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Could I sue for being mis-sold
Comments
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What advice do you want?
You seem to thnk we will all say yes you can sue people for your own mistakes and that there is a clever way to make the other owner of the property think of you ahead of themselves.
Wake up, you cant have everything, if you want to sell then find a buyer who all parties are happy with, thats sound advice given by several people.
If you want to sell quickly and more easily ditch the tenants.
If you want to sell fast then sell cheap.
There you go three bits of advice, but im sure you wont like any.
Do you have to sell 100% or can you just sell your 75%?0 -
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%?
They will have their interest in the property registered, if you went bankrupt they still own 25% if you die they own 25%. It doesnt matter to them either way the property would be sold and they get their share.0 -
Mallotum_X wrote: »They will have their interest in the property registered, if you went bankrupt they still own 25% if you die they own 25%. It doesnt matter to them either way the property would be sold and they get their share.
So, would this not be the case if the Lettings Agency went bust?
And in answer to your immediate previous post, the advice you gave in that was spot on. Thank you. And I mean this sincerely. Remember I only posted the original question (do I have a case for sueing for being missold) because I GENUINELY didn't know if I had, and genuinely believe that I wasn't given full or honest information. I am a human being after all, and being told I've been stupid does of course hurt (most of all because I know this already, but there's little I can do now).0 -
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....
So have the developers stated that the minimum they will accept is £139k? (I'm just trying to get at what they have specified) What does the contract say about what they will and won't accept?
And what does the Letting Agency going bust have to do with it?0 -
They have told me that they will accept an offer of around that figure, but I'm to get in touch with them when an offer is made to double check.
The letting agency are the ones wanting to buy the house for 139k on a part now, part later deal.0 -
So, would this not be the case if the Lettings Agency went bust?
And in answer to your immediate previous post, the advice you gave in that was spot on. Thank you. And I mean this sincerely. Remember I only posted the original question (do I have a case for sueing for being missold) because I GENUINELY didn't know if I had, and genuinely believe that I wasn't given full or honest information. I am a human being after all, and being told I've been stupid does of course hurt (most of all because I know this already, but there's little I can do now).
If the letting agency bought then I guess it would be possible for the developers to agree a first charge on the property for todays value of 25%. Or even to agree to keep ownership of 25%. But just because its possible doesnt mean its a good deal to them.
However that all starts to get complicated, the lettings people may then be stuck with having to use the same poor solicitor you didnt like and have to go to Halifax. They would be having to get a BTL mortgage with out 100% ownership and this all starts to get more complicated.
Why cant the lettings people bu the place out right now? Can they not get the finance? If you owned 100% of the property would you want to trust you would get the rest of the money in the future.
You may be best off going back to the lettings people and telling them if they want to buy it has to be for 100% now and not some deal with paying more inthe future.
Have you told the Halifax you are renting the house out?0 -
OK, I get it now. If the Letting Agent went bust having bought your house, the developers would no longer own 25%, they would have sold it and would be owed the money (unless they agree to transfer their share to the LA but I don't see why they would). If the LA goes bust, the developer is unlikely to get paid.0
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Yes, the Halifax know - I'm on a BTL mortgage (again, infuriating as I could've got it cheaper elsewhere).
The lettings agency will buy it outright but only at £120k. The developers wont accept this. And to be honest, nor would I. Remember I only bought it 5 years ago for £152k.0 -
OK, I get it now. If the Letting Agent went bust having bought your house, the developers would no longer own 25%, they would have sold it and would be owed the money (unless they agree to transfer their share to the LA but I don't see why they would). If the LA goes bust, the developer is unlikely to get paid.
No way the developer would agree to something like that. They currently will have some sort of secured interest in the property, and then will be asked to be unsecured.
Speak to the lettings people and see if they will just buy the place normally.
Then 120k is on the table vs what you could get by trying to get a sale elsewhere. Have you had an estate agent round for a valuation?0 -
Oh, I'm SOOOOO confused. What the hell do I do?! I just want to sell the damn house, and I thought I was being nicer by trying to do it without booting the tenants out. If I booted them out and KNEW i'd sell it within a month at, say, £135k I'd do it in a heartbeat. But I honestly don't think that will happen. I fear the worst, and I fear that after months on the open market, nobody will want it.0
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