Well my id says it all really plus well and truly shafted!

Mozette

I've read it all and I don't understand....
Do I get a prize? :rolleyes:

Mr_Bear_2

my view si that when solicitors return papers and cant act for you its cos they have cocked up - you need a solicitor who specialises in professional negligence

wellfedup

OK Sorry - I know it reads like the Magna Carta but I also asked for a lead good firms that will do a buy to let before I get lumbered with a Lloyds loan because its easy option with me banking with them.
I have specialist lawyers in Sheffield working for me but it is still good to get an opinion from someone who is not on £150 an hour!

BallandChain

Mozette wrote: »

I've read it all and I don't understand....
Do I get a prize? :rolleyes:

No prizes for guessing what the answer to that is.

Strapped

Agree with silvercar's reading of the situation. You sold the lease that you have a signed copy of from your tennant. Surely that can't be construed as fraud.

silvercar

Re-reading it (can I have a medal please?) maybe the buyer at auction feels that the description was misleading in that it implied a tenant repair lease which although true was in the process of being changed to a landlord repair lease. Without this piece of information he secured the property under a false impression?

Mozette

BallandChain wrote: »

No prizes for guessing what the answer to that is.

it's 'no' isn't it... :rolleyes:

wellfedup

silvercar wrote: »

Re-reading it (can I have a medal please?) maybe the buyer at auction feels that the description was misleading in that it implied a tenant repair lease which although true was in the process of being changed to a landlord repair lease. Without this piece of information he secured the property under a false impression?

That is correct silvercar, no medal yet though -The buyer bought the property with the wrong lease in the auction pack,my solicitor sent the wrong bloody one, what shocked me about all this is how my acting solicitors at the time just washed his hands of the job (after taking my £700) and was not willing to help out at all or discuss the problem -even though the whole mess is through his negligence leaving me with a potential bill for thousands.
What would the situation have been if I was in the wrong?

silvercar

Seems there were two errors. The first was the tenant signing the wrong lease. This is between the tenant and his solicitor. Your act of goodwill, if it is, that compounds the problem and brings it back to you. If you had refused to change the lease the tenant would be stuck with it and presumably blaming his solicitor.

So now with that error being put right, the auction details, or some other information provided, omitted to mention that the lease was changing to a landlord repair lease. The fact that this buyer only deals with tenant repair leases is irrelevent, you need to establish if someone informed the buyer that the lease was a tenant repair lease. If no-one did then it is caveat emptor - buyer beware. If the buyer was given false information then the supplier of that information (your solicitor?) is in the wrong and will ultimately pay.

Whether a judge will find for the buyer is debatable. If everything was that obvious no-one would go to court. I would guess that your ex-solicitors indemnity insurance may prevent him admitting liability and require a court ruling before they pay out. If a judge did find against you, they may award an amount like the difference between the valuation with a landlord repair lease and a tenant repair lease and costs as settlement of the case, I don't think it would be automatic that a buy-back would be ordered. A financial penalty could suit you, in that the ex-solicitors indemnity may payout at that point.

wellfedup

We made an offer to the buyer as goodwill this being the difference between the reserve price what was the least that we would have sold the shop for at auction and his buying price but this was not enough, he seems to want 10s of thousands of pounds and I do think that the shop was undersold in the auction, the for sale sign was only up for a few hours before the tennant pulled it down in spite so it was never advertised locally like it should have been,I even had to pay her £50 evertime someone viewed the shop (how does the motto go -what goes around comes around)
problem is - if I was to offer the buyer more compensation, (I would not anyway) would I be sure of getting this back through my ex solicitors insurance, they seem to crawl under a rock when it suits them - they seem to think they are un-touchable but I will have my moment in the media if they do'nt pay out and I end up thousands out of pocket like I am right now.
My safest option seems to be to recind the contract before it gets to court and costs even more - I just cannot afford to keep feeding this monster made by my solicitor!