elliotn
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Post by elliotn on Sept 9, 2017 4:50:55 GMT
Yes, I think post-settlement de-brief has been promised.
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justme
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Post by justme on Sept 16, 2017 6:56:37 GMT
Indeed I do not see any point in valuations if they can not be relied on , numbers subsritured just like that and as I myself am not competent enough to value projects/sites I may as well acjmowledge the risk I am taking to get those 12% is unknown.
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copacetic
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Post by copacetic on Sept 25, 2017 12:41:01 GMT
The advert for the sale of the property has been posted on the estate agent's website now with the link in MT's update.
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GeorgeT
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Post by GeorgeT on Sept 26, 2017 0:23:03 GMT
The advert for the sale of the property has been posted on the estate agent's website now with the link in MT's update. I feel it's important to commend Ed for this level of transparency I wish others would follow where he has shown the lead. Agreed, and writing as somebody who has a financial interest as a lender.
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m2btj
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Post by m2btj on Sept 26, 2017 6:32:08 GMT
It's a good substantial property with outline planning permission & the agent has it up for a very reasonable OIEO £500k. I expect it to recover the loan capital of £455k but it falls a long way short of the original £655k VR. I commend Moneything for the swift recovery process but would once again draw attention to the need for accurate VR's going forward.
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Post by GSV3MIaC on Sept 26, 2017 11:17:58 GMT
The agent (from the page linked to by MT) seems in two minds as to whether the property is leasehold or freehold? Or did I read it wrong?
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ali
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Post by ali on Sept 26, 2017 11:45:48 GMT
The agent (from the page linked to by MT) seems in two minds as to whether the property is leasehold or freehold? Or did I read it wrong? The charge on Companies House is for the leasehold.
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Post by GSV3MIaC on Sept 26, 2017 11:53:34 GMT
Yep, that's what the main estate agent blurb says, and then just to the right it says 'freehold' under the quick-facts bit (just above the asking price). Go figure ..
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oik
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Post by oik on Sept 26, 2017 14:02:53 GMT
Would no doubt help with a sale if it was clear what was being offered. "Tenure: Freehold" in the agent's main details. "TENURE: We understand the site is held by way of a long leasehold interest subject to a nominal ground rent." in their linked PDF. The VR states that the valuation of £650,000 is for the freehold interest. The tenant's lease expires in Feb 2018. Perhaps MoneyThing could advise the agent asap, and us, of the correct position.
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Nomad
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Post by Nomad on Sept 26, 2017 14:13:18 GMT
Would no doubt help with a sale if it was clear what was being offered. "Tenure: Freehold" in the agent's main details. "TENURE: We understand the site is held by way of a long leasehold interest subject to a nominal ground rent." in their linked PDF. Long leasehold = "virtual freehold", I believe...
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oik
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Post by oik on Sept 26, 2017 14:27:38 GMT
Wimpey were taking flak some while back over describing long lease properties as "virtual freeholds" so I'd assumed the term was just sales patter rather than a legal term. www.propertyreporter.co.uk/finance/thousands-of-flat-owners-in-virtual-freehold-nightmare.htmlCompanies House describes Moneything's charge as: Persons entitled Moneything (Security Trustee) Limited (Co No 09933277) Brief description The leasehold land registered at the land registry with title number **********
From VR on MT: "MARKET VALUE FREEHOLD SITE WITH VACANT POSSESSION. We are of the opinion that the Market Value of the Freehold interest in the site on vacant possession basis is the sum of £650,000."
I'm a tad confused.
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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 Sept 26, 2017 14:56:46 GMT
Ah the joys of cut and paste. IIRC correctly the original sales particulars (which I cant find, might have been same agents) from 2003 were exactly the same, saying freehold in the synopsis and leasehold in the details.
Our security is the leasehold but as someone indicated above there isnt much difference between the FH value & the leasehold value in this case.
Edit ... note a lease is different to leasehold so the expiry of the lease next year doesnt affect the value of the leasehold particularly as the property is apparently vacant
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oik
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Post by oik on Sept 26, 2017 15:50:13 GMT
So not sticklers for detail then? You might think that reading the previous stuff before copying it would be part of the service. So where did the description as 'Freehold' in the VR by JPA Surveyors come from?
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ptr120
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Post by ptr120 on Oct 14, 2017 7:00:16 GMT
Hi MoneyThing the last comment suggested an update on or before yesterday. I appreciate it is the weekend but do you think this could go on the job list for Monday?
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fasty
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Post by fasty on Oct 21, 2017 9:55:29 GMT
A gentle nudge MoneyThing to provide the promised update following the meeting with the administrator. Thanks!
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