New Build Salesperson

rugbygirl27

Microstar wrote: »

That's really dreadful. Have you thought of taking your story to the press? CC and housing problems are very topical at the moment and young couple in your predicament would make a good story for the likes of the Daily Mail etc., even TV. Fire off lots of e-mails to media outlets. It just might put enough pressure on the builder for them to help you out in some way (is there not another finished property on another site close by that you could buy). Surely with £25k at stake anything is worth a try? I know I'd try it.

Yep we have considered that route as I have friends in the local media. We've sent a letter to the develop today via our solicitor to see whether they are receptive to giving us our deposit back but we will certainly be going to the press if they don't play ball. I'm not going down without a fight!

rugbygirl27

GDB2222 wrote: »

The three D's are the 'killers': Divorce, Death, and 'Dundancy. (OK, that last one's an R, really.) People can live with negative equity provided they can be sure of avoiding the 3 D's.

The last time there was a property crash, it took almost 10 years for prices to recover to the previous peak. That's a long time to avoid the 3 D's. Half of marriages end in divorce these days, for example. Death can usually be insured against, but that's the least likely of the 3.

If you are in negative equity then once you get hit by one of the 3 D's you are almost bound to get repossessed. So, the simple answer to this is to avoid getting into negative equity by being careful not to buy your house at or near the peak in prices.

To be honest we weren't too worried about the prospect of negative equity. My partner is a surgeon so effectively has a job for life. He has very good insurance to cover him for any accident, illness or injury that prevents him from working. We will take out mortgage protection insurance to ensure our mortgage can be paid should I lose my job or become ill. We can't get divorced as we're not married and we're very secure in our relationship. We were always planning to stay in the house for at least 10 years so any negative equity should have levelled out by then.

What I am more immediately concerned about is the potential loss of £25,000 in cash. As I said before, losing this would mean starting all over again and not being able to afford to have children or get married.

lostinrates

rugbygirl27 wrote: »

My partner is a surgeon so effectively has a job for life.........What I am more immediately concerned about is the potential loss of £25,000 in cash. As I said before, losing this would mean starting all over again and not being able to afford to have children or get married.

Oh, pease forgive me I really don't want to sound rude, but £25k for a surgeon while extremely hefty I agree, shouldn't stop you ever getting married or having children! Chase it, obviously, with vigour and strength, but please don't feel your life is ending over this (I was there with the children thing a few months ago:o , now if the worst comes to the worst and we can't move out any time soon I'm resolves to keeping a baby in the second to bottom drawer in my chest of drawers...I'm only half joking )

rugbygirl27

lostinrates wrote: »

Oh, pease forgive me I really don't want to sound rude, but £25k for a surgeon while extremely hefty I agree, shouldn't stop you ever getting married or having children! Chase it, obviously, with vigour and strength, but please don't feel your life is ending over this (I was there with the children thing a few months ago:o , now if the worst comes to the worst and we can't move out any time soon I'm resolves to keeping a baby in the second to bottom drawer in my chest of drawers...I'm only half joking )

I know £25k for a surgeon doesn't sound much but it's all the savings we had (bar £5k which we've kept back for moving costs). The problem is that if we lose it it will take quite some time to be able to recoup enough for a deposit on another house let alone a wedding or children.

I think the second bottom drawer is just the place for a baby - can close it when it crys too much!! Only joking

lostinrates

rugbygirl27 wrote: »

I know £25k for a surgeon doesn't sound much but it's all the savings we had (bar £5k which we've kept back for moving costs). The problem is that if we lose it it will take quite some time to be able to recoup enough for a deposit on another house let alone a wedding or children.

I think the second bottom drawer is just the place for a baby - can close it when it crys too much!! Only joking

I really do understand, and thanks for reading the post with the spirit it was written in. FWIW you can get married for very little (we did to leave savings intact) and if I can't afford private primary I'll home educate the blighter, when it gets out of the drawer, and hope it gets scholarships for secondary:o

I really do empathise, as I say, these are emotions I have had (revert too occasionally) over the last few years, but in reality people in the fortunate situation that you and your partner and I and mine lose savings, not gain debt in the worst case scenario here. (BTW I sent you a PM yesterday re this, did you see it?)

icklejulez

Cant you buy a cheaper house with the developer so they still get a sale and transfer the 25k deposit to that house meaning you will still have enough with the mortgage company to cove the rest of the cost? Or better still if the valuation came back as lower renegotiate with the developer?

rugbygirl27

lostinrates wrote: »

I really do understand, and thanks for reading the post with the spirit it was written in. FWIW you can get married for very little (we did to leave savings intact) and if I can't afford private primary I'll home educate the blighter, when it gets out of the drawer, and hope it gets scholarships for secondary:o

I really do empathise, as I say, these are emotions I have had (revert too occasionally) over the last few years, but in reality people in the fortunate situation that you and your partner and I and mine lose savings, not gain debt in the worst case scenario here. (BTW I sent you a PM yesterday re this, did you see it?)

You are quite right. At the end of the day it is only our savings and we won't lose the house from under our feet. We still have each other and our health and we are young enough that we can just about start again. My brother and sister have both provided grandchildren for my parents this year so perhaps I can just be a really cool auntie!!

I did get your PM and replied a short time ago - thanks.

rugbygirl27

icklejulez wrote: »

Cant you buy a cheaper house with the developer so they still get a sale and transfer the 25k deposit to that house meaning you will still have enough with the mortgage company to cove the rest of the cost? Or better still if the valuation came back as lower renegotiate with the developer?

We are going to look into changing to a different house if they are unreceptive to giving us back our deposit. The latter option will be what we go for if the valuation does come back as lower.

Alan_M_2

I'm a little lost here, how have you parted with £25,000 for a property that hasn't been built and has no completion date? Surely you just pay a holding deposit until exchange?

Even in a rising market I wouldn't part with a sum of money that large until I had rather a lot of assurances.....

rugbygirl27

We are buying off plans from Bellway. We had to exchange within a month of reserving the plot and had to pay our 10% deposit then. The completion date of '10 days notice' is fairly standard for this sort of purchase and our solicitor didn't tell us that it could be delayed indefinitely with no comeback on our part.

We're hoping to get our deposit back but that's unlikely.