8:45 AM, 29th June 2011, About 10 years ago
Buy to let property investors are set to challenge collapsed property firms Inside Track and Instant Access Properties over misselling claims.
The action group is led by Tamsin Banks, 51, who alleges she lost around £400,000 over seven property deals with the companies in Manchester, Spain and Florida.
Ms Banks is starting court action against the companies and their directors met hundreds of other disgruntled landlords who feel they lost money in their dealings with the firms.
“I want to see justice done. I have spoken to hundreds of other former Inside Track members who have lost money and feel the same way,” she said.
She is urging other investors to join her action to mount a combined attack in court on the property investment companies.
Inside Track traded by inviting property landlords to seminars advertising quick riches and millionaire lifestyles. The strategy involved buying letting properties from sister company Instant Access Properties.
At the height of the property boom, the firms made millions, but the businesses were a casualty of the credit crunch and failed in 2008, leaving property investors out of pocket to the tune of several million pounds.
Ms Banks has set up a web site inviting others to pledge cash and support to their legal action. [Link: www.iap-instant-access-properties.co.uk/wordpress ]
Ms Banks alleges she paid a one-off fee of £8,000 and 3% on the value of all property purchases made through Instant Access Properties.
“With 50 – 150 people, we would be formidable and litigation costs would be spread,” she said. “If you had any direct contact with the directors by phone, email or attended a presentation, get in touch as your information could be helpful.
“With many of us pursuing our right for justice these people can be held to account.”
On her web site, she claims Inside Track and Instant Access Properties misinformed prospective purchasers about rental assessments, property values and their interests in properties sold to investors.
A spokesman for Inside Track and Instant Access properties denies any wrongdoing.
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