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CS-Surely the unconverted building is worth something!


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Old 25-11-2016, 22:48
Citizen Kane
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When Vinny first approached Phelan, I thought he already owned the building that was to be converted into flats. Surely, that's a requirement of applying for planning permission etc..
If the case goes to court and is judged as an illegal scam, the building is an asset that can be sold to compensate the investors.
I don't believe the investors have lost everything.
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Old 25-11-2016, 22:56
soap-lea
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If vinny owns the building personally &a the co they set up for the scam was a ltd company rather than just a bog standard partnership then the investors cannot touch Vinnies privately owned building.

Maybe we will get some kind of explanation. what was the money Jason/Eileen put in used for?

I bet vinny doesn't really own the buildings
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Old 25-11-2016, 23:31
Soapster1
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If you think we will get any kind of logical explanation, I doubt it'll happen.
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Old 26-11-2016, 09:30
craig_25
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If the building is practically derelict but perhaps listed so can't be demolished, the council may have sold off the building at s ridiculously low price to shift the responsibility of repair.

As an example, my Dad once bought a row of derelict NCB cottages for just one pound because the council couldn't afford to maintain or repair them any longer and wanted rid of responsibility. They basically offered them for free to anyone willing to take them on and do them up. To the right investors this can be an absolute goldmine!!

If Vinny bought them for a bargain price they might actually be worthless unless another developer sees potential and wants to take them on?
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Old 26-11-2016, 10:21
Janet43
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When Vinny first approached Phelan, I thought he already owned the building that was to be converted into flats. Surely, that's a requirement of applying for planning permission etc..
If the case goes to court and is judged as an illegal scam, the building is an asset that can be sold to compensate the investors.
I don't believe the investors have lost everything.
You don't need to own something before you apply for planning permission on it. You can apply for planning permission on any property, but you have to own it before you can actually carry out the plans. There's no guarantee that planning permission would be granted even if you do own it.

There's a builder in Poole who frequently applies for planning permission on council owned land in the hope that the council will think he has a good idea and will either work with him on it or sell him the land. He also applies for planning permission on larger, older properties such as hotels and hopes that f he can get the permission he can persuade the owners to sell. If he gets the permission but can;t persuade the owners t sell then he's just lost a few (well quote a lot of) quid, but as permission usually has a three year life, he can always hope that they might sell within that three years..
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Old 26-11-2016, 10:25
Citizen Kane
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But would Vinny be allowed access to the site and have keys if he didn't own it?
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Old 26-11-2016, 10:47
Janet43
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But would Vinny be allowed access to the site and have keys if he didn't own it?
No, you're right on that.

But, if the building's almost derelict, it wouldn't be difficult to break in. Presumably they erected the fencing round it and made it look as if there was work going on.

The question is, if he didn't own it, were the real owners aware of what was going on. Presumably not, and, as this is Corrie I doubt that we will ever know who owned it because it will never be mentioned again.

More important;y where are the guard dogs that Michael let out? Are they still roaming free, or have they been found and are now living as pets in a nice cosy home with children?
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