CASE STUDIES
Read a selection of our case studies.
The main points to note from the letter received from the FCA.
- ‘Resolving the cladding and other fire safety issues is a wider public policy issue, primarily for the Government rather than one that can be tackled through our regulation’.
- ‘However we do not have evidence that this building safety situation on mortgages constitutes a market failure’.
FCA Letter – Page 1
FCA Letter – Page 2
FCA Letter – Page 3
Research & Analysis
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“Mr X took out a 10-year mortgage in 2008 with Mortgage Express for a Barratt new build property in Chelmsford. In 2018 the mortgage expired, and they found themselves trapped with a property they are unable to re-mortgage and unable to sell.
Mortgage Express was bailed out by the Government and became UKAR. the UKAR policy was to clear the books and they did not agree to a mortgage extension and Mortgage Express went ahead with repossession of the property. Due to not having been issued with the newly introduced building safety certificate (EWS1) the RICS and Estate Agents were guessing the valuations of these properties. This encouragd cash buyers to exploit the vulnerable situation, in some cases selling for £100,000 to £180,000 less than the property was bought for, let alone what it should be worth.
UKAR put the property up for sale at £175,000 in 2022 when Mr X had paid £308,000 in good faith for the apartment in 2008.
Mr X would have been entitled to more protection and recourse buying a faulty television than purchasing a leasehold flat in the UK!
No support, No protection, No way out of a never ending nightmare that continues for seven years…………
Ask the question….What would you do?
This is undeniable market failure on a huge scale! A cover up… a scandal.. a disgrace”
Marketing & Sales
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Accounting Management
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Operational Optimization
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