Thousands hit by buy-to-let fraud

Gorgeous_George

Agreed.

It was written in the context of the rising market of recent years. Mortgage fraud has cost our banks £millions. Money that lines the pockets of the devil.

GG

sheals2000

I am interested in these posts and I think it is easy for people to be judgemental without knowing all the stories. Mine is different I am a nurse I work long hours and I am just wanted to prepare a little for my retirementfollowing the breakdown of my marriage. I managed to buy the family home and then while i worked away rented it out successfully. I then purchased a new property just outside London which i now also successfully rent out, not making much money from either yet and still hoping the capital will recover a little in the next few years. I got involved with a property club just before the credit crunch took hold and agreed to purchase two properties. They have now withdrawn the original deals yet refuse to give me back my deposit. they have effectively stolen money from me. Now if I had gone though with the deals and the propeties had devalued in this current market i woud have taken the hit with no complaint. But this is different the original properties promised were obviously just an enticement and they are now using bullyboy tactics to prevent me from taking them to court. and I am scared obviously of losing more money. In my case it is £12000 pounds (alot to me) but I guess not a huge amount in the great scheme of things. I would be intererested in your comments and any helpful advice on how to take get my money back but I guess seeing them prosecuted would give me some satisfaction.

pararct

sheals2000 wrote: »

I am interested in these posts and I think it is easy for people to be judgemental without knowing all the stories. Mine is different I am a nurse I work long hours and I am just wanted to prepare a little for my retirementfollowing the breakdown of my marriage. I managed to buy the family home and then while i worked away rented it out successfully. I then purchased a new property just outside London which i now also successfully rent out, not making much money from either yet and still hoping the capital will recover a little in the next few years. I got involved with a property club just before the credit crunch took hold and agreed to purchase two properties. They have now withdrawn the original deals yet refuse to give me back my deposit. they have effectively stolen money from me. Now if I had gone though with the deals and the propeties had devalued in this current market i woud have taken the hit with no complaint. But this is different the original properties promised were obviously just an enticement and they are now using bullyboy tactics to prevent me from taking them to court. and I am scared obviously of losing more money. In my case it is £12000 pounds (alot to me) but I guess not a huge amount in the great scheme of things. I would be intererested in your comments and any helpful advice on how to take get my money back but I guess seeing them prosecuted would give me some satisfaction.

You need expert legal advice not opinions from an internet forum.

If a breach of contract has occurred then a penalty should be payable. This will be detailed in the small print of the document.
This is why you need expert legal advice and a trained eye to go over the document.

If the boot was on the other foot and you were not in a position to proceed with the purchase the Company would have taken you to the cleaners.

By the sounds of it they have breached so at a minimum you should get your deposit returned.

First thing tomorrow start looking for a local solicitor that specialises in property contract purchase. Basically any competent conveyancer.

Dylanwing

Sheals2000 - Sympathy for you personally, and other investors who have been caught out. However, if you look at the BTL craze, did it never strike you as being too good to be true? You borrow money, buy a house, somebody else pays the mortgage and a few pounds on top, and after 20 years, capital appreciation means you have a return of over 10%pa. Sounds great. However, if somebody says that you are buying a business with a liability for damage/ repairs, a risk of bad debts, a risk of being without a customer for a few Months, and absolutely no guarantee that property prices will rise, does that sound attractive?
It is why the returns looked good, because it came with a large element of risk. Sadly, where there are amateur investors looking for a high return, there are also crooks ready to take advantage!
I do hope you get this sorted.

needahome_2

dopester wrote: »

Freaking hell - whoever paid £179,995 for that 2-bed Leeds house deserves everything they get.

It doesn't matter what the person before bought it for... a market participant paid the asking price. Perhaps the buyer should have done some research of what that sort of money would buy in other locations, or sought a second valuation.

couldn't agree more!

this story brought a smile to my face!:rotfl:

BTL investor keep telling us how they provide a "service", well morris properties was providing them with a service, albeit a !!!!!! service just like some tenants get a !!!!!! service from their LL's.

they cant really complain about when it was their own greed that allowed them to be ripped off in the first place.

space_rider

I live in Nottingham and would never have bought any kind of property where buy to let`s were conned into paying a high price for. There`s too many purposely build student accommodation provided by the uni`s for them to want to live where those properties are. They are still many up for sale at around £60,000 and they were purchased new for £249,995.