Law

Miss Sold property. HELPPPPPPPP.

If I feel I have been miss sold property through one of these property investment clubs and because of it, the properties I now own are in negative equity and I'm in a dire financial position, where would I go for advice? What sort of lawyers would deal with this?

Incidentally, the company in question have gone into voluntary liquidation. Is there anything I can do to get some of the money I've lost back?

Velvetee Fri 09/05/08 02:22

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buildersmate
Fri 09/05/08
08:44

Start at the Citizens' Advice Bureau, because it is free. You may be able to get 30 minutes consultation from a solicitor through that route.
I doubt that you will see much of your money back - these things always were dodgy but hindsight is a wonderful thing.
Potential for mis-selling, as far as I know, only applies to organisations whose business dealings are covered by the FSA. Are you are sure your organisation is providing services that are so covered? Did they provide you 'advice' ?

Twenty20
Fri 09/05/08
09:25

I dont mean to sound harsh, but how were you actually mis sold these properties? Surely you made the decision yourself whether to buy or not?

Property prices can go down as well as up and if youre investing you have to be able to take the rough with the smooth or judge the market better.

Was the investment company offering financial services?

RevFunk
Fri 09/05/08
12:15

How gullible were you to get involved in timeshare in the first place? lol

Velvetee
Fri 09/05/08
12:45

Question Author

Well these people were selling properties, claiming they were worth a certain amount, when in actual fact, they had been overvalued. The estimated rental incomes are vastly less and nowhere near cover mortgage repayments.

These properties are now in negative equity by up to £30K and cannot be sold on. Plus I was advised my total financial outlay would be 5% plus finders fees. In actual fact, I've had to stump up an additional £13K or be taken to court by the developers if I didn't complete.

There are others in the same situation, some who've paid their deposits, but haven't completed because this company has gone under.

Velvetee
Fri 09/05/08
12:47

Question Author

REV for your information, it wasn't a time share, so if you have no sensible advice to offer, just bitchy remarks, please keep them to yourself.

LAW_DROP-OUT
Fri 09/05/08
13:22

yes rev funk...no bitchy remarks !!

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