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Ash, Solicitor
Category: Law
Satisfied Customers: 10916
Experience:  Solicitor with 5+ years experience
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My parents were victim of mortgage fraud in 2007 this was successfully

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My parents were victim of mortgage fraud in 2007 this was successfully defended and the property was put back in their name. The fraud was perpetrated by their son in law who also made numerous debts in their name. My parents are 63 and 68 they have lived in their home for over 30 years. They are faced with having to work into retirement due to damage caused by the son in law. The property value is 340k. Due to do many debts they were incorrectly advised on a home reversion where upon they received 125k to clear all debts and after three years they would have to leave the home and be given 55k. My fathers health is very critical and they now have nowhere to go after these 3 years they were supposed to retire to Portugal yet my father can no longer travel.
I have concerns regarding the agreement upon being told a home reversion is supposed to run for their lifetime not three years.
Are they able to give back the deposit plus any expenses that the buyers incurred and withdraw from the contract that was signed two years ago? It was sold to a real estate company. Or will they be sued for breach of contract and do they have any legal options? We are willing to pay compensation to save our family home. My parents live with my disabled sister who is 26. I would be grateful for any help.
I have contacted equity release council they have investigated and stated that this was a delayed completion sale not home reversion.
I was told this was home reversion and we never met with any solicitors and due to my medical condition I don't think I was competent to decide on such an important matter
I understood that for three years they would be unable to leave and when they eventually retired they would get the remaining £55,000 not that they would then have to leave the property.
We never met the solicitor as this was all arranged by the buyer and introducers.
Two men visited the flat for 5 minutes than left and threatened to pull out if we didn't comply with their demands.

Thank you for your question. My name is XXXXX XXXXX I will try to help with this.

How can I help with this please?
Customer: replied 3 years ago.
The possibility of being able to void the contract or vacate the £55,000 to award them more time in their home is this possible?
I'm not sure this is my area so I will opt out for others.
Customer: replied 3 years ago.
Ok when will someone contact me
Hello my name is XXXXX XXXXX I will help you with this. Please note that I am a working Solicitor and may be on and offline as I have to attend Court and meet with clients, even at weekends. As such you may not get an instant response when you reply as this is not an ‘on demand’ live service, but rest assured I will be giving your question my immediate attention upon return. There is no need to wait here, you will get an email when I reply.

Is there a termination clause please?

Customer: replied 3 years ago.
I have checked the contract and it contains no termination clause. The property is a in a block of flats there is nothing unique to it as there are many like my parents property.
Does the contract say it is 3 years or lifetime please?

Customer: replied 3 years ago.
3 years to pay £55,000
Customer: replied 3 years ago.
We are desperate and willing to pay any compensation they can still have the property but my parents need more time due to unforeseen circumstances. We will give up the £55,000 they will be getting a 280,000 valued property for less than half price.
Customer: replied 3 years ago.
I just think my parents were never spoken to or given appropriate legal advice and the contract wasn't properly explained they have already been through so much
Yes but please do not keep posting as it drops off my list.

Did they have chance to read the document before they signed it?


Customer: replied 3 years ago.
I read through it briefly they couldn't due to them being Portuguese and not understanding English spoken or written very well
Did you not read it to them?

Did they ask for it to be translated into another language?

Customer: replied 3 years ago.
No as I explained it was a hone reversion which upon further inspection it isn't
When was this signed please?

Customer: replied 3 years ago.
November 2011 and now I realised they get the money of 55,000 in December but they also have to leave and they are in no position to leave
Its bad news I am afraid.

On the basis they could have taken it away to have it explained to them by translation, sought legal advice, had you look at the agreement and you could have explained it to them - I am sorry to say you would really struggle.

Also because this was signed in November 2011 and here we are in June 2014. If you had complained in 2011 then you may have had a chance, but on the basis you have waited so long as well, I don't think you would be successful.

I am sorry if this is not the answer you are looking for and certainly not the one you want, but I have a duty to be honest.

Can I clarify anything for you about this today please?


Customer: replied 3 years ago.
Would I be able to contact them directly to explain our circumstances? And hope they could help us. What happens if we decline to proceed with the sale would they sue for damages? The reason it has also taken so long is due to my son dying on Christmas Day 2011 and I haven't been able to manage everything I know this is more than what you expected to hear but we are in such a terrifying situation and if we are offering to honour there deposit and compensation and still give the house they would be making more than triple times what the property is worth.
You can try and contact direct but they may not speak to you unless your parents have given authority.

Sadly the illness makes no difference, its still over 2 years since it was signed.

I am sorry.

They can try and go to the Ombudsman of course, but there is no guarantee there.

Can I clarify anything else for you?


Customer: replied 3 years ago.
What happens if we refuse to complete? Is it possible you are in a position to assist legally as our solicitor?
Sadly I can't as it is against site rules.

They could potentially seek an Order for sale.


Customer: replied 3 years ago.
What is an order of sale?would it have to go to court and would a judge leave my pensioner parents in such a vulnerable homeless position given this was a very bad transaction
Yes it would have to go to Court.

Sadly you are stuck with the position, there is a signed contract, it was agreed it. It is legally binding.

I am very sorry its not better news.


Ash, Solicitor
Category: Law
Satisfied Customers: 10916
Experience: Solicitor with 5+ years experience
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