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Bought Off Plan....but Cant Afford It Now!!! Please Help!!!
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most likely it will be only the bond company who will chase me....im not sure what the developer will do. i rang the bond company and they said id be owing them 15k were i not to go ahead. im sure the developer can sell elsewhere ....but ive signed contracts....???0
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What's a bond company? Chances are that £15k is the least of your worries. Unless you have lots of money, consider bankruptcy, and do your best to keep your brother out of it.No reliance should be placed on the above! Absolutely none, do you hear?0
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most likely it will be only the bond company who will chase me....im not sure what the developer will do. i rang the bond company and they said id be owing them 15k were i not to go ahead. im sure the developer can sell elsewhere ....but ive signed contracts....???
You are still acting in the silly way that you did when you bought these flats,you are going around in circles, take a reality pill and end this situation that you are in. YOU NEED LEGAL ADVICE!
Nobody on here can tell you anything but their opinion which is worthless you need to know where you stand contractually, NOT where people on this forum THINK you stand!0 -
It was the bond company that threw me. I've not heard of one before and have no idea what their connection is to this scenario.0
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You are still acting in the silly way that you did when you bought these flats,you are going around in circles, take a reality pill and end this situation that you are in. YOU NEED LEGAL ADVICE!
Nobody on here can tell you anything but their opinion which is worthless you need to know where you stand contractually, NOT where people on this forum THINK you stand!
He's 100% right.0 -
ive made an appointment already for next week....hopefully they'll be able to sort sumin out for me....other than that by the opinion of everyone, looks like im in a deep hole....trying to stay positive0
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I don`t understand why people went to these seminars which they probably paid for. Why they then pay a finders fee when there are estate agents and right move who charge nothing for their service if you are buying. Also the developers have show homes and sales offices. And also they then use a solicitor recommended from these seminars.0
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PN: I'd imagine the developer insisted on 5-10% upfront deposit to secure the 'discounted' price, the 'bond company' funding this in exchange for a percentage of that up-front (the rest to be repaid to it by the developer when the sale goes throught).
i.e.
exchange
Punter £1,500 --> bond company £15,000 --> developer
completion
Punter £155,000 --> developer £15,000 --> bond company
Effectively they are borrowing the deposit. It's possible that the punter's liability was agreed to be limited to the amount of the bond (if the punter took independent legal advice their lawyer might have insisted on it, given the leverage involved in this gamble - unfortunately most pump and dump property get-rich-quick companies steered their customers away from independent advice for obvious reasons). If the punter's liability was unlimited, they will likely be served a notice to complete by the developer unless there is a clause in the contract allowing them to pull out. Default on completion and you're liable for the developer's foreseeable losses as a result of the non-completion. Could be massive.
Awful situation. You need to shell out for legal advice well ahead of being asked to complete. There may be some wiggle-room if the developer is having trouble completing on time too.0 -
the property club who sold us the flats misled us by advertising a 15% discount. they said this discount will act as the deposit. and to secure the flat we'l have to take out a bond agreement.
now ive come to know that the prices were inflated in the first place. the bond company guaranteed the developer that the flats will be bought by us once they are completed...and if we pull out they will give 15k to the developer and chase us for the money.
i went to the solictor who was dealing with us.....he didnt have a clue whatsoever....he didnt even know that we were on a discount. i had to tell him most of what i knew.
hopefully this new solictor will know what to do0 -
Thanks For The Breakdown...thats Exactly How It Is....not Gud At Explaining Me.0
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