Property Purchasing Companies

[soooz]

I am new to all this but I was wondering if anyone knew who, if anyone, govered property purchasing companies???

[Paule]

Re: Property Purchasing Companies

Hi Soooz

Do you mean the likes of the comaonies who buy them, then let you live in them paying rent?

These schemes that attract a lot of pensioners with the idea of releasing the equity?

[Paule]

Re: Property Purchasing Companies

Have a read here, it may help you out

Equity release made clear : FSA Money made clear - products explained


Its the FSA website

Firms that give financial advice have to be regulated by us, or be the agent of a regulated firm. Regulated firms and their agents are placed on our Register and have to meet certain standards. Always make sure that the firm you use is on our Register and is allowed to give financial advice before handing over your money. If they aren’t regulated by us and things go wrong, you won't have access to complaints and compensation procedures. To find out if a firm is on our Register, see Check our Register.

[soooz]

Re: Property Purchasing Companies

I'm not a pensioner!!!! Ha!

No, the type of companies who purchase your property at a reduced price so you don't have to go through the hassle of selling through an estate agent.

To give you a bit more information one these companies offered us a very reasonable price on a property which we let out (we decided to sell because of the hassle). They told us to give our tennants notice because the offer was guaranteed but have kept us hanging on because of some "issues" about the lease. They have since been resolved but because something trivial came up on the survey they had done 4 weeks ago(!!!!) they have cut the original offer by 7% 24hrs before we were due to complete. Luckily we are in a position where we can afford to pull out but I was wondering if anything could be done legally about it?

[Guest]

Re: Property Purchasing Companies

If the offer is guaranteed, then how have they been able to reduce it? Check the terms of their offer, but frankly I would think you are better off not dealing with them if this is an indication of their conduct.

If you can wait, then do so and find a company who will honour their offer.

[soooz]

Re: Property Purchasing Companies

The offer is guranteed if they don't find any serious structural issues. Surprise, surprise they've found one!!! It's a masionette style property and they think there's an issue with the roof which we aren't liable for because we are on the ground floor with another flat above us.

They have had the structural survey for 4 weeks and I honestly feel they have been holding out on completing until they knew our tennants were moving out, then they've given us a reduced offer because they think we are desparate to sell.

I would like to pursue it on principle I hate the though of being taken for a ride!

[enaid]

Re: Property Purchasing Companies

Hi soooz, just wondered do you pay a service charge and ground rent for the property?

[soooz]

Re: Property Purchasing Companies

No service charges and no rent either.

[enaid]

Re: Property Purchasing Companies

Well can i ask who owns the rest of the building?

[soooz]

Re: Property Purchasing Companies

slightly more complicate. we own the upstairs lease and they own ours. its so we have rights to access etc. the lease isn't the problem-its fairly standard. some solicitors are a bit unsure at forst but one they see it theyre fine.

[Amy]

Re: Property Purchasing Companies

It's a masionette style property and they think there's an issue with the roof which we aren't liable for because we are on the ground floor with another flat above us.

What do they say is the issue with the roof?

Get your own Structural Engineer and see what his opinion is.