My plan

PasturesNew

daverave7 wrote: »

Confuses me too! Actually says this in the contract. If the seller doesn't resell within 12 month does this mean I can get away from it for free?

They will resell within the 12 months. Even a resale for £1000 is a resale.
The fact is every property has a price... and as they would chase you for the difference, they will do their best to get a good price, but ultimately they will sell it for what they can get for it.

daverave7

SquatNow wrote: »

What... you think you can sell it and just lose the deposit? It's an off-plan new build flat, it lost 25% of it's value the moment you moved in.

TBH you are now stuck there. You bought at/near the peak. You might be lucky and be able to sell it on for £150k using the extra £30k to pay off the negative equity, but it is unlikely.

City center new-build flats are taking massive losses, especially in "university towns" where thousands of new-build flats were sold off-plan to speculators on the back of the ability to rent to students, who, it turns out, couldn't afford to rent expensive city center flats.

I'm sorry you fell for the "City Center Living" con. In every house price boom there are winners, who sell just before the peak, and lossers, who buy just before the peak.

I'm sure the fact that you have made some billionaire land speulator somewhere a little bit richer will make you feel better.

Definately the least helpful and most pathetic response I have had.

daverave7

Jorgan wrote: »

Do they only stand to loose 10%? You potentially stand to loose more than that, so why should they be any different? Some may have confidence in the properties & housing market, if they are in it for the long haul, say 10-20 years, they may actually see an increase in the value of the property.

Yes true. I suspect I'd lose anywhere from 20 to 60 K by not completing . Looks like I would have to stay for the long haul. And remortgage as a buy to let in 3 to 5 years time. I think this is my plan unless my solicitor thinks I can lose no more than 10 % deposit by not completing.

Thanks for your help Jorgan/pastures.

daverave7

silvercar wrote: »

At least SA1 will be a nice area rather than a standard northern inner city development. At least the views will be of the marina rather than a shopping centre or other flats.

I would guess that Squatnow's comments apply to new build city flats in general and he has no specific knowledge of Swansea and the quote from housepricecrash is bound to be biased.

Personally I would phone up some of the more established estate agents in the area and pose as a potential buyer. Find out what price you would need to pay to get a flat similar to yours and review from there.

(Squatnow, someone needed your advice on a thread last night, if you cansearch in threads for your name, it should come up.)

Thanks Silvercar. I don't know what squatnow is on about regarding the city centre stuff. I was sold by the waterfront idea by the fact my partner and myself want to live there... I'm not an investor but naturally worried if I lose a fortune. That's why I came on a money saving site.

RE flats in the area. If you study houseprices.co.uk, similar size flats in the same area increased on average of approx 10 % over the period from when I put the deposit down until early this year. But Squatnow reckons it's gone down 25 % . I think he's more suited to posting on housepricecrash.co.uk

hearts

Many big investors get really good discounts so It's possible that they are still looking at a profit selling below what you paid. They may also have been at this for years so their loss is covered.
I hope things go well for you. GL.