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If you saw last weeks “Law & Order UK” you will have seen a fictional tale about a property investor buying property cheap with sitting tenants using intimidation and bullying to force the tenants to leave and make profits. Now I am sure most would feel this practice disappeared with Rackman in the 50’s & 60’s. Certainly it was primarily courtesy of him it kicked off the wealth of legislation that has arrived in the intervening decades.
Now watching a TV drama it is easy to think “that can’t really be happening?”
Well unfortunately it is and does carry on. It is seen in the long leasehold sector as well as the rented sector. Having been in the Property Industry for over 30 years I have come across an awful lot of scams, tricks, and pitfalls being perpetrated on the unwary and uninformed.
Although even now I come across some situations that are jaw dropping. We are currently working on resolving a mess for a group of 13 leaseholders who bought their flats through an investment club using the recommended lawyer. The building was built without planning and is now in breach of the retrospective planning, the construction was appalling, there was no Building Control, the building is riddled with damp, and there is no NHBC. Unbelievable I know and no-one can believe it when I tell the tale.
We are working to solve the problems and give the 13 value back in their investments, and that this is a rare event.
But it shouldn’t be possible at all in the 21st Century.
24 Mar 2010 11:04:33