Chartbridge LLP acted as advisors to our clients when they were releasing equity in their property through a company called UKHA. Our clients were incentivised to use that firm as their services were given as a free feature. However the advice given was negligent and our clients lost significant sums of money. Our Group Litigation Solicitors are now bringing claims against Chartbridge LLP for our clients.
UKHA operated a sale and lease back scheme largely targeted at the elderly and particularly those close to retirement, who had assets but needed cash They were offered the chance to sell their homes to UKHA for market value.
At the time of the sale, they would be given an upfront percentage of the sale price enter into a 10 year Tenancy Agreement with UKHA. At the end of the 10 years, they were required to leave and they would receive the rest of the sale price still owing to them. The scheme was appealing as it put money in the clients pockets and allowed them to stay in their own homes and with a promised nest egg 10 years down the line.
Chartbridge failed to advise clients that they had no security in respect of the nest egg payment and that if UKHA went bust then they would not receive that.
UKHA went out of business in June 2010 leaving our clients with no prospect of receiving their money and still tied into 10 year tenancy agreements. The agreements provided for an escalating rent increased by at least 5% each year . Most were left paying rent which was vastly over market rate and in some cases completely ate up their monthly pension. Consequently many of our clients are in a very unstable financial situation..
We are righting this injustice and intend to secure compensation for our clients and to keep them in their homes.
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