Potential to sue?

sophiemoney

Hi guys,
I've recently had a dilemma with property Investment company Sequre (who sell tenanted properties at a discount to investors, plus a 3.6k fee, quickly and without a chance to view the property before you buy).

They sold me a flat for 160 (+ the 3.6k fee). They assured me it was worth more like 170-180 and I took them on their word, considering I wasn't able to view the property, and put a 2k deposit down.

Later on I started to get suspicious it wasn't worth that and got three independant valuations from estate agents familiar with the block, all of which came in at under 160k. I therefore dropped out.

I am trying to get my 2k deposit back as the flat was effectively missold, but so far they seem reluctant and are standing by its value. Would I potentially be able to sue to the get the money back?

00ec25

sophiemoney wrote: »

Would I potentially be able to sue to the get the money back?

so you purchased a property sight unseen and you think it is someone else's fault that in such circumstances you did not think to do your own due diligence?

compo culture has much to answer for in having so eroded personal responsibility that "who can I sue" is the first response instead of "what did I do wrong"

read the terms and conditions appertaining to the deposit you paid to find out when, if at all, it is refundable

kingstreet

sophiemoney wrote: »

They assured me it was worth more like 170-180 and I took them on their word

No survey/valuation?

No independent legal advice?

letitbe90

00ec25 wrote: »

so you purchased a property sight unseen and you think it is someone else's fault that in such circumstances you did not think to do your own due diligence?

compo culture has much to answer for in having so eroded personal responsibility that "who can I sue" is the first response instead of "what did I do wrong"

read the terms and conditions appertaining to the deposit you paid to find out when, if at all, it is refundable

Compensation culture in the end helps us. I agree it seems silly that we almost reward poor personal-responsibility - but the aim actually is to punish those who seek to profit from other people's lack of personal-responsibility. In all sorts of industries, there are very smart people working out ways to take advantage of people.

For example, in this case, if OP was to get awarded compensation and others also did - what would happen? The companies may actually start providing more accurate valuations .

I have worked in large financial corporations pretty much all my life and it is pretty disgusting just how shady the practices are in the name of profit. I wouldn't sympathise with any of them!

davidmcn

If it was worth £170-180k then why would they sell it for £160k?

Gwendo40

My god, this kind of stuff makes the run up to 2008 seem like a period of cautious, responsible and restrained behaviour.

I sincerely hope you get EVERYTHING you deserve.

foxy-stoat

Well their site makes the BTL investments fantastic - yields of just under 10%, stamp duty has been negotiated with the developer to be paid for a property in Bradford for £39,950.....I didnt think you could buy a new flat for that money, and its under the stamp duty threshold already.

Maybe they believe in their own BS - no idea why they wouldn't buy all the properties themselves and live on a yacht somewhere warm.

mrginge

Please sue them. You will definitely win.

Gabbs_the_Newt

Gosh - the MSE guidance of "please be especially nice" to new posters is clearly being adhered to.

Autumnella

The whole thing sounds like a massive scam. You could try taking them to court to get your deposit back, they'll probably go under before you see a penny of it though, tbh.

ReadingTim

Gabbs_the_Newt wrote: »

Gosh - the MSE guidance of "please be especially nice" to new posters is clearly being adhered to.

Well, perhaps you'd like to post an "especially nice" response to the OP then - I look forward to your choice of euphemism for the suggestion that the they've been something of an idiot.