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UK Buy to Let Investors Face Legal Actions

E1 BTL Finance
UK Buy to Let Investors Face Legal Actions - UK - United Kingdom - Real Estate Investor - Property Legal


It has become known that a large number of British buy to let landlords, who have purchased houses and apartments from developers at the peak of house prices have now faced legal actions as they sought to renege on already completed deals.



Let us remind that new-builds such as houses and flats used to be extremely popular with buy to let investors in 2007; however, in the course of the last years, these properties have lost as much as 40% of their value and those investors, who have paid a 10% deposit for the new-built properties are now desperately trying to find financing in order to keep up the repayments.
Others believe they have a right to withdraw from the deal. Head of residential property department to a law company, Wedlake Bell, Mr. Jeremy Raj, says that although many buy to let investors are ready to sacrifice their deposits in order to cancel the purchase deal, they have no legal right to do so. All buyers who have exchanged contracts are obliged to complete the transaction.

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