Bought Off Plan....but Cant Afford It Now!!! Please Help!!!

amitabh1

CluelessJock wrote: »

Heh amitabh1,

Don't worry about the jibes from those suffering from deep rooted jealousy brought about by their own inability to make something of their own lives.

Yes, you have managed to get yourself into a bit of a mess that is going to cost you. I would urge you not to lose the desire to progress, learn from your mistakes and go on to better things.

Meanwhile those throwing the abuse around will still be on here getting their kicks out of abusing those that are prepared to give it a go. Why, because they are not capable of anything else.

Take some satisfaction from the thought that even with your challanges you are likely to be in a better position than those not able to rise above cheap insults.

Hi mate/Evryone. Sorry for not keepin uptodate, was kids first bday yesterday so decided to de-stress myself- not go work and not log on.

I can assure you mate the desire to progress has not been affected in the slightest. Ive learnt from my mistakes and will be very cautious in the future. Im continuing to invest but only in things i have full knowledge in. Even though this issue has the potential to give me an immense setback, i will not allow it to de-urge me in trying to get somewhere in life. That is not an option.

Ive started making arrangements to get the family house off my name and onto wife's.That should take a few weeks. That way if all else fails at least my house is secure.
A 'key' individual viewed the plots for the flats and is very keen on taking them. Daddy's a millionnaire so sonny boy has decided to spend 'constructively'. All facts have been laid bare on the table. Real values and expected rental figures have been disclosed. Im not into duping anyone (as i was).
As mentioned before, one of the flats was bought for my bro. He has decided to take it on if all else fails. He's a successful man and fortunately wont be hurt when topping up extra every month. However ive let him know that that is the last resort and i will do anything to get him out of this mess as i was the one who recommended the flats to him.
Got appointemnt with solicitor (independent) today. Hopefully she'l be able to expose some cracks. God willing sumin will work out. Trying to stay as positive as possible.
Thanks to all the people who took time out to advise me, id still have been in a dreamland hoping for a fairy tale ending.

And for the abusers, I try to search for the positive in every negative. Your words have not been appreciated and at times have discouraged me BUT i find my comfort knowing that im not one of those who find their comfort in the misfortune of others.

Thank you

amitabh1

Banderman wrote: »

You can kid yourself that buying flats that haven't even been built is 'investment.' But it ain't, it's GAMBLING. And the gamble lost.

P.S. You should stop trying to welch on your bet and pay up

What a bright idea.

amitabh1

neas wrote: »

He got it wrong, attempting to make it rich quick..

But it is correct, if he can get out of it then, he deserves to.. as he has fought to escape.. if he can't ... then that is the consequence of his financial decision isn't it. Again though... its a solictor/lawter type you need to find the discrepencies in he conract.

Sounds weird but these cases are testament that housing market is coming down , down closer to affordable levels so it is good in some ways to see these.

Thank you.

amitabh1

Pobby wrote: »

Napoleon, I hear what you are saying and maybe you and I didn`t do the same as the Op. OK he got it wrong and my guess is, and I know a couple of them myself, is that 10`s of thousands have done the same. What ever the morality issues , the guy has come here, in a humble fashion, and has asked for advice. OK he got it wrong. You have never got it wrong? I have many times. Times have changed for all of us.

Thank You. Its experience for me. I certainly wont be making the same mistake again.

neverdespairgirl

amitabh1 wrote: »

Ive started making arrangements to get the family house off my name and onto wife's.That should take a few weeks. That way if all else fails at least my house is secure.

I bet you didn't take advice on that!

The Official Receiver, if you did have to go bankrupt, can go back 5 years to look for dodgy transactions, and could declare you have a beneficial interest in the house anyway.

And could slap a BRU / BRO on you for depriving creditors of assets.

amitabh1

neas wrote: »

How can gambiling vast amounts of money... be a good way to better yourself?

Seriously... its like putting all your money and future money on black at roulette.

Some people on here sold there homes 1-2 years ago.. because they saw this coming... so i can't believe 100% everyone were brainwashed into this.

And OP... I do hope you find a way out... for your familys sake, but you cant expect everyone to be on your side... when your strategy to make an easier life would screw less fortunate people out of owning their own home.

Still the market went bust and theres winners and losers... you are heading for a 'loser' at the moment, but you can mitigate this lose hopefully.

Thank You. Like ive said many times, i got into this without doing any research whatsoever. I was unaware of the wider picture concerning the ftb's ever getting to own their own home.
The drive to get somewhere in life fuelled greatly by personal issues got me in this mess. I saw it as an opportunity. I missed many in the last few years and believed this was it. I believe opportunities come rarely, and when they do, you should take them. However they should be backed with very solid research, im paying the price now for not doing so.

amitabh1

neverdespairgirl wrote: »

I bet you didn't take advice on that!

The Official Receiver, if you did have to go bankrupt, can go back 5 years to look for dodgy transactions, and could declare you have a beneficial interest in the house anyway.

And could slap a BRU / BRO on you for depriving creditors of assets.

In any case i wont be taking the bankruptcy route. Worst case scenario ill have to take up an instalment plan to pay off the 15k. Many steps to undertake before that though.

guppy

brit1234 wrote: »

Your buying 2 flats to rent out and not to live in! :mad:


Sorry , no sympathy here. You created this mess, you have to live with it. I bet you weren't complaining when you were helping price out first time buyers and prices were still rising. Were you on your way to being a property Millionaire?

Buy to let is a major factor in creating this housing bubble, its time landlords took some of the punishment after all these years of socalled gains.

Sorry if i sound harsh but buy to let has down huge damage to this country by pricing out most first time buyer and forcing the rest to take out huge loans that they now can't pay. :mad:

What are you going to do when prices fall 50-60%?

:huh:

Agree with all the above but I do have some sympathy at a basic human level.

Yes the OP was greedy and stupid, but to some extent he has been a victim of a well practiced marketing con by far worse characters who have had an enabling role in enabling thousands of people who can't even manage their own finances properly to enter the investment sector.

I think he or she will suffer enough financial pain from this without us lot putting the boot in.

As for the property club guy not answering the phone, I'm sure he'll pop up again soon. There are ads on the radio for Dubai Property Investment Seminars where they will explain why the market there can't fall...and WIN Investing are still explaining how to make money from shares in a falling market. Plenty more mugs in the sea.

GDB2222

amitabh1 wrote: »

In any case i wont be taking the bankruptcy route. Worst case scenario ill have to take up an instalment plan to pay off the 15k. Many steps to undertake before that though.

Forgive me, but you are not going about this the right way, and you appear to be completely misinformed.

1. Your liability is far more than the 15k deposit. It's the full loss on the two flats.
2. Transferring your house out of your name into your wife's name is not going to help you, as NDG said. (You can't really think it is that simple, surely?)
3. You don't necessarily get a choice about becoming bankrupt. Why should a creditor have to put up with uncertain instalments if you have a house he can get his hands on instead?
4. The Land Registry is so transparent that it is easy for creditors to see what you have done. They only have to pay £3 to get the information.

Christopher Foster thought he could pull the same sort of trick, and look at what happened to him:
http://www.guardian.co.uk/uk/2008/sep/02/ukcrime3

As others have said, you really need paid-for legal advice ASAP. Otherwise, you are just going to make even more mistakes than you have already. I musta say that you are making such a hash of this that I wonder whether you are deliberately trolling?

amitabh1

GDB2222 wrote: »

Forgive me, but you are not going about this the right way, and you appear to be completely misinformed.

1. Your liability is far more than the 15k deposit. It's the full loss on the two flats.
2. Transferring your house out of your name into your wife's name is not going to help you, as NDG said. (You can't really think it is that simple, surely?)
3. You don't necessarily get a choice about becoming bankrupt. Why should a creditor have to put up with uncertain instalments if you have a house he can get his hands on instead?
4. The Land Registry is so transparent that it is easy for creditors to see what you have done. They only have to pay £3 to get the information.

Christopher Foster thought he could pull the same sort of trick, and look at what happened to him:
http://www.guardian.co.uk/uk/2008/sep/02/ukcrime3

As others have said, you really need paid-for legal advice ASAP. Otherwise, you are just going to make even more mistakes than you have already. I musta say that you are making such a hash of this that I wonder whether you are deliberately trolling?

As ive said before, ive got an appointment today at 3 with a 'paid-for' solicitor. Ive got all the paperwork, hopefully she will be able to spot a few things.
If i cant do anything at the end of all this, i still wont be liable for the second flat as that was for my bro. And he will definately be taking his if all else fails.
I understand what you mean about the house issue, its joint at the moment. Id rather have my name out than continue with it.


By the way what is trolling???