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I am a buyer(exchanged contract in 2006) of a off plan flat in St. luke's square in galliards development. because of the house price crash the value of the property has gone down significantly. Now this plan is nearing completion but I am not in a position to complete this because it needs more money towards deposit according to current market.

What options do I have? I am looking for some helpful suggestions. could any one in this situation join this topic and suggest or share any valuable ideas.

Thank you.

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I am a buyer(exchanged contract in 2006) of a off plan flat in St. luke's square in galliards development. because of the house price crash the value of the property has gone down significantly. Now this plan is nearing completion but I am not in a position to complete this because it needs more money towards deposit according to current market.

What options do I have? I am looking for some helpful suggestions. could any one in this situation join this topic and suggest or share any valuable ideas.

Thank you.

Hello :rolleyes:

What does your contract say about your right to pull out or Galliards right to enforce (or not) in the event you default?

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Driver   

Firstly you need to speak to a solicitor about the specific contract terms.

Failing that I suspect you may find more help on www.moneysupermarket.com . They have forums that can give you support and advice and {{{hugs}}} if needed.

HPC site is more geared towards the views of house prices crashing, it's not an advice site as such although some members are helpful and will give advice (even if the OP has accidentally posted a question that could be considered inflammatory given that off plan buying helped ramped property prices in the first place).

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Thanks guys for the response. the contract in my case reads, if I fail to comply with terms & conditions (which is to arrange for mortgage on completion of the property) I may loose my initial 15% deposit and may be liable for any further loses and leagal proceedings. the idea of searching for help or to attract attension of similar minded people is to get better knowledge about the ground reality. also as a remote possibility to identify any other people who bought the property in the same development and who is also in the same stressful situation.

Thanks.

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Thanks guys for the response. the contract in my case reads, if I fail to comply with terms & conditions (which is to arrange for mortgage on completion of the property) I may loose my initial 15% deposit and may be liable for any further loses and leagal proceedings. the idea of searching for help or to attract attension of similar minded people is to get better knowledge about the ground reality. also as a remote possibility to identify any other people who bought the property in the same development and who is also in the same stressful situation.

Thanks.

Is that all it says? :blink:

Nothing about Galliard having the right but not the obligation to go to court to enforce the contract or ask for damages etc (it might be another section)?

One caution about the poster who suggested looking at what happened in a Northern Ireland development, is that I know Scotland has a different legal system to England and I know Wales has the same legal system as England, but I don't know what is the case in Northern Ireland.... :unsure:

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Biff   

The exact wording of the contract would be helpful.

You exchanged 3 years ago and the property is only now completing ??? - Why on earth didnt you insist on a long stop completion date in teh contract limiting the time the builder could have to build the property - say within 12 months of the date of exchange.

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