Tuesday, September 8, 2009
But, but … it’s not gone up 10%!
Oh dear, fingers burned. Buy to let investors who bought off plan a couple of years ago are horrified to discover that they had signed contracts. These pesky bits of paper did not entitle them to guaranteed carpet bagging profits through brilliant investment insight, but have obliged them to buy properties worth less than the face value at the time, let alone what was expected. After a series of judgments, it seems that the courts can enforce these contracts and, without funding in place from tricky to find BTL mortgages, the would be BTLers face debt action.