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I'm sure I.T.N would love to hear about this! I wounder how long this kind of fiddle has been going on for?Loz

Years. Absolutely years. Which is why the average house price has detached itself from the 3.5 multiple of the average salary.

We're all paying the price for this kind of fraud.

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I'm sure I.T.N would love to hear about this! I wounder how long this kind of fiddle has been going on for?

Loz

The alarming thing is that a RICS surveyor is colluding with the buyer. I agree, this is fraud and at the very least the surveyor should lose his chartered status.

The seller should wirte to RICS and explain what happened imo.

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This is very very serious, and it needs investigating.

I feel sorry for the poor buyers that have been duped into buying these properties, the land reg figures must be totally fudged.

Loz

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Shamelss bump.

65 people are reading this over on the Anecdotals thread. We'll have the property worked out within the hour, I reckon.

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Why don't you try co-operating with the guy that sold the house to get the address? He seems to have been duped into it.

Edited by jez123

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Why don't you try co-operating with the guy that sold the house to get the address? He seems to have been duped into it.

He's not posted since we mentioned the illegality of it.

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Perhaps he wasn't telling the truth, the whole truth, and nothing but the truth.

Clearly he didn't during the sale. But then he could be lying about that. In which case we're wasting our time.....

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Because the price was Sexed up it would never get investigated even if given to the police.. The higher price suits the people who would investigate....

The Company: Got the property cheaper and looks good on LR, and there trying to sell

Seller : Got money quickly, worried about legal action

Government : Got extra stamp duty

There is no-one to fight this case, every involved party won including the government. The government arent going to give back the extra stamp duty they took, and it will be ignored (like all similar cases)

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Clearly he didn't during the sale. But then he could be lying about that. In which case we're wasting our time.....

Difficult to tell with newbies....still, worth a shot for those who are more adept at sleuthing than I. I couldn't track down the property even if it had a post-code attached.

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Because the price was Sexed up it would never get investigated even if given to the police.. The higher price suits the people who would investigate....

The Company: Got the property cheaper and looks good on LR, and there trying to sell

Seller : Got money quickly, worried about legal action

Government : Got extra stamp duty

There is no-one to fight this case, every involved party won including the government. The government arent going to give back the extra stamp duty they took, and it will be ignored (like all similar cases)

There is a direct loser - The Next Purchaser.

And any new purchasing neighbours are also direct losers because inflated local prices.

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Hey, dont blame the seller. The solicitor and the buyers are obviously up to no good. The sellers a bit silly to go along with it but i dont think they have any bad intentions, they just wanted to sell their house.

I think the company buying and their solicitors should definitely be brought to task.

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There is a direct loser - The Next Purchaser.

And any new purchasing neighbours are also direct losers because inflated local prices.

Actually, ALL of us are losers when Land Registry figures are distorted through fraudulent sales statistics. The housing market doesn't exist in a bubble (even if it IS a bubble market itself) - just rmember how many pension funds have money tied up in property. And that's just one example of the knock-on effect of over-stating house values. We are all affected by fraud, one way or another.

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Hey, dont blame the seller. The solicitor and the buyers are obviously up to no good. The sellers a bit silly to go along with it but i dont think they have any bad intentions, they just wanted to sell their house.

I think the company buying and their solicitors should definitely be brought to task.

Sorry, the title of this thread is misleading; I mean the NEW seller......

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This is very very serious, and it needs investigating.

I feel sorry for the poor buyers that have been duped into buying these properties, the land reg figures must be totally fudged.

Loz

Well well well!!!! This is just another form of FRAUD & LYING.....

Same dog different lampost as LIAR LOANS ---

Vast numbers of people have taken out LIAR LOANS/LIED-TO-BUY to "afford" to "buy" property in the last decade... This factor has driven "prices" up right across the UK [and everywhere else!] -- simply because "prices" are set by COMPARATIVES - i.e. Buyer X goes to locality Y - takes out a LIAR LOAN - i.e. pretends he "earns" £100k pa -- then "buys" property for £400k -- when in fact he "earns" £42k pa at best. Actually -- he probably only earns £25k pa.....

Within weeks -- ALL PROPERTY PRICES IN LOCALITY Y are set so that ALL COMPARATIVE PROPERTIES are "worth" £xyz in comparison to £400k paid for Property X ---- i.e. The Rotten Apples who take out LIAR LOANS COMPARATIVELY INFECT "PRICES" of ALL PROPERTIES IN THE WHOLE LOCALITY/COUNTY/UK --

and so --- Net result of this FRAUD --- house "prices" go up 300-400%+ in 10 years. Bingo! [or not!]. Younger generation left holding the baby...

Edited by eric pebble

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If you find what you think is the right house, you need to check with the Land Registry to see what size mortgage was taken out. If it is bigger than the 185k the previous seller said he received, you need to contact the lender and let them have the facts ... did they know they were providing a mortgage over 100% .... were they told the purchase price was 185k ... or were they told it was 240k. The lender will hang the lot of them out to dry if they have been lied to.

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The lender will hang the lot of them out to dry if they have been lied to.

Doubt it -- they've been in this up to their necks for ages --- Milking the system for all it is -- lending ever larger "loans" knowing FULL WELL these were LIAR LOANS.....

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Just for interest I thought you may like to know how other companies get around this.

Instead of the original owner selling the property (and the middle company having to pay stamp duty and declare the price) they sign a blank Transfer to allow the middle company to sell the property on on their behalf.

Therefore the price that changed hands for the lower price is never actually declared.

Clever arent they

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Just for interest I thought you may like to know how other companies get around this.

Instead of the original owner selling the property (and the middle company having to pay stamp duty and declare the price) they sign a blank Transfer to allow the middle company to sell the property on on their behalf.

Therefore the price that changed hands for the lower price is never actually declared.

Clever arent they

How does that work?

Normally the buyer's solicitor acts on behalf of the buyer and the lender (with the buyer paying the lender's bill). This is widely done as a matter of convenience - to avoid having a 3rd solicitor in each sale (acting for the lender). And, lenders trust the solicitor to act on their behalf as well as the buyer's because they are professionals bound by the rules of the Law Society.

Normally when a house sale involving a mortgage is completed, the solicitor acting for the lender makes damn sure the lender's interests are protected by taking a charge against the property. The charge is recorded against the deeds. If the transfer document is blank, surely the property cannot be registered as having changed hands at the Land Registry. In which case the lender will have lent money to buy a property they technically don't own because the change of ownership has not been registered at the Land Registry. I can't see them going for it myself ... although I am intrigued to know why a number of new flats built a few years ago near me have never been sold according to the Land Registry.

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There is a direct loser - The Next Purchaser.

And any new purchasing neighbours are also direct losers because inflated local prices.

thats the housing market, the aim is always to fleace the next buyer, the greater fool.. The greater fool hasnt bought yet and therefore they cant defend themselves, when they have bought they made and agreed to an offer and they dont have any liability or reason to be agrieved as they agreed the price. If a bag of potatoes is selling for 200 quid, why buy it?

Currently there legally isnt anyone at a loss, and in the future the person at a loss will have thrown away there chance away by going through the buying proccess...

Edited by moosetea

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Doubt it -- they've been in this up to their necks for ages --- Milking the system for all it is -- lending ever larger "loans" knowing FULL WELL these were LIAR LOANS.....

No, I doubt they have been colluding in this. Sure happy to see house prices go up and loans get constantly bigger. But not daft enough to lend someone 210k to buy a 185k house they have been told changed hands for 240k.

Lenders have always taken mortgage fraud very seriously. It is them that is going to get burned.

Edited by Lets' get it right

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thats the housing market, the aim is always to fleace the next buyer, the greater fool.. The greater fool hasnt bought yet and therefore they cant defend themselves, when they have bought they made and agreed to an offer and they dont have any liability or reason to be agrieved as they agreed the price. If a bag of potatoes is selling for 200 quid, why buy it?

Currently there legally isnt anyone at a loss, and in the future the person at a loss will have thrown away there chance away by going through the buying proccess...

Ah well, if you put it like that, of course "no harm, no foul" then.

What a load of bulls***!

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  • 295 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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