litigation rights have been sold and this new company are the one now pursuing this one? So why are so many buyers pulling out - my architect is mega busy at the moment so have not asked her but a problem with the roof sounds a complete disaster to me as I am sure this forms part of the structural integrity of the building. Just possibly there was a reason why this 1960s tower block was sold off cheaply by the local council! If I am right then the only option may well be to demolish the damn building which really would be the mother of all c!ck-ups! Any local builders interested in cheap bathrooms etc! That said I wonder how much of OUR money was actually spent on it. At best these new litigants are going to take 30% of the proceeds so this looks a complete disaster all round but 70% of a 30% recovery is better than nothing! Litigants?? NB This is a different borrower to L*tham, P*gefi*ld M*ll etc
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Post by Jack Barlow on Mar 10, 2020 17:30:31 GMT
At best these new litigants are going to take 30% of the proceeds so this looks a complete disaster all round but 70% of a 30% recovery is better than nothing! I think you are getting confused with other FS loan updates - the FS/Admin-appointed Receivers are dealing with this one. Edit: crossed with kielbasa.
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kielbasa
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Post by kielbasa on Mar 10, 2020 17:30:41 GMT
Third buyer has pulled out. Buyers clearly don't want to touch it with a barge pole. With stock markets across the world in free fall due to the virus I don't see anyone buying this any time soon. Rent it out to the government who can then fill it with plague victims?
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adrian77
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Post by adrian77 on Mar 10, 2020 18:00:23 GMT
sorry my mistake - yes I meant L*tham etc I presume the administrators have sold the litigation rights to this one and we are waiting to hear back from this company that will take 30% of monies realised
So it was complicated FS - and just whose fault is that! Any DD would have shown within 5 minutes this one was problematic with a director who has an interesting background. I went for the first offering but forgot not to renew...
As I said I just hate to think what the Tower Block will go for - possibly land value less demolition costs less "the locals know it's a lemon" discount factor
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Post by brightspark on Mar 10, 2020 20:07:02 GMT
Third buyer has pulled out. Buyers clearly don't want to touch it with a barge pole. With stock markets across the world in free fall due to the virus I don't see anyone buying this any time soon. Rent it out to the government who can then fill it with plague victims? You don't think there is any danger it might collapse?
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syalith
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Post by syalith on Apr 2, 2020 12:12:57 GMT
Latest update: Sale progressing at £1.3million!
I won't crack open the champagne just yet but it's hugely positive (at least for those in the highest ranking loan) that discussions are still taking place around this price.
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adrian77
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Post by adrian77 on Apr 2, 2020 12:17:50 GMT
hopefully this is good news but we have been down this path before - be nice if got back some of my second charge as I had written it off...
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syalith
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Post by syalith on Apr 2, 2020 12:47:27 GMT
hopefully this is good news but we have been down this path before - be nice if got back some of my second charge as I had written it off... Even if this buyer pulls out, this is still great news. I had been basing my sale price expectations on the £650k level at which we deduced it was listed on Rightmove, but if we were wrong about that and just focus on the updates then we only have two solid leads that give any indication of price. The first is the update which stated the sale price would be enough to cover the first loan + interest + some of the second loan. And now, we have an update giving a figure of £1.3million. Like you, I had written off my large investment, but I've found renewed hope in this update. I believe we were wrong about the £650k figure and have instead been witnessing several failed attempts to find a buyer at well over £1million. You're right, we have been led down the garden path before, but we have professionals running the show now, not fraudsters. If they are saying a sale is progressing at £1.3million, have seen proof of funds, and have taken the property off the market, then I think we can be confident there is a good chance of success here. I won't be celebrating until the cash is in the bank, but things do not appear to be as bleak as I thought they were, though having said that, Covid19 and the associated economic impact may prove to be a huge spanner in the works.
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sqh
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Before P2P, savers put a guinea in a piggy bank, now they smash the banks to become guinea pigs.
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Post by sqh on Apr 2, 2020 13:09:41 GMT
My understanding is there were several higher offers and at least one non refundable deposit was made. So £1.3m seems like a somewhat distressed sale brought about by Covid-19.
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adrian77
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Post by adrian77 on Apr 2, 2020 13:59:24 GMT
I agree with all the positive sentiment but I find it curious we have a sale at about twice the auctioneers estimate although about 30% of the FS valuation - I just hope the buyer isn't a clever sod (dealing with this sort of money I doubt if he is stupid). I just hope this is not subject to a structural survey which will reveal a problem with the roof and this demands £0.5m knocked off the selling price...
Fingers crossed...
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rogerthat
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Post by rogerthat on Apr 2, 2020 14:11:15 GMT
Is there a Mrclondon list of all the loans in Charter ?..I have a quite a wedge in this but sadly not in the purchase loan.
Edit..found this from March 1 2019
1st charge £575K..purchase
2nd " £1.5m..dev tranches
3rd " £510K..supplementals
Might get something back then but I expect the total expenses to be horrendous so
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syalith
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Post by syalith on Apr 2, 2020 14:41:06 GMT
Might get something back then but I expect the total expenses to be horrendous so Regarding the expenses, I remember reading recently (though I can't remember where) that the receivers agreed to be paid a fixed percentage of the final sale price.
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