The Gazundering Challenge

Mr_Matey

Hi Mark,
I'm sorry to hear the terrible news with the builder. They must have a lot of people trying to get out of deals.

If you were to complete, how much are you short? After reading your original post again, it seems about 10k. Have you been saving hard? How long would it take you to save this difference?

It's a bad situation and I don't think going to court is a good option as you'll end up paying loads of money to lawyers.

Perhaps a short-term fix would be to borrow some money off a relative or close friend?

Tirian

ukmarkwilson wrote: »

anyone know of any interested parties who have £15'000 and want a 2-bed, 2-bath brand new flat in Bow?

Heh. well, I have that and would love a 2-bed 2-bath flat in Bow. But no way in hell would I pay £275k for one.

And I have to say, having been just looking for a place to rent in East London, the outlook is not good for new build flats in my opinion. I got shown loads of them, and there was only one that was big enough to swing a cat in. And then the letting agents got cold feet over the amount they had offered it to us for and tried to ask us to pay £200 a month more.

I'm glad they did now actually, as we obviously turned them down - and I am now renting a three storey town house with a garden, conservatory and a garage for the same price that all the new build flats were asking.

I could also never understand why all the new build flats would have one large bedroom and one small one - didn't it ever occur to the builders that young professionals flat-sharing might not want to have to fight over who gets the large room and who slums it in the box? I guess not.

ukmarkwilson

Hi all,

Thought I would come back with a belated update on the Telford Homes (:mad:) Gazundering Challenge saga.

We have appealed to the empty space in their chest cavities where their humanity might once have existed with no success. They are threatening to take us to court for £11k worth of 'damages' instead - although they were kind enough to offer that we just make it £10k and avoid going to court. The bloody cheek of it!!

Bear in mind that they sold the property for £250k - despite, as I've mentioned before, the fact that we could have completed at the original price if they had been a smidgen more accommodating. This means that they are still £2'500 up - less additional legal fees of £500 - means that Telford Homes (:mad:) have made an extra £2k profit.

I am speaking with 2 solicitors and am desperately hoping that my arguments will steer us out of this;
1 - I hope that the court decides that we deserve a refund of this £2k (in accordance with Section 49(2) of the Law of Property Act 1925,
2 - That the Notice to Complete was either invalid or incorrectly drafted or served.
3 - In accordance with the Standard Conditions of Sale (4th Ed.) that Telford Homes (:mad:) didn't provide us with proof of title or a draft transfer.
4 - That if the completion date should be 20 days after the date of contract, why did they not rescind the contract once that period had passed?
5 - We made it clear we were not ready, able and willing to complete - well, we were willing, just not ready or able.
6 - Telford Homes (:mad:) should have a duty to mitigate their losses and so the fact that they sold the property for less than the market value available to them via us may mean that they have to cover the cost of any loss of revenue as they rejected our offers for completion.

If all that fails, I want to be able to sue the solicitors they foisted upon us for malpractice of some sort - either down to their lack of independence, not acting in our best interests, did not provide a good standard of service, did not give us clear explanations of the issues involved or the options open to us, did not give us clear information about the costs, our potential liabilities for the other party's costs nor provided us with a clear cost in writing.

A fellow poster (PMurray) is in the same boat - and is further down the line with his issues - so please search for his thread.

Thanks,
Mark

mynameisdave

Ewarwoowar2 wrote: »

Flats in my area (Manchester city centre) sold for £250k in 2006 are now regularly going for less than £100k at auction.

I'm glad I got screwed around by the developers in New Broughton. Was supposed to be getting a new build for £130,000 that they said was worth £165,000

They wanted me to have a mortgage in place for exchange andtold me it would happen in 4 weeks. 3 weeks later they told me no go, they dont want to sell it. Bought a place for £100,000 in Chester 9 months later. Much better buy!

Edit: just noticed the dates on the early posts!

dopester

ukmarkwilson wrote: »

Before I get the earful for being mean and horrible people - imagine, pricing first-time buyers out of the market, the cheek! - we wanted to buy it, rent it for a few years and sell it for a small profit, we don't have a portfolio, a yacht or a Jag!

And first time buyers don't even own their first home.... whereas you did at least have your own home... and were paying down the mortage, before the great idea you had to nab in for another, taking on a load more debt and risk.

I'm glad I don't have your problems... but then I'm waiting for the second leg of the crash before buying my first home (outright). A crash which should be all the heavier, in part due to all the craziest-risktakers, leveraging their own homes in the stretching to buy second properties to BTL at crazy high prices during a credit crunch, and doing-themselves-in.

boomerangs

This is a salutory tale and a warning to all would-be get-rich quick buy-to-let speculators

dopester

ukmarkwilson wrote: »

We have appealed to the empty space in their chest cavities where their humanity might once have existed with no success. They are threatening to take us to court for £11k worth of 'damages' instead - although they were kind enough to offer that we just make it £10k and avoid going to court. The bloody cheek of it!!

You should be grateful for such a good outcome imo.

Greed and silly BTL dreamin got the best of you in the first place imo, for a reckless decision. Or you now planning on getting another BTL and leveraging up against your own home again???? :rolleyes: Go-on... sure way to easy recover your lost £10K innit.

neas

I agree... walk away with the loss now or risk total financial failure in a couple years (Bankruptcy etc).

Your master plan to price FTBers out of the market didn't really work so well.... i only hope the builder has to sell them at more realistic prices then

silvercar

ukmarkwilson wrote: »

Hi all,

Thought I would come back with a belated update on the Telford Homes (:mad:) Gazundering Challenge saga.

We have appealed to the empty space in their chest cavities where their humanity might once have existed with no success. They are threatening to take us to court for £11k worth of 'damages' instead - although they were kind enough to offer that we just make it £10k and avoid going to court. The bloody cheek of it!!

Bear in mind that they sold the property for £250k - despite, as I've mentioned before, the fact that we could have completed at the original price if they had been a smidgen more accommodating. This means that they are still £2'500 up - less additional legal fees of £500 - means that Telford Homes (:mad:) have made an extra £2k profit.

I am speaking with 2 solicitors and am desperately hoping that my arguments will steer us out of this;
1 - I hope that the court decides that we deserve a refund of this £2k (in accordance with Section 49(2) of the Law of Property Act 1925,
2 - That the Notice to Complete was either invalid or incorrectly drafted or served.
3 - In accordance with the Standard Conditions of Sale (4th Ed.) that Telford Homes (:mad:) didn't provide us with proof of title or a draft transfer.
4 - That if the completion date should be 20 days after the date of contract, why did they not rescind the contract once that period had passed?
5 - We made it clear we were not ready, able and willing to complete - well, we were willing, just not ready or able.
6 - Telford Homes (:mad:) should have a duty to mitigate their losses and so the fact that they sold the property for less than the market value available to them via us may mean that they have to cover the cost of any loss of revenue as they rejected our offers for completion.

If all that fails, I want to be able to sue the solicitors they foisted upon us for malpractice of some sort - either down to their lack of independence, not acting in our best interests, did not provide a good standard of service, did not give us clear explanations of the issues involved or the options open to us, did not give us clear information about the costs, our potential liabilities for the other party's costs nor provided us with a clear cost in writing.

A fellow poster (PMurray) is in the same boat - and is further down the line with his issues - so please search for his thread.

Thanks,
Mark

Well done for reporting back, even though you have encountered the schaudenfraud of some posters.

I would guess that Telford followed the advice of their solicitors.

You failed to complete after being given notice to do so; they sold quickly at the highest price they could get within a short time. This is reasonable as otherwise interest charges would mount up.

Telford would have had to remarket the property and have incurred legal fees and had to wait to receive their money for at least a few months after your original completion date. I presume that this is what the £11k is for.

Personally I would offer them an amount in full and final settlement; the last thing you want is them coming after you in a few years time for more money, which would include interest on the £11k. Agreeing to settle for £10k at least shows the door is open to negotiate. I would offer £1k in final settlement and go to £2 or £3k to get closure.

DVardysShadow

ukmarkwilson wrote: »

Hi all,

Thought I would come back with a belated update on the Telford Homes (:mad:) Gazundering Challenge saga.

We have appealed to the empty space in their chest cavities where their humanity might once have existed with no success. They are threatening to take us to court for £11k worth of 'damages' instead - although they were kind enough to offer that we just make it £10k and avoid going to court. The bloody cheek of it!!

And you don't have a portfolio, a yacht or a Jag! Less of the bloody cheek of it, you gambled, you lost and they are letting you away for £10k. It's a result.

Bear in mind that they sold the property for £250k - despite, as I've mentioned before, the fact that we could have completed at the original price if they had been a smidgen more accommodating. This means that they are still £2'500 up - less additional legal fees of £500 - means that Telford Homes (:mad:) have made an extra £2k profit.

I am speaking with 2 solicitors and am desperately hoping that my arguments will steer us out of this;
1 - I hope that the court decides that we deserve a refund of this £2k (in accordance with Section 49(2) of the Law of Property Act 1925,
2 - That the Notice to Complete was either invalid or incorrectly drafted or served.
3 - In accordance with the Standard Conditions of Sale (4th Ed.) that Telford Homes (:mad:) didn't provide us with proof of title or a draft transfer.
4 - That if the completion date should be 20 days after the date of contract, why did they not rescind the contract once that period had passed?
5 - We made it clear we were not ready, able and willing to complete - well, we were willing, just not ready or able.
6 - Telford Homes (:mad:) should have a duty to mitigate their losses and so the fact that they sold the property for less than the market value available to them via us may mean that they have to cover the cost of any loss of revenue as they rejected our offers for completion.

If all that fails, I want to be able to sue the solicitors they foisted upon us for malpractice of some sort - either down to their lack of independence, not acting in our best interests, did not provide a good standard of service, did not give us clear explanations of the issues involved or the options open to us, did not give us clear information about the costs, our potential liabilities for the other party's costs nor provided us with a clear cost in writing.

A fellow poster (PMurray) is in the same boat - and is further down the line with his issues - so please search for his thread.

Thanks,
Mark

You have a result. Less of the indignation.