Recind - Off Plan Property

Premier_2

PAP wrote: »

...Yes your right, lifes not fair. But can you tell me why it is OK for companies like this to simply close up shop and skip out on their debts, but for the average Joe its a different story? Is it because they can afford a better lawyer? Or am I missing something here?...

Partly, yes.

But the reality is that each company is it's own legal entity, just as you are.

If you go bust, it doesn't mean your mother goes bust. In the same way, if one company goes bust it doesn't affect a separate company, despite having a similar name.

PAP wrote: »

...Anyone know of a good lawyer ...

You really should have sought one of these before you entered into the contract, & they would have advised you of your rights the first time the developer failed to complete even though they gave you notice to do so. Why have you let this continue?

PAP_2

Premier wrote: »

You really should have sought one of these before you entered into the contract, & they would have advised you of your rights the first time the developer failed to complete even though they gave you notice to do so. Why have you let this continue?

The solictior I'm using (from day one) hasn't given me much advice, just the usual stuff before I signed the contracts two years ago. Since then I have received priodic letters from them saying the sellers solicitors have issues a notice to complete and if i have my finances in place. Nothing from them after the Completion notice(s) was withdrawn...and nothing now. I'm having to deal with the estate agent myself to come to some sort of agreement with the developer.

The only correspondece I've recived from my solicitors in recent weeks is to say if i still want to go ahead with the purchase, but nothing about the consequences.

Not sure if changing my solicitors would help or hinder me further?!?

silvercar

Well this one doesn't seem to be doing you much good!

I would be inclined to ask this one why he didn't advise you of the risk of exchanging contracts without a mortgage offer in place for completion time.

GDB2222

silvercar wrote: »

Well this one doesn't seem to be doing you much good!

I would be inclined to ask this one why he didn't advise you of the risk of exchanging contracts without a mortgage offer in place for completion time.

Yes, there's plenty of scope for litigation here. Generally, going for the lawyer is probably the softer target, but this could all take 3 or 4 years to resolve, and it could easily go against you. If you go bankrupt, you'll be out of it in a year.

Jake'sGran

jenner wrote: »

well i dont understand, surely one pays the price that something is worth? so if it was worth 300k, shouldnt he pay that?

in any case, what about the huge amount of time between signing a contract and actually finishing the build? why so long

People seem to be missing the point, i.e. that we are in unprecedented times.
Anyone who buys shares or funds knows that prices can go up as well as down but you can't use this analogy when considering the situation as it happened to PAP.
No one could have told him in 2006 that the property he was hoping to buy could have dropped in value so much in two years. I'd be astonished if the builder wins with this one!

hethmar

I think the point you have made above - the solicitor asked if you still wanted to go ahead .............. is very interesting. If he was asking this, surely he means it wasnt compulsory to do so? Get back to him.

neverdespairgirl

silvercar wrote: »

If this ever went to court, the judge has an obligation to look at the financial implications any judgement made would have on the parties involved. Look at the link I post on the first page.

That was a completely different section of the Act, it doesn't directly apply.

dopester

Jake'sGran wrote: »

People seem to be missing the point, i.e. that we are in unprecedented times.
Anyone who buys shares or funds knows that prices can go up as well as down but you can't use this analogy when considering the situation as it happened to PAP.
No one could have told him in 2006 that the property he was hoping to buy could have dropped in value so much in two years. I'd be astonished if the builder wins with this one!

Sorry, but you really don't know what you are on about do you.

RabbitMad

Jake'sGran wrote: »

People seem to be missing the point, i.e. that we are in unprecedented times.
Anyone who buys shares or funds knows that prices can go up as well as down but you can't use this analogy when considering the situation as it happened to PAP.
No one could have told him in 2006 that the property he was hoping to buy could have dropped in value so much in two years. I'd be astonished if the builder wins with this one!

Rubbish - I wouldn't have told him that it could drop so much in value in 2 years but plenty on here and HPC were calling the crash as long ago as 2002.

Unprecedented as in similar to the early 90's?

However I agree that I don't think the builder will win this one as 4 times they have issued notice to complete and then failed to do so themselves. The OP really needs to check out this angle as I am thinking that this gets the OP out of the current situation and also could get him his deposit back.