Is this the beginning of the end or is there a way out??

Phobos

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myhouse_2

I also don't have anything constructive to add other than to say that your story is exactly why govts should avoid booms and busts. While the exact timing of the crash was unknown to all, after the ridiculous house price increases over many many years, it had to come to an end. It's usually the inexperienced and over-stretched that lose out. Some might say they deserve it for being stupid (and what you did was stupid, even if you'd have been considered a genius if you'd bought 5 years earlier) but it's not good for society. Can't expect a 24 year old to spot a boom/bust but would have liked the govt to recognise and do something about it earlier.
Get some legal advice so you know you're doing the right thing from hereon, and recognise that it's an expensive lesson and house prices are an investment like any other.
Good luck. Might be stressful now but whatever happens - you have a life of earning money ahead and it'll turn out ok in the end.

Phobos

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dkmax_2

lincroft1710 wrote: »

The flat he was intending buying is in England.

And the applicable law could be that of N.Ireland or England & Wales, not that there's a great deal of difference. The case might also set a precedent in E&W.

myhouse_2

Phobos wrote: »

Personnaly I blame the banks for letting mugs like us walk in & they make it all so easy at the start to lend money, if I was a conspiracy nut id be saying this was a trap, lol

Well, don't be too quick to off-load the blame on others - you did after all bet all your money on housing, probably based on all the get-rich quick stories you'd heard from friends/media. If it had been gold you'd bet on, I doubt you'd get much sympathy from this forum or any other.
But then you know all that already....

gauly

Phobos wrote: »

So far the developer has been less than helpfull, any correspondence has basically contained hidden threats, they refuse to give us more time, not even a month to find the funds, basically its 15 days from now or they begin to take action, a little unfair if you ask me.

The developer is not going to be helpful - try looking at it from their side? Why should they be helpful? They have a 100% binding agreement that you will buy the property for the agreed price and date. Some people on here are suggesting negotiating but I don't think thats going to work. The developer will only negotiate if they are not going to be able to get the full amount off you. It sounds like you and Mr B will have enough equity in your houses to pay them.

I reckon you will have to find the money to pay them (though you obviously should check this with a lawyer). Would it be such a disaster to sell your home? You say you are 24. Like most people I had very little savings at 24 but there is plenty of time left to sort your life out. I appreciate Mr B may not be in the same position but he is an adult and will have to come up with his own solution to pay his half of the debt.

iolanthe07

I don't have anything to add, but I wish you the best of luck. Let us know how things pan out. It is always the small fry that get shafted; rich bast-ards walk away smelling of roses.

What else does one do with inheritance?

I'd blow it on a world cruise - first class. You're a long time dead.

googler

On a related theme....

http://www.thisismoney.co.uk/mortgages-and-homes/buy-to-let/article.html?in_article_id=518987&in_page_id=56&expand=true#StartComments

"A former vet has won the first round of her legal claim for fraudulent mis-selling against four directors of collapsed property investment empire Inside Track and Instant Access Properties.

etc etc"

leveller2911

Phobos wrote: »

Personnaly I blame the banks for letting mugs like us walk in & they make it all so easy at the start to lend money, if I was a conspiracy nut id be saying this was a trap, lol

Obviously not learned anything from this debacle then, or youve posted before thinking about what you were going to post.


Fact 1: No one has EVER been forcebly marched into a bank and forced to borrow money

Fact 2: If people were not so greedy and looking to make a fast buck banks wouldn't have a market .

FACT3: This whole financial mess we are in was caused by Governments not regulating Banks and f@ckless people borrowing more than they could afford to pay back.


Sorry if this sounds harsh but If I could see this coming 5 years ago why didn't you? I only had a comprehensive education ,it was basic economics.

Having said all that I do wish you luck in sorting the mess out and hope you and thousands like you learn a lesson so that in the future the masses don't suffer for the greed of a few.Ever watched "Homes under the hammer"? people buying houses spending £1k doing them up, estate agents come in and value the houses £40k more than they paid for it.Then some mug comes along and buys it with a 125% mortgage........... Alarm bells anyone?


PS: I know my post sounds harsh but "I blame the banks" is a red rag to a Bear...lol

geoffky

And here lies why we were screaming from the rooftops on here that is was all going to end in tears..all the bulls from then have disappeared and replaced by a new lots of fools who spout the same crap..It was so obvious that it was unsustainable that i explained it to my 12 years old and she got it and said it must be because people where very greedy......and boy was she right..


and i wish you well and you are going to need help...