urgent help

PasturesNew

simran001 wrote: »

well thanx for all the feed back.

this is not a wind up. basically the estate agent paid the 5% deposit i didnt have to pay anything up front, which is why i went ahead with the deal.

is there anything i can do now. I want to sell it but as the prices have gone down i will lose out alot.

The short answer is "no" and "this could cost you thousands".

The longer answer will require further investigation as to what you actually signed. Was this part of a whole new build scheme? Was it the EA offering the 5% or the developer? Is it a Buy to Let mortgage you have? Or a residential mortgage? Get all your paperwork together and start reading.

You're very short on actual details at the moment.

I suspect it's a new build development and you bought into a BTL scheme where you were promised the earth. In which case it was a business decision and you're stuffed.

Only if there were some fraudulent goings on in the mortgage could you have any chance of any come back. And even then it'd have to be proven (which would take time) ... during which time you're sinking further and further down.

Do you have a tenant in? When did they move in? How long is the AST for?

simran001

the estate agents buy the land and when the property is built and sold they make a profit. it is bell way properties.

the mortgage is with mortgage express. this was the first property that i had bought and the deposit was paid by the estate agent.

Ian_Griffiths_Halifax

It looks to me like they have done a 'back to back' sale and manipulated the figures in some way to make it look like you are being given a 15% deposit and not a 5% deposit.

This would have allowed Mortgage Express to do you an 85% Buy to Let mortgage and this is what's caused a lot of their current problems.

simran001

thanx for that, i have got in touch with mortgage express and asked for the original application, so will wait for that to come. So if the estate agent have given false details will i be able to do anything.

lisyloo

If the OP signed documents without reading them fully deos this mean they could be implicated in fraud?

From what I've read, I don't think they did anything deliberately, but they could have signed something that was fradulent.

If they could be implicated and signed to say they "read and understood" fraudulent documents then does that imply they can't bring a complaint of fraud because they signed the docs?

Ian_Griffiths_Halifax

I don't think the OP knows whether he has a BTL mortgage or a Residential Mortgage, but it would be interesting to see what income details have been given in either case.

lisyloo

So if the estate agent have given false details will i be able to do anything.

It depends what you signed.
If you signed fradulent docs and said you "read and understood" them then it could be quite difficult for you to explain this.

Did you at any point sign any documents that they helpfully said they would fill in later for you?

I'm not a lawyer so I can't give you odds on the chances but your difficulty might be that they have your signature in balck and white agreeing to the fradulent documents.
Do you have a valid reason for signing and not checking and understanding them?
I can't think of a valid reason that might stand up in court at the moment.

Perhaps they have changed the forms.
But how would you prove that? as you don't seem to have kept your own copies.
If you had copies of what you agreed to then you'd be able to prove if they were different.

Please, please tell us you didn't sign some blank forms for them to fill in for you..........

simran001

The only papers i signed were the mortgage ones which came from mortgage express, but they had no income details on there. i will check what i have on my copy of the paper work, but either way they must have filled incorrect details as i wasnt working at the time.

feisty1

What was yr employment status 2 yrs ago employed or self employed....(i know u had a period of unemployment, regardless of that)

simran001

it will be a year in nov that i got the mortgage. but i have been employed never self employed.