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Mis-sold property
stephenjames16
Posts: 17 Forumite
Hello,
In February 2008 I bought an apartment for 70k. The value crashed not long afterwards and even today I could probably only sell it for 20-25k which is a fall of 65-70%. This seems to be an outrageous drop in value and not in keeping with my area or in fact anywhere in the country.
Could it be the case that the apartment was actually vastly overvalued? If so, is there any way of making a claim?
In February 2008 I bought an apartment for 70k. The value crashed not long afterwards and even today I could probably only sell it for 20-25k which is a fall of 65-70%. This seems to be an outrageous drop in value and not in keeping with my area or in fact anywhere in the country.
Could it be the case that the apartment was actually vastly overvalued? If so, is there any way of making a claim?
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Comments
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LOL.
No.0 -
It is no surprise to sensible people that property prices go up & go down. Mis-bought perhaps, mis-sold, nope.
If you wish to take legal action you are entitled to: Please let us know how you get on.
Never in a million years would I, mind....0 -
Not at all, sorry. Not a mis selling.I’m a Forum Ambassador and I support the Forum Team on the Quick Grabbit, Freebies, Overseas Holidays & Travel Planning and the UK Holidays, Days Out & Entertainments boards.
If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com.
All views are my own and not the official line of MoneySavingExpert.0 -
Not a chance. You cant claim something like this 10 years later, having had full legal advice.stephenjames16 wrote: »Hello,
In February 2008 I bought an apartment for 70k. The value crashed not long afterwards and even today I could probably only sell it for 20-25k - really? Where abouts is this?! what a load of nonsense which is a fall of 65-70%. This seems to be an outrageous drop in value and not in keeping with my area or in fact anywhere in the country. - because it's simply not true
Could it be the case that the apartment was actually vastly overvalued? If so, is there any way of making a claim?0 -
If it had gone up in value, could the sellers sue you for mis-buying?0
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stephenjames16 wrote: »Could it be the case that the apartment was actually vastly overvalued? If so, is there any way of making a claim?
Out of interest -
Do you mean you paid somebody to value it, and they overvalued it?
Or do you mean that the seller was asking a very high price, which you agreed to pay?
Why has the flat dropped in value so dramatically? Has it got some unusual problems?0 -
If you really want to know whether you're wasting your time, you are welcome to instruct another surveyor to make a retrospective valuation in order to assess whether your original surveyor (you did actually get your own valuation, didn't you?) may have been negligent.0
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Out of interest -
Do you mean you paid somebody to value it, and they overvalued it?
Or do you mean that the seller was asking a very high price, which you agreed to pay?
Why has the flat dropped in value so dramatically? Has it got some unusual problems?
It does seem a massive drop, maybe the area has gone significantly downhill in the past 10 years.0 -
stephenjames16 wrote: »Hello,
In February 2008 I bought an apartment for 70k. The value crashed not long afterwards and even today I could probably only sell it for 20-25k which is a fall of 65-70%. This seems to be an outrageous drop in value and not in keeping with my area or in fact anywhere in the country.
Could it be the case that the apartment was actually vastly overvalued? If so, is there any way of making a claim?
That's a drastic fall in price, even for up North standards.
What area are you in? Do you have a studio / 1 bed / 2 bed flat?I'm a Board Guide on the Credit Cards, Loans, Credit Files & Ratings boards. I'm a volunteer to help the boards run smoothly, and I can move and merge threads there. Any views are mine and not the official line of moneysavingexpert.com0 -
A cladding issue?I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
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