Unable to Complete - now being sued!!

confused31_2

Tassotti wrote: »

If you can't raise £630, then

You are a forget about trying to be a property investor!!

You are a time wastor, and I hope you get what you deserve!!

i think thats a bit harsh, how do you know he's a time waster? and to say he deserves it is a bit out of order, he's just had a bit of bad luck, like half the country has, i just hope everything stays rosey for you.

dopester

pmurray wrote: »

Hi, thanks for your response. Yes my financial situation changed dramatically, I lost my income and have been unable to sell another property even after reducing it by 20K.

Another BTL property? Have you got your own home as well?

If I was the developer I'd instruct lawyers to go after your assets to get what you owe me under the contract when you signed to buy.

Part of the risk you took on as far as I'm concerned, with multiple properties.

Might be a case of how the landlord becomes the renter.

barnaby-bear

pmurray wrote: »

Hi wonder if anyone has any suggestions. I was unable to complete on a flat purchase (new build) as I could not get the mortgage as I was unable to raise the BTL Deposit. I have received a bill from the builder for £10630.00 giving me 7 days to pay or they will commence court action! I do not have this money infact I would struggle with the £630 at the moment. This is made up of 10K which relates to the amount thet they have had to discount the flat to sell on. The rest is interest, I did pay a £750 deposit which obviously I loose as I deserve to do I have also lost my Legal Fees which I obviously had to pay. Anybody got any ideas or experience of a similar situation.

Is this the 5th or 6th case like this... search on the phrase "catastrophic missive fees"

http://forums.moneysavingexpert.com/...t=catastrophic

http://forums.moneysavingexpert.com/...hic+m issives

http://forums.moneysavingexpert.com/...ight=persimmon

Another "catastrophic missive fees"

* Adding catastrophic missive fees text to this thread to help future cross-reference

GDB2222

What's confusing about this is that normally a substantial deposit is required at the point that the contract is made. That's usually 10%, yet the OP is saying he only put £750 down. Of course, you can bind yourself contractually without any deposit, but it's very unusual. So, there's clearly doubt about what's going on here, and I'm not convinced that the OP really knows what's happened. He should therefore consult a lawyer/CAB.

silvercar

pmurray wrote: »

Hi, no missives were exchanged as is the norm, I understand with new builds at that time though I had no reason to think that I would not be able to sell my property and thus raise the BTL Deposit. The other property has now been on the market for 8 months, sold last month then sale fell through last week.....

I think the confusion is in the first sentence.

Is OP saying,

Hi.... no missives were signed. = a negative response

or

Hi no....missives were signed. = a positive response

MORPH3US

Take legal advice, you need it!!!

Richard_Webster

This is a classic example of why we need separate boards for English/Welsh, Scottish, and Northern Irish property matters. Had OP gone to a Scottish board he would not have got all this stuff about exchanging contacts.

See my post on the 9th page of this thread: http://forums.moneysavingexpert.com/showthread.html?p=19785087#

annie123

quote from my link:
Where a solicitor for a purchaser is instructed to submit an offer but to delay concluding a bargain until some matter outwith the selling agent's control has been resolved e.g. the purchaser's own house has not been sold; a survey or specialist's report is required; or funding arrangements are to be confirmed these circumstances should be disclosed to the selling solicitor. If the purchaser instructs the solicitor not to disclose such matters to the selling solicitor, the purchaser's solicitor should withdraw from acting. To continue acting could amount to a breach of article 9 of the Code of Conduct by knowingly misleading a fellow solicitor. Where a purchaser instructs his solicitor to delay concluding a bargain without giving any reason the solicitor should similarly withdraw from acting.

The OP must have informed the solicitor that there was a property that was not yet sold, so the seller would be aware of this, or have I got that wrong?

Have to admit that I didnt realise that OP was buying in Scotland at first, must post that they are doing that.

pmurray

silvercar wrote: »

I think the confusion is in the first sentence.

Is OP saying,

Hi.... no missives were signed. = a negative response

or

Hi no....missives were signed. = a positive response

Sorry for the confusion.... The missives were signed = positive

pmurray

Yeh, cheers for that!