New Build House

andyhaughton

I bought a four bedroom detached house from Bellway homes in 2006 for £249.950. It was a new build purchased off plan

It currently sits in negative equity of about £50,000

Bellway continue to build new homes the same spec for £220,000, so I am never going to be able to compete with these houses when it comes to selling as they much more modern etc.

Also my back garden is constantly flooding as proper drainage has not been laid, i'm now out of my NHBC warranty period

Is there anything I can do to claim compensation on these two points ?

Regards

davidmcn

andyhaughton wrote: »

I bought a four bedroom detached house from Bellway homes in 2006 for £249.950. It was a new build purchased off plan

It currently sits in negative equity of about £50,000

Bellway continue to build new homes the same spec for £220,000, so I am never going to be able to compete with these houses when it comes to selling as they much more modern etc.

Also my back garden is constantly flooding as proper drainage has not been laid, i'm now out of my NHBC warranty period

Is there anything I can do to claim compensation on these two points ?

I can understand the drainage being one point (to which I think the answer has to be no, you're out of time to start any action now if you haven't started already).

Not sure what your other point was - you want to sue somebody for property prices going down?

xylophone

Also my back garden is constantly flooding as proper drainage has not been laid, i'm now out of my NHBC warranty period

Why did you not have the problem with the drainage rectified before you were out of warranty?

andyhaughton

yes if its possible, the price was massively inflated 10 years ago, surely the same spec of house with newer features should be more expensive not cheaper than mine, how am I ever going to be able to get it back into the black, I stand to loose thousands

andyhaughton

i have been letting the house out for the last 7 years, its not a buy to let, i got divorced we couldnt sell because of the negative equity, the rent doesnt even cover the mortgage, my tenants have just alerted me to the fact, yes i have regular inspections

magicpork

It's a little weird to hear a house bought 10 years ago are no in 20% negative equity..is that even possible if you kept up all mortgage payments to date.

Don't think you have any legal ground to complain the price was inflated 10 years ago, surely it was your decision then to purchase the property.

if the back garden was 'constantly flooding', why wasn't this picked up by your 'regular inspections'.

Sorry it may all sound harsh, but you've just learned some very good lessons..

andyhaughton

yes all mortgage payments have been made, but even if they werent dont see how thats relevant, house value now is 50K less than what i originally paid

i guess i was unlucky that all the inspections occurred when there was no issue with the flooding, i guess my only hope is that at some point i can break even and sell up

Davesnave

Sometimes I read threads started on here that I don't understand, so I leave others to answer.

Here, I think I understand the issues, but I'm still speechless!

andyhaughton

speechless as in you think im stupid, naive what....just asking a couple of simple questions to see if there is a loophole that can be explored

i accept responsibility for agreeing the price and not addressing the flooding, sometimes there is back door into a claims process, im not an expert thats why im here looking for advice not to be mocked

your reply adds no value to this thread

Davesnave

Ah, I see where you're coming from now: you accept responsibility, but you want others to find you a loophole to lessen the burden of that.....

Got it.

Sorry, you're right; my replies add no value. Forget I was even here and have a nice day.

andyhaughton

see i thought i came to a site that was called money saving advice, yeah advice thats the key word here im obviously mistaken and ill go and get trolled somewhere else