Missold Mortgage?

domthered

Burridge60 wrote: »

This classifies you as a Developer and as such engaged on a commercial enterprise. Did your solicitor raise any qualms with you as you went through the buying in and legal process.

There are surely lots of enquiries that were made to reassure you and make the risk of the borrowing against your home worthwhile?

If your wife was not intending to return to work why would you sign a letter suggesting that she would?

When you get to court I trust this will be admitted under oath!

Are you saying self build mortgages aren't regulated?

domthered

Thrugelmir wrote: »

Though you had a say in what was built. As you said the project was self build. So assume you had some personal involvement in the process.

£210k for constructing a new build is a lot of money.

Assume also you agreed on the internal specfications during the fit out. As this is where money can be saved or spent.

Is it the case that you thought the project would be highly profitable and worth the risk?

fyi £210k includes the plot cost of £80k.....

FraudBuster

At first I only wanted to do it in my name but he badgered me to get my wife on as it would boost the amount borroweed; she was on maternity at the time and although had not intention of returning to work was asked to sign a letter saying she intended to do so as 'this would help the application'.

Good luck with your battle in the courts if you have committed mortgage fraud.

getmore4less

Should have structured the deal so the plot was paid for on sale AFTER you got your costs back, that way you both carry the risk or it ywould have shown he was not that confident.

I bet he is getting a cut on the build.

ILW

domthered wrote: »

Are you saying self build mortgages aren't regulated?

When the parties involved were all developers or investors, no.

Thrugelmir

domthered wrote: »

fyi £210k includes the plot cost of £80k.....

I thought you quoted the total cost of the project at £290k. So deducting 80K for the plot leaves £210k for the build.

Could you clarify the numbers.

Thanks

domthered

Thrugelmir wrote: »

I thought you quoted the total cost of the project at £290k. So deducting 80K for the plot leaves £210k for the build.

Could you clarify the numbers.

Thanks

£80k plot, £25k groundworks, £110k build, £5k contingency.

Groundworks have cost £60k - he specificed and instructd the goroundworker...

domthered

ILW wrote: »

When the parties involved were all developers or investors, no.

The KFI says otherwise...it states he is advising...

getmore4less

Another option would have been to have the £80k plot based on ready to build state so the land owner pays the ground work.

And then got a fixed price from a bulder to minimise risk on costs.

Can you show that he was negligent on the groundwork costs?

dunstonh

The KFI says otherwise...it states he is advising...

Just because you get advice, doesnt mean its in an area that has consumer protection.