buying off-plan abroad - cancel contract

avicola

Yes, there is an update. The company have gone into liquidation so we loose our money.
I expect that will make some posters happy. But I still have no idea where they get the idea from I was hoping to fleece people. Buying off plan actually helps those who don't want to take the risk - or don't have the money immediately - to purchase while the place is just an empty field.
They will purchase when they can see something solid - thanks to those who put the money in at ground level.
Unfortunately, it didn't work out this time because these particular developers broke the contract as they did not build within the time specified in the contract. When they did complete build, it was two years overdue from the agreed date and nobody wanted to buy any more.
So there we go.
Thanks for your support, kind people.

The thread is now closed.

clutton_2

this latest update does not make me happy - i am sorry it has ended this way for you .

best wishes

Ship

avicola, so sorry to hear of your loss.

Ignore all the idiots. It's a bizarre thing that some people love seeing others fail.

Keep your chin up, you've made a very horrible and silly mistake which you don't need reminding of. Yes it's a costly one but having the guts to take a risk makes you ten times the character of the haters on this thread.

If nobody took any risks we'd still be living in caves scared to go out in case we failed and never came back.

pizzagirl

A sorry tale. But surely buying offplan is just gambling that property prices keep rising? And when you gamble you've got to be prepared to lose? There's no point in moaning about it.

GDB2222

Sorry for Avicola.

It's too late for Avicola, but one useful lesson is that for something like a block of flats it's no use having staged payments paid to the developer. The money gets sunk into a hole in the ground which is effectively worthless until the whole block is completed. The money needs to be held in escrow until the block is completed. Of course, developers don't want that. They want stage payments to finance the building work, but it's v dangerous for the buyers.

clutton_2

the sanctimiousness of some of the responses here is really hypocritical - ALL home owners want house prices to rise - it was seen as easy money .......... it will be again

pizzagirl

Yes, but this is about no less than 7 homes. And the OP never had any intention of living in any of them!

This was gambling pure and simple. Are we supposed to feel the same level of sympathy for someone who loses their money betting on the horses?

GDB2222

clutton wrote: »

the sanctimiousness of some of the responses here is really hypocritical - ALL home owners want house prices to rise - it was seen as easy money .......... it will be again

I think that's unfair. People forgot how risky what they were doing was. Hopefully, one day when the cycle is about to be repeated somebody will benefit from this example.

FoxtonsRIP

Buying multiple off-plan properties in a foreign country is utter madness. Hopefully others will learn from someone elses' mistake

PolishBigSpender

FoxtonsRIP wrote: »

Buying multiple off-plan properties in a foreign country is utter madness. Hopefully others will learn from someone elses' mistake

Buying off-plan properties is often madness even in one's own country. I certainly wouldn't buy such a property in Poland - and that's with being native. Even property that already exists here can be fraught with danger - and if I would have trouble with the whole process, what hope does your average clueless Brit have?

Greed often drives people though, and it's not helped by the endless MAKE CASH FROM CAR BOOT SALES AND FOREIGN OFF PLAN DEVELOPMENT shows on British telvision.

The people being burnt in Northern Cyprus at the moment are a great example of how people cannot see the woods for the trees.