Hello, I'm a novice at property investing and new to this board (hope I've posted this in the right place). I require advice about getting my arrangement fees refunded from of these Property Investment Clubs.
An acquaintance at work introduced me to a property club and passed my details to them. This was to be my first BTL investment.
They contacted me and offered me a City Centre Apartment. They gave me : a valuation figure (which later turned out to be way too high), a specification and sq footage (which was not correct and it was really smaller and less than described), they said it had a long term corporate tenant (there was actually a private tenant who was leaving in a couple of months), and a high rental income (when actually it was significantly lower).
They pressured me into paying the £9.5k arrangement fee and signing all paperwork before I could properly investigate the property. After the survey and my investigations I found all of the above inaccuracies and I was going to get a far lesser property than I was paying for. I told them I did not want to proceed.
In the paperwork that I signed, it said that all fees paid were non-refundable. They quoted their Terms to me and said that all fees were non-refundable. So I could not get my money back.
Any advice as to how I can go about getting my money back, as this isn't fair, the property they described wasn't actaully what I was buying. Mind you, they were very careful to verbally make most of these descriptions and not put much down in writing. And they sounded so nice and sincere ... I feel so foolish , I was duped.
Anyone has any advice as to how I can get out of this and get my money back ? Can they legally keep my money even if I signed their Terms and Conditions which says it's non-refundable but they aren't honest with their descriptions.
Any advice please.
Thanks. Hat.