Got it spectacularly wrong – Do your searches!Make Text Bigger
Eager to increase our portfolio to 3, and with increased amount of investors in Hastings and property prices rising and cash in the bank we jumped at a cheap 3 bed flat in the town centre.
Seeing that it was of solid construction we did not get a survey done and for a quick transaction and to cut costs we decided against searches. Everything was hunky dory, we got nice tenants in, 20 months in we decided to get a mortgage to buy another property before the 3% stamp duty only to discover on the plans that it only a 1 bedroom, no landlords permission or building regs. We have major plumbing problems too. Another piece of advice, keep clear of mascerating toilets, 4 call outs in 20 months at £300 a pop.
Then to add insult to our stupidity, we were told when purchasing the flat that there was an £8000 major works bill due in, so when it arrived 12 months later we duly paid thinking that everything was above board and section 20 had been followed. Concerned that no work had been done and a request for another £4000 came we challenged this to find out that there had been no section 20 consultation done and that and they are still at a revised specification stage.
I have now demanded my money back, which they have not done. They said they would do it if I put in writing that I would cough up the full amount 7 days of work commencing. Personally I think they have no right to demand this and just want my money back, know they are not returning my emails.
Any help to get out of this mess would be appreciated, one good thing is freeholder has agreed to give permission as is embarrassed about situation. Can I just get it in writing while I have her on the run or does it have to go through a solicitor, any one know.
Thanks in anticipation.
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