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Harris7
November 10, 2009
Misinformed
I invested through NE residentials in order to boost my pension, as i had returned to work late, having looked after my children for many years. I chose them as they offered the chance to buy low-priced housing (in the south, where I live, this is impossible to find) so that i could rent it out, then sell when i retired, gaining capital, or continue to let out, gaining an income. As i wanted this to be as trouble free as possible, i went to NE Residential as they offered 'buy and rent backs'. effectively, this was a scheme whereby homeowners sold their property, but continued to live in it, usually asking to stay 5-10 years. This scenario fitted my requirements perfectly. However, on this particular property, the tenants were not wanting to stay, a fact of which I was unaware. Not only that, before buying the property, i had asked what would happen in the event of tenants leaving or dying. i was told that as the house in question was in Durham, i would have no difficulty in re-letting it, as it is a university town, and has a lot of industry. I was also ttold that it was in a good area. i now discover that none of this is true, as my letting agent has been unable to let it. they have approached the university, the council and private tenants, to no avail. i am now in the position of having an unlettable house, having to pay the mortgage myself for the forseeable future. this also means that it is unlikely that I will be able to buy a home for myself, so i am forced to 'camp out ' in friends' houses. NE Residential are refusing to repay my deposit, or cover the mortgage until a tenant is found. i feel that they should be doing thi, as I feel that i was misinformed, and that the property was mis-sold to me, not fulfilling my specifications.
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