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Btl Industry Turns On Itself In Court

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The inner workings of a huge buy-to-let investment operation were laid bare this week in a London courtroom. The case, which pivoted on the degree of expertise and experience in part of Britain's biggest buy-to-let operation, could raise questions among investors and potential investors.

The heart of the matter, heard in the Mayor's and City of London Court, centred on methods used in selecting "off-plan properties" - unbuilt flats - for sale to buy-to-let landlords. The court was told that some flats offered for sale to amateur landlords would never be built while others would be unlikely to attract mortgages. It heard that the firm sourcing some buy to lets worth many millions had no previous experience or knowledge of property dealing.

The action pitched Whitedrake, a small company which sources residential developments for those wishing to buy to let, against Instant Access Properties, a sister company to Inside Track, a buy-to-let seminar firm which told investors "how you can give up work and be a property millionaire instead". The founder of the latter two firms is Jim Moore, a colourful character with a career that has embraced bust pyramid perfume scheme L'Arome and Atlas Research Corporation, also a bust perfume purveyor.

The court was told that Whitedrake found blocks of uncompleted flats that could be sold for Instant Access, which sold them on to those in its property club. Members pay a fee of around £5,000 to be told of buy-to-let opportunities. Instant Access also charges 3% of the value of properties sold plus a non-refundable £1,000 reservation fee per flat.

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  • 302 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?

      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%

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