Mr XXX,

What can i say..... Spot on!

Screwedbywimpy... Seriously, i hope this is a joke as you cannot expect sympathy. I'm sure Wimpey would describe a completely different story, and not be at a financial loss from you agreeing to buy the property and then not EVER being able to afford it.

One must wonder why you would even be looking at a property if you have no deposit?

Shanks

Ok second attempt at reply!!

Sorry to here about your problems and I hope you get them sorted out. Unfortunatley I cannot offer you any real advise that would help with your situation. We bought a wimpey recently and it has to have been the worst descision of my life, buying a home from wimpey is not something I would recommend to anyone. Not only was the customer service we very experienced poor but so the quality of there homes.

If you cant get anywhere with solicitors or the FSA try going to the press. Also have you been in contact with citizens advise. They couldnt do anything to help us but they might be able to help you out. Also your solicitor may be liable for not correctly advising you of the risks, you should contact the Law Society.

I wish you all the best of luck!!

I didn't say you never deserve to make any money or own a property, I just pointed out a few facts and I'm sure if you took a step back you may realise this was partly your fault for not taking proper advice, overstretching yourself financially or not doing any basic research. Property like any other asset obviously can go up or down why do you need a "exchange bond" to tell you that. You should not have agreed to purchase the property if you could not afford it and being a teacher I'm sure you would have qualified for a government assisted homebuy scheme or something similar which would have got you on the housing ladder.

Well that was a helpful post. Yeah, Im a greedy selfish teacher and I never deserve to make any money or own a property. I should go bankrupt and then kill myself.

You have simply been naive at best or stupid/greedy at worst. As a teacher I would imagine you have a bit of common sense, did alarm bells not start ringing when you were told by a salesperson you can buy a "£300,000 property for £250,000, not put a penny down as deposit and end up with £20,000 in your back pocket"!!. Did you not compare the price of other new build properties in the area and did you not think to see what you could borrow on a mortgage before committing to such a large purchase. Why did you exchange contracts knowing you had not got a mortgage in place?. Whilst I have a certain amount of sympathy I suspect you just thought " this sounds like an easy way to make money, I put no deposit down, receive £20k from the builder and if house prices rise I sell for a big fat profit". Whilst I think you make have fallen for some salesperson's bull**** you have only yourself to blame for not doing enough research or taking independent legal/financial advice before committing to the purchase.

I went to see george wimpey that I was a teacher and wanted to buy a flat but had no deposit.

The sales assistant at the time told me the flats were being sold for 300k each to which I responded there was no way I could afford to buy one.

She then explained to me that she could give me 15 percent off making the price just 250k avoiding the expensive stamp duty, I then carried on and insisted that I had no deposit how could I buy this flat?

She then told me that the bank would value the flat at 300k on its completion and lend me up to 90 percent of this so that I would get 280k which I could give 250k to george wimpey and keep the rest.

I said I would think about it after which she continued to call me every single day harassing me asking me why I wouldn't want to have 20k in my pocket for free. In the end I agreed and gave her my credit card details which she took 2500 on.

Within a week she phoned me and said that if I didn't give her a further 10 percent that I would lose my 2500. At this point I told her that I never had that money and had only agreed to buy based on the fact I had no money. She said I needed to put 10 percent more down and legally exchange contracts. After she realised I didn't have the ten percent she offered me exchange bond and said don't worry this is an insurance policy so we can carry on.

I filled out all of the forms, and duly exchanged not realising what I was committing to. The solicitors I used, silvers, now silvers arch did not tell me of the liabilities that could arise from this exchange bond.

6 months later Rene had left the site and I was receiving more calls from george wimpey asking me if I had a mortgage. I told them that I never had one and then they asked me about the deposit. To which I responded that I had no deposit and told them what rene had told me. To this they responded that I could not borrow that much and that they had never even sold and of the flats there for 300k in the history of the site (even though this was my contract price). They told me I had better find a deposit and fast, and that if I didn't then they would draw down on their bond and bankrupt me for their loss of income.

At first I didn't understand what they were talking about and then later I felt very cheated, george wimpey had lured me by inflating their sales price 15 percent, made me formally exchange by threatening to make me lose my deposit if I didn't. Failed to explain the complexities of ebond and and if I didn't buy they would come after me for 25k and then bankrupt me.

As a teacher working for very little pay, this will ruin me, george wimpey have been completely ruthless since they got the bond in their hands.

Having spoken to experts on this matter they have stated that:

1) George wimpey misrepresented the sale by inflating their sales price and the rental values then discounting them to still unrealistic levels in order to lure me in as a buyer, apparently this is a tactic they regularly use. I thought I was getting 15 percent off when in reality I wasn't getting anything off, it was on this basis that I got involved. I was unable to do any due diligence because you cannot have a survey or valuation done or even get a mortgage for a flat that is almost a year away from being built so was very vulnerable.
2) George wimpey explained to me how I could buy the flat with no money because it was worth 15 percent more then I was buying it for. They now deny they said this and that it is mortgage fraud.
3) George wimpey knew full well that I could NOT complete especially as I had been very open that I had no deposit, yet still made me sign the ebond, this was so that they could conspire against the bond company and receive 10 percent of the value of their sale even if I didn't buy.

George wimpey at altius has acted fraudelently in many ways:

1) By misrepresenting the sale
2) By making me take out the exchange bond, knowing full well I could not buy the flat, their intention was to defraud the exchange bond company all along by using me as a pawn.

I have also contacted the fsa, as;
1) Exchange bond never advised me I could be liable for 25k in the event I didn't buy the property
2) Exchange bond never told me that the value of the property may go up or down or might now be worth what george wimpey said it was
3) Exchange bond never advised me of the fact I might not be able to finance the property or of any of the pitfalls

I am now forming a lobby of innocent people who have fallen victims to this type of scam and have found george wimpey to be perpetrating this on a very large scale. Can anyone else who has been done by this scam please contact me via this thread?

Can anyone out there help me?