How JustAnswer Works:

  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.

Ask Alex J. Your Own Question

Alex J.
Alex J., Solicitor
Category: Law
Satisfied Customers: 3557
Experience:  Solicitors 2 years plus PQE
13113900
Type Your Law Question Here...
Alex J. is online now

ra-ms

Customer Question

in 2008 i bought a property in Hungary using an introductory estate agency in the UK. the agency said the price i was paying was 30% below the market value and i paid 235,000euros. the property has always been problematical because the rental does not cover the mortgage payments, even though the agency said it would be cash positive. the property is now worth only 105,000euros. the agency introduced a bank who require that i repay the original loan amount so i have a deficit of approximately 130,000euros which i must make up from my own capital (the debt increased because of currency fluctuations). do i have any recourse against the introducing agency? the bank is threatening to send me bankrupt, what is my best recourse.
Submitted: 4 years ago.
Category: Law
Expert:  Alex J. replied 4 years ago.
Hi

Thank you for your question.

Did the agency approach you? Who were the sellers of the property?

Kind regards

AJ
Customer: replied 4 years ago.


the agency approached me regarding the availability of this property as part of a development called Karyoli Gardens, which was being completed by a Hungarian developer of their acquaintance, who were the vendors of the property

Expert:  Alex J. replied 4 years ago.
Hi,

Thank you.

DId they provide you with any literature guaranteeing these returns?

Did you pay them a fee?

Kind regards

AJ
Customer: replied 4 years ago.


i have an Executive Summary from the agency (Choices) where they write: 18% Below Market Value, 8-9% rental estimation, Capital appreciation Year 1 - 15% Year 2 - 12%. they always said verbally these properties were 30% below Market Value


 


i paid Choices a fee of about £10k for their introduction


regards


Alan

Expert:  Alex J. replied 4 years ago.
Hi,

Thank you.

You could potentially have the following claims against them:
1. Misrepresentation;
2. If you paid them a retainer a claim for damages for breach of the implied term to use reasonable care and skill when providing a service under the Sales of Goods Act 1982.

Did you sign a retainer or any terms and conditions? Do you know exactly what your total loss is?

Kind regards

AJ

What Customers are Saying:

 
 
 
  • Thank you so much for your help. Your answers were really useful and came back so quickly. Great! Maggie
< Previous | Next >
  • Thank you so much for your help. Your answers were really useful and came back so quickly. Great! Maggie
  • A quick response, a succinct and helpful answer in simple English. I believe I can now confront the counter party with confidence -- worth the 30 bucks! Rick
  • Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help. Mary C.
  • This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!! Alex
  • Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult. GP
  • I couldn't be more satisfied! This is the site I will always come to when I need a second opinion. Justin
  • Just let me say that this encounter has been entirely professional and most helpful. I liked that I could ask additional questions and get answered in a very short turn around. Esther
 
 
 

Meet The Experts:

 
 
 
  • Jo C.

    Jo C.

    Barrister

    Satisfied Customers:

    30316
    Over 5 years in practice
< Previous | Next >
  • http://ww2.justanswer.com/uploads/EM/emus/2015-7-7_192327_bigstockportraitofconfidentfemale.64x64.jpg Jo C.'s Avatar

    Jo C.

    Barrister

    Satisfied Customers:

    30316
    Over 5 years in practice
  • http://ww2.justanswer.com/uploads/BE/benjones/2015-12-1_0437_ennew.64x64.jpg Ben Jones's Avatar

    Ben Jones

    UK Lawyer

    Satisfied Customers:

    11553
    Qualified Solicitor - Please start your question with 'For Ben Jones'
  • http://ww2.justanswer.com/uploads/BU/Buachaill/2012-5-25_211156_barrister5.64x64.jpg Buachaill's Avatar

    Buachaill

    Barrister

    Satisfied Customers:

    1754
    Barrister 17 years experience
  • http://ww2.justanswer.com/uploads/JO/jojobi/2013-3-19_0265_maxlowryphoto.64x64.jpg Max Lowry's Avatar

    Max Lowry

    Advocate

    Satisfied Customers:

    894
    LLB, 10 years post qualification experience
  • http://ww2.justanswer.com/uploads/UK/UKLawyer/2012-4-12_9849_F2.64x64.jpg UK_Lawyer's Avatar

    UK_Lawyer

    Solicitor

    Satisfied Customers:

    750
    I am a qualified solicitor and an expert in UK law.
  • http://ww2.justanswer.com/uploads/KA/Kasare/kasare.64x64.jpg Kasare's Avatar

    Kasare

    Solicitor

    Satisfied Customers:

    402
    Solicitor, 10 yrs plus experience in civil litigation, employment and family law
  • http://ww2.justanswer.com/uploads/OS/osh/2015-7-7_19268_gettyimagesb.64x64.jpg Joshua's Avatar

    Joshua

    Lawyer

    Satisfied Customers:

    8199
    LL.B (Hons), Higher Prof. Dip. Law & Practice