Catastrophic Missive Fees

Captain_Mainwaring_2

sm9ai wrote: »

Sounds like mis-selling to me.

Persimmon have sold you something you simply cannot afford.

You may do better to speak to CAB.

Rubbish, they bought something they couldn't afford.

Makes me laugh, everyone complains about the government running our lives, then thinks that the same government should pay for our mistakes .

dopester

Captain_Mainwaring wrote: »

I reckon that anyone who makes a profit out of housing should be made to pay a deposit into a fund for all those that moan that they have made a loss - sound fair?

That would never work. Everyone is responsible for their own actions.

Would you expect me to not only pay dealing fees, taxes, then added in to my own time and research, for a profitable transaction in shares, to then kickback what I come out with to a cushion fund for those who lost out on their choices so they can be reimbursed or limit the damage? Get real.

Captain_Mainwaring_2

siowenson wrote: »

Bla, bla, bla, read the small print, bla.

Look, Im 26, this is only my second house purchase. Im not out to make money on my house/flat, all i want is somewhere to live and raise my family.

Im not an expert on the economy or the housing market, thats why I pay lots of money to solicitors and morgage advisors to advise me. Unfortunately all they are trying to do is keep their profits rolling in for as long as possible with the cash cow that is the housing market. All at the expense of people like me.

You are an adult, old enough to take responsibility for you own actions.

PasturesNew

As for what you are liable to now, with Persimmon taking the property back onto their books, this would be detailed in their contract. So read that.

If you're unsure what bits mean, type them out here for advice.

I have seen some people recently in similar situations finding their contract includes a £50/day charge AND they'd have to still be liable for the difference in the price they promised to pay and what it finally sells for.

Two ways to go really:
- let it go, take a big unknown financial hit (potentially thousands)
- try to raise expensive bridging finance while you drop the price of your flat and/or put it in an auction and/or flog it to one of those "cash buyer" companies. Again, taking a big unknown financial hit

You could hold onto it and try to rent it out, but this again would cause a delay (while you ask for permission on the mortgage), potentially the lender saying "no" and even if they said OK it would most likely be on a mortgage costing more than you pay at the moment. Then getting any tenants in is expensive and can be a minefield (it sits empty, tenants don't pay, rent doesn't cover mortgage, tenants trash it/refuse to move out)

Best advice right now is to get onto your solicitor for their viewpoint on the current missives having been signed, original issue.

Good luck.

siowenson

Captain_Mainwaring wrote: »

Rubbish, they bought something they couldn't afford.

Makes me laugh, everyone complains about the government running our lives, then thinks that the same government should pay for our mistakes .

Er, I could afford it if my flat sold.

The government has been elected by the people to look out for the people.

They pay for the bank's mistakes. Oh no, wait, that was us that paid for that too :P

beecher

siowenson wrote: »

Bla, bla, bla, read the small print, bla.

Look, Im 26, this is only my second house purchase. Im not out to make money on my house/flat, all i want is somewhere to live and raise my family.

Im not an expert on the economy or the housing market, thats why I pay lots of money to solicitors and morgage advisors to advise me. Unfortunately all they are trying to do is keep their profits rolling in for as long as possible with the cash cow that is the housing market. All at the expense of people like me.

I think you have to take some responsibility for this to be honest - I can't recall anyone telling me that I had to sell before I bought, but it was common sense really that doing otherwise would've been a huge risk.

Your solicitor should definitely have advised you of the risk of signing the missives before you'd sold, but that would've been the case regardless of whether you'd bought a new build or not.

Captain_Mainwaring_2

siowenson wrote: »

Er, I could afford it if my flat sold.

The government has been elected by the people to look out for the people.

They pay for the bank's mistakes. Oh no, wait, that was us that paid for that too :P

If my mother had wotsits she would have been my father.

Don't talk so wet, the governent wasn't elected to toilet train you.

siowenson

Back in November when I put my name down for the new house my morgage adviser told me to wait untill March to put my flat up for sale.

That was the single biggest mistake of the whole mess.

barnaby-bear

siowenson wrote: »

Er, I could afford it if my flat sold.

The government has been elected by the people to look out for the people.

They pay for the bank's mistakes. Oh no, wait, that was us that paid for that too :P

Any property will sell in any market if priced correctly.

barnaby-bear

siowenson wrote: »

Bla, bla, bla, read the small print, bla.

Look, Im 26, this is only my second house purchase. Im not out to make money on my house/flat, all i want is somewhere to live and raise my family.

Im not an expert on the economy or the housing market, thats why I pay lots of money to solicitors and morgage advisors to advise me. Unfortunately all they are trying to do is keep their profits rolling in for as long as possible with the cash cow that is the housing market. All at the expense of people like me.

If I was commiting to spending 200k I would read the small print.

Maybe you can try to get out of the contract you signed by claiming you weren't old enough to understand You made a bad gamble on buying without having sold and it sounds an unhappy situation to be in but I think people will be a bit more receptive if you stop looking for someone else to blame. It was a bad decision we all make them though.