Mortgage Fraud — Documentary Evidence

Undisclosed funds.
Inflated valuations.
Nearly 20 years of consequences.

Between 2006 and 2007, the developer's own company — Read Capital Limited, directed by Toby Whittaker — provided undisclosed funds across multiple buy-to-let property transactions. Mortgage lenders were not told. The solicitors who processed the funds have confirmed it in writing. The individuals connected to the scheme are now facing Serious Fraud Office charges.

Were you affected? Read the story

Were you a Dylan Harvey customer?

Here's what you can do right now — no solicitor needed to start.

1
Check your completion statementDoes it mention Reed Capital, R Capital, or an unexplained third-party payment? That's the starting point.
2
Write to your lenderAsk formally what they knew about the payment — and what they would have done had it been disclosed. Template letter provided.
3
Write to your solicitorRequest your full conveyancing file and ask what was — and wasn't — disclosed to the lender. Template letter provided.
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£55,500 Undisclosed Reed Capital funds
3 Properties across 2 cities
~50% Current value vs purchase price
2025 SFO charges — Operation Hazel
What happened

The scheme, documented

In 2006 and 2007, a number of buyers — including people with no property background — were introduced to a developer offering buy-to-let properties at what appeared to be discounted prices. The condition of receiving the discount was that buyers had to use the developer's pre-assembled professional team: their chosen solicitors, mortgage broker and valuer. No independent advice was available within this structure.

Buyers paid deposits of approximately 4.5% on each property. Mortgage lenders advanced 85% on each transaction, believing buyers had provided a genuine 15% deposit. The difference — approximately 10% of each purchase price — was provided by Read Capital Limited (Companies House number 05739246) — Toby Whittaker's own company, incorporated on 10 March 2006. These funds were received by the solicitors and used to complete each purchase without disclosure to the mortgage lenders. The developer was secretly funding buyers' deposits through his own company.

The certificates of title sent by the solicitors to the lenders were silent on the source of the deposit. The lenders were therefore deceived about the true loan-to-value ratio on every transaction.

The properties were also significantly overvalued to support the inflated purchase prices. They are now worth approximately half what buyers paid. Buyers have been trapped on Standard Variable Rate mortgages since inception, unable to remortgage due to negative equity.

!

Active SFO prosecution — Operation Hazel

Individuals connected to these transactions have been charged by the Serious Fraud Office with conspiracy to defraud and money laundering. The charges were announced in a public SFO press release dated 24 July 2025. These are charges, not convictions. The defendants are presumed innocent until proven guilty.

A Brabners partner confirmed in writing in 2025 that the Reed Capital funds "formed part of the completion payment sent out on the same day to the developer's solicitors" and that the certificates of title "do not say anything about the source of the deposit/balance of the purchase price."

Read Capital Limited is now confirmed as Toby Whittaker's own company — incorporated on 10 March 2006 (Companies House number 05739246), later renamed Group First 1st Limited and then Group First Global Limited. The funds moved in a circular fashion — received into solicitors' client accounts on completion day and paid out the same day to the developer's solicitors, Jobling Knape. The developer was using his own company to manufacture the appearance of genuine buyer deposits.

Timeline of key events

Nov 2006 Two Delamere Court, Crewe properties completed. Reed Capital funds of £15,000 and £17,500 processed through Brabners' client account without lender disclosure.
Oct 2007 Fresh Building, Manchester property completed. Reed Capital Monies of £23,000 recorded on Fairfield Solicitors' completion statement.
2006–2025 Buyers trapped on SVR mortgages. Properties worth approximately half purchase prices. Unable to remortgage due to negative equity.
2025 Subject Access Requests to Brabners produce internal client account ledger confirming CHAPS receipt from Read Capital on completion day.
Jul 2025 SFO charges announced in Operation Hazel against individuals connected to the original transactions.
Apr 2026 Fraud report filed with national fraud reporting service. Crime reference: RF26040214888C. SFO victim registration submitted: AD43380A1E1CD98.
Documentary proof

The evidence we hold

All evidence cited on this site is held in original form. It was obtained through Subject Access Requests, mortgage application documentation, and the solicitors' own records.

Primary

Brabners internal client ledger

Brabners' own cashiering system records a CHAPS payment of £15,000 from "Read Capita" received on 16 November 2006 — the day of completion. Read Capital Limited (Companies House number 05739246) has now been identified as Toby Whittaker's own company — incorporated the same year as the transactions.

Primary

Three completion statements

Completion statements from both Brabners Chaffe Street LLP and Fairfield Solicitors explicitly show Reed Capital funds on every transaction. Fairfield's statement names "Reed Capital Monies — £23,000" and records that the buyer's deposit was nil.

Admission

Written confirmation from Brabners

Ian Alderson, Partner at Brabners, confirmed in writing that Reed Capital funds formed part of the completion payment to the developer's solicitors, and that certificates of title did not disclose the source of the deposit to either lender.

Lender

TMB complaint response

The Mortgage Business plc confirmed in their own complaint response of 21 January 2025 that Brabners were their appointed conveyancers acting on TMB's behalf. Two complaints have been dismissed without engaging with the Reed Capital evidence.

Lender

Hyalite / Topaz Finance complaint responses

Two formal complaints raised with Hyalite Mortgages (Topaz Finance Ltd, formerly Mortgage Express) — refs RSPND0498059 and RSPND0522897 — both dismissed. The true LTV on 78 Delamere Court was approximately 96.2% once Reed Capital funds are accounted for.

Regulatory

SRA decision — RGC-000183871

The SRA declined to investigate Brabners but acknowledged in writing that failures to disclose third-party funds "could potentially engage regulatory duties relating to integrity, lender reporting, and AML compliance."

Original

All mortgage offers and transaction documents

Complete original documentation for all three transactions is held, including mortgage offers, lease documents, correspondence and Land Registry records.

Criminal

SFO and fraud reports filed

A formal fraud report has been filed with the national fraud reporting service (crime reference RF26040214888C) and a victim registration submitted to the Serious Fraud Office in connection with Operation Hazel (AD43380A1E1CD98).

Legal notice: All statements on this site are either matters of documented fact, direct quotations from written correspondence, or references to public record including the SFO press release of 24 July 2025. Nothing on this site constitutes a finding of criminal guilt. Individuals charged by the SFO are presumed innocent until proven guilty. This site is maintained by a victim of the transactions described and is intended to provide factual information and assist other potential victims in coming forward.

The transactions

Three properties, the same pattern

Read Capital Limited — Toby Whittaker's own company — provided funds on every single transaction, processed through two different solicitor firms in two different cities, without disclosure to the mortgage lenders.

64 Delamere Court

St Marys Street, Crewe, CW1 2JB

Completed 16 November 2006
Purchase price £154,950
Mortgage advance £131,705
Buyer's deposit £6,997 (4.5%)
Reed Capital funds £15,000 — undisclosed
Lender The Mortgage Business
Solicitors Brabners Chaffe Street

78 Delamere Court

St Marys Street, Crewe, CW1 2JB

Completed 16 November 2006
Purchase price £149,950
Mortgage advance £127,457
Buyer's deposit £6,622 (4.4%)
Reed Capital funds £17,500 — undisclosed
Lender Mortgage Express / Hyalite / Topaz Finance
Solicitors Brabners Chaffe Street

Apartment 507, Fresh Building

139 Chapel Street, Manchester, M3 6DE

Completed 3 October 2007
Purchase price £218,950
Mortgage advance £186,107
Buyer's deposit £9,797 (4.5%)
Reed Capital funds £23,000 — undisclosed
Lender Mortgage Express / Hyalite / Topaz Finance
Solicitors Fairfield Solicitors
Who was involved

The parties to the transactions

The following individuals and entities have been identified from original transaction documents, solicitors' correspondence and public records.

Developer — Director
Toby Whittaker

Director of Dylan Harvey Residential Limited and/or Dylan Harvey Residential Investments Limited. Also director of Store First Limited. Subject of SFO charges in Operation Hazel announced 24 July 2025.

SFO charged — Operation Hazel
Developer — Representative
Stephen Michael Talbot

Acting representative for Toby Whittaker and the developer. Point of contact for buyers across all three transactions. Subject of SFO charges including money laundering in Operation Hazel.

SFO charged — money laundering
Developer
Dylan Harvey Residential Limited

The developer behind the Delamere Court Crewe and Fresh Building Manchester transactions. Operated by Toby Whittaker. Company now dissolved.

Dissolved
Undisclosed funding entity
Read Capital Limited / Reed Capital

Now identified. Read Capital Limited (Companies House number 05739246) was Toby Whittaker's own company, incorporated 10 March 2006 — the same year as the transactions. The developer used his own company to secretly fund buyers' deposits without disclosure to the lenders. Later renamed Group First 1st Limited, then Group First Global Limited.

No incorporation evidence found
Solicitors — transactions 1 & 2
Brabners Chaffe Street LLP

Now Brabners LLP. Their own internal client account ledger confirms receipt of Reed Capital funds on completion day. A partner confirmed in writing these funds were not disclosed to the lenders in the certificate of title.

Still trading
Solicitors — transaction 3
Fairfield Solicitors

Manchester firm. Their completion statement for Apartment 507 explicitly records "Reed Capital Monies — £23,000" with the buyer's deposit nil. The firm handled 625 DH Property Developer files. Managing partner Felix Ibeto was suspended by the Solicitors Disciplinary Tribunal on 13 August 2012 for failing to disclose third-party funds to lenders. SDT Case No. 10932-2012.

Closed 2011 — Ibeto suspended SDT 2012
Mortgage broker
The Money Centre (UK) plc

FCA reference 453999. Acted as broker on at least one transaction. Confirmed by The Mortgage Business plc in their own complaint response. Now dissolved after trading through various corporate forms.

Dissolved
Developer's solicitors
Jobling Knape

Solicitors acting for the developer. Received the completion funds — including the Reed Capital monies — on the same day they arrived in Brabners' client account. Later merged into JWK Solicitors, then acquired by Simpson Millar.

Records held by Simpson Millar
Mortgage Lender — 64 Delamere Court
The Mortgage Business plc

Advanced £131,705 on 64 Delamere Court believing the buyer had provided a genuine 15% deposit. Their own appointed conveyancers, Brabners, processed the Reed Capital funds without disclosure. Two complaints dismissed without investigating the Reed Capital evidence.

FCA regulated — still trading
Mortgage Lender — 78 Delamere & Apt 507
Hyalite Mortgages / Topaz Finance Ltd

Formerly Mortgage Express. Closed-book administrator owned by Computershare. Two complaints dismissed — refs RSPND0498059 and RSPND0522897. True LTV on 78 Delamere was approximately 96.2% once Reed Capital funds are accounted for.

FCA regulated — still trading
Valuer — 64 Delamere Court
Ian Bennett MRICS — GAJB via Colleys

Produced a Property Risk Assessment valuing 64 Delamere Court at £154,950 in June 2006. The valuer was the developer's appointed professional. The property is now worth approximately half the valuation. The valuation fee was refunded to the developer, not the buyer.

Status unknown
Explore the site

More pages

Chronology
Full timeline
Every key event from 2006 to present — filterable by category.
Evidence
Documentary evidence
A full catalogue of every document held — completion statements, ledgers, admissions.
SFO prosecution
Operation Hazel
The SFO investigation into Store First and its connection to the Reed Capital transactions.
Journalists
Press & media
Press summary, story angles, key facts and media contact details.
Take action

What you can do right now

If you bought a property through DH Property Developers — or a Reed Capital payment appears on your completion statement — you don't need a solicitor to start asking questions. Download a template letter and put the facts on the record today.

Template letter
Write to your lender

Raise a formal complaint and ask your mortgage lender what it knew about the payment and what it would have done had it been disclosed.

Get the template →
Template letter
Write to your solicitor

Request your complete conveyancing file and ask your solicitor what they knew about the payment — and what, if anything, they told the lender.

Get the template →

Templates are provided for self-help purposes only and are not legal advice. See the full disclaimer →

Come forward

Did this happen to you?

If you purchased a property through Dylan Harvey, used The Money Centre as your broker, or had Brabners or Fairfield Solicitors act for you on a buy-to-let purchase in 2006 or 2007, we want to hear from you. All contact is confidential.

Other ways to act

Reporting and support

Report to the Serious Fraud Office

The SFO is investigating individuals connected to these transactions in Operation Hazel. If you are a victim of the same scheme, you can submit a report at gov.uk/sfo or email victims@sfo.gov.uk

Report fraud

File a report at reportfraud.police.uk to obtain a crime reference number. Select "Fraud by failing to disclose information" when asked to categorise the fraud.

Solicitors Regulation Authority

Concerns about solicitors' conduct can be reported to the SRA at sra.org.uk. Note that the SRA's jurisdiction is limited to conduct after a firm's authorisation date.

Free legal support

Citizens Advice can provide initial guidance. Some specialist firms handle mortgage fraud cases on a no-win no-fee basis. A group action may be available if sufficient victims come forward.