You are here: Home - News -

Property firm ordered to remove misleading ‘fast sale’ claims – ASA

by: Christine Toner
  • 05/04/2017
  • 0
Property firm ordered to remove misleading ‘fast sale’ claims – ASA
A property firm which claimed to buy houses at 100% of their market value has been told to remove the claim from its website after the Advertising Standards Agency deemed it misleading.

BGIS Trading Ltd, tdoing business as Chris and Leon Buy Houses featured an advert on its website which stated: “Need To Sell Your House Fast? Negative equity? … Unlike other companies, we can pay up to 100% market value for your house! … Sell Your House For Cash … Up to 100% of market value … Houses bought for cash”.

However, the ASA found the claim primarily applied to houses bought by Chris and Leon Buy Houses through a delayed completion model. The seller of the property would receive a nominal upfront payment but the sale would be delayed, allowing the property value to recover. In the meantime the mortgage payments, maintenance and costs of the property would be paid by Chris and Leon Buy Houses or one of their partners. The seller would receive the agreed sale price at the end of the delayed completion period.

The ASA said the website advert suggest 100% value would be offered on all house purchases while mentions of selling your house ‘fast’ suggested payment would be received quickly and as a result the firm was banned from using the advert.

There are 0 Comment(s)

You may also be interested in

Business Skills

In this section, we offer short ‘how to’ guides on harder to crack areas of business. From social media, to regulation or niche product areas, we cover it all.

Profiles

Our journalists interview key industry entrepreneurs, strategists and commentators for day-to-day market insight and a strategic view of where the industry is heading. We offer lessons for success and explore the opportunities for your business

Success in Practice

Here, we share case studies fleshing out best practice to help you decide what could work for your business. Take a look at how others approached complex tasks like launching a new mortgage lender, advising on a new product area or deciding to specialise in another. Learn from others mistakes and triumphs.

Marketwatch

Each week, we ask top mortgage and property commentators with a unique perspective to examine a key news headline, market move or regulatory or political issue.

Poll

Vote in our weekly poll here. It’s your chance to tell us what you think and be heard on the top news stories of the week. Review our archive to find out what your industry really thinks and all our coverage of the results.

Top Comments

Be part of the conversation on Mortgage Solutions. We want to hear from you. We have a tool called Disqus to tell us which stories get the most comments each week. Every Friday, the team picks the most thoughtful or opinionated contributions from our readers to enjoy again. Don’t forget to share your favourite stories from the site on social media to keep the conversation going.
  • RT @synergycfpiotr: Happy red cheek day 😂😂2nd instalment I enjoyed contributing to the debate with @AldermoreBank @CharlesRAMcD and @mortga
  • RT @OTJournalist: Heck of a fall in Provident share price: 70% down today. Shares maxed at £33 in October, now, £5ish. Wowzers! #DoorstepLe
  • RT @PSLadvisers: "product transfers & remortgage activity levels will rise considerably with £130bn of product cessations due in the next 6…
Read previous post:
2285189-patrick-bamford-genworth
‘Be prepared for anything’ – The Brexit effect and lender risk

Now the UK has set off on the formal path to leaving the EU, after Article 50 has been invoked,...

Close