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Developer sues prospective buyers

MORPH3US
MORPH3US Posts: 4,906 Forumite
1,000 Posts Combo Breaker
in House buying, renting & selling
Apologies if this has already been posted....

There always seems to be lots of people buying "off plan" on here and being warned of the dangers....

Well here is the proof:

http://news.bbc.co.uk/1/hi/northern_ireland/8237366.stm

Comments

  • Cannon_Fodder
    Cannon_Fodder Posts: 3,980 Forumite
    NI is not alone; http://www.guardian.co.uk/money/2009/aug/08/berkeley-homes-mortgage-deposit

    If off-plan discounts were given, that presumably mitigates the difference, to a degree?

    Wonder how the buyers would feel, if prices had shot up and the developer tried to increase the price - I bet they'd be clinging to that water-tight contract saying, "no way, Jose"...

    They backed an investment, they've lost out. Just like lots of people hit by the stock market drops of last year.

    Its a risk they chose to take.
  • mynameisdave
    mynameisdave Posts: 1,284 Forumite
    Had they actually exchanged contracts in the traditional sense, or had they just signed a reservation/agreement?
  • MORPH3US
    MORPH3US Posts: 4,906 Forumite
    1,000 Posts Combo Breaker
    mynameisdave wrote: »
    Had they actually exchanged contracts in the traditional sense, or had they just signed a reservation/agreement?

    Not sure i'm affraid.
  • BenL
    BenL Posts: 3,189 Forumite
    Cannon_Fodder wrote: »
    NI is not alone; http://www.guardian.co.uk/money/2009/aug/08/berkeley-homes-mortgage-deposit

    If off-plan discounts were given, that presumably mitigates the difference, to a degree?

    Wonder how the buyers would feel, if prices had shot up and the developer tried to increase the price - I bet they'd be clinging to that water-tight contract saying, "no way, Jose"...

    They backed an investment, they've lost out. Just like lots of people hit by the stock market drops of last year.

    Its a risk they chose to take.


    I guess they could paint underneath the "Bakery" sign "House prices may go up or down. Past performance is no guarantee of future performace etc etc"

    That should just about cover it.
    I beep for Robins - Beep Beep
    & Choo Choo for trains!!
  • DVardysShadow
    DVardysShadow Posts: 18,949 Forumite
    mynameisdave wrote: »
    Had they actually exchanged contracts in the traditional sense, or had they just signed a reservation/agreement?
    From tfa

    Barry Gilligan, who owns Big Picture Developments, said they had signed contracts for apartments, but failed to meet the deadline to complete the deal.
    Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam
  • AMILLIONDOLLARS
    AMILLIONDOLLARS Posts: 2,299 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    I reckon a lot of the buyers were BTLs or people looking to flip the properties, they signed with their eyes on the £££££ signs. Its the first buyer I feel sorry for!

    AMD
    Debt Free!!!
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