[wraymond]

Same old story yet again. On BBC news online today the Competition & Markets Authority (there’s grand for you) is about to mount an investigation into property sales of new houses where buyers were allegedly mislead by developers. Or, at least, not given salient facts.

They never told them the new houses they were ‘buying’ were leasehold (not freehold) and the 10 year ground rent review clauses could result in the rent doubling. They are now unsalable.

So, when banking and money is the root it gets hackles raised a bit, especially where solicitors are concerned (they should have discussed it with their clients at contract stage). Suddenly, in the case of flooding, on previously designated flood plains, nothing poses a question?

Footnote: At the bottom of my road, about 30' lower than ours before you ask, there has been a development of about 20 detached houses built and sold. They all had a huge ‘ FOR SALE’ and then ‘SOLD’ sign on them but of course no outward mention that they were leased.

It’s just not good enough to say let the buyer beware. I was forbidden by law to sell pensions or mortgages or investments without full disclosure. I was in a senior management grade with over 20 years experience but every proposal I took had to be vetted and countersigned by H/O compliance staff.