Singing Pig

Info on TIC going bust.

HI they have gone bust and BGV are trying to get customers from TIC the same deal - not sure if genuine.

 

However TIC Management are all now board members of MOSAID GROUP.  See this... http://www.mosaid.co.uk/aboutus.html the same people.  Talk about scamming!!!

 

 

Yes, I have also been duped into purchasing an overpriced property. The value of one I bought in leicester valued at 165k has plummeted to 110k in 2 years and the rental inc is far lower than prediicted. I am subsidising this one to the tune of 300 pw.

Ebayer:

Info on TIC going bust.

HI they have gone bust and BGV are trying to get customers from TIC the same deal - not sure if genuine.

 

However TIC Management are all now board members of MOSAID GROUP.  See this... http://www.mosaid.co.uk/aboutus.html the same people.  Talk about scamming!!!

 

 

I love it - go to the home page ( http://www.mosaid.co.uk/index.html ) and click the legal disclaimer at the bottom of the page - page not found!

BTW - might be of intrest:

 

 -->

    Domain name:
        mosaid.co.uk

    Registrant:
        Zulfikar Mohammed

    Registrant type:
        UK Individual

    Registrant's address:
        58
        York Road
        Maidenhead
        SL6 1SJ
        GB

    Registrar:
        1 & 1 Internet AG [Tag = SCHLUND]
        URL: http://registrar.1und1.info

    Relevant dates:
        Registered on: 17-Jan-2008
        Renewal date:  17-Jan-2010 
 
Looking through who is with the new company Joe McTaggart is a name from TIC days (Sales Director) 

I'm so glad we're not alone. My wife and I had some savings and looked to invest in property. We were sucked in by all of TIC's sweet promises. We currently have 2 porperties, one of which is valued way less than our discounted price, the other is holding it's own. Both of which are rented and bringing in about £200 pm under the mortgage amounts (only because we were forced to put huge amounts of extra money into one of them to shore up the shortfall when the credit crunch began to bite and lenders insisted on more equity).

Now we're in contact with BGV (sort of - as they don't answer many emails or phone calls). We exchanged last year on a property and now BGV are trying to complete it - ha ha! We have a mortgage in place (Finance and solicitors in place by BGV), but now we have a letter from Key2LAw acting on behalf of R&B Property (BGV or TIC by any other name, but legally split from them for purposes that are all too apparent) saying that we have broken our contract and that we owe them the balance of the 10% deposit (we only paid 2% plus £5000 finders fees to TIC) plus £3500 costs (and couting). We are trying to complete the deal on one hand, but on the other are being sued as if we were not. I really don't know what to do. One of the other people mentioned trying to go to the Developer direct to comlpete, so we might look into this, but what does everyone else think we should do. Should we sit tight and wait and see what happens - likely outcome is that both BGV and R&P Property will go bust. In which case where does our liability on the contract we've signed for this property lie? Like many others, we've lost thousands, are losing sleep, but we've not lost all hope of getting back on an even keel - if we can only put to bed the one property that is still ongoing?

 

Any advice would be greatly appreciated.

 

Bryce , so glad to read your story. I'm in exactly same position having exchanged earlier this year. Got same letter from Key 2 Law , tho they tell me now it was sent out by mistake. BGV insisting i complete but  i don't have extra funds to make up a now big deposit .  They have mortgage warehouse trying to sort suitable mortgage for me but if it does go ahead i can't afford to top up every month now that rental is going to be much lower than i thought. Have you been able to contact developer as i have just read this and it is my next attempt out of this unbelievable mess. Can't believe i signed such a vague contract as i am not new to the property game myself. Surely we must have some comeback now that TIC are out of picture? HELP!

Hi Madelle, I have had the same kind of issues with TIC also and was slowly losing the will to live.  I experienced problem after problem and I had a feeling something was about to go drastically wrong.  From the beginning, I was offered a plot on Amersall road (Donacaster) and had my mortgage arranged and then refused about five times!  I have lost about £1000 in mortgage fees because of their poor decisions and lack of business strategy on a management level. I also changed solicitors and mortgage brokers four times and I finally lost my temper and gave them a considerable amount of stick everyday until I got what I wanted.  They called me a few weeks before I was due to complete on Amersall Rd and said that TIC had gone into liquidation due to their financial problems.  They sacked my portfolio manager and a down sized the company to a team of approximately five people.  A few weeks later, trading under the name of BGV, they informed me that developer had decided to take the property off the market with no reasonable explaination. Due to this, they offered me another property in Doncaster for £140k and I told them that I had a budget of £105k and that I did not have the extra funds.  They tried to force me to come up with an extra £15k and I told them to f**k off!  They knew they were in the wrong and I gave them hell.  I arranged my own mortgage which they at first refused but I told them it was the only way as they were useless.  I had the mortgage arranged and finally arrived at completion.  It was at this point BGV tried to con another £15k as they explained that due to the market situation they had made losses?  This was ludicrous- Why should I pay for them when they had taken so long to complete on my original purchase and I was the only one making losses.  If I had completed on time with Amersall road, I would actually have been £10 rental positive. However, due to their negligence and stupidity, I have now completed on property that demands an extra £450 to bridge the mortgage payments!  When BGV asked me for an extra £15k, I told them that I would pull out as I had had enough as you can imagine.  From my experiences, I have decided to do my own homework and due dilligence when buying my next property.  They were more of a hinderance than help and I feel that if you want something done, then do it yourself. TIC was in huge financial trouble in terms of its accounts and money owing to the tax man and I think the MD decided to take the smart route and close it down to escape paying outstanding debts etc.  He may have re-opened as BGV and has conveniently forgotten to honour TIC members unfortunately.  If you have any questions then please get in touch.  Thanks Ali    

Hi, sorry to hear of your bad experiences with TIC.  As for bankruptcy, have you tried the "Debt Doctor?"  They are very helpful I am told.

 Kind Regards

 

Ali