urgent plz help advice needed

SquatNow

The contract the OP signed was a pretty standard one for new-build developments, and they are usually pretty watertight and fairly worded.

Ignoring the fact that the solictor should have told him that house prices go down as well as up (who'da thunk it?) the solicitor pretty much followed standard procedure from what the OP has said.

Basically the only thing the developers have done wrong is not point out to him that the properties were 80% overpriced, and while that's immoral it's not a crime!

Also, it's not the solicitors job to give the OP investment advice, merely to carry out the OPs instruction to acheive the OPs stated objectives. Once the OP had signed the first contract, when it came to further contracts if the OP didn't sign up and pay up he'd have lost his deposit paid so far.

The OP now has 2 choices:
A) Find someway to get a mortgage and complete - unlikely as no-one will offer him a mortgage on a new-build place in Leeds!
Default on the contract, lose his deposit, get sued by the developers, Sell his own residence, his car, his electrical equipment and pray to the gods that he can raise enough cash to clear the debt and avoid bankrupcy.

Tassotti

Shame..Men from the boys...and all that

mikeyrp

Hi Hector's House.

Yet another spoof hpc.co.uk thread.

HPC troll alert.


http://www.housepricecrash.co.uk/forum/index.php?showtopic=80537

poppy10_2

azzik wrote: »

At the time, they obviously over-priced the apartments, but being 1st time investors fell for their selling pitch.

Pwned

azzik wrote: »

I was rushed into signing the contract in the first place

Pwned!

azzik wrote: »

Morris picked this solicitor for everyone as they said they would like to deal with one solicitor.

PWNED!

azzik wrote: »

I did not read the contract properly and sent it off.

O PWNED

azzik wrote: »

They have now turned around and told me that I will lose the flat, all my money and be prosecuted if I do not proceed with the completion.

Oh Noes! You are fail!!!

azzik wrote: »

I would appreciate it if you can get back to me as soon as you can with any advice

Go back to HPC and stop trolling? :A

mpsavuk

mikeyrp wrote: »

Hi Hector's House.

Yet another spoof hpc.co.uk thread.

HPC troll alert.


http://www.housepricecrash.co.uk/forum/index.php?showtopic=80537

No, the HPC crew could never write anything as literate and intelligent as that!

mpsavuk

clutton wrote: »

morris properties are well known for this - go to www.singingpig.co.uk for more stories

Singing Pig is gone. Deader than corduroy.

I think all the BTLers on there went bankrupt.

:rotfl:

clutton_2

singingpig has technical problems - nothing more nothing less - stop scare mongering

Richard_Webster

We still haven't got to the bottom of the extent to which OP really is legally committed.

All builders want a preliminary deposit at the outset and that is often not returnable. It would be unusual for the 5% not to be returnable if, as OP says, he has not exchanged.

The solcitor needs to explain and OP should complain until he gets a satisfactory explanation. Regardless of whether the builder chose the solicitor, that solicitor still has a duty to his client.

azzik

it turns out we have exchanged but not completed after further clarification from my solicitor. The information regarding their incentive was not put on the contract but at the time the previous solicitor told us it was normal. They put the fetails on a paper properly headed and signed.
I guess we don't have much choice but to complete and hope to rent it out for few years till market picks up.

Thanks for your advice and comments.

azzik

at the time we did some research and the deal looked good we bought the off plan flat in 2006 and was expected to be completed 2008. We were stupid to believe the house prices wouuld carry on going up. I guess we learnt the hard way.