Didn`t think about this

RecoveringAlcoholic

And the outstanding debt of £45,000 will be sold on and on to debt collection companies for the next 12 years.


.............and some debt collection companies will still chase you even though the debt is statute barred!

neverdespairgirl

I would add, however, that in a contract of this type, and for this value, specialist legal advice is essential. there may be clauses that can be challenged, for example.

PasturesNew

neverdespairgirl wrote: »

I would add, however, that in a contract of this type, and for this value, specialist legal advice is essential. there may be clauses that can be challenged, for example.

The trouble with everyday people seeking any legal help is we're under the impression that we'd end up with a huuuge bill and nothing to show for it. That it would be a water tight contract as the company will have employed really expensive legal help in the first instance, closing every loop hole discovered along the way over many years.

If you've got no money, adding more debt potential is the last thing many would do I'd assume.

Badger_Lady

PasturesNew wrote: »

Developer then advertises it again and eventually finds another buyer:
£140,000 - eventual price it subsequently sold for
£5,000 - ongoing advertising and associated costs to find that buyer

So probably the bill is:
£200,000 - £20,000 - £140,000 + £5,000 = £45,000 you still owe.

But what if he never finds another buyer?

neverdespairgirl

PasturesNew wrote: »

The trouble with everyday people seeking any legal help is we're under the impression that we'd end up with a huuuge bill and nothing to show for it. That it would be a water tight contract as the company will have employed really expensive legal help in the first instance, closing every loop hole discovered along the way over many years.

If you've got no money, adding more debt potential is the last thing many would do I'd assume.

Perhaps that is right - but I would certainly take advice on such a large amount of money, myself.

We practise what we preach, chez NDG. OH and his brother spent £3k on specialist counsel's advice about wills and probate - saved them £45k in inheritance tax, though.

Gorgeous_George

Ok, so IF (when) house prices rose after placing a deposit and before completion, would the buyer accept a price increase. No, I thought not.

Morally, if not legally, the buyer is committed to buy at the agreed price.

I'd pull out and tell the builder to sue me. The deposit would be lost.

GG

Pobby

The guy in question had done very well out of the recent hpi and if he looses 10k it`s not much to him but I am strting to think that maybe the develpoers lawyers are far canny than his own.

Generali

Personally, I'd get specialist advice and if all else fails go for a negotiated settlement if he can afford to. Perhaps it's better in this case to definitely lose £x than to probably lose £x+++.