the gunslinger 3,366 Posted March 3, 2014 Share Posted March 3, 2014 Edmiston House is the security for the Easdale loan. Does he own it now? Hardly. He might have a point if he doesn't get his 500k back in September. The rest is utter doom-mongering conjecture. Why can we not remain with the facts that we have for the time being? I stated a fact. If we go into admin it passes to him. As of last Friday his security was registered. 0 Quote Link to post Share on other sites More sharing options...
True_Ger_1872 2 Posted March 3, 2014 Share Posted March 3, 2014 How does the security aspect work though? A few years ago i applied for a loan that i had secured against my house - but i wouldn't imagine that if i failed to repay the loan they would take my entire house as it was 12 times what the loan amounted to! I may be naive here though... I cant recall how much was paid to purchase Edmiston house though - i imagine it wont be as much as 12 times what the loan is in this case. 0 Quote Link to post Share on other sites More sharing options...
Scott7 5,139 Posted March 3, 2014 Share Posted March 3, 2014 " passes to him " - not so fast, gs. On default he can enter into possession and have the place sold at market price. He keeps what's due under the loan and gives the surplus to the company/ administrator/ liquidator, whoever's running the show at the time. He can even be a market value bidder but he can't just walk in and say This Is Now A Bus Stop. 0 Quote Link to post Share on other sites More sharing options...
the gunslinger 3,366 Posted March 3, 2014 Share Posted March 3, 2014 Nothing was sold last time at market price. 0 Quote Link to post Share on other sites More sharing options...
Scott7 5,139 Posted March 3, 2014 Share Posted March 3, 2014 Were there any secured creditors last time ? I can't remember. If the cash pool is big enough the liquidator can pay off the secured creditor in exchange for a discharge without going through the whole rigmarole. Different if there are postponed (or prior) security holders. 0 Quote Link to post Share on other sites More sharing options...
forlanssister 3,050 Posted March 3, 2014 Share Posted March 3, 2014 How does the security aspect work though? A few years ago i applied for a loan that i had secured against my house - but i wouldn't imagine that if i failed to repay the loan they would take my entire house as it was 12 times what the loan amounted to! I may be naive here though... I cant recall how much was paid to purchase Edmiston house though - i imagine it wont be as much as 12 times what the loan is in this case. Of course they would have taken your house that's the whole point of the lender securing a charge against it. 0 Quote Link to post Share on other sites More sharing options...
forlanssister 3,050 Posted March 3, 2014 Share Posted March 3, 2014 Were there any secured creditors last time ? I can't remember. If the cash pool is big enough the liquidator can pay off the secured creditor in exchange for a discharge without going through the whole rigmarole. Different if there are postponed (or prior) security holders. Close Leasing. 0 Quote Link to post Share on other sites More sharing options...
Scott7 5,139 Posted March 3, 2014 Share Posted March 3, 2014 Didn't know that. Admin must have settled because the security subjects weren't sold. I think Trueger above was meaning the surplus of the realised value over the amount of the loan. 0 Quote Link to post Share on other sites More sharing options...
BlueMazza 0 Posted March 3, 2014 Share Posted March 3, 2014 Of course they would have taken your house that's the whole point of the lender securing a charge against it. I thought they could force a sale to recover their charge against it. If you borrow £10K against a house worth £100K I can't see how they are entitled to the £100K 0 Quote Link to post Share on other sites More sharing options...
forlanssister 3,050 Posted March 3, 2014 Share Posted March 3, 2014 I thought they could force a sale to recover their charge against it. If you borrow £10K against a house worth £100K I can't see how they are entitled to the £100K Thy're not but they are entitled to their money back plus interest and costs any balance would be returned. 0 Quote Link to post Share on other sites More sharing options...
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