christian kemp

Registered with Property118.com
Tuesday 7th July 2015


Latest Comments

Total Number of Property118 Comments: 11

christian kemp

11:46 AM, 23rd June 2017
About 2 years ago

Is this conspiracy to commit fraud?

Reply to the comment left by "John Constant" at "23/06/2017 - 11:44":

Im not sure how they could conceal the fact it is a newbuild from the surveyor? As he would have to visit the property to value it?

It is actually a conversion, commercial to residential, not sure if that is relevant or not, and assume it is still considered a new build?... Read More

christian kemp

11:35 AM, 23rd June 2017
About 2 years ago

Is this conspiracy to commit fraud?

Reply to the comment left by "John Constant" at "23/06/2017 - 11:32":

They have not attempted to conceal that. They have only attempted to conceal the incentives that have been offerred.... Read More

christian kemp

11:22 AM, 23rd June 2017
About 2 years ago

Is this conspiracy to commit fraud?

Dylan - Where has the 90% figure come from? I wanted to borrow 75%, but would be happy with 60% even. One further issue is that a lot of the limited company lenders have a minimum loan of £75k. The flats are roughly £100k each. Is it possible to have a mortgage offer in place on a newbuild, before the building is built? The developer repeatedly refused my attempts to get a valuation done based on the plans.

I think you have massively misunderstood the point about the incentives. I know this is normal practice. It is not normal practice though for brokers to ask you to conceal these from lenders and valuers. If you read my first post, you will note that I brought this up in the hope that this gives me leverage to get out of the deal.

John - I would be happy to email you the name of the development, I dont want to make it public at the moment.... Read More

christian kemp

10:56 AM, 23rd June 2017
About 2 years ago

Is this conspiracy to commit fraud?

The incentives have nothing to do with the lenders refusing to lend. And cashflow is not this issue.

I mentioned the incentives just to highlight the conduct of the sourcing company/broker, which has been extremely poor from start to finish.... Read More

christian kemp

10:40 AM, 23rd June 2017
About 2 years ago

Is this conspiracy to commit fraud?

A number of lenders have refused to lend based on surveyors comments. They have been mainly around "location factors", "saleability", "lack of comparables".

The lenders that have rejected so far are - BM Solutions, Kent Reliance and Shawbrook. The pool of lenders is limited anyway because they are newbuilds and there is a commercial unit (supermarket) at the bottom. Currently, there are valuations going through with Dudley BS and Natwest Commercial. However, as a lot of the lenders use the same surveyors, I am sure the outcome will be similar!

I have been using the inhouse broker, who is absolutely useless. However, a friend has been using a different broker, who I know is good, as I have used him before, and still having the same issues.

Neil - No, nothing to do with incentives being used as deposit. I have the deposit, I also have the full cash amount, but obviously the deal has a completely different risk profile and return when buying for cash. If lending can be found, I think they would still be a good investment. The main issue is that if this had been marketed to me as a cash only deal, I would not have been interested.... Read More