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Bought Off Plan 4 years ago!! House finished 2 years ago!! Still not got the keys!!
Desktop_Manager
Posts: 1 Newbie
Serious problem.
Bought off plan 4 years ago. Saw finished property 2 years ago, only waiting for utilities to be connected. Developers went bust twice and the current developers are insisting I must pay for the house or they will sue for the difference between the price at auction and asking price. The original price was £111k and the most recent valuation for mortgage is £85k and will probably go down further in the recession.
Have I any hope?? The solicitor acting for me says I might be able to renegotiate the buying price at £95k which will mean another huge deposit just to get a mortgage (if anyone will lend on it) My original deposit will be lost in the original price because the valuation is less than the buying price.
I have no assets and am self employed, the site is an old hospital and completely derelict apart from one small block of finished houses, one of which is mine. Can't see anyone wanting to buy or rent and I am not in a position to live there myself - even if the access to the house was not through the derelict site .....
Anyone in a similar position?? Is there any recourse in law as the original contract was not with the current developers?? Does anyone have any advice please.
Bought off plan 4 years ago. Saw finished property 2 years ago, only waiting for utilities to be connected. Developers went bust twice and the current developers are insisting I must pay for the house or they will sue for the difference between the price at auction and asking price. The original price was £111k and the most recent valuation for mortgage is £85k and will probably go down further in the recession.
Have I any hope?? The solicitor acting for me says I might be able to renegotiate the buying price at £95k which will mean another huge deposit just to get a mortgage (if anyone will lend on it) My original deposit will be lost in the original price because the valuation is less than the buying price.
I have no assets and am self employed, the site is an old hospital and completely derelict apart from one small block of finished houses, one of which is mine. Can't see anyone wanting to buy or rent and I am not in a position to live there myself - even if the access to the house was not through the derelict site .....
Anyone in a similar position?? Is there any recourse in law as the original contract was not with the current developers?? Does anyone have any advice please.
0
Comments
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Buying off plan is always a risk. Dont pay any more for the house when they havent completed it. Have you tried the CAB?0
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