Could I sue for being mis-sold

Mallotum_X

I suppose I wouldn't be willing to pay the developers their 25% out of the 65% because that would leave me with no money now (selfish, I know, BUT I am expecting a baby and the whole reason for selling now is to get out what equity I have left. A bit pointless if I'm about to sell now, but not get any money for another five years....)

Think of it the other way round, if the developers take 100% of anything and then give you your share you wont take a reduced amount, so why should they? They are taking a risk that they get the money or would you give them a guarantee secured on any other assets you own?

You jointly own something with someone else and want to sell, they will agree to sell but you dont want to give them their share.

Kick the tenant out and look for a normal buyer.

Wyndham

mandbaby wrote: »

What productive advice - given that I've already done the deal. Of course I've learnt from it - I'd never be so naive again - but that hardly helps me now, does it?!

Yes, I made a mistake - BUT HOW am I COMPLETELY to blame when a solicitor that I DID NOT CHOOSE DID NOT POINT OUT PITFALLS. That was all I asked to start with, but then people come on here to point out how stupid I've been. Yes, and don't I know it!! But, I really don't believe that I'm 100% to blame. I only made a decision based on the information that I was given, and I believe I wasn't given ALL the information - AND, not only that, I wasn't given CORRECT information by the sales rep.

OK - you're now shouting because I didn't agree with you. I'm done, no point even trying to continue a dialogue here.

dancingfairy

Hi- people have explained their position re miss-selling or not. perhapd it would be wise to plan a way forward. if you are struggling with money it might be worth going on debt free wannabe to make sure you are getting any benefits you are entitled to and make your money go further. You need to weeigh up the decision whether now is a good time to sell or whether to keep it rented out. if you want to sell i agree with posters who suggested getting the tenants out and trying to sell in a straightforward way rather than this other deal which the developers aren't happy with an souns very complicated at best - what guarantees will you get that they would pay you back and not go bankrupt or something and you would have then got very little for your house.
you need to keep a clear head and think all the options through.
good luck
df

neas

I think there was misselling going on here.





















You missold yourself, by not doing your due diligence.. you got sold a pup by agreeing to use their solicitor but you really didnt have to.. seriously.

As you are up !!!! creek without a padle and need the cash, I'd kick the tenants out, sell the house and then try and negotiate with your co-owners (25% stake in house) how much their share will be. If it ensured you getting rid of house surely losing 4-5k extra to pay off builders would be worth it?

CLAPTON

mandbaby wrote: »

AND, not only that, I wasn't given CORRECT information by the sales rep.

if this shocks you (even assuming it is correct) then you really shouldn't ever ever buy anything at all without a responsible person being with you.

iB1

You've mentioned a solicitor, but you haven't mentioned a mortgage advisor. Was there one? Was that through the developers as well, or did you do the mortgage stuff by yourself?

Ultimately I don't think that you have grounds for suing. The value of a property can go down as well as up, plus you did sign and return a contract that you said you didn't fully understand. That was the point were you should have hassled the solicitor for explanations. But that's all in the past now.

All you can do really is to either leave the house as it is, attempt to sell with the tenant in-situ (low chance), or evict the tenant and gamble on a quick sale that everyone agrees to (risky). Not a nice situation unfortunately, but a by-product of the house price boom which has trapped a number of people in a similar situation.

ViolaLass

So the guys with the 25% stake won't agree to receiving their stake in 5 years time. You have also said that they won't accept a sale at £139k but have they actually said this? Or do they just not want you to sell and leave them waiting for their money?

When you bought, how much research did you do into the potential downsides of the system? Any?

Are solicitors paid to point out the pros and cons? I thought they were paid to ensure the sale goes through smoothly and legally. Did you ask the solicitor about the cons? Did you ask him/her to explain details of the contract to you? Or did you just assume that he would mention things they thought you ought to know?

Businesses aren't out to do you a favour. That doesn't mean they're out to get you, but if they do something for you, there will be something in it for them too else they'd be bankrupt very quickly.

moneybunny123

ViolaLass wrote: »

Are solicitors paid to point out the pros and cons? I thought they were paid to ensure the sale goes through smoothly and legally. Did you ask the solicitor about the cons? Did you ask him/her to explain details of the contract to you? Or did you just assume that he would mention things they thought you ought to know?

Well, obviously this is where I've been naive. I KNOW that my current solicitor (whom I've used to buy the house I currently live in with my now husband) WOULD have explained the pitfalls to me.

IB1 - with regards to the mortgage advisor. Again, I was told I had to use their own mortgage advisor and I HAD to borrow from the Halifax. A couple of years afterwards, when my tie-in rate came to an end, I tried to borrow from a different lender (YOrkshire Building Society) and when the solicitor got involved (as they have to) I was told there was a clause saying that I couldn't borrow from anyone else, except Halifax. To this day I'm with them even though I know I could borrow the same amount for far less from somewhere else.

Honestly, if I'd wanted a load of "advice" telling me how stupid I'd been, I'd have gone to my Dad. I thought people would have been a little more constructive. Ooops, there I go being naive again!

moneybunny123

ViolaLass wrote: »

So the guys with the 25% stake won't agree to receiving their stake in 5 years time. You have also said that they won't accept a sale at £139k but have they actually said this? Or do they just not want you to sell and leave them waiting for their money?

.

The developers WILL accept a sale of £139k but estate agents have told me that, even with the property empty, I'm only likely to achieve offers around £130k - £135k. Less the estate agents £2k selling fee, and months of mortgage payments with no rent to cover it, my 75% would be decreasing all the time - but the developers share wont be. And remember, it's not like all the 75% is mine - I still have the mortgage to pay off. Is it really any wonder I'm anxious about this? And yet all I'm getting is people telling me I'm selfish and I've been stupid. Great, thanks. It's a pity Martin Lewis himself doesn't reply to these threads. I can't imagine he'd give such constuctive-less advice....

moneybunny123

OK, so my next question. IF the developers do say they agree, would you all steer clear of the letting agents 65%/35% part now, part later offer?

Surely if they go bust, there is some sort of insurance or something that protects people like me in that event? Isn't that the same as the developers hoping that I wont die or go bankrupt in the meantime too? Before they get their 25%?