Help! Just about to loose 26k on deposit on new flat - advise please

simyboye

Silvercar - I've just rung an independent solicitors and one of them will call me back.
Excuse me for being a little obtuse here, but what is it I'm actually asking them help for? Being scammed and given unprofessional advice? And then look to sue?

mynameisdave

I'd say getting that cash back for a start. The point of a rescindment is to return both parties to the state they were in before any deal was agreed. Before the deal was agreed you had £16,000 cash to spend where you wanted on what you wanted. Now you have a credit note to spend on a Urban Splash development - not even 'a property' - it has to be one of their properties. They havent rescinded at all!

I would forget about suing for the moment. Its not a primary concern and you would probably need documentary evidence to show they have lied - giving their valuation as more than it is really worth isnt enough for that.

Your first concern with a different solicitor is looking over the deals you have agreed to and any document signed. Hopefully get your cash back and cancel the Bradford deal at the very least. While proceeding with the Edgware property might not be ideal it is likely preferable to going bankrupt and losing the home that is currently let to a tenant. A solicitor will be able to tell you exactly how tied in you are.

simyboye

Sorry, going bankrupt? Why?
Got a solicitors appointment tomorrow at 1400

beecher2

simyboye wrote: »

Silvercar - I've just rung an independent solicitors and one of them will call me back.
Excuse me for being a little obtuse here, but what is it I'm actually asking them help for? Being scammed and given unprofessional advice? And then look to sue?

I'd say you need professional legal advice in order to try to prevent being held liable for costs, as well as the deposit. If I were you I wouldn't be concentrating on seeking compensation - just in trying to lose as little money as possible. I'm not sure if you understand how bad your situation is.

benjaminwootton

simyboye wrote: »

Sorry, going bankrupt? Why?

Erm, because you are now contracted to pay £238k on the London flat which you do not have available.

Losing the deposit is the least of your problems as, by owning your own home, you have assets that the builder can pursue to try to make you complete on the full contract. This can and does happen.

I'm not being nasty but you are in deep doo doo over this. If you can walk away having just lost the deposit then, well, things could have been much worse.

I am not a lawyer, but I am also not hopeful of your chances of getting money back from Urban Splash. You were crazy handing over all of that money without a contract, but it sounds to me like that was structured as a non refundable deposit. A £500 or £1000 reservation fee is more typical amount to hand over at that stage.

silvercar

simyboye wrote: »

Silvercar - I've just rung an independent solicitors and one of them will call me back.
Excuse me for being a little obtuse here, but what is it I'm actually asking them help for? Being scammed and given unprofessional advice? And then look to sue?

You want the 16k back for the Liverpool/ Bradford deposit. By back I mean straight to your bank account, not a deposit on a future purchase, not a credit note, real money into your bank account.

You also want out of the Edgware deal. You were wrongly advised as to (a) the value of the property and (b) the safety of exchanging with no mortgage offer and (c) being signed up to a contract that you could assign elsewhere when your stated intention was to sell on before completion. Whether that was the solicitor, the developer, the IFA or whoever, they were all in cahoots together and know they pulled a fast one. You need an independent solicitor to extracate you from the deal.

Personally I would be relieved and happy to find a professional confident to sort this for you and wouldn't be looking at suing.

Tiddlywinks

simyboye wrote: »

Silvercar - I've just rung an independent solicitors and one of them will call me back.
Excuse me for being a little obtuse here, but what is it I'm actually asking them help for? Being scammed and given unprofessional advice? And then look to sue?

You really do need to get a grip of this and understand the implications of this situation yourself.

Draw up a timeline of events to assist your memory and help make best use of your appointment.

I'm sorry to be harsh but you made some important decisions throughout this whole process; how can you now not know the Qs to ask a solicitor?

silvercar

I'm starting to wonder if this is a wind up.

simyboye

Thanks guys. Appreciate it.
No its not a wind up.

AMILLIONDOLLARS

Just read this thread, and find it very hard to believe that someone could be so stupid with their money. Sorry if this offends. My question is whY oh why did you not do your own research before handing over your cash? You say that you own a property, didn't you learn from the experience, ie getting a mortgage offer in place before handing over deposits. I can only think that you were totaly blinded by GREED. I hope anyone reading this thread will take it as a warning - If its too good to be true.....

AMD