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Is this illegal?
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Now be honest and tell us what is your share for going through this? I say this cos if there was not anything for you, you would not have even bothered!0
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Of course it is fraud and is illegal. You are being asked to assist in obtaining a loan by deception.I am a Mortgage Adviser
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.0 -
Of course it is fraud and is illegal. You are being asked to assist in obtaining a loan by deception.
I think the official legal term is "gaining a pecuniary advantage by deception"dolce vita's stock reply templates
#1. The people that run these "sell your house and rent back" companies are generally lying thieves and are best avoided
#2. This time next year house prices in general will be lower than they are now
#3. Cheap houses are a good thing not a bad thing0 -
It depends on what you mean by "illegal". He is probably committing a criminal offence under the Fraud Act 2006. You, well, it is possible that, given your suspicions, you would be party to that, and thus equally liable. It isn't only the person who 'does it' who is liable, it can carry through to others who are involved.
An alternative, non-criminal law analysis. He will receive the money with the condition that it is used for a house purchase. Some is used in some other way. You know that it was meant for the house purchase. He is in breach of trust, because he was never meant to have unfettered access to the money. You may be knowingly assisting in that breach ... and as such, could find you have to return it.
DON'T DO IT. SERIOUSLYL.Mortgage started on 22.5.09 : £129,600Overpayments to date: £3000June grocery challenge: 400/6000 -
I would strongly urge you to speak to your conveyancer/solicitor.
As a conveyancer, I would not be prepared to progress the transaction on the basis of the information provided and certainly not in the fashion your buyer is proposing.What larks eh Pip?0
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