Mis-sold buy-to-let mortgages

Leon_W

You are being economical with the truth lizbet21.

Go through my points. You are saying you received NO paperwork until after purchase. I am saying that is impossible.

Thrugelmir

So what due diligence did you perform prior to signing the contracts? Who did you speak to regarding the viability of property letting as a business?

Did you consult with an accountant or someone with a financial background who could have advised you?

lizbet21

To Leon W - all paperwork went through the broker and solicitor. After completion a huge pile of paperwork came through the post including letters pertaining to the mortgage itself along with copies of the survey etc.

To Thugelmir - I had full trust in the broker who assured me it was all ok. The broker also spoke about rental amounts etc, they they and their friends had bought and did well etc.

lizbet21

To Dunstonh -sorry. The issue I have here is how the property was obtained

FraudBuster

If the solicitor that you used is regulated by the Solicitors Regulation Authority, you can make a complaint to the Legal Complaints Service:

http://www.legalcomplaints.org.uk/home.page

ILW

lizbet21 wrote: »

To Leon W - I came on here for advice not a party political broadcast!

99% of what you rambled on about in fact did not happen and as mentioned has happened to others also. An extra loan was taken which may have been a bridging loan or I have been informed, could have also been a cash back. Whatever, the case, it was a loan I was unaware of. The same solicitor was used (there were not two sets of solicitors) and these were part of the brokers package.

Anyway, as noted before, there are PLENTY of bent people in your industry, and I, as mentioned before came on here for advice to MY situation.

Thank you for your inaccurate analysis, but it hasn't been helpful. Sorry.

Would you have been making all this fuss if the gamble had paid off?
You entered into a high risk high return speculation and it didnt work out, so stop trying to blame others.

_Andy_

Did you not think it was a little odd that you were entering into a huge financial commitment yet hadn't seen any paperwork?
Are you also saying you didn't sign any offer etc.?

lizbet21

To Fraudbuster - The solicitors office is no longer practising! However, I could contact the Law Society as they should know where they moved to. Thanks for that.

To ILW - It appears that the set up of these transactions is designed in such a way that it would never pay off for the consumer so the gamble could have never been won.

To Andy - In hindsight I can see that it was very stupid to have not seen it all, but I met with the brokers regularly in their offices and they verbally advised me of how the mortgage application was going and so I just went along with it. On this blog, Conrad said:

Dunston is right in that you probably did sign / see paperwork but I'd bet the broker just quickly said sign here, and then filled it all in later - or just didn't show you the 'meat' - any conman can get away with this where the client is unsophisticated and trusting.

Whilst on this blog today receiving some of the comments, I have been questioning myself, did I or didn't I, and I can honestly say that I had no paperwork to peruse. When I remember signing paperwork it was'nt a fully completed form and just how Conrad said I was told what would go on it and then told 'it would be filled in later'.

I hold my hands up totally and say that I was too trusting and have been a complete idiot but the company is a sham!!! Without a shadow of a doubt. I have been able to make contact with at least 5 other people who have had a similar experience with them and also with 2 people that paid for these properties, never received a mortgage, nor their money back! There is no doubt in my mind they are con artists, but right now, I am trying to work out the best way to tackle it.

ILW

So you do own the flats, what actually is the problem?
Why not just sell up?

lizbet21

To ILW - I do but cannot be sold due to the present market. Plus, I also have these extra thousands put on the mortgages.