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Downvalued Flat
Comments
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Do you know if your 5% builders deposit is paid on the "exchanged' at sale price, or the eventual selling price?:beer: Well aint funny how its the little things in life that mean the most? Not where you live, the car you drive or the price tag on your clothes.
Theres no dollar sign on piece of mind
This Ive come to know...
So if you agree have a drink with me, raise your glasses for a toast :beer:0 -
Well, I'd start by going along to the builders and telling them what you can afford and see if they'll negotiate.
Personally I'd think hard, but probably be prepared to abandon the whole thing and see if they can be bothered to chase legally.Happy chappy0 -
If the builders have any sense at all, considering the current economic climate, they'll do a deal with you.They must realise that theres no point pushing for the extra if theres no way anyone will lend it. Probably the legal fees will come to more then they would be trying to recover.Surely they have a good profit margin as it is and can afford to take a small haircut?
Stand your ground, fight your corner and good luck with this one mate.0 -
Is your solicitor one organised by the builders?0
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no the solicitor is one organised by me - though she seems to be neither use nor ornament at the minute - I asked for her legal advice on this and she said i need to speak with the builders - hence why i'm on here!!
I'm having to pay for a second survey now with another mortgage provider and just hope that this one comes back a) higher - or high enough to be able to negotiate the builders down and b) that they'll lend to me in the first place!
never ever buying off plan again! in fact, just never ever buying again full stop!!
thanks everyone for all your kind words and advice. hopefully i'll have some good news soon enough0 -
I think its only a matter of time before Martin comes up with a way to reclaim the excess we paid on overvalued apartments.0
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machofairy wrote: »I think its only a matter of time before Martin comes up with a way to reclaim the excess we paid on overvalued apartments.
He already has, try...
Bankruptcy & Living With It0 -
Agreed. The OP is FUBAR.
Bankrupcy is his/her best possible option.
Even negotiating the price down with the bilders will leave him/her with almost immediate negative equity.
Get out while you can... the bankrupcy escape hatch wont be open for long... they'll have to seal it soon to try to stop the ship sinking.Bankruptcy isn't the worst that can happen to you. The worst that can happen is your forced to live the rest of your life in abject poverty trying to repay the debts.0
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