Home Move: Property Forums
The UK's independent property information site
|   Home  |   News  |   Guides  |   Forums  |  

Go Back   Home Move: property forum > Property Forums > Buying Property
Buying Flat off plan - Stella Nova Bootle Buying Flat off plan - Stella Nova Bootle

Register FAQ Calendar Search Today's Posts Mark Forums Read

Buying Property Discussions about buying a house, such as flats, detached homes, and other housing.

Reply
 
LinkBack Thread Tools
  #1 (permalink)  
Old 31-08-2009, 11:59 AM
Junior Member
  
Join Date: Aug 2009
Posts: 1
Unhappy Buying Flat off plan - Stella Nova Bootle
18 months ago i decided to buy a flat off plan as an investment, the list price was discounted by 10% and at the time i paid a 10% cash deposit. I know find myself 18 months on with a flat that has dropped in value below the balance that is left to pay and not able to get the mortgage that i require.
If i walk away from the flat will the developer pursue me for the balance, there are 100 flats in the development and 90% of the other purchaser's are in the same position.
Any advice would be welcome.
Reply With Quote
  #2 (permalink)  
Old 15-09-2009, 10:08 PM
brian's Avatar
Administrator
  
Join Date: Apr 2006
Posts: 1,181
Default
You really should take professional legal advice on the matter, not least to determine your contractual liabilities.
Reply With Quote
  #3 (permalink)  
Old 26-10-2009, 03:15 PM
Senior Member
  
Join Date: Apr 2007
Location: Hampshire
Posts: 472
Default
Quote:
You really should take professional legal advice on the matter, not least to determine your contractual liabilities.
Yes, and you should have taken it before you bought!

Didn't your solicitor advise you that it was trisky buying off plan without a definite offer of mortgage in place that would still be in place when the flat was completed? If he didn't, sue him!
__________________
RICHARD WEBSTERwww.rwco.co.uk
As a conveyancing solicitor I want to be helpful (England/Wales only) but can't accept liability for this.
Reply With Quote
  #4 (permalink)  
Old 29-10-2009, 11:06 AM
Junior Member
  
Join Date: Oct 2009
Posts: 1
Default john j
How are you getting on with your problem, because I am now in the same position and would be greatful for any advice.
P.S. was you advised to invest in this property by FMG
Reply With Quote
  #5 (permalink)  
Old 16-11-2009, 08:51 AM
Junior Member
  
Join Date: Nov 2009
Location: Blackpool
Posts: 2
Default
Yes, good sound legal advice should be taken from day one as so many unfornutate people find themselves in this position. good luck
Reply With Quote
  #6 (permalink)  
Old 16-11-2009, 12:05 PM
brian's Avatar
Administrator
  
Join Date: Apr 2006
Posts: 1,181
Default
This was covered on the BBC website recently - basically, it looks like a lot of people have been caught out in this way.

The trouble is, a contract is a contract, so once you've contracted to pay the balance, it seems there are few options to get out, though it may be possible to pay the developer a settlement in order to free yourself of the contract.

More here:
BBC NEWS | Business | Legal risk to property investors
Reply With Quote
  #7 (permalink)  
Old 16-11-2009, 12:26 PM
Junior Member
  
Join Date: Oct 2009
Posts: 13
Default
this was on tv recently , the developer may take a cash get out clause or you could take them to court but risk looseing and haveing maybe more dept,

i would ask if the developer can draw up an agreed payment plan and a small cash payment.
Reply With Quote
Reply

Tags
bootle, flat purchase, stella nova

« First Time Buyer | Repo rules of estate agent rip off? »
Thread Tools

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts
BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are On
Pingbacks are On
Refbacks are Off

 
» Property Boards
Buying Property Selling Property Estate Agents Solicitors & Legal Builders & Developments
Property Development Home Improvements Buying Property Abroad


All times are GMT +1. The time now is 07:48 PM.

Home Move - Top

Powered by vBulletin® Version 3.8.5
Copyright ©2000 - 2012, Jelsoft Enterprises Ltd.
Content Relevant URLs by vBSEO 3.6.0 ©2011, Crawlability, Inc.

Important Notice: HomeMove.co.uk does not provide professional advice on any aspect of buying, selling, developing or investing property. All posts are provided as lay opinions and not personal professional guidance. You should always seek a qualified professional for professional advice in relation to your personal circumstances. The HomeMove.co.uk forums are not monitored, and the site administrators cannot be held liable for the content of the forum. If you have any objection to any post on the forums, please either use the Report Post feature, or else Contact Us to ensure such content is properly dealt with. We are not responsible for third party links on the site.