has this company acted illegally

DVardysShadow

It might be fraud of a lender, being marked down with an excessive price tag?

maninthestreet

What does your EA think - they've lost some commission here, surely??

clutton_2

""then this feb e/agents said a property company wanted to buy it,they offered £71,500,e/agents advised me to accept due to the economy,""

i would be wondering if the EA took a back-hander here from the property investor......

it is much more difficult for solicitors to be devious in this way.....

if OP downloads the landregistry info it will also tell her who bought it......

if as silvercar says the original purchaser had an assignable contract it would have been quite legal for him to have then immediatley sell it onto someone else.... at a higher price or course....

new_home_owner_3

maninthestreet wrote: »

What does your EA think - they've lost some commission here, surely??

it wouldnt surprise me if they are behind it somewhere.

susanne2010

thank you everyone for all your replies and advice, first thing this morning i registered with the land registry and paid my £4,and as i hoped it may have been a mistake with mouseprice, but it wasnt the only sale transaction on the register is from me to someone i didnt agree to sell to, i have never met or heard of the chap,also there is a mortgage on the property for the £109,500, so untill my solicitor rings me i dont know if there are any legal implications yet ,all i know is i only got £71,500, well not even that after £450 for conveyancing and £1,850 estate agents fee i feel so ill, i still have not slept,in fact i just cant believe how stupid i have been, if i did go to sleep i dont think i would want to wake up,i know its not the end of the world, but the money from the sale of that property was to go towards the future security for my eldest son who was born handicapped and will need 24/7 care for the rest of his life ,i know it wouldnt have been enough to pay for everything to care for him but it would have made his life a bit more comfy,well £39,000 more comfy, anyway thanks again for all your support ,i will let you all know what happens next, actually i do feel sorry for the chap who has bought it, he has lost out as well, he has to pay the bank £39,000 more than it was sold for,its the property company who i thought i was selling to, they are the winners in all this, thats if they havn,t done anything ilegal ,when i get to the bottom of whats happend and if i am allowed to i will publish the name and other details of this property company so hopefully no one else gets caught out by them.anyway bye for now susanne.

pararct

susanne2010 wrote: »

thank you everyone for all your replies and advice, first thing this morning i registered with the land registry and paid my £4,and as i hoped it may have been a mistake with mouseprice, but it wasnt the only sale transaction on the register is from me to someone i didnt agree to sell to, i have never met or heard of the chap,also there is a mortgage on the property for the £109,500, so untill my solicitor rings me i dont know if there are any legal implications yet ,all i know is i only got £71,500, well not even that after £450 for conveyancing and £1,850 estate agents fee i feel so ill, i still have not slept,in fact i just cant believe how stupid i have been, if i did go to sleep i dont think i would want to wake up,i know its not the end of the world, but the money from the sale of that property was to go towards the future security for my eldest son who was born handicapped and will need 24/7 care for the rest of his life ,i know it wouldnt have been enough to pay for everything to care for him but it would have made his life a bit more comfy,well £39,000 more comfy, anyway thanks again for all your support ,i will let you all know what happens next, actually i do feel sorry for the chap who has bought it, he has lost out as well, he has to pay the bank £39,000 more than it was sold for,its the property company who i thought i was selling to, they are the winners in all this, thats if they havn,t done anything ilegal ,when i get to the bottom of whats happend and if i am allowed to i will publish the name and other details of this property company so hopefully no one else gets caught out by them.anyway bye for now susanne.

Don't publish the name at this stage as there is still uncertainty about whether anything untoward has happened.

You first port of call must be your solicitor. You should start by saying you have the documentation from the Land Registry which says your property sold on [date] for £109,000. Ask him if he can explain where the balance is and why all the paperwork indicated that it was sold for only £71,500. Make no mention of Mouseprice simply the Land Registry document.

If honest your solicitor should be as angry about this as you are, and provided they are not party to any underhand deal will be keen to get it resolved.

Make no approach at this stage to the agent, it is likely that if proceedings are to take place then it will be against them for misleading advice that they may have benefited directly from. Albeit an unregulated industry you are still entitled to professional advice given the sums they demand in payment.

If your solicitor doesn't want to know or fobs you off post back here..

new_home_owner_3

basically they have paid 70,000 pounds but they have used a indipendant rics advisor to do the valuation and they have told him the purchase price is 110,000.

hes came back with the valuation, saying its okay whether hes in on it aswell i dont know, but if the estate agents are behind it i suspect they will be.

Then they approach the bank and tell them they want to buy a house for 110,000 pounds, they say they have a 40,000 pound deposit and the bank gives them the best rate.



its very shrude and it gets them a house cheap, without them even having to find a deposit.

whether its illegal i dont know, thats why i would prefer to sell my house at auction than sell it to any of these buy back companies.

i dont think they have made 39000 pounds they have just used the price you was willing to sell your house to their advantage, and by doing this they have not had to find a deposit.

new_home_owner_3

Or the estate agent could have done all what i have said above but used a cash investor instead of a bridging loan, either way they have tried to fiddle the bank, so hopefully you should be able to do something.

The thing that makes me think they have done this is if they was a cash buyer it would be in no interest to register the property for 109.000 pounds.

the only reason they have done this is to get money from the bank and no one having to pay out lump sum for the deposit.

silvercar

i have never met or heard of the chap,also there is a mortgage on the property for the £109,500,

That will be the sale price not the mortgage price, deeds normally don't show the size of the mortgage.

You sold cheap to a property company, so you knew that the company would sell it on. Its the profit on the deal that is outstanding and suspicious. Your grounds for complaint would be if you felt the estate agent put pressure on you to sell at such a low price ie deceiving you into thinking that is all that the property would fetch if you waited to see if there was a better offer.

There may or may not be mortgage fraud, that would depend whether the property company sold it on to an unconnected purchaser for the higher price or whether the property company was putting it in someones name and using a dodgy gifted deposit or bridging loan racket to get a no-money-down deal by defrauding the lender into thinking they had put a large deposit down. If so it is obtaining money by deception = fraud. If the eventual purchaser was unconnected then it won't be fraud, just that they were fooled into paying too much as much as you were fooled into accepting too little.

No harm in contacting the eventual buyer, you have their name and know their address. You could make contact by saying you have a friend desperate to sell and as they bought yours quickly would they be interested in friends house. If they don't know what you are talking about then they are probably unconnected to the property company.

maninthestreet

Why would the briding loan company sell the house for £70,000, if they knew it had just been bought for £110,000 ???