Sample of bank letter

Here is the sample letter which must also refer to the property address and indicate whether this refers to cash on deposit or borrowing

Portfolio Sale bank letter

4 Responses to “Sample of bank letter”

  1. amwelltraders Says:
    March 21, 2007 at 9:50 am

    Leaseholders should have received apologies from Erinaceous and a new letter outlining the timetable for the proposed freehold sale.

    The cut off date for the supply of letters of financial reference to ANDY JENNINGS- the Deputy Chief Executive- (NOT ERINACEOUS) is still Noon on the 30 March,2007. Representations to Andy Jennings to extend this deadline in view of the confusion generated by administrative failings within Erinaceous have not been successful.

    The Labour Group will be sending a copy of a pro-forma letter issued to me by my bank to affected leaseholders imminently. This form will be displayed on this blog site within the next 24 hours.
    In its initial form this letter was not sufficient to meet the requirement.
    In addition:
    -reference to the properties address is required
    -an indication of whether the funding is in place as cash or whether borrowing will be required.

    It is extremely important that your letter is correct.

    Efforts to have the format defined precisely by the council have failed.

    Your eligibility for the next stage in the sale process will not be confirmed until after the 30/03/2007.

    The council will not confirm receipt of your letters of reference- Hand delivery and a receipt, or recorded delivery is essential.

    The council will not confirm if letters of financial reference received are appropriate before the 30/03/2007.

    The form on this blog site and being sent out to you is as definitive as possible at this time.

    If you do not provide a letter, or if your letter is not appropriate, you will not qualify for the next stage of this process.

    A group of leaseholders have presented questions to the Executive. The replies to these questions will be during the next council meeting. Support from as many affected business owners will ensure this issue is considered with the utmost gravity.

    The next council meeting is on the 29/03/2007 at 7.30 pm

    Dale Barter

  2. M Baldwin Says:
    March 21, 2007 at 4:53 pm

    Surely if we all club together it must be possible to take Islington council
    to court ref this unfair/unlawful selloff.
    Especially the part where the portfolio bidders are told which properties
    have tenants interested in buying , they are able to move money around
    on paper and ramp up the prices beyond our ability to afford

  3. Martin Birch Says:
    March 23, 2007 at 3:11 pm

    As a leaseholder who is affected by the proposed sell-off, I understand M Baldwin’s concerns, but has the precise detail of the sale process been confirmed by Islington Council/Erinaceous?
    Is M Baldwin suggesting that the bidder for the portfolio would see that property no 123 has a vaue of say £300,000 and then cherry pick it by offering a lot more for that individual property? Can they do that?
    Also, the council may be seeking one buyer for the entire portfolio but would that buyer still be interested in the remainder if all the cream was to be lapped up by leaseholders?
    Can anyone explain how it’s going to work?!

  4. Dale Barter Says:
    March 23, 2007 at 6:48 pm

    At the last meeting of the Islington Traders Group the Deputy Chief Executive- Andy Jennings – assured those in attendance that portfolio bidders would only be told the potential number of properties that maybe withdrawn from the portfolio. Details of the individual properties with expressions of interest would not be made available to them.

    How this information would be kept from them with Erinaceous involved with the management of the council’s commercial portfolio and the compilation of the portfolio, is difficult to say and has always been a major concern to affected leaseholders. Repeated requests for confidentiality have been made since the start of the process at the beginning of January.

    Andy Jennings verbally assured me that with as many as 180 leaseholders expressing interest, portfolio bidders would be unlikely to ramp up values of properties within the portfolio with expressions of interest over those without. He accepted that if the number dwindles to below 50 this could happen. He could foresee the Executive exercising discretion in the final choice over who had the option to buy in such circumstances.

    This does not seem likely and there is little option other than to closely monitor their process and expose any irregularities.

    Ultimately we should remember that this sale was the choice of the Lib-Dem executive. The difficulties business leasholders have confronted since the beginning is as a result of a process that has not received any specific consultation or impact studies.

    Our vigilance is the only protection we have.

    Dale Barter

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