CO ownership developer bust / administrator seeks 25%

begganmanu

Hello , here is a quick summary
. 2009 - bought house 75% mortgage 25% builder
10 yr scheme ..220 000 total
. 2013 - developer went bust and PWC appointed - quick to notify they would not stand over snags etc of which the houses where poorly enough threw up in boom time with 3 diff. Building sub contractors .
. I'm now in a position where I want to put this to bed and try to get 100% share of the house and obviously not at those prices in 2009 but current market value like the contract stated cause my house valued at 170 000 currently ..1 house same style sold last yr for 138 000 with issues inside
.. I contacted them and they told me to put an offer in writing thru email and they would deal with it .. I have not paid anything back as of yet like 95% of all people in this estate .. the house has heating / condensation /tiles / some wall structure issues and i am considering making an offer around 15 000 -20 000 ..any advice would be appreciated .. also I feel I would be the first to pay/make contact as I was 1 of the first of maybe 20 + under the scheme and don't want to overpay or even find out later that ppl ended up not even paying or much less than me ..Any advice greatly appreciated Thanks .

butterflymum

Have you spoken with any of your neighbours to see if they, too, are considering a similar approach to PWC? If they are, a combined effort may be worth thinking about.

saverbuyer

Why haven't you made a claim on your NHBC guarantee?

What does the second charge registered by the builder state?

What builder stands over 4 year old snags? I'd approach PWC with an offer but just be aware, they'll get their 25% if you ever come to sell. In fact you'll not be able to move unless the second charge is discharged. To be honest, it looks like PWC are in a comfortable position.