London: being put under pressure by the Investment company to sell at a loss.

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Brookner

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Hi,

I have invested in an overseas apartment with a number of other private investors.

However, with the credit crunch, the value of the property has dropped and the I am now being put under pressure by the Investment company to sell at a loss.

This involves the proposed sale of all the units to the council in a so called specially negotiated deal.

I have insisted that I want to close as normal on my apartment and wait for the price to rise before selling on.

The investment company has said that they will sell the units to the council 'with or without me'.

My question is: Is this legal?

Thanks in advance for your responses.
 
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This only came to light yesterday evening, I haven't gone through the contract or taken legal advice yet. I beleive that they have some investors who have a number of units and can't close on them!
 
Its all about the contract. Perhaps its a good time to read it, and common sense will tell you if they can do it or not
Dont be afraid of real estate contracts they arent rocket science. If theres a clause in there that they can sell this on without your consent then its legal, if there isnt its not...
 
If you own your own property yourself and it is in your name directly, and you report to the Tax man on your own account on your property, I doubt very much if you have to play follow the leader. Saying that you will have to read the Contract, Prospectus of the fund etc. Bear in mind if the Council are buying up a large chunk of these, your upside may be somewhat limited, and the London market as with the rest of the UK is knackered.
 
Brookner said:
Hi,

I have invested in an overseas apartment with a number of other private investors.

However, with the credit crunch, the value of the property has dropped and the I am now being put under pressure by the Investment company to sell at a loss.

This involves the proposed sale of all the units to the council in a so called specially negotiated deal.

I have insisted that I want to close as normal on my apartment and wait for the price to rise before selling on.

The investment company has said that they will sell the units to the council 'with or without me'.

My question is: Is this legal?

Thanks in advance for your responses.
Click to expand...

Name and shame for a start.
 
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