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

amitabh1

RecoveringAlcoholic wrote: »

Before making a substantial investment did you take independent professionally qualified legal and financial advice?

If not you were blinded by GREED.

.

I believed the recommended solicitor was doing an honest job. Thank you for your comment.

PasturesNew

scousethife wrote: »

Im no fan of buy to letters but

Could you phone your mortgage company and say youve been made redundant and ask if that affects your mortgage (which it will) then you will seem to not be able to afford the flats anyway????

Possible way of getting out of it?....I'm not sure

This would result in no mortgage being forthcoming, but the OP would still be legally bound to complete the purchase. So that wouldn't help at all.

(I believe) he's exchanged contracts, that is the legally binding point of no return.

All he can hope for now is something wrong in the small print.

Being made redundant shouldn't affect the mortgageability of the property as it is a BTL, which is a business. To obtain a mortgage you need to prove/state that the incoming rent is (usually) 125% of the interest only mortgage payments.

The biggest problem at the moment would be that the property is not worth anywhere near the original valuation, so the lenders will want a bigger deposit.

However, we're all guessing here as we don't have access to the actual paperwork and agreements etc.

RecoveringAlcoholic

I believed the recommended solicitor was doing an honest job.

Speak to the Solicitors Regulation Authority. Their Code of Conduct can be found here:

http://www.sra.org.uk/solicitors/code-of-conduct.page

meester

amitabh1 wrote: »

wow!!!
Came here to get sound advice....more like abuse....lol.
Anyway first and foremost it wasnt greed that got me here. I genuinely thought i will be making an honest living and set my children for the future.

It clearly wasn't honest because you were buying a flat for £155,000 but telling the mortgage company you were paying £185,000. Not true, fraud.

amitabh1

meester wrote: »

It clearly wasn't honest because you were buying a flat for £155,000 but telling the mortgage company you were paying £185,000. Not true, fraud.

Hold on mate, The whole discount thing was advertised for everyone to see. How would i possibly have known that it was a fraud??? The solicitor didnt say a word against it. The actual developer was advertising its properties with the help of the property club.

Bf109

amitabh1 wrote: »

I believed the recommended solicitor was doing an honest job. Thank you for your comment.

So you didnt think that you would be making loads of money while pricing other people out of ever having a hope of owning a family home? So you arent greedy at all? Not a greedy !!!!!!!, just had a bad solicitor eh?

confused31_2

Theres only one way out!!!! just make sure no ones in the ajoining flats when you blow your 2 flats up, do it on new years eve with a stray firework and a few litres of petrol.

Hey and look on the bright side it might only be 90 pence litre its already under a £1.:D

confused:rotfl:

amitabh1

Bf109 wrote: »

So you didnt think that you would be making loads of money while pricing other people out of ever having a hope of owning a family home? So you arent greedy at all? Not a greedy !!!!!!!, just had a bad solicitor eh?

Like i said i didnt have a clue that id be 'pricing other people out of ever having a hope of owning a family home'. For me it was a route out of the life i live!!!! A deal came, wasnt 'under the table', genuine advertisements...n i fell in the trap and now im screwed!!! What is so hard in believing that i genuinely did not know what was going on???
I did not have the knowledge of what i was gettin myself into. I HONESTLY DID NOT!!!

ciano125

Although I cant say I feel particularly sorry for the OP, he is clearly under a lot of stress and worry. It isn't going to help now with everyone saying "i told you so" etc etc and giving him grief, I wouldn't like someone to do that to me so I'm not going to do it to him.

Hopefully he (and others) will learn from this experience, to be fair I think that may be the only positive thing for him to come from this.

As has been said already, you need legal advice, hope for the best but expect the worse. This is probably going to cost you thousands and thousands of pounds, and you'll probably be paying for it for a long time. Sorry to be blunt, but you need to face facts.

I personally blamed the tv programmes for telling everyone how easy it was to make huge amounts of money by buying and doing up houses, or BTL'ing, however, it was also clear to me that it would be the flats that would be the first/hardest hit in a downturn. There are just so many of them, supply is easily outstripping demand.

Let us know how you get on, take the constructive advise that has been given on board and try and keep your chin up in what is going to be a very difficult time.

border_collie

amitabh1 wrote: »

Like i said i didnt have a clue that id be 'pricing other people out of ever having a hope of owning a family home'. For me it was a route out of the life i live!!!! A deal came, wasnt 'under the table', genuine advertisements...n i fell in the trap and now im screwed!!! What is so hard in believing that i genuinely did not know what was going on???
I did not have the knowledge of what i was gettin myself into. I HONESTLY DID NOT!!!

I thought lots of people wanted to rent, and not everyone wanted or could get a mortgage

I can't see what terrible thing the OP has done

good luck next week