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

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Comments

  • silvercar wrote: »
    Sold prices are in the range £230-250k in 2007 and 2008. So I guess that was the first lot sold.
    I believe this is a brand new plot. Just finished. So there are no plots sold previous to this year.
  • silvercar
    silvercar Posts: 49,932 Ambassador
    Part of the Furniture 10,000 Posts Academoney Grad Name Dropper
    edited 12 September 2010 at 10:13PM
    simyboye wrote: »
    I believe this is a brand new plot. Just finished. So there are no plots sold previous to this year.

    Block next door, still known as "The Edge". Roughly same location and same spec = same price. The two year old ones were built by Bryant Homes. Block names and prices:

    Aurora Court £232k-250k.
    Domus Court - more varied prices 160k-250k
    Ballota court - 238-276k
    Flora court - 170-210k

    There is one on the market for £259k, see how different it is from the spec for yours. Just found another for £245k. You can see all the re-sales here:

    http://www.gartoo.co.uk/the-edge-edgware
    I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.
  • silvercar. Again, many thanks...
    I'm going to ring the investors tomorrow. Get a meeting and see where it all goes. Then ring the solicitors and see what I can do.

    Anyone ANY ideas on if I might be able to get my deposit back, or look to sue the investors? Me? I need a good physical warning to get myselfinto gear and wise up on all this.
  • tkitmike
    tkitmike Posts: 48 Forumite
    edited 12 September 2010 at 10:46PM
    Apologies not read all replies..

    But, if you didn't have a 'mortgage in principal' why did you pay the builders your £26k deposit?

    My salary is around £25k and I'm struggling to get a mortgage of £60k - So you trying to get a Mortgage 7 times your going to really struggle!
  • tkitmike - yeah yeah I know. I didnt know what I was doing? I trusted the investor who was a friends best friend. Hook, line and sinker... I've been done.
    Its all very well now. I understand where I've gone wrong. Just going to try and salvage what I can.
  • Good luck mate, let us know how you get on!
  • lr1277
    lr1277 Posts: 2,199 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    When you say speak to a solicitor, do you mean the firm who dealt with your property purchase? I understand a different staff member is dealing with it now, but I personally wouldn't be comfortable going back to the same firm.
  • grey_lady
    grey_lady Posts: 1,047 Forumite
    I agree with the previous poster, you need good independent legal advice asap - see if you can get out of that contract. Why go to the 'investor' who led you down this route for a solution?
    Snootchie Bootchies!
  • Crinz
    Crinz Posts: 181 Forumite
    Going back a bit on previous information about getting a mortgage on the bradford flat and selling it immediately to release the equity.

    Not sure if it is a blanket policy across all lenders but we (Halifax) dont allow mortgages unless a property has been owned for 6months+. If this is the case across the board then you will struggle to get it sold.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • grey_lady - Thank you. Do you mean contact a independent solicitor and see if I can get my deposit back and get out of the contract? On what grounds? Bad advice from the investor?

    And yes, Bradford. I will sell ASAP.
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