I have over £7700 in this plus interest and don’t think it is worth the attention it has been getting it is one of many loans and there are a lot more with greater woes than this.
interesting one this one - I wonder if this one if rented out and/or a speculative punt funded by a commercial loan rather than a traditional mortgage. Be interested to see how the administrators handle this one and how much information is conveyed to us - hopefully the first charge interest is being paid...
This tree is far too close to the house and the property will need an expert report to see if the roots have damaged the foundations (my guess is that they have) Also there is no garage and hence £1m ish seems a lot to me - I really can't see any interest on the 2nd loan being paid and under 50% chance of a full capital recovery although I agree they are plenty of worse loans - damn glad I gave this one a miss!
I’m not in this loan and because the all active and past loan tab is down for maintenance so I don’t know exactly where the property is.
I lived on this road for 15 years though.
I did look at a property just across the road from the one listed on Rightmove earlier in the thread, back in 2014. There is a rather large water main that runs along that part of the road. I can remember three major floods when I lived there from water mains bursting – our garden was flooded twice and our house was higher up – with the water flowing downhill from the Finchley Road so I didn’t look into it any further.
There is also a large planned development where the tennis club is now (a developer just wrote a cheque and every member of the club – so I’ve been told – just walked away with a very large smile on their face). I don’t know what stage the planning is at as I moved out from the area, though by chance I walked past yesterday and nothing had changed. This would change how I was looking at the area if I was looking to buy there now.
I’m sorry that this might not be great to read if you’re stuck in this loan but at least if I post the information you can use your own judgement on whether you think that it is relevant or not to the outcome on this one.
On the plus side the sellers got a VERY good price on the property that was listed on Rightmove. That went for over £200k more than the one I saw listed – if memory serves me correctly – and the market in the area hasn’t been that great (i.e. over three grand a month great) over the past five years.