PLEASE READ BEFORE POSTING: Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

Pulling out of exchanged contracts on new build

2

Comments

  • ILW
    ILW Posts: 18,333 Forumite
    qaws1234 wrote: »
    I did, back then for 95% LTV (and they would have even given me 100% back then). Of course after 3 months they withdrew the offer!....this was just before the credit crunch....i was also in a "secure job" back then!

    Surely I can't be the only buyer in this market wanting to pull out...
    I think there are many that want to pull out, problem is you signed a legally binding contract and unless prices rocket, you are the builders best option to get their money.
    Where is the flat?
  • hostman
    hostman Posts: 377 Forumite
    Do a runner.

    If I was in this situation I'd do just that. No point trying to work legitimately to pay off the system.
  • ILW
    ILW Posts: 18,333 Forumite
    hostman wrote: »
    Do a runner.

    If I was in this situation I'd do just that. No point trying to work legitimately to pay off the system.

    What system is that?
  • brit1234
    brit1234 Posts: 5,385 Forumite
    qaws1234 wrote: »
    I did, back then for 95% LTV (and they would have even given me 100% back then). Of course after 3 months they withdrew the offer!....this was just before the credit crunch....i was also in a "secure job" back then!

    Surely I can't be the only buyer in this market wanting to pull out...

    This is happening a lot in Northern Ireland. The builders are seuing.

    I think you either have to find a way to buy or agree costs with the builders. The builders are reluctant to do anything else other than demand the sale. They are losing millions at the moment hence all the rights issues.

    The problem is you entered a contract and would of been entiled to all the price rises if the market wasn't collapsing. So in the same way you are liable for the loses.

    Sorry to be so hard but you need legal advise to reduce your loses.
    :exclamatiScams - Shared Equity, Shared Ownership, Newbuy, Firstbuy and Help to Buy.

    Save our Savers
  • qaws1234
    qaws1234 Posts: 8 Forumite
    The flat is in London...but i doubt the lending situation for new builds differs regionally...
  • vegasbaby100
    vegasbaby100 Posts: 156 Forumite
    as said above you will more than likely end up paying a lot more than just another 5k!!! as above there is a thread from someone who got pulled out on and they ended up taking the person for 30k plus expenses if i remember rightly.

    Also if you cant pay up and the court order it could end up going against your future earnings as an attachment order.
  • ILW
    ILW Posts: 18,333 Forumite
    qaws1234 wrote: »
    The flat is in London...but i doubt the lending situation for new builds differs regionally...
    It differs greatly in different parts of London. Not Woolwich is it?
  • qaws1234
    qaws1234 Posts: 8 Forumite
    it's not woolwich...the flat is not the problem...my personal circumstances are the problem...
  • FraudBuster
    FraudBuster Posts: 931 Forumite
    hostman wrote: »
    Do a runner.

    If I was in this situation I'd do just that. No point trying to work legitimately to pay off the system.

    These are the members of CIFAS:

    http://www.cifas.org.uk/default.asp?edit_id=721-90
  • qaws1234
    qaws1234 Posts: 8 Forumite
    If anyone is my situation is reading this thread, type in the following into google: berkeley homes collective, and berkeley homes guardian...very helpful and supportive
This discussion has been closed.
★ ★ ★ Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 351.3K Banking & Borrowing
  • 253.2K Reduce Debt & Boost Income
  • 453.7K Spending & Discounts
  • 244.2K Work, Benefits & Business
  • 599.4K Mortgages, Homes & Bills
  • 177.1K Life & Family
  • 257.7K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.2K Discuss & Feedback
  • 37.6K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.
Update Your Picture