G
Gallen
Guest
I would really appreciate any advice on this.
In 2006 two family members, who were solicitors, asked us to invest with them on two properties as they needed us to secure the loan as we have assets and a secure job. We were extremely reluctant but wanted to help them. We did on the understanding that it was short term and we would have no role with tenants.
We wanted to sell immmediately but was told to hold off and we trusted their professional judgement.
Since then relations between the pair have completely broken down both on a personal level and financially and we have had to completely take all responsibilty as landlords. One is paying towards the loan but everything re tenants, PTRB etc falls on us.
We feel there was a conflict of interest in them being our solicitors originally. They didnt look after their clients best interest here. Should they even be the solicitors if they are also the purchasers? Has the bank and its lending be in any way doubtful too? Major stress involved and inaction to now due to being a close family.
thank you.
In 2006 two family members, who were solicitors, asked us to invest with them on two properties as they needed us to secure the loan as we have assets and a secure job. We were extremely reluctant but wanted to help them. We did on the understanding that it was short term and we would have no role with tenants.
We wanted to sell immmediately but was told to hold off and we trusted their professional judgement.
Since then relations between the pair have completely broken down both on a personal level and financially and we have had to completely take all responsibilty as landlords. One is paying towards the loan but everything re tenants, PTRB etc falls on us.
We feel there was a conflict of interest in them being our solicitors originally. They didnt look after their clients best interest here. Should they even be the solicitors if they are also the purchasers? Has the bank and its lending be in any way doubtful too? Major stress involved and inaction to now due to being a close family.
thank you.