mikeymike
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Post by mikeymike on Feb 7, 2018 12:41:22 GMT
The RM price makes LTV 69.7% but also makes this the cheapest house on a v. desirable st. Will be interesting to see how long this takes to sell and for how much.
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song
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Post by song on Feb 7, 2018 12:53:33 GMT
Nowhere near as desirable as were the powerboat entrepreneurs live in Poole
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adrian77
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Post by adrian77 on Feb 7, 2018 13:14:25 GMT
I too am puzzled by this one
On the plus side it seems to be in a very desirable area. Next door has been totally updated to a very modern house - personally I don't like it but I think it will sell at a high price.
This house looks like a 60s bungalow to me with extensions tacked on (to me from the photos the building standard loooks "fair" at best). Could this house be converted and moved up-market at a profit - I would say so but by somebody who does not need to borrow money at 20+%. Just ask the owners of the Wimbledon development!
If this chap bought the house last year and it is tenanted then hello CGT!
If this tenant has recently given birth then good luck in getting possesion within 6 months - personally I treat my tenants with more respect and don't evict them in order to line my pocket. The valuer has placed a value of £850K for a quick sale (wonder how he arrived at that!)
Thus if we take £732K on £850K we get a LTV of 86% so if not repaid for a year then at, best, the full interest won't be realised.
Rather then risk this one I am going to hit it with the smutty stick!
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r1200gs
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Post by r1200gs on Feb 7, 2018 13:27:33 GMT
I too am puzzled by this one On the plus side it seems to be in a very desirable area. Next door has been totally updated to a very modern house - personally I don't like it but I think it will sell at a high price. This house looks like a 60s bungalow to me with extensions tacked on (to me from the photos the building standard loooks "fair" at best). Could this house be converted and moved up-market at a profit - I would say so but by somebody who does not need to borrow money at 20+%. Just ask the owners of the Wimbledon development! If this chap bought the house last year and it is tenanted then hello CGT! If this tenant has recently given birth then good luck in getting possesion within 6 months - personally I treat my tenants with more respect and don't evict them in order to line my pocket. The valuer has placed a value of £850K for a quick sale (wonder how he arrived at that!) Thus if we take £732K on £850K we get a LTV of 86% so if not repaid for a year then at, best, the full interest won't be realised. Rather then risk this one I am going to hit it with the smutty stick! That was exactly my earlier point regarding shifting the tenant.
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woodland
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Post by woodland on Feb 7, 2018 16:12:26 GMT
Further research shows an increase of 5 percent in detached properties in that post code in the last 12 months, 38 percent in the last five years. Yes, in theory the property value could be around 5% higher since the valuation was done. Zoopla provides an estimated value of £972000 for this property which would give a LTV of 75%. I suspect though this may get taken up reasonably quickly.
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rogerthat
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Post by rogerthat on Feb 7, 2018 16:53:06 GMT
Further research shows an increase of 5 percent in detached properties in that post code in the last 12 months, 38 percent in the last five years. Yes, in theory the property value could be around 5% higher since the valuation was done. Zoopla provides an estimated value of £972000 for this property which would give a LTV of 75%. I suspect though this may get taken up reasonably quickly.You mean like the Italian Library  ..well for those who got there late I mean  As it happens ive got a reasonable wedge in this but differing opinion so far has prevented me from auto renewing atm..between a rock and a hard place btw ive whacked a PA on DD Just looked quickly through the original loan bids...quite a few whales surfaced..(edited)
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woodland
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Post by woodland on Feb 7, 2018 17:30:11 GMT
Yes, in theory the property value could be around 5% higher since the valuation was done. Zoopla provides an estimated value of £972000 for this property which would give a LTV of 75%. I suspect though this may get taken up reasonably quickly.You mean like the Italian Library ..well for those who got there late I mean As it happens ive got a reasonable wedge in this but differing opinion so far has prevented me from auto renewing atm..between a rock and a hard place btw ive whacked a PA on DD Just looked quickly through the original loan bids...quite a few whales surfaced..(edited) Hopefully there will be plenty to go around on this one but my finger will nevertheless be poised at the bell.  I think there is enough spare flesh for me in the event of a default & it seems easier to place a value on this asset than some of the development loans we see on FS.
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rogerthat
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Post by rogerthat on Feb 7, 2018 22:27:03 GMT
...- what also worried me is what happens if there is a problem with the tenant? Ahh you missed the giving birth tenant last year  Can someone clue me up regarding the tenant...and I'm assuming by other threads..a woman +baby...I only came to this loan with the loan that is being renewed but clearly this goes back a while before that and my time at FS. As there has been no mention of a tenant being in situ (or have I missed that?) in the spiel ive read..are we all sure that there is indeed a tenant currently living in the property ? No worries...ive clued myself up ..in which case can someone tell me the statutory length of notice the landlord has to give the tenant..presuming she/they are still there ?..ta
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Post by Financial Thing on Feb 7, 2018 22:44:11 GMT
I know this area well. My sister has had her house on the market for months (£700k range). She said houses in the higher price ranges aren't selling quickly.
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woodland
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Post by woodland on Feb 7, 2018 23:20:21 GMT
...- what also worried me is what happens if there is a problem with the tenant? Ahh you missed the giving birth tenant last year Can someone clarify if this comment about tenant giving birth relates to this specific property? I rather assumed it referred to another property on FS, using it as an example of what issues can arise with tenants.
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rogerthat
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Post by rogerthat on Feb 7, 2018 23:49:58 GMT
Ahh you missed the giving birth tenant last year Can someone clarify if this comment about tenant giving birth relates to this specific property? I rather assumed it referred to another property on FS, using it as an example of what issues can arise with tenants. Related to my question above...now you've confused me even more
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sqh
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Post by sqh on Feb 8, 2018 0:30:36 GMT
Ahh you missed the giving birth tenant last year Can someone clarify if this comment about tenant giving birth relates to this specific property? I rather assumed it referred to another property on FS, using it as an example of what issues can arise with tenants. Probably Telford loan 2891725647 see update on 21/10/2016
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duck
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Post by duck on Feb 8, 2018 7:41:23 GMT
Can someone clarify if this comment about tenant giving birth relates to this specific property? I rather assumed it referred to another property on FS, using it as an example of what issues can arise with tenants. Probably Telford loan 2891725647 see update on 21/10/2016 Yes that's the one, that took the best part of a year to sort out due to a sitting tenant. I was using it as an example of what can happen. Probably my favorite FS update 21-10-16 Marketing of the property has been somewhat hindered by tenant giving birth.
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rogerthat
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Post by rogerthat on Feb 8, 2018 11:10:20 GMT
Well clearly this loan has the kiss of death on it...avoid like the plague...ive never seen a loan of 3/4million so slow to fill.....Oh look...its full  ...so I ask myself a question..what is it that some folk 'know'...that I don't ? |
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r1200gs
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Post by r1200gs on Feb 8, 2018 11:11:59 GMT
Probably Telford loan 2891725647 see update on 21/10/2016 Yes that's the one, that took the best part of a year to sort out due to a sitting tenant. I was using it as an example of what can happen. Probably my favorite FS update 21-10-16 Marketing of the property has been somewhat hindered by tenant giving birth.
That's hilarious! Ah well, this one mostly vacuumed up in five minutes with a few scraps for the stragglers.
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..well for those who got there late I mean 
...so I ask myself a question..what is it that some folk 'know'...that I don't ?