Monday, Nov 24, 2008
Surreal
Times: Homebuyers who forfeit their deposits
“They are resigned to losing the half a million deposit, and are happy to walk away on that basis, but the seller wants to pursue them for every penny they’ve got. They’re in real difficulty,” says the couple’s lawyer, Simon Thomas, a partner at Thomas Legal Group, a high-value property specialist focusing on London and the Cotswolds. “They’ve lost up to 70% of the value of their bonuses and their stock options – options collected over years and years. That was a big hit for them. They’ve gone from a position of strength, with a 15% deposit, to having no share values.”
Posted by confused76 @ 10:03 PM (535 views) Add Comment
4 Comments
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1. planning4acrash said...
They didn't loose it, it got stolen!
2. bystander said...
Good post confused - it is a sad commentary on our' wonderful' British society that anyone could have 500.000 quid to throw away and an even more damning comment that the vendor is chasing them for "every penny they've got" (like 500000 quid for doing sod all isn't enough).
3. planning4acrash said...
This is a great illustration of the FACT that printed money is worthless. It carries the Queen's head for a while, but will evaporate and is just an adults version of pass the parcel. Peeps in the general public should be aware that, like slot machines, this game is rigged in favor of the casino.
4. paul said...
"So, what can sellers do to avoid finding themselves in such a situation to start with? Bikhit suggests asking for a larger deposit"
Yes, well done Bikhit. In a falling market asking for a larger deposit will go down a treat I'd reckon ...