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LPA Receiver


spunko

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Googled it, but can't find much , anyone know what an LPA Receiver is - bankruptcy?

 

https://www.rightmove.co.uk/property-for-sale/property-86880464.html

Edit: Found it, yes mortgage arrears.

https://www.connells.co.uk/services/lpa-receivers/

OTHER PROPERTIES IN THE DEVELOPMENT WERE SOLD BETWEEN DEC 2017 AND NOV 018 FOR BETWEEN £950,000 AND £1,200,000

 

So why are they starting at £750k? I thought they'd want to recoup as much as possible from the debt.

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1 hour ago, spunko said:

Googled it, but can't find much , anyone know what an LPA Receiver is - bankruptcy?

 

https://www.rightmove.co.uk/property-for-sale/property-86880464.html

Edit: Found it, yes mortgage arrears.

https://www.connells.co.uk/services/lpa-receivers/

OTHER PROPERTIES IN THE DEVELOPMENT WERE SOLD BETWEEN DEC 2017 AND NOV 018 FOR BETWEEN £950,000 AND £1,200,000

 

So why are they starting at £750k? I thought they'd want to recoup as much as possible from the debt.

They just want rid.  An empty property hanging around is a liability.  

I'd have thought that at £750k they'd be recouping all of their loan.

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7 hours ago, spunko said:

Googled it, but can't find much , anyone know what an LPA Receiver is - bankruptcy?

 

https://www.rightmove.co.uk/property-for-sale/property-86880464.html

Edit: Found it, yes mortgage arrears.

https://www.connells.co.uk/services/lpa-receivers/

OTHER PROPERTIES IN THE DEVELOPMENT WERE SOLD BETWEEN DEC 2017 AND NOV 018 FOR BETWEEN £950,000 AND £1,200,000

 

So why are they starting at £750k? I thought they'd want to recoup as much as possible from the debt.

Banks repoing a house.

If a loan is non performing then a banks wants rid asap.

There so much extra shit n cost for  non performing loans.

If you are going under then always sell the house yourself.

 

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Thanks. Also, I thought it was a pretty strange house really, looks like they bought the showhome furniture, and continued spending. If it were me facing bankruptcy I'd be selling half that that shite on eBay pronto.

Probably end up like Mikey Carroll, burning the interior doors to keep warm, but at least I'd have the house...

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4 minutes ago, spunko said:

Thanks. Also, I thought it was a pretty strange house really, looks like they bought the showhome furniture, and continued spending. If it were me facing bankruptcy I'd be selling half that that shite on eBay pronto.

Probably end up like Mikey Carroll, burning the interior doors to keep warm, but at least I'd have the house...

One extra risk with new developments is pretty much everyone is in the state, financially.

If one defaults, then banks do avoid areas, so others default.

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7 minutes ago, spygirl said:

One extra risk with new developments is pretty much everyone is in the state, financially.

If one defaults, then banks do avoid areas, so others default.

I haven't seen many bankruptcies round here, so it stood out. New builds round here are not selling, for about a year now but it seems to have got "worse" this summer/autumn, developers are offering incentives like £500 M&S gift card or David Lloyd annual memberships and huge banners advertising 2% deposit.

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UnconventionalWisdom
24 minutes ago, spunko said:

I haven't seen many bankruptcies round here, so it stood out. New builds round here are not selling, for about a year now but it seems to have got "worse" this summer/autumn, developers are offering incentives like £500 M&S gift card or David Lloyd annual memberships and huge banners advertising 2% deposit.

I do live these incentives, who gets sold on a 0.1% freebie?

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1 hour ago, spunko said:

I haven't seen many bankruptcies round here, so it stood out. New builds round here are not selling, for about a year now but it seems to have got "worse" this summer/autumn, developers are offering incentives like £500 M&S gift card or David Lloyd annual memberships and huge banners advertising 2% deposit.

Same everywhere in South.

I see loads of new estates - 40-100 houses thrown up on the bank funding and expectation of HTB.

Buts its developers meet MMR, MMR meet developers.

Zilch interest. Empty bar the dingle mums housed in the cheaper social units.

Which points to a masdive fall for any HTBer - prices will be 30% off what they paid

 

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12 hours ago, UnconventionalWisdom said:

I do love these incentives, who gets sold on a 0.1% freebie?

I agree, but the financing arrangements are so nuts that it might still be a lot to someone who is buying a half-million pound house. £500 is only 0.1% of the sale price, but it's 5% of the deposit money. Assuming some of these folks have scraped the bottom of every barrel they can find to get that deposit, a large M&S voucher might be the difference between pre-prepared meals and having to cook rice and beans.

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OTHER PROPERTIES IN THE DEVELOPMENT WERE SOLD BETWEEN DEC 2017 AND NOV 2018 FOR BETWEEN £950,000 AND £1,200,000

I'd be a little bit worried if I owned one of those other properties and thought I might want to sell some time soon.

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22 hours ago, Wight Flight said:

I'd be a little bit worried if I owned one of those other properties and thought I might want to sell some time soon.

I'd be worried about the plans for the surrounding fields too, those views won't last more than a year or two.

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On 24/11/2019 at 01:37, dgul said:

They just want rid.  An empty property hanging around is a liability.  

I'd have thought that at £750k they'd be recouping all of their loan.

a non performing loan carries lots of negatives for banks - capital weighting, asset value, etc etc etc.  That's why it makes sense to sell it for 50% of value to get rid.  

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3 hours ago, wherebee said:

a non performing loan carries lots of negatives for banks - capital weighting, asset value, etc etc etc.  That's why it makes sense to sell it for 50% of value to get rid.  

Yep. Said earlier.

Banks will bend over backwards to not classify a loan as non perfoming.

A bank faces a heap of shit when loan goes from a asset to liability.

This is alos one of the reasons that 20% deposit mortgages are so cheap - plenty of wiggle room for the bank.

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On 27/11/2019 at 16:06, Tdog said:

And if you bought in the same street a few years earlier here is what you could have won.

Tories rebound bubble in fucken insanity, the one at the top that sold in Dec 2013 sums it up.

image.png.0978ad06e420ea96474d0ecc9556d67f.png

To be fair, I know the market here very well, and prices have not risen since 2016, I reckon the peak was probably even the year before. Sutton Valence is grim now, the council have earmarked it to be developed into Maidstone urban sprawl, I would not live there for love nor money (but 75 years ago I'd have jumped at the chance probably). It's like a lot of places in the SE now.

Basically, ruined forever, overrun with ex-Londoners and shitloads of traffic.

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1 hour ago, spunko said:

To be fair, I know the market here very well, and prices have not risen since 2016, I reckon the peak was probably even the year before. Sutton Valence is grim now, the council have earmarked it to be developed into Maidstone urban sprawl, I would not live there for love nor money (but 75 years ago I'd have jumped at the chance probably). It's like a lot of places in the SE now.

Basically, ruined forever, overrun with ex-Londoners and shitloads of traffic.

Theres a long way to fall. Another 10 years of falls.

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1 hour ago, spygirl said:

Theres a long way to fall. Another 10 years of falls.

Amen to that. I am sure that housebuilders are aware of this, hence the boom in the SE of housebuilding in the past 2 years.

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3 hours ago, spunko said:

 

Basically, ruined forever, overrun with ex-Londoners and shitloads of traffic.

Could be worse. It could be overrun with those Londoners are escaping from. 

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1 minute ago, One percent said:

Could be worse. It could be overrun with those Londoners are escaping from. 

Well, I don't see many black people, unless I drive round one of the new slavebox estates.

I'm (almost) an ex-Londoner myself.

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3 minutes ago, spunko said:

Well, I don't see many black people, unless I drive round one of the new slavebox estates.

I'm (almost) an ex-Londoner myself.

Give it time. 

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  • 2 weeks later...

Looks like the link I posted has been updated, it is now more succinct:

Connells Group incorporates a leading LPA Receivers division which acts for banks and private lenders when the mortgage terms on a buy-to-let property are not being met.

Haha.

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  • 2 months later...
On 10/12/2019 at 10:18, spunko said:

Looks like the link I posted has been updated, it is now more succinct:

Connells Group incorporates a leading LPA Receivers division which acts for banks and private lenders when the mortgage terms on a buy-to-let property are not being met.

Haha.

Funny how people spend 1 Mill on a bloody buy to let. Ffs. What fools. What's the world coming too.

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Democorruptcy
On 23/11/2019 at 12:49, spunko said:

So why are they starting at £750k? I thought they'd want to recoup as much as possible from the debt.

Do you know how much the debt is? If the buyers had equity from a sale or cash, maybe £750k was the outstanding debt.

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