Matt Dunham, a leading insolvency expert, from Dunham Dean Advisory is calling for a new approach to deal with property development firms that collapse and leave schemes unfinished and investors lacking money. He thinks a solution similar to the ‘London approach’ of the 1990s, under which creditors held off pursuing
Scheme consists of 239 residential units and nearly 10,000sq.m of retail and leisure space set in a new Town square in Farnham Award-winning developer Crest Nicholson and Waverley Borough Council have announced that work on the £115m Brightwells regeneration of Farnham Town Centre will commence in summer 2018. Comprising a
The Conveyancing Association (CA), the leading trade body for the conveyancing industry, has announced its ongoing support for the ESTAS Conveyancing Awards, with entries now open for the 2018 competition. The ESTAS is a customer service award scheme designed to help conveyancers market themselves and to be recognised regionally and nationally for
Matt Dunham, a leading insolvency expert, from Dunham Dean Advisory is calling for a new approach to deal with property development firms that collapse and leave schemes unfinished and investors lacking money. He thinks a solution similar to the ‘London approach’ of the 1990s, under which creditors held off pursuing their own claims while attempts were made to restructure or refinance the business, would be useful. He argues that the buy-to-let funding model is now used in other types of development, such as care homes, student accommodation, and self-storage units. “In effect, these investors are buying a unit, flat or a room in a care home off plan,” says Matt Dunham. “The money isn’t always held separately but is used to build the block which is fine if all goes to plan. However if it doesn’t then the developer goes bust, a ‘fire sale’ is held and the unfinished building is sold at a discount.” Banks lose money, developers lose money, and private investors lose money. When a developer runs out of money, the bank decides whether or not to put them back into administration. Instead of relying on the bank, Matt thinks investors should work together and raise a ring-fenced pot of money to complete the development and appoint a restructuring officer or accountant to monitor the process. “This would allow them to achieve a much higher value for the development and much better returns for themselves,” says Matt. “It would also help to contain any panic within the property market.” “We have seen a couple of schemes collapse recently and we believe there are several more teetering on the edge. In the 1990s we had the London approach, now we need to pioneer a new approach. Certainly it’s time we found a way for all parties to sit down together and come up with a pragmatic and consensual solution,” Matt concluded.
Scheme consists of 239 residential units and nearly 10,000sq.m of retail and leisure space set in a new Town square in Farnham Award-winning developer Crest Nicholson and Waverley Borough Council have announced that work on the £115m Brightwells regeneration of Farnham Town Centre will commence in summer 2018. Comprising a new £40m retail and leisure hub, anchored by Marks and Spencer and Reel Cinemas, together with 239 new apartments clustered around a new town square, the development is set to transform and revitalise a much-underutilised part of the historic town of Farnham. The development includes 72 shared ownership affordable homes which will help meet a broader housing need and support first-time buyers in the local community. Once completed the commercial estate, which has been pre-sold to Surrey County Council, will include a six-screen cinema, eight restaurants and a combination of twenty-four retail units including a new Marks and Spencer Simply Food. The development will also refurbish part of the adjoining Sainsbury’s store and carpark. Detailed planning permission for the scheme has been secured, enabling work to commence in earnest in the summer. The centre, which includes new basement and deck parking for shoppers and residents, is expected to open in late 2021. The first residential dwellings will be occupied in early 2020 and the development will be completed in total by the spring of 2022. The regeneration scheme secures more than £2 million of external investment into the Farnham community and includes an additional £2 million for highway improvements in central Farnham. Crest Nicholson estimates that once finalised the Brightwells site will provide Waverley Borough Council with a potential income of £700,000 to £900,000 per annum from a combination of rental income, business rates and car parking. Up to 400 jobs in the construction sector will be created during the development of the Brightwells scheme, with a further 400 permanent jobs in the leisure, retail and hospitality sectors once fully complete. Chris Tinker, Board Director at Crest Nicholson, explained: “We are pleased to have cemented our agreement with Waverley Borough Council and look forward to breaking ground on this significant development. Once complete the scheme will regenerate an important location in the centre of Farnham and deliver much needed new homes to the area. “We will continue to work closely with Waverley Borough Council and other stakeholders throughout the building phase.” Councillor Julia Potts, Leader of Waverley Borough Council, said: “The agreement means that our vision to deliver a scheme that will reinvigorate Farnham for residents, shoppers and visitors can finally now get underway. “This partnership with Crest Nicholson will transform Farnham town centre for future generations.”
The Conveyancing Association (CA), the leading trade body for the conveyancing industry, has announced its ongoing support for the ESTAS Conveyancing Awards, with entries now open for the 2018 competition. The ESTAS is a customer service award scheme designed to help conveyancers market themselves and to be recognised regionally and nationally for the standard of customer service they provide. The ESTAS award winners are based purely on feedback received from clients; during the competition conveyancers can track their customer service performance, view and use customer reviews in their marketing and download benchmarking data. The CA was a supporter of the ESTAS Conveyancing Awards in its inaugural year, 2017, and has today announced it will continue in this role for 2018. CA member firms enjoyed great success at last year’s Awards taking six of the ten regional categories: Countrywide Property Lawyers won the Best National Group Gold Award. CA member, Birchall Blackburn Manchester, won The ESTAS CA Member Award as the second highest-ranked branch in the UK. The Best Local Group Gold Award (for firms with two-five offices) went to Kent-based CA member firm, Boys & Maughan. CA member firm Coodes took silver in the Best Regional Group category (for firms with six to 20 offices). The gold for Best Regional Firm was presented to Birchall Blackburn. Convey Law also won the silver in the National Firm category. The awards came on the back of a customer service survey completed by over 5,000 clients, with the ceremony taking place at the Grosvenor House Hotel on Park Lane in London. The awards also recognised individual brilliance and two CA member firm employees taking home the ‘highly commended’ People Awards – they were Johanna Heane from Coodes in Newquay and Elizabeth Thomson from Boys & Maughan in Canterbury. Entry for the 2018 competition is already open and the CA is urging its member firms to take part by visiting: https://2018.conveyancers.theestas.com/ Entries close on the 31st May with the shortlists published in September and the Award Ceremony taking place on the 19th October at the Grosvenor House Hotel in London. They will once again be hosted by ESTAS Ambassador, property expert, Phil Spencer. Lloyd Davies, Operations Director at The Conveyancing Association, commented: “Last year might have been the first for the ESTAS Conveyancing Awards but it already feels like its secured a permanent place in our industry’s calendar and we are very pleased to be announcing our ongoing support for the event in 2018. Last year 68% of all shortlisted entries were CA member firms and we’re encouraging all those who did not enter in 2017 to make sure they do so this year. Not only did the Association’s members feature heavily on the shortlists but there were some notable successes right across the board, showing that our firms work to the very highest of standards and that this is greatly appreciated by their clients. We’re looking forward to working with Simon and the ESTAS team again throughout the rest of the year, up to and beyond the Awards, and I’m sure our member firms will take a keen part in the event and be hugely successful on the night of the 19th October.” Simon Brown, founder of The ESTAS Group who also recognise estate agents and mortgage advisers, said: “We’re absolutely delighted to have the continued support of the CA; it’s another endorsement which confirms to us that conveyancers are ready for these customer-focused awards and the CA has been quick to understand the benefits to member firms who take part. Customer reviews now play a key role in consumers’ decision-making process and the ESTAS help to generate customer feedback which translates into powerful marketing opportunities for firms on a local, regional and national level.”