Singing Pig

Hi David and All

I have just joint this forum today for this very purpose. I also received a letter last week (which for me ruined my sons 2nd birthday) from Key2Law which left me in a right state. I have just put together a letter asking why there had been know contact before the solicitors were bought in? But by the sound of it they are trying it on.

 I would be happy to join any effort to stop this my mobile is 07507 896 158 (Mark). As i understand it they can ask you for 10% if you do not complete but in my case (Bayside Cardiff) i'm not due to complete until December which makes no sense.

 So what are people doing replying to the letter or sitting it out? The last thing i heard from TIC back in April was wait for your mortgage offer and the solicitors they were using changed so often i don't feel i can even ask anyone there.

MC ESSEX 

All,

I have spoken to Michael Cho at Key2Law and Michelle at BGV. As far as I'm concerned this is now sorted and my situation is confirmed in writing however I would suggest that you make contact by phone (follow up by email) and have your documentation ready as each persons case will be individual.

By the way - if you don't complete they can ask for more than 10% and the law is not on your side if you walk away between exchange and completion. TIC's case might be different given change of company, structure of deals etc but take advice.

BVG can be contacted on 020 751 82900

Hi,

I have also been done in by TIC.

Hello My name is Lesley Palmer from Palmers Solicitors. I came across this site when I was looking up something on behalf of a client I am acting for in respect of TIC. I am acting for that client with regard to what action he can take and as TIC have gone into liquidation the main party that we are looking at is TIC Legal or PI Legal Services as they became in about July last year.

 My firm specialises in Legal conveyancing negligence aand has considerable experience from the last property slump when there was a lot of similar litigation. From the evidence I have seen so far my client has a good claim against the Solicitors in respect of the two properties where he exchanged contracts but had not completed before everything collapsed. This is due to inadequate/negligent advice from the solicitors as to the risks involved (exchanging on a contract without a mortgage offer is very very unusual and highly risky as has been shown here).

 Obviously I cannot say whether any of you have good claim or not but it is something you should think about. The benefit of suing the solicitors is that they will have Legal indemnity insurance so if they are found liable you will get paid - whether the firm ceases to trade or goes into liquidation or the partners become bankrupt.

Suing the solicitors will only go so far as it will probably not help those of you who were sold properties at a "discount" where it has completed and you are struggling with inadequate rental income, or those where you have paid fees to TIC but now have no properties to buy in return but it should help the worst position which is where you have exchanged.

I would be happy to talk to anyone who is interested (initially at no charge). As mentioned I already have one initial claim raised with PI Legal and I have reported them to the Solicitors Regulatory Authority as possibly being in major breach of the Solicitors rules in respect of their conduct in this matter.

 I am acting on a conditional fee basis which means that if I consider the claim is a good one then you do not have to pay upfront (or at all generally) if that aspect worries people - there is a great deal more complicated stuff on fees and insurance but I am not going to spout it on here but can explain in more detail if anyone is interested.

Hi.

I would really be interested in the lobby/legal advice as I too signed up as a TIC client last year.

I completed on one property which was OK however have exchanged on two others, both of which I no longer have the funds to complete on as the goal posts have changed so much.

I received a call from BGC informing me they would honour the TIC deal.  They put me in touch with one of their mortgage brokers however the 75% scheme was withdrawn and now only a 70% scheme is available. 

Over the past couple of days, I have received letters from Key2Law demanding the 10% deposits on both the properties.

I was literally about to instruct my solicitor to look into this for me to see what the get out is.  The money paid to TIC is long gone however I now want to avoid putting good money (which I dont have) after bad to get this to go away.

Any help or advice desperately appreciated.

Leslie

How do I reach you?  I think you have just got yourself another client.

Simon

Hi

I am in a similar situation, BGV can not be trusted they are working on behalf of the holding company (R&B).

Discounts as promised from TIC are now being offered as a loan underwriten by R&B, if they go out of business then you are liable to pay the discount back as well.

Steve

I think the situation is that BGV are restructuring deals tocompensate for the change in gifted deposits (this is across the board andimposed by lenders) For example if you've a  15% gifted most lenders willonly allow 5% since the 'crunch', hence the proposal would probably be held bya third party (for example in escrow). 

This was how it was explained by my Convancers.Where did 'loan' come from? 

BGV have always been part of R&B.