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

jaynes2326

OP - you must must get expert independant advice on professional negligence and misrepresentation.

Professional negligence - if you weren't strongly warned of the dangers of exchanging without a mortgage offer in place then I think your solicitors were negligent and you may have a claim.

Misrepresentation - you may be able to rescind the contract with the developer if there is any form of misrepresentation.

You must pay for somebody qualified and experienced and independant to look at this for you.

Good luck, I really feel for you.

jaynes2326

oh and also if your solicitors did not consider having a 'subject to satisfactory mortgage' condition inclulded in the contract you may be able to argue negligence.

simyboye

Just spoke with the solicitors and they said I should have checked the documents... (debbie who dealt with my contract no longer works there) I didnt read the fact I was unable to sell/ flip before completion. Only I would have never signed the contract if I knew that. The investor told me I could.

I've been a real idiot.

Also, a mortgage in principle would have been valid for a max of 6 months. What they said. However, i still wouldn't have been able to get a mortgage. It would have been 2nd home residential, but rented out. But that would have been against mortgage contract?

So, I'm still no better off.

Anyone know of a good solicitor?

jaynes2326

You should have read it of course, but if you told Debbie that you planned on flipping it and you weren't given any advice to the contrary then I think you may have an argument.

Some new build mortgages in principle are valid for 12 months. And if they had insisted you applied for one before exchange then you wouldn't be in this position now. They do not appear to have acted in your best interests.

They are not going to roll over and admit they made mistakes. They will be hoping that you go away.

grey_lady

Your solicitors arent going to tell you if they made a mistake, that's why you need a new solicitor asap - to see if there's any loopholes in the contract you signed. (to get out of it and your deposit returned) You could try starting with the yellow pages and getting a 15 minute free advice slot, or else take a look on the law society's website to find someone.

AMILLIONDOLLARS

You need to get on to the Law Society link

http://www.lawsociety.org.uk/home.law

They can put you in touch with a solicitor near you and give you some general advice.

AMD

simyboye

Many thanks for the law web address... will ring them in the AM.
I have spoken to my solicitor and she reckons I can with the investors consent sell before completion as long as its not publicly advertised. Spoke with an Edgware estate agent who says that the flats are no way worth the 280k I've been so ill informed. He seems to think the best option is to default as it might just be the cheapest option.

I'm going to see if its possible to sue the investor for simply being strung along for this long, then dropped and left to sort this utter mess out.

Thanks again guys for your advice and efforts.

Trollfever

simyboye wrote: »

That would be the one. I bought a 2 bed 2 bathroom apartment. And no info on Taylor Wimpey website. Not that I could see anyway.

If your contract is with Taylor Wimpey they will be able to afford more expensive solicitors to ensure that the contract is honoured.

geoffky

simon..chase the investor who misled you...and do not play fair.....do him....good luck your not the first to fall for the silver tongued scammers....keep us imformed....and its not the end of the world but might feel that At the moment..

simyboye

Geoffky - I want to give the investor a good physical warning. However I have reserved Bradford, so I need to sort Edgware out, then Bradford and then maximum attack on sorting the investor out. All's fair in love and war eh?!