Flex Posted February 4, 2015 Share Posted February 4, 2015 So I've been speaking to a company that has bought the shared equity within my house from the builders who originally owned it (10%). They've offered me the chance to buy back at a reduced rate (they obviously paid less for it and are making a profit). Problem is I've got to transfer the money to an account which is a 'clearing account'. I spoke to the FCA who said be careful incase it's a scam as sometimes people clone the same business (websites etc) and masquerade as them. I spoke to solicitor who's said be careful and we cant help you I spoke to the builders and they said it's all above board interms of who has contacted me. I've checked out the company at companies house and the one in Jersey and they exist but no one, including my bank can tell me the account I'm transferring to is legit. Anyone got any ideas to safe guard myself? Quote Link to comment Share on other sites More sharing options...
brillomaster Posted February 4, 2015 Share Posted February 4, 2015 surely there's more to house ownership than just transferring some money? i'd expect solicitors to be involved, contracts and title deeds to be seen to and signed, and things like that - money only comes right at the end of the process once everything else is agreed, so the fact that they've already mentioned account does seems somewhat suspicious. Quote Link to comment Share on other sites More sharing options...
Flex Posted February 4, 2015 Author Share Posted February 4, 2015 surely there's more to house ownership than just transferring some money? i'd expect solicitors to be involved, contracts and title deeds to be seen to and signed, and things like that - money only comes right at the end of the process once everything else is agreed, so the fact that they've already mentioned account does seems somewhat suspicious. I'm sure when you buy a house you pay first then deeds are signed. The company have a second mortgage charge on my house, I've checked my deeds from land registry. Why would they sign over their property/investment without payment? Quote Link to comment Share on other sites More sharing options...
brillomaster Posted February 4, 2015 Share Posted February 4, 2015 eh? first you've got to get all your surveys done, get a contract drawn up and signed by both parties, then you've got to set a completion date, and then once all that's done the bank releases the funds for the mortgage and you get the keys. payment is the last thing that happens, not the first? but either way, id expect to do all of this through a solicitor, but the one you spoke to said they can't help?! speak to another one! 1 Quote Link to comment Share on other sites More sharing options...
Bockaaarck Posted February 4, 2015 Share Posted February 4, 2015 Sounds dodgy Flex, definitely speak to a solicitor Quote Link to comment Share on other sites More sharing options...
ekallus Posted February 4, 2015 Share Posted February 4, 2015 He's not moving house. He just wants to buy back the 10% equity that was originally held by the builders, but now assigned to another party. I think? Quote Link to comment Share on other sites More sharing options...
Fodder Posted February 4, 2015 Share Posted February 4, 2015 Sounds dodgy Flex, definitely speak to a solicitor He already has..... I'd speak to sarnie for advice, to me it almost sounds better to loop it into a mortgage so it has to go through the process and has some measure of security?! Sounds really dodgy but that said it doesn't sound much different from a normal business transaction does it? Receive an invoice and transfer a payment to an account but you would normally have a contract in place 1 Quote Link to comment Share on other sites More sharing options...
Ekona Posted February 4, 2015 Share Posted February 4, 2015 Tell them to get stuffed, unless you can pay it directly into their standard account in mainland UK. If they want the money, they'll go for it. I don't know what sum of money we're talking about here, but I wouldn't chance what you're doing without seeing some proper paperwork first. Assuming you have a mortgage (do you?), the mortgage co will also likely want to know about this as well and should be able to offer advice. 1 Quote Link to comment Share on other sites More sharing options...
HaydnH Posted February 4, 2015 Share Posted February 4, 2015 What do the papers drawn up when you bought the house say? That you only own 90% of it? Quote Link to comment Share on other sites More sharing options...
Flex Posted February 4, 2015 Author Share Posted February 4, 2015 What do the papers drawn up when you bought the house say? That you only own 90% of it? Yes, builders owned 10% now they've sold it to another company. Quote Link to comment Share on other sites More sharing options...
Randy_Baton Posted February 4, 2015 Share Posted February 4, 2015 I'd stick a post up on MSE (moneysaving expert) in the mortgage section. Plenty of really knowledgeable people on there 1 Quote Link to comment Share on other sites More sharing options...
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