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Catastrophic Missive Fees
siowenson
Posts: 116 Forumite
Will I be the first to suffer the extortionate missive fees incurred when unable to pay for a new build?
Here is my story:
http://forums.moneysavingexpert.com/showthread.html?p=10698305#post10698305
To cut a long story short: my new 3 bed house will be complete on the the 23rd of next month but because I cant sell my 2 bed flat I wont be able to pay the £182k to persimmon homes.
Ive been trawling the net in search of someone in a similar situation but so far ive had no luck (in more ways than one!).
How can anyone be expected to pay £1500 per month on top of thier morgage and bills?
What can I do? I certainly cant afford it, thats for sure.
Here is my story:
http://forums.moneysavingexpert.com/showthread.html?p=10698305#post10698305
To cut a long story short: my new 3 bed house will be complete on the the 23rd of next month but because I cant sell my 2 bed flat I wont be able to pay the £182k to persimmon homes.
Ive been trawling the net in search of someone in a similar situation but so far ive had no luck (in more ways than one!).
How can anyone be expected to pay £1500 per month on top of thier morgage and bills?
What can I do? I certainly cant afford it, thats for sure.
0
Comments
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Your solicitor should've warned you that signing missives for a purchase before a sale is a very risky move. Bit late for that now though - I can't see there being a cheap way out of this at all. What does your solicitor advise you to do?0
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What gets me annoyed is the fact that I was never warned that this could happen.
Not from my morgage advisor,
Not from my solicitor,
Not from Persimmon Homes,
Not from the government.
Even at the moment the government still denies that there is a problem even although an mp, Caroline Flint, had her briefing notes photographed by the media predicting a 5pc-10pc drop in house prices at the MINIMUM.
The goverment are lying bar stewards.0 -
Your solicitor should've warned you that signing missives for a purchase before a sale is a very risky move. Bit late for that now though - I can't see there being a cheap way out of this at all. What does your solicitor advise you to do?
He has advised me to get persimmon to re-advertise the new house to try and sell it to someone else. The new house should have went back up for sale last week but that doesnt leave much time to get it sold.
I'm currently waiting on a call from my morgage advisor(recommended by persimmon but seems to genuinely care about us and our situation) who is in talks with persimmon trying to work out a p/x deal for us.
Am I right in saying if persimmon have trouble selling the house and decide to drop the price, I am liable for the balance?0 -
What gets me annoyed is the fact that I was never warned that this could happen.
Not from my morgage advisor,
Not from my solicitor,
Not from Persimmon Homes,
Not from the government.
Even at the moment the government still denies that there is a problem even although an mp, Caroline Flint, had her briefing notes photographed by the media predicting a 5pc-10pc drop in house prices at the MINIMUM.
The goverment are lying bar stewards.
Look, in signing a contract you are assumed to be adult and of sufficient understanding.
Perhaps you are stating you don't know what day of the week it is, in which case you stand a chance of having the contract voided on the ground that you are a bit loopy.
Has there ever been a house price crash and recession in the UK?
I reckon that anyone who makes a profit out of housing should be made to pay a deposit into a fund for all those that moan that they have made a loss - sound fair?0 -
What gets me annoyed is the fact that I was never warned that this could happen.
Not from my morgage advisor,
Not from my solicitor,
Not from Persimmon Homes,
Not from the government.
Even at the moment the government still denies that there is a problem even although an mp, Caroline Flint, had her briefing notes photographed by the media predicting a 5pc-10pc drop in house prices at the MINIMUM.
The goverment are lying bar stewards.
Errm what did you think the consequences of signing commiting to buying the house were without having sold the flat. I'm surprised your solicitor didn't express concern but I don't think it's the governments place to intefer in people's investment risk strategies, and Persimmon were just selling something as was the mortgage advisor really....You signed a commitment to spend 200k and your solicitor probably should have made sure you understood the consequences but I don't get why you didn't ever consider this to be a possibility at the time yourself.0 -
Sounds like mis-selling to me.
Persimmon have sold you something you simply cannot afford.
You may do better to speak to CAB.0 -
What gets me annoyed is the fact that I was never warned that this could happen.
Not from my morgage advisor,
Not from my solicitor,
Not from Persimmon Homes,
Not from the government.
It would have been your responsibility to know what you were doing. However, you employed a solicitor and part of his job is to double-check that you know what you are doing as he would have been aware of the double-commitment.
It won't be anything to do with the other three whether you knew or not.
The mortgage advisor finds you a mortgage
The housebuilder builds a house and makes it available to be bought
The Government manage the country
So it is purely down to you/solicitor if this happens to you or not. He is your one source of potential 'blame'.0 -
Sounds like mis-selling to me.
Persimmon have sold you something you simply cannot afford.
You may do better to speak to CAB.
In what way is that mis-selling? Mis-selling is selling something to someone when they say I need A, B & C and they sell a product that doesn't do that..... or sell claim the product does A, B and C when it doesn't... selling someone something they can't afford isn't mis-selling and wasting the CAB time... you need a specialist contract lawyer with years of experience to stand a chance of wriggling out of this - a general 6 month trained CAB advisor will not be able to help.0 -
It doesn't sound like misselling to me.Sounds like mis-selling to me.
Persimmon have sold you something you simply cannot afford.
You may do better to speak to CAB.
The OP took a big gamble.
The OP visited a building site and chose a house. They then visited a mortgage lender and committed to borrowing money from the lender, assuming they'd have sold their current flat. This has now not happened.
What should happen is that the mortgage offer should be on the table and the house purchase details should be on the table. The only thing then is the money to pay for it, the funds from the sale of the flat.
The flat was not sold though.
The missives should only be signed when all the pieces of the jigsaw are present and correct. These missives were signed without the OP having a buyer. That is their choice and possibly a negligence on behalf of the solicitor (whose job it is to check these things).
It may be that the OP was advised and simply doesn't remember. Or it may be the solicitor did a poor job.
Either way, the OP hasn't been mis-sold something.
It is not Persimmon's job to decide who can and can't afford a property. They just build them.0 -
Captain_Mainwaring wrote: »Look, in signing a contract you are assumed to be adult and of sufficient understanding.
Perhaps you are stating you don't know what day of the week it is, in which case you stand a chance of having the contract voided on the ground that you are a bit loopy.
Has there ever been a house price crash and recession in the UK?
I reckon that anyone who makes a profit out of housing should be made to pay a deposit into a fund for all those that moan that they have made a loss - sound fair?
Bla, bla, bla, read the small print, bla.
Look, Im 26, this is only my second house purchase. Im not out to make money on my house/flat, all i want is somewhere to live and raise my family.
Im not an expert on the economy or the housing market, thats why I pay lots of money to solicitors and morgage advisors to advise me. Unfortunately all they are trying to do is keep their profits rolling in for as long as possible with the cash cow that is the housing market. All at the expense of people like me.0
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