ParkFirst Early Redemption - Thread for any reports of successful redemptions

AnotherJoe

Souss wrote: »

No getting away from the fact that it seems we do own the land. If they (or whoever) are hoping to sell it on to this 'Chinese billionaire' that has been mentioned, then surely it is being awkward to hang on to it.

Being awkward To what aim? PF won't get anything. The money goes to the creditors eg people ,like you! If this Chinese billionaire wishes to buy it, and I'm sure he's just a figment of the imagination of recovery fraud scammers , then he certainly won't be paying anywhere near what you paid for it and if there are some holdouts that won't sell at anything other than what they paid he's just going to walk away. Though since he doesn't exist this is moot.
Most likely scenario, if the local council decide this now derelict land should be productively used, is to do CP on these leases just like they eventually do on people who let their houses fall into disrepair. No doubt this will all take years.
Though I do wonder, if someone started up a new car parking operation there what's your plan to ensure that your bit isn't used if they don't pay you? How would you police that, especially if they marked up the car park differently? Or suppose they sent you £20 a year because they said they had one person park on your space? How would you challenge that? That was always an issue with the original plan, doubly so when its someone new with a newly resurfaced and differently marked car park.

Souss

Compulsory purchase by local authority would probably be good news (though this is obviously speculation and hardly a likely scenario). The independent valuation of the plot soon after purchase (by what seemed to be a bona fide estate agent unless they were in Kahoots with the company) had it valued at something like £37,000. I think government give you a fair price - so more than we are likely to get as compensation from the administrators.

Souss

Re speculation about policing - that some bogus company might just say "no one is parking in your spaces", I would do it myself and with help of my kids, park there at various times and then hang around my spaces, take photos and take legal action. Or .... let the company know this was going to happen if suspicious. So shall we now go on to some other speculative scenario - supposing some alien beings manage take over the bodies of the administrators and fool us into thinking the spaces are .........

Aretnap

Souss wrote: »

Compulsory purchase by local authority would probably be good news (though this is obviously speculation and hardly a likely scenario). The independent valuation of the plot soon after purchase (by what seemed to be a bona fide estate agent unless they were in Kahoots with the company) had it valued at something like £37,000. I think government give you a fair price - so more than we are likely to get as compensation from the administrators.

I had a read of one of those 'independent' valuations once. It was packed full of disclaimers to the effect that it was based on assumptions provided by Park First about occupancy rates, parking prices etc and that no attempt had been made to check the accuracy of those assumptions. If you are expecting the council to base their valuation on it then I great you are going to be very disappointed. If you wanted a genuinely useful independent valuation of the land you should have commissioned your own before you bought it, as you would with a house purchase.

You can get a ballpark estimate of the actual value of the land just by looking at it. On Google Earth the Gatwick car park has a footprint roughly similar to two of the nearby well to do houses and gardens (Circe £400K each) and holds in excess of 100 cars. There are few more valuable types of land than housing so very crudely that might suggest an upper limit to the land value of about £8K per space. Except of course we're not talking about well to do housing but a bit of cheaply tarmaced industrial land, so think of a number several times lower and you might be getting warm.

Souss

As far as I remember, there were no disclaimers and there was no mention of occupancy rates. It was a straight valuation of the land.

AnotherJoe

Souss wrote: »

As far as I remember, there were no disclaimers and there was no mention of occupancy rates. It was a straight valuation of the land.

Of course there would be disclaimers, there always are. I see in the stages of loss,you are still stuck at the first, denial.

Aretnap

Another way to estimate the land value would be to find out what the site as a whole was last sold for and to divide by the number of spaces. I don't have time to go hunting for that info at the moment, but it should be available from the land registry. I'd be willing to bet that it works out at significantly less than £25K per space, let alone £37K.

AnotherJoe

Souss wrote: »

Re speculation about policing - that some bogus company might just say "no one is parking in your spaces", I would do it myself and with help of my kids, park there at various times and then hang around my spaces, take photos and take legal action. Or .... let the company know this was going to happen if suspicious. So shall we now go on to some other speculative scenario - supposing some alien beings manage take over the bodies of the administrators and fool us into thinking the spaces are .........

If the car park was resurfaced with different markings, good luck finding your spaces.

Souss

They would have to give you the actual ref number of your spaces . But again, are you actually an investor? I thought this thread was for input from people who had invested, for updates and news, not from people who like the sounds or their own voices and have actually nothing to do with the case in hand (apologies if you are an actual investor)

doe808

Souss wrote: »

Compulsory purchase by local authority would probably be good news (though this is obviously speculation and hardly a likely scenario). The independent valuation of the plot soon after purchase (by what seemed to be a bona fide estate agent unless they were in Kahoots with the company) had it valued at something like £37,000. I think government give you a fair price - so more than we are likely to get as compensation from the administrators.

Having been involved in property law and administrations for 10 years, I have never come across a compulsory purchase by a local authority. Nothwithstanding that fact, they do not have to give you a 'fair price', and are in fact bound by best value procedures. So if they did CP, you would more than likley get much less.



Further, independent valuations will be caveated, and in standard form, will only be able to be founded upon by the owner of the land. That owner is not you, as you only lease the land (slightly different in Scotland, if the lease is over 20 years and 1 day).



Sorry, but why did you invest in this, if you clearly dont understand the mechanics?