Jump to content
House Price Crash Forum

Ourproperty.co.uk


Mike1045
 Share

Recommended Posts

Have I uncovered a flaw in the system? Was this known all along?

I’m slightly confused; recently a lot of new build properties have gone up in the area where I live, mostly by wanabe developers, these properties are big converted houses or houses that have been knocked down to build multiple smaller flats.

When these developments took place the house sale was registered however the conversion / new build sales weren’t.

Later (5 to 6 months) after the flats were sold (supposedly) they went up for rent; I think this may be by the developer as they wouldn’t sell.

When I looked this up on Our Property .co.uk the sale of the houses were knocked down and or converted had vanished (they were there) and the new property supposedly now sold weren’t recorded!!

What’s going on?

Link to comment
Share on other sites

Have I uncovered a flaw in the system? Was this known all along?

I’m slightly confused; recently a lot of new build properties have gone up in the area where I live, mostly by wanabe developers, these properties are big converted houses or houses that have been knocked down to build multiple smaller flats.

When these developments took place the house sale was registered however the conversion / new build sales weren’t.

Later (5 to 6 months) after the flats were sold (supposedly) they went up for rent; I think this may be by the developer as they wouldn’t sell.

When I looked this up on Our Property .co.uk the sale of the houses were knocked down and or converted had vanished (they were there) and the new property supposedly now sold weren’t recorded!!

What’s going on?

Dunno.

We used mouseprice.co.uk and houseprices.co.uk

Maybe it's a problem with the ourproperty site, so you could try those as well.

We knew of a house that was sold after 2000 when the LR stats were collected but cannot find it on these sites, so maybe it is possible to request they are removed.

Link to comment
Share on other sites

Call me a conspiracy theorist but something’s not right. :ph34r:

If I’m not the only one seeing these anomalies in the data surely there is some way of covering tracks.

I know of someone who is involved in some shady dealings and would undoubtedly benefit from covering any tracks!

But could this be happening on mass? Could this be another crack papering exercise to the benefit of developers? Damage limitation?

One of the regulars on here must know what’s going on?

Link to comment
Share on other sites

Updated with the benefit of new research. :)

Bellway Homes built 3 two bed flats and 9 one bed flats at Baltic Wharf, Pier Road, Littlehampton BN17 5AD. Five one bed flats were being marketed in May 2005 with price reductions.

The ground floor of the development has planning permission for A3 commercial use and has been vacant since construction.

A property search on the postcode using the companies mentioned on this site reveals that only two properties have been sold:

Flat 2 £161,000 20/10/05

Flat 3 £136,000 13/4/06

BUT

A search at Companies House on the management company (05424114) reveals that all 12 flats have been sold and on 12/5/07 the shareholders of the management company were all private individuals.

P.S. I understand that the development has major seweraga problems caused by builders rubble blocking the drains. :ph34r:

P.P.S. You can visit a flat, but protective clothing is advised:

http://www.rightmove.co.uk/viewdetails-180...10&tr_t=buy

Link to comment
Share on other sites

Correct me if I’m wrong

I could if I wanted:

1. Start up a limited company (Mikes dodgy new builds Ltd)

2. Borrow Money

3. Buy Land

4. Build Houses

5. Try selling them and when they don’t sell

6. Start up another limited company (Mikes dodgy BTL Ltd)

7. Buy the properties of my other company (wouldn’t show up on the land registry)

8. Rent said properties out

9. If market crashes fold Mikes dodgy BTL Ltd

10. Sit on a beach in Barbados until market settles with money from Mikes dodgy new builds.

One word Fraud!! :o

Link to comment
Share on other sites

So what's the answer? One man one company?

If asomeone has several businesses then should one fail (eg btl) should he be forced to bail that out with money from other companies?

Doesn't need to does he? Just put it into administration? Can still keep the other company.

Otherwise why not just stick to the first buisness plan and build sell build sell?

Link to comment
Share on other sites

Correct me if I’m wrong

I could if I wanted:

1. Start up a limited company (Mikes dodgy new builds Ltd)

2. Borrow Money

3. Buy Land

4. Build Houses

5. Try selling them and when they don’t sell

6. Start up another limited company (Mikes dodgy BTL Ltd)

7. Buy the properties of my other company (wouldn’t show up on the land registry)

8. Rent said properties out

9. If market crashes fold Mikes dodgy BTL Ltd

10. Sit on a beach in Barbados until market settles with money from Mikes dodgy new builds.

One word Fraud!! :o

The problem is step 2, you will struggle to borrow any money, i dont think any bank would lend you on the basis of your 1-10 business plan ;p. Getting a business mortgage/loan is tricky with a legit long running business, its even more tricky with a new business. Watch dragons den to see how hard it is to get investment, and how much investors want to screw you for. If you manage to get the money off some poor investor/bank in step 2, yeah, but its serious fraud.

Edited by moosetea
Link to comment
Share on other sites

The problem is step 2, you will struggle to borrow any money, i dont think any bank would lend you on the basis of your 1-10 business plan ;p. Getting a business mortgage/loan is tricky with a legit long running business, its even more tricky with a new business. Watch dragons den to see how hard it is to get investment, and how much investors want to screw you for. If you manage to get the money off some poor investor/bank in step 2, yeah, but its serious fraud.

Agree it's probably a lot more harder than my 1 to 10 steps but the fact remains it could be done if you wanted to.

I know there are all sorts of loopholes with Ltd businesses, and think this is been done on mass.

Banks have lent more and more recklessly over the past 5 years so why not exploit that? You hear of Ltd companies going under all the time and then they get bought back for a pound by the same person.

Going back to my original post if there are a lot of people doing this and judging by other posts there are then there could be thousands of property sales not showing up on the land registry searches, meaning:

1. House prices could have been falling longer than we thought

2. No real shortage of properties

3. ??? anyone

Excluded data

The following are excluded from our figures

1. All commercial transactions

2. Before Jan 2000 - All sales below £10,000 and over £1million .

(On line data for Jan 2000 onwards includes details of these sales).

3. Transfer, conveyances, assignments or leases at a premium with nominal rent which are:

• ‘Right to buy’ sales at a discount

• subject to a lease

• subject to an existing mortgage

• to effect the sale of a share in a property

• by way of a gift

• by way of exchange

• under a Compulsory Purchase order

• under a court order

• to Trustees

• Vesting Deeds

• Transmissions or Assents

• of more than one property

• Leases for 7 years or less

Edited by Mike1045
Link to comment
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...
 Share

  • Recently Browsing   0 members

    • No registered users viewing this page.




×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.