Shared Appreciation Mortgages (SAM) Bank of Scotland

GaryWhite96

Hi PhilpotChris

Are you still acting on behalf of clients who purchased these hideous things?

Monza57

Hi Chris,
My parents were a victim of a BoS SAM. I'd be interested in any information you might have, or how/what we can do to alleviate the situation. The solicitors firm that advised my Dad had a terrible reputation and are no longer in business and it was my sister that witnessed my parents signing the forms. As it was meant to be an independent and non related witness, I'd be interested in your view as to whether that changes anything? Thanks in advance.

corpmega

Chris, I have written to you.

markrpa

Chris - are you still acting in relation to these mortgages. My father has just died and he has one. It appears my sister witnessed it, and she knew nothing of the product - she purely witnessed the signature

sjw66

I've also just found out that my parents took out one of these which wished I'd known about a long time ago as could have looked at alternatives or ways to at least pay off early. With my parents one Barclays currently stand to get a return of around £180k on a £23k loan. What I'd like to is if anyone has managed to get any recourse or is it a lost cause as certainly seems unjust & excessive + I'm really not sure that my parents would have really understood the implications of taking this out. Thanks.

adam.bennette

Hello, my mother has just died in her London house. She took a SAM for £50,500 with a value at the time of £220,000. She was not part of the failed class action. I understand that regrettably the contract cannot probably be contested in of itself. However, I believe the value she added to her house after the loan, by way of improvements, is not the rightful property of the bank. She invested heavily in the garden, to prize-winning quality. The SAM was taken to pay for underpinning and so was re-invested in the building, and not for 'lifestyle enhancement' as stated in the contract.
Are there any methods to provide any relief or discounts? We reckon the bank will take a quite staggering £850,000.
A quite shocking aspect is that she was forced to forgo any lodger and therefore was deliberately made unable to make any gain of her own while the bank have made a usurious gain by any reasonable measure. (yes, I know, banks cannot be expected to be reasonable)
I seek to hire a lawyer to help. Any advice?

kind regards,
Adam bennette

Thrugelmir

adam.bennette wrote: »

She invested heavily in the garden, to prize-winning quality.

She didn't invest. Gardening was her passion, merely a hobby. No doubt a considerable source of enjoyment in her latter years. With her demise will the new owners have the time to maintain it . One suspects not.

Is the issue not really that you expected a large inheritance?

adam.bennette

Well, actually since you asked, she did invest. Quite a lot of money. The issue is not the total sum, it is the bank profiting from work they did not do nor pay for, as I said in my posting.
I would appreciate some kind advice, the lesson of the original mistake is already well learnt, I can assure you of that, and is not something we really need any further instruction on, thank you.
with kind regards,
Adam Bennette

grianan2

Chris - please contact alexandermacrae9@gmail.com re your proposal.

grianan2

The issue is the added value to the property. Simple. Specified in print. Reality - not opinions.