Book to reveal ‘buy to let scam of the century’ and property agents involved
Estate agents who’ve got involved in the dodgier side of the property investment sector should be worried when a new book is published on 1st July that promises to uncover the practices and players involved.
Author and journalist Neil Bromage (pictured) will soon launch The Great British Property Scam, in which he promises to highlight the ‘buy-to-let scandal of the century’.
He says many dubious schemes continue to be sold by unscrupulous individuals who often hide behind legitimate property industry names, offering property deals with a registered title and promising high-level returns.
The book identifies those developers and agents who have been responsible for leading investors astray as well as those solicitors who failed to protect the clients they acted for.
“Student accommodation, care homes and hotels have all been broken up into small pieces with the rooms being sold to unwary investors in contravention of UK law enacted more than 20 years ago,” he says.
“Off-plan flats and apartments have also been similarly structured as unlawful unregulated collective investment schemes.”
The Financial Conduct Authority is currently investigating and prosecuting the first culprits, says Bromage, while others will follow in their wake as the Serious Fraud Office has now stepped in.
He says: “There are tens of thousands of people who have lost money to these schemes but a great many more will lose their pensions and nest eggs if they are not warned of…