Plea to change law on 'glittering' deals for apartments

kabayiri

Personally, I think Rosie has a point.

I remember the 8% mortgage indemnity guarantee (I think it was called), which the purchaser paid and which benefitted the lender. This is a mechanism put in to protect the lenders, which buyers have to carry as an upfront cost.

By the same token, shouldn't there be an insurance guarantee built in for purchasers, should developers overrun the project by years, or go bust etc?

It feels like the other side of the coin, or am I wrong? (which is indeed a possibility!)

WISHIWASRICH_2

rosiedyer wrote: »

Hi Guys,

Lovely to have your support :-)

I am afraid I have never 'flipped' apartments as one of you guys wrote on our Facebook wall, I am a first time buyer and I am trying to protect future buyers (I have no assets). Yes it would have been lovely if the apartment had increased in value but that is not the point, I still may not have been able to get a mortgage as the banks have increased the deposit required to 35%!! The deposit I paid back then cannot be used towards that 35% because of the shortfall. Yes there was a discount when I purchased but if you buy something 2 years in advance, would you not expect one? If I'd have known it would be 4 1/2 years o'd have asked for a bigger one!

Unfortunately I did not have a crystal ball in 2006 to tell me this building would be delayed and that I would move to the other end of the country in this time and if I ever buy it, need to rent it out.

Hope some of you can cheer up a bit. Like tomterm said above "British people have an odd attitude towards people who are trying to improve their life."

Is this for real? Come on who did this?

WISHIWASRICH_2

rosiedyer wrote: »

Hi Guys,

Lovely to have your support :-)

I am afraid I have never 'flipped' apartments as one of you guys wrote on our Facebook wall, I am a first time buyer and I am trying to protect future buyers (I have no assets). Yes it would have been lovely if the apartment had increased in value but that is not the point, I still may not have been able to get a mortgage as the banks have increased the deposit required to 35%!! The deposit I paid back then cannot be used towards that 35% because of the shortfall. Yes there was a discount when I purchased but if you buy something 2 years in advance, would you not expect one? If I'd have known it would be 4 1/2 years o'd have asked for a bigger one!

Unfortunately I did not have a crystal ball in 2006 to tell me this building would be delayed and that I would move to the other end of the country in this time and if I ever buy it, need to rent it out.

Hope some of you can cheer up a bit. Like tomterm said above "British people have an odd attitude towards people who are trying to improve their life."

Builders always come in late - who needs a crystal ball to know that?

Spartacus_Mills

WISHIWASRICH wrote: »

Is this for real? Come on who did this?

As WUM's go it is pretty good.

8/10

Trolltastic.

WHITEVANMAN

Got to love the stress related illness comment in the article among others.
Can you hear the violins??
Will probably be off work on pay while she sorts this out.

In the end the administrators will take what they can get and if her solicitor is any good should be able to negotiate a reasonable settlement, but face it love youre going to lose your deposit, no matter how much louder you gob off.

markharding557

Some you win some you loose she is no exception

Gorgeous_George

You'll find sympathy in the dictionary (between shirt and syphallis) .

When making any investment you need to do a risk assessment. The potential losses are not huge in this case - there will be people in far worse situations. An expensive lesson possibly but they are the lessons we find most effective. Take the positives out of a bad error of judgement.

Maybe the [strike]flat[/strike] luxury apartment could be called...

Dyer's Traits or
Dyer Straits?

GG

ILW

Is an "executive apartment" a flat with the kitchen in the living room?

shortchanged_2

WISHIWASRICH wrote: »

Is this for real? Come on who did this?

I think a certain ROS_IE_DY_ER may be responsible.

paul1964_2

I know this may sound a little old-fashioned, but perhaps she could have tried to increase her savings during the 4 years between contract exchange and completion.