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k1bb5

Property Reservation Fee BtL property - issued mcol to get it back help!

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Wonder if anyone can advise on legal position?

 

I have initiated a MCOL, I paid £7,800 as reservation fee to secure a BtL property. It's a conversion flat in an old 1960s office block. I'd secured a rental guarantee and discount of 15% on the new valuation after the lender was to revalue after I pay the fee. These two points actually swung the deal for me.

 

The property was overvalued in my mind so getting a new valuation (with discount) and rental guarantee would cut out a lot of risk (probably too good to be true). Once I'd paid over and submitted lending proof docs within 5 days(I got one acknowledgment email during the process and nothing to stay all received and no contact from a broker or anything).

 

I then heard nothing for about 8 days and couldn't reach the company as their phones were /disconnected/off and private mobiles were not answered, I basically thought a fraud.

 

I sent mails requesting my money back. Eventually the company came back on line stating they had some telephony problems (how does that affect private mobiles?? no answer).

 

To cut a long story short the actual flats it transpired in subsequent weeks, would no longer be available as the valuations eventually wouldn't hold up for a structured finance purchase nor in fact at all for lending (post Brexit revaluation).

 

The client has now said the reservation fee must be transferred to another property but I say I want it back. They haven't been able to provide what they surreptitiously snared me with. Their terms and conditions apparently allow them to bait and switch but I'd had discussions and they'd said if it doesn't go ahead some admin fee could be taken off).

 

We have since been going around the houses and they are saying because I didn't request a refund in the 14 day cancellation period (didn't really think it applied to property purchases) it is too late. Forget the fact they had telephony issues and were in radio silence for 8 days during the 14 day cancellation period.

 

It gets worse however as the company has voluntarily liquidated a sister company, I am wandering where I stand wrt a 14 day cancellation in this circumstance anyway, despite the fact I have an email cancellation sent to the Director (who has disappeared).... any thoughts? as I say I have initiated a MCOL now.

Edited by k1bb5
Paras.

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They are about to disappear with your money (and many others')

Get in the car and go see them before they fold the company.

No business is without telephone for 8 days, not even a window cleaner.

I will be probably criticised, but seen this many times and the only way to get your money back is to rock the boat as much as you can.

By the time you'll finalise a claim they'll be long gone.

Good luck

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Surely its a police matter?

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please don't hit Quote...just type we know what we said earlier..

 

if everyone stopped blindly paying DCA's tomorrow

the biggest financial industry in the UK, DCA;s would collapse overnight.

 

 

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Surely its a police matter?

 

I bet you a million pound that the police will say it's a civil matter.

Action fraud will give you a reference number and that will be the end of their "investigation".

Go get your money yourself before they vanish.

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