Could I sue for being mis-sold

moneybunny123

evoke wrote: »

LOL. Why start a thread if you already know what the 'correct' advice is?

Christ, how many times do I have to say this before it sinks in with some people??!! I didn't come on here to ask for advice about whether I should sell/continue to rent, whether I should have bought the house or not, sold it previously or not, had children or not....(the list goes on with regard to the "advice" i've been given. I came on here to ask if I had a case against the solicitor or sales rep because I believe that I was missold the shared ownership scheme because i wasn't told of ANY downsides - the main ones being tied to one mortgage provider, and not being able to sell when I want to whom I want. And not only that, I believe that nobody was ever likely to point out the pitfalls because both of these people (solicitor AND sales rep) were acting on behalf of the developer who clearly just wanted people to sign up for the deal.

If I'd have posted the question and been told straight away that I had no case, fine. Or, if I'd been told that yes I did have a case, then fine. But "advice", as you call it, hasn't been that clear cut. There have been mixed opinions about whether I have a case to take this further, but mainly the "advice" has been about mistakes I made (before, during, and after buying the house) and very few about the actual question posed.

Flyboy152

mandbaby wrote: »

Christ, how many times do I have to say this before it sinks in with some people??!! I didn't come on here to ask for advice about whether I should sell/continue to rent, whether I should have bought the house or not, sold it previously or not, had children or not....(the list goes on with regard to the "advice" i've been given. I came on here to ask if I had a case against the solicitor or sales rep because I believe that I was missold the shared ownership scheme because i wasn't told of ANY downsides - the main ones being tied to one mortgage provider, and not being able to sell when I want to whom I want. And not only that, I believe that nobody was ever likely to point out the pitfalls because both of these people (solicitor AND sales rep) were acting on behalf of the developer who clearly just wanted people to sign up for the deal.

If I'd have posted the question and been told straight away that I had no case, fine. Or, if I'd been told that yes I did have a case, then fine. But "advice", as you call it, hasn't been that clear cut. There have been mixed opinions about whether I have a case to take this further, but mainly the "advice" has been about mistakes I made (before, during, and after buying the house) and very few about the actual question posed.

You have had your question answered, several times over, so I suggest you withdraw, before you get yourself into trouble.

theblindman

I think that you should not accept the split offer, too many pitfalls.

I assume the developer will want thier 25% when you sell, I assume a sale will trigger the payment to them via the deeds, ie a charge on the property.

I have my house for sale and some dodgy mortgage advisor wanted to buy it on a buy now pay later deal, with his girlfriends name on the deal.
They would pay 280k now and then 100k within the next 5 years, it stank at the time (if you search 'joint venture trust deed' on here you will find more details.
The main thing is that I assume they will secure a mortgage with your 35% as the deposit then you will be left holding a second charge on the property (ie they have a 100% mortgage) so as you have the second chargeany losses in 5 years will be yours to stand not thier lender.
Your solicitors fees will be larger with an arrangement as such, you will not have all you money so will not recieve interest on it, and will not benefit from any rent. you will be much worse off in 5 years than if you accept 5k less for the property now

As for advice on any claim - your losses will be fairly small 2-5k? your legal fees will be high, and you have to balance against your chance of winning - do you have all paperwork, records of all conversations etc. If the answer is no then you probably dont have a claim

sp1987

I cannot understand why the OP is being so rude towards posters who are not saying what she wants to hear.

ALL her CAPITALS when she DOESN'T like OPINIONS is a tad ott.

Regardless, the developer would have to be an absolute corporate muppet to expect an unsecured sum maybe never from a lettings agency who cannot stump up the funds now.

The OP also keeps repeating how nice and generous she is wanting to keep tenants in (who pay the mortgage) and thoughtfully wanting to remove her capital before anybody else gets theirs, despite having priority on sale. What an absolute saint.

As for the solicitor's negligence claim, no.

The problem has arisen because the OP has circumstances which have changed. Plus there would probably have been a letter with the contract stating 'if you have any queries with the documentation please do not hesitate to contact me'. A lovely 'catch all' phrase to aid clarity. Sadly the OP didn't read the contract and then go 'oh clause 14 is awful and clause 22 what does it mean?'. Solicitors can only follow instructions they can't predict which clauses of many could cause problems, especially when clients return documents signed nodding their heads and bouncing with excitement which represents no queries whatsoever.

moneybunny123

theblindman wrote: »

I think that you should not accept the split offer, too many pitfalls.

I assume the developer will want thier 25% when you sell, I assume a sale will trigger the payment to them via the deeds, ie a charge on the property.

I have my house for sale and some dodgy mortgage advisor wanted to buy it on a buy now pay later deal, with his girlfriends name on the deal.
They would pay 280k now and then 100k within the next 5 years, it stank at the time (if you search 'joint venture trust deed' on here you will find more details.
The main thing is that I assume they will secure a mortgage with your 35% as the deposit then you will be left holding a second charge on the property (ie they have a 100% mortgage) so as you have the second chargeany losses in 5 years will be yours to stand not thier lender.
Your solicitors fees will be larger with an arrangement as such, you will not have all you money so will not recieve interest on it, and will not benefit from any rent. you will be much worse off in 5 years than if you accept 5k less for the property now

As for advice on any claim - your losses will be fairly small 2-5k? your legal fees will be high, and you have to balance against your chance of winning - do you have all paperwork, records of all conversations etc. If the answer is no then you probably dont have a claim

Brilliant advice, thank you so much. At last, after over a hundred posts someone that makes perfect sense.

I will withdraw now - but not on your advice, Flyboy. But because someone has (finally) spoken perfect sense, answered my question and then some. And anyway, what are you, the forum police?!

BadgerFace_2

You ignored my question on the last page requesting you to copy this contract clause...would you do this?

Burridge60

mandbaby wrote: »

USM - But in my defence, I'd just found out my fiance and partner of 9 years had had an affair months before we were getting married, was having to move out and buy my own house, and my head was all over the place. I was on anti-depressants AND the point I am sort of making is that surely you PAY your solicitors to point out the pitfalls? Well, why would this solicitor have ever done that when they were acting in the developers interests? I had no alternative but to use their solicitors - they wouldn't allow me to use my own.

Your emotional state should have given you reason to be even more careful as to what you were signing. There is and was nothing stopping you from going to a Solicitor, paying him for his time and asking him to explain what you were signing.

Being "compelled" to use one lawyer doesn't mean you cant check what hie is doing by engaging your own advice. The Developers Solicitor would have explained matters if you had asked. If you ring and say you are not sure about something and can you been seen by someone at their offices I cant see that causes a problem. I am sure you read every page of the Lease.

I am sure that no one actually compelled you to use the Solicitor unless you have that in writing. They will have just countered your objections by saying he knows the development, done loads of these before, does it cheaper as they know the format, gets it done quickly and you can move faster etc etc

There is no substitute for Independent Legal Advice that is provided by a local solicitor with a face and not just a cool telephone voice or someone that does the legal stuff to get you a house or flat at the cheapest cost as they are located in lower employment cost area.

I know of one local conveyancing solicitor (alas now retired) that saw each of their clients when they signed their documents and didn't beat about the bush what they were signing. I used him and was under under no illusion that I was buying a house with a big debt attached and that it was a very serious matter and not some silly mobile phone contract I was signing.

I know another Solicitor who wasn't averse to putting other solicitors under pressure to get something agreed for his client, when most just tell you there is a problem and suggest you get the EA to sort it out.

All too often today they are shuffling paper at the cheapest possible cost because people aren't prepared to pay for proper advice.

GDB2222

mandbaby wrote: »

Brilliant advice, thank you so much. At last, after over a hundred posts someone that makes perfect sense.

It's curious, but all that advice (and I agree it's correct) was already contained in previous posts. C'est la vie, I guess.

Dave101t

you entered into a pretty standard formal agreement. and it seems like you want to use the small print as an excuse. its never easy to sell a house while tenants live there, you could have viewings while they are in the property but obviously they wont be happy about that.
i would also suggest that if you have 2 properties, you CAN afford the mortgage rate and simply dont want to.

theblindman

GDB2222 wrote: »

It's curious, but all that advice (and I agree it's correct) was already contained in previous posts. C'est la vie, I guess.

I too agree I just echoed previous advice, all that I did was try not to put things in such a 'you stupid person' tone as many posts appeared to be.
It helps no-one when posts are phrased as such, even when they arent meant to be
And those posting questions on forums - -dont rise to the bait!