Last year I contacted Flambard Williams agency to purchase buy to let flats. I informed the agency of my budget and that I don't have any experience with investment properties and that I am relying on their expertise to advise me on best options.
With their encouragement I reserved several properties as they were reassuring me on several occasions that I will have a great income,, immediate income,
that income from 3 flats will cover the mortgage expenses of 4 th flat, that the income from one of the flat rental will offset the monthly cost of another flat that I was paying instalment for.
Unfortunately, only after obtaining the mortgage and completing the purchase of the first flat I realised that non of those promises were true. I am not making any income, I've already incurred expenses from the flat that which has outweigh the tiny monthly profit I meant to make for the first two years of rental. Yet, after two years my mortgage will increase and I will have to add out of pocket every month to pay for my mortgage as the rental income will be lower then my mortgage rate. The tenant is not willing want to pay higher rent and the rent is nowhere near what the agent said it will be. Had I been given realistic advice that this was not a suitable investment for me and that income is not guaranteed I would never had gone ahead with investing and paying all those deposits.
I have been miss-advised about how many properties would I afford with my budget. Unfortunately without any experience it was too late when I realised that their advises were not suitable for me. I have now lost all the funds paid towards 3 of the contracts.
Flambard Williams continues stating untrue information in the response to my review. Nowhere in the email it states the rent income would be 950 pcm only if the flat was furnished. The break down of cost were very inaccurate and did not include vital information, for example renal license. Yet, the agent later stated they were not aware there will be license to pay. FW also advertise my flat on Rightmove and Zoopla per my request and even there, they providing untrue information. The rental income paid by the tenant is not 800 as stated in the advert. Also, they kept misleading me by saying that they were trying to help by re-selling contracts to someone else. Additionally, on one occasion, I was being rushed into signing a document, to the point that the agent offered to witness my signature from another country just to get it done. read more