Monetus
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Post by Monetus on Jan 31, 2018 17:07:06 GMT
Pretty startling oversight if the valuation says it's a freehold property but is actually leasehold.
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ali
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Post by ali on Jan 31, 2018 17:09:24 GMT
Pretty startling oversight if the valuation says it's a freehold property but is actually leasehold. The valuation says that it is assumed to be freehold. Perhaps MT should have got back to them and said, "Actually, it's leasehold, does that affect the value?" Perhaps they did.
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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 Jan 31, 2018 17:11:07 GMT
MoneyThing Why were we presented with a loan to demolish a building, when the borrower didn't even own the freehold? According to the VR the TENURE is FREEHOLD.
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yorky
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Post by yorky on Feb 1, 2018 14:35:55 GMT
Please can we have a answer regarding FREEHOLD as stated in valuation If it is now leasehold then the valuation document was misleading
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Post by mrclondon on Feb 1, 2018 14:51:21 GMT
Even the marketing of the property on behalf of the administrators is ambiguous. The headline states "Tenure: Freehold" but then in the blurb "We understand that the site is held by way of a long leasehold interest, subject to a nominal ground rent."
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ptr120
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Post by ptr120 on Feb 15, 2018 10:59:59 GMT
SophieThing now that you are engaging again (a welcome change!) please can you address the leasehold vs freehold issue on this loan? A question which has been asked and ignored several times.
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Post by SophieThing on Feb 16, 2018 8:21:13 GMT
Morning,
Yes we will answer this, on the platform, most likely end of next week. It's in internal review and I'm waiting for someone to return from holiday before that can be completed.
Kind regards
Sophie
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rocky1
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Post by rocky1 on Feb 16, 2018 11:38:48 GMT
no disrespect sophie but MT has become more like many other platforms that are treating us lenders/investors/gamblers as idiots and nuisances. after all we are the people without who the platforms would not survive and be able to continue paying wages etc.if a lender asks a question it is because they are concerned about their hard earned funds that is entrusted to moneything so a timely and polite reply is not to much to ask.
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jlend
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Post by jlend on Feb 16, 2018 11:46:52 GMT
no disrespect sophie but MT has become more like many other platforms that are treating us lenders/investors/gamblers as idiots and nuisances. after all we are the people without who the platforms would not survive and be able to continue paying wages etc.if a lender asks a question it is because they are concerned about their hard earned funds that is entrusted to moneything so a timely and polite reply is not to much to ask. I know a lot of us are waiting on an answer - but we have to be patient with this question. It is really important is it given a thorough investigation and consideration.
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johni
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Post by johni on Feb 16, 2018 12:16:08 GMT
no disrespect sophie but MT has become more like many other platforms that are treating us lenders/investors/gamblers as idiots and nuisances. after all we are the people without who the platforms would not survive and be able to continue paying wages etc.if a lender asks a question it is because they are concerned about their hard earned funds that is entrusted to moneything so a timely and polite reply is not to much to ask. Also remember this is subject to possible legal action so MT will have to take advise on what they can say.
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Post by SophieThing on Feb 16, 2018 13:08:24 GMT
no disrespect sophie but MT has become more like many other platforms that are treating us lenders/investors/gamblers as idiots and nuisances. after all we are the people without who the platforms would not survive and be able to continue paying wages etc.if a lender asks a question it is because they are concerned about their hard earned funds that is entrusted to moneything so a timely and polite reply is not to much to ask. Hi rocky1, We absolutely do not consider our lenders in that way. We very much appreciate the support our lenders have shown for MT and we treat all questions seriously. I was simply providing a holding note to acknowledge the question and an expected timescale to answer. If you have read my response as somehow less than polite, please accept my apologies- that was certainly not the tone I was going for. Kind regards Sophie
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ptr120
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Post by ptr120 on Feb 20, 2018 8:50:28 GMT
Dear SophieThingdue to the lack of responses to reasonable questions about what is going on with this defaulted loan, I checked on a well known property sales portal and found that the property is still listed for sale with no 'under offer' or 'sold, subject to contract' flag. This does make me wonder if the proposed sale has fallen through due to the Freehold / Leasehold issue (or some other issue). At the risk of teaching you to suck eggs, some movement on this and other defaulted loans would help to reduce availability on the SM and also make other loans easier to float. Can we please have an update within today?
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stub8535
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personal opinions only. Not qualified to advise on investment products.
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Post by stub8535 on Feb 20, 2018 9:35:37 GMT
SophieThing now that you are engaging again (a welcome change!) please can you address the leasehold vs freehold issue on this loan? A question which has been asked and ignored several times. Upon reading the valuation report once more I notice a couple of things thst concern me. First. a reference is made to plans sent from another organisation. These are not obvious in the report. Second. The valued mention property (singular) several times and the red outline on a plan attached surrounds only 1 of 2 properties. Third. No mention is made of freeholds/ leasehold being verified and nor was this in the letter of instruction from MT. SophieThing. Were these items checked before the loan went live? What were the answers? Thanks.
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Post by mike1963 on Feb 26, 2018 13:51:43 GMT
SophieThing now that you are engaging again (a welcome change!) please can you address the leasehold vs freehold issue on this loan? A question which has been asked and ignored several times. Upon reading the valuation report once more I notice a couple of things thst concern me. First. a reference is made to plans sent from another organisation. These are not obvious in the report. Second. The valued mention property (singular) several times and the red outline on a plan attached surrounds only 1 of 2 properties. Third. No mention is made of freeholds/ leasehold being verified and nor was this in the letter of instruction from MT. SophieThing . Were these items checked before the loan went live? What were the answers? Thanks. Hi SophieThing , are you now able to address the points raised in this post (and the others) concerning the freehold/leasehold and comment on how this affected the sale price? Thank you.
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Post by SophieThing on Feb 26, 2018 18:25:10 GMT
Evening,
Yes- sorry I did say I would respond on Friday, but I have outstanding questions that I need answers to first. I am in correspondence with the parties involved and I will provide an answer on the platform as soon as I can.
Kind regards
Sophie
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