Mikhail Liebenstein Posted January 30, 2018 Share Posted January 30, 2018 I’ve just heard about corruption in the London property market by a firm of surveyors taking customer on expensive jollies which is a likely breach of the 2010 Bribery Act. However, I understand this practice is wide spread. This works in 2 ways: i) Firms winning business from property companies by effectively bribing potential customer decisions makers to award surveying contracts. This could also include local authorities. ii) Surveyors being cosied up to in an attempt to maintain false valuations to support property fund values. I haven’t direct evidence myself, but I have a first hand comment from someone who thinks organising such trips is a good idea and doesn’t realise the illegality. Should they be shopped? Quote Link to comment Share on other sites More sharing options...
doomed Posted January 30, 2018 Share Posted January 30, 2018 “The only thing necessary for the triumph of evil is for good men to do nothing.” Quote Link to comment Share on other sites More sharing options...
TheCountOfNowhere Posted January 30, 2018 Share Posted January 30, 2018 26 minutes ago, Mikhail Liebenstein said: I’ve just heard about corruption in the London property market by a firm of surveyors taking customer on expensive jollies which is a likely breach of the 2010 Bribery Act. However, I understand this practice is wide spread. This works in 2 ways: i) Firms winning business from property companies by effectively bribing potential customer decisions makers to award surveying contracts. This could also include local authorities. ii) Surveyors being cosied up to in an attempt to maintain false valuations to support property fund values. I haven’t direct evidence myself, but I have a first hand comment from someone who thinks organising such trips is a good idea and doesn’t realise the illegality. Should they be shopped? Doesnt surprise me. Around 2010 my wife and I tried to view a large family home with a massive garden....the agents kept denying us for one reason and another.3 months later a developer was building on the garden.....should have gone to the police then. Where there's money there's corruption and the UK housing mega bubble is awash with money Quote Link to comment Share on other sites More sharing options...
spyguy Posted January 30, 2018 Share Posted January 30, 2018 Then star jailing them. At least start suing. Quote Link to comment Share on other sites More sharing options...
Mrs Bear Posted January 30, 2018 Share Posted January 30, 2018 4 hours ago, TheCountOfNowhere said: Doesnt surprise me. Around 2010 my wife and I tried to view a large family home with a massive garden....the agents kept denying us for one reason and another.3 months later a developer was building on the garden.....should have gone to the police then. Where there's money there's corruption and the UK housing mega bubble is awash with money A while ago now, but at a do I met a bloke who called himself a property developer. He told me with evident satisfaction that he had an 'arrangement' with EAs in a large UK city - they would tip him the wink about repossessions or otherwise distressed vendors in a hurry. He would get the properties cheaply, pass a brown envelope to the EAs, tart them up cheaply and flog to BTLers. However I have since heard that's he's no longer a property developer, on account of being dead. Quote Link to comment Share on other sites More sharing options...
TheCountOfNowhere Posted January 30, 2018 Share Posted January 30, 2018 36 minutes ago, Mrs Bear said: However I have since heard that's he's no longer a property developer, on account of being dead. Good. Quote Link to comment Share on other sites More sharing options...
SillyBilly Posted January 30, 2018 Share Posted January 30, 2018 Does anyone pay any attention to these regs (any industry) other than creating a Company policy/statement and leaving it to gather dust? Some of the companies that request anti-bribery (anti-slavery policies etc.) from our business are amongst the companies caught with their pants down on various corporate misdemeanours - it does make you laugh. Keeps HR and those working in ethical sourcing/corporate social responsibility in a job I guess. Quote Link to comment Share on other sites More sharing options...
eric pebble Posted January 30, 2018 Share Posted January 30, 2018 10 hours ago, TheCountOfNowhere said: Doesnt surprise me. Around 2010 my wife and I tried to view a large family home with a massive garden....the agents kept denying us for one reason and another.3 months later a developer was building on the garden.....should have gone to the police then. Where there's money there's corruption and the UK housing mega bubble is awash with money Sigh...... Quote Link to comment Share on other sites More sharing options...
Mikhail Liebenstein Posted January 30, 2018 Author Share Posted January 30, 2018 5 hours ago, SillyBilly said: Does anyone pay any attention to these regs (any industry) other than creating a Company policy/statement and leaving it to gather dust? Some of the companies that request anti-bribery (anti-slavery policies etc.) from our business are amongst the companies caught with their pants down on various corporate misdemeanours - it does make you laugh. Keeps HR and those working in ethical sourcing/corporate social responsibility in a job I guess. I’d say US companies do, but then they jail people for this sort of thing. In the UK we give them a bonus. Quote Link to comment Share on other sites More sharing options...
longgone Posted January 30, 2018 Share Posted January 30, 2018 6 hours ago, Mrs Bear said: A while ago now, but at a do I met a bloke who called himself a property developer. He told me with evident satisfaction that he had an 'arrangement' with EAs in a large UK city - they would tip him the wink about repossessions or otherwise distressed vendors in a hurry. He would get the properties cheaply, pass a brown envelope to the EAs, tart them up cheaply and flog to BTLers. However I have since heard that's he's no longer a property developer, on account of being dead. ALL ea`s are up to that. natural causes was it. Quote Link to comment Share on other sites More sharing options...
Mrs Bear Posted February 1, 2018 Share Posted February 1, 2018 On 30/01/2018 at 6:47 PM, longgone said: ALL ea`s are up to that. natural causes was it. So I gather. Out like a light. Domt know whether 'his' EAs went through the motions of having the properties on the open market, just fobbing off viewings/offers. I do know personally of one case - property on the market, viewing conducted by ostensibly pleasant and helpful EA - only to have offer turned down on what seemed very odd grounds - exchange today, or no deal. Obv. out of the question. Found out later via LR that it had sold for way under offer - around 20% IIRC - was a BTL owned by someone at the EA, so presumably selling to a mate/son/daughter and avoiding what would have been a much heftier CGT bill. Still wish I'd reported it to somebody. Quote Link to comment Share on other sites More sharing options...
longgone Posted February 1, 2018 Share Posted February 1, 2018 1 hour ago, Mrs Bear said: So I gather. Out like a light. Domt know whether 'his' EAs went through the motions of having the properties on the open market, just fobbing off viewings/offers. I do know personally of one case - property on the market, viewing conducted by ostensibly pleasant and helpful EA - only to have offer turned down on what seemed very odd grounds - exchange today, or no deal. Obv. out of the question. Found out later via LR that it had sold for way under offer - around 20% IIRC - was a BTL owned by someone at the EA, so presumably selling to a mate/son/daughter and avoiding what would have been a much heftier CGT bill. Still wish I'd reported it to somebody. From 2011 to 2013 i looked at various places. anywhere with any potential value was an excuse ridden exercise. from lost keys dangerous electrics for viewing to fully booked up and other excuses. The whole lot are crooks. Quote Link to comment Share on other sites More sharing options...
longgone Posted February 1, 2018 Share Posted February 1, 2018 2 minutes ago, TonyJ said: Reported it to somebody? Don't you know that in this country, independent regulators are there to give a smokescreen of 'due process' to complaints, whilst working where possible to quell any controversy that might put industry reputations at risk. I have experienced it myself with the Solicitors Regulatory Authority, which is a complete stitch up designed to maintain a veneer of respectability for dodgy solicitors (and by extension, the British legal system). be your own judge and jury. no one cares over here. it`s a free for all. Quote Link to comment Share on other sites More sharing options...
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