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

simyboye

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

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

simyboye

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

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!

simyboye

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.

tkitmike

Good luck mate, let us know how you get on!

lr1277

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

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?

Crinz

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.

simyboye

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.