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Post by mrclondon on Jul 25, 2017 9:43:32 GMT
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Post by mrclondon on Jul 25, 2017 10:46:58 GMT
All seem to refer to houses - no specific mention of flats/apartments scenario. Has anyone seen any clarification on this? From The Guardian (link above): "Flats can be continued to be sold as leasehold, but ground rents will be restricted to a “peppercorn” level and therefore be of little financial value to speculative buyers. The ban is expected to come into force after an eight-week consultation period. "Leasehold houses will be banned completely, so the reporting of restricted ground rents is (lazy journalism) taken to imply shared blocks of flats etc which for now leashold is the easiest model to handle the common parts and actual land. I suspect in time it will be mandatory for flats etc to be sold with a share of the freehold.
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DeafEater
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Post by DeafEater on Jul 25, 2017 11:17:15 GMT
I share mrclondon's concern but I never really believed the value being touted so was only ever prepared to lend against the first tranche when the LTV was down at a theoretical 37.33%. I think I'll probably stick with that holding but if I'd been tempted by the later cashback bolstered tranche at the higher LTV, I would be rather less sanguine.
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Monetus
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Post by Monetus on Jul 25, 2017 11:36:08 GMT
Any thoughts on how this ruling affects the position of this loan Gordon?
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ilmoro
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'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Jul 25, 2017 12:30:04 GMT
Any thoughts on how this ruling affects the position of this loan Gordon? Its not a ruling its a consultation paper. Nothing will change legally until it gets enacted which is probably at least a year away (some other minor piece of legislation in the way I suspect) If the result of the consultation is that it will reduce house building then the proposals will be quitely modified. Exisitng leases wont be affected and the ban is for houses not flats. Flats may be effected by changes to ground rents with the govt minded towards peppercorn but it may be the result is limits on initial rents/annual increases.
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sqh
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Post by sqh on Jul 25, 2017 12:32:56 GMT
All seem to refer to houses - no specific mention of flats/apartments scenario. Has anyone seen any clarification on this? Leaseholders have the right to buy the freehold, and a tribunal will set the price if there is no amicable agreement, but it only applies to shared flats. See HEREThe simple solution is for government to include houses in the Leasehold Reform, Housing and Urban Development Act 1993.
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Post by Collateral Rep on Jul 25, 2017 12:52:54 GMT
Afternoon,
251 of the 252 leases have been completed and bought under the terms of their respected leases and cannot be rescinded. The last one is in legals and due to complete anytime now.
The contracts have been issued for this loan on the terms contained within each of the signed leases, we expect the loan to complete.
Many thanks,
Gordon
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DeafEater
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Post by DeafEater on Jul 25, 2017 18:44:27 GMT
Afternoon, 251 of the 252 leases have been completed and bought under the terms of their respected leases and cannot be rescinded. The last one is in legals and due to complete anytime now. The contracts have been issued for this loan on the terms contained within each of the signed leases, we expect the loan to complete. Many thanks, Gordon Gordon I just noticed that my spreadsheet of loans disagrees with your website about what should be in my cash account at the moment and the reason is that I have BL00021 (unit 2.15 of C**** H***) repaying on 22/07/2017. Clearly it didn't and I note that your website says it has '-3' days to run. I haven't had an email from you granting an extension or saying there's a problem. Am I the only one missing a notification about the late repayment of this one? Is this the unit you refer to above that's in the last stages of sale? Is there a revised expected end date that I can plug into my spreadsheet to make the figures add up?
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Post by pedz14 on Jul 25, 2017 18:58:00 GMT
There's a separate thread for BL00021. Due to be repaid midweek if I recall.
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DeafEater
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Post by DeafEater on Jul 25, 2017 19:25:15 GMT
There's a separate thread for BL00021. Due to be repaid midweek if I recall. Found it. Thanks pedz14. Still seems a bit odd to inform forum users but not to have done an official email to investors. Just as well I'm not of a nervous disposition.
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elliotn
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Post by elliotn on Aug 10, 2017 15:42:22 GMT
Hi Collateral Rep, with the good news on BL21 completing tomorrow what is the expected timeline to execute the pre-sale's agreement on the freehold? Thanks.
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Post by Collateral Rep on Aug 10, 2017 17:50:50 GMT
Hi elliotn , Legals on the sale are progressing, but there is no announced completion time. We will keep all investors up to date with progress as and when we know more. Many thanks, Gordon
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GeorgeT
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Post by GeorgeT on Nov 14, 2017 22:14:46 GMT
I couldn't find a dedicated thread about these 2 x 14% loans so am starting this one. If I have missed it, sorry, and perhaps a Moderator could merge. I note - BL00035 - (1st drawdown) - 17 days remaining BL00043 - (2nd drawdown) - 20 days remaining Maybe I've missed something but I can't find an update on these. Collateral Rep Are these 2 expected to be extended, or be repaid in the next few weeks?
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GeorgeT
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Post by GeorgeT on Nov 24, 2017 12:39:16 GMT
1 month extension agreed on both of these.
I have been selling out of these at the rate of £250 per day over the last couple of weeks and I am now fully exited so this important announcement will not affect me but it will come as important news to others who will gain 14% interest for another month.
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Post by df on Nov 24, 2017 20:04:56 GMT
1 month extension agreed on both of these. I have been selling out of these at the rate of £250 per day over the last couple of weeks and I am now fully exited so this important announcement will not affect me but it will come as important news to others who will gain 14% interest for another month. I have fully exited last week, the term left is very short even with 1 month extension. I still keep my share in DFL003 as it has 230 days to run.
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