investor.prudent

The house is owned by the mortgage company, the developer couldn't force the sale w/o their agreement. It would be very unlikely for the mortgage company to agree the sale, if payments were paid up todate. It wouldn't be in their interests.

I'm pretty sure on this point...if there is a court judgment of 50K and it is enforced through the enforcment of judgments office who put a second charge on a property (grants order charging land), the owner of the second charge cannot force a sale. Remember, the mortgage might be an interest only mortgage, the mortgage company would rather collect interest payments for 30 years then have the proeprty sold and the debt paid off.

Yes, because in terms of property law the mortgage company has 1st charge (they don't owe the developer anything), the developer could put a 2nd charge on the property but couldn't force a sale when there was someone else with a 1st charge. And as a said before the developer's charge expires after 12 years even if no money has been paid off the debt.

Just checked EJO website, it's 12 years sorry. Even though if you just keep the property that long the charge is worthless.

If you owe someone money and your property is mortgaged, the creditor can't force a sale of the property. The creditor can put a second charge on the property for the debt, but it expires after 6 years even if not a single penny is paid off.

Yes if you owned a property outright that you rented out on a 12 month lease or something, you would have to sell it, but if your property had a 1st charge to a mortgage company or was in joint names with your partner or someone else had an equitable interest in it...developer couldn't touch it.

Well what I mean is, it will save him (and others) from being decalred bankrupt. If a judgment is made in developers favour for damages say £50K or whatever, they will have to enforce that through the Enforcement of Judgments Office, who will consider someones finances and agree a repayment figure that they can afford. The developer will have to pay their own legal fees until the money is paid back from the defaulting purchaser, poss £15K and they are stuck with an aprtment they can't sell.

The Statute of Limitations stipulates that an action for breach of contract must be brought within 6 years of loss...so the clock is ticking for the developers. In 5 years the area might be developed and prices may have come back up. So by then people might be happy to buy it. The solicitor for the buyers picked the right case to bring to court. A precedent has now been set, it's very hard for anyone to get a mortgage for 265K, usually need 3 times your income and good credit rating. I wonder how many purchasers are earning 85K? If they can't get a mortgage they have an argument they can't complete. Lucky escape.

I have done my research and made the decision that once the mortgage is the equivalent to 2/3's of the rental price for the property...i'll purchase. I think we are getting close to that.

no co-ownership is back...http://www.co-ownership.org/...what do people think would be a reasonable price to pay for a 2 bed apartment?

Mayb i'll wait for the new release...i'm hoping to buy a house through co-ownership i think their maximin is £175,000 and the max i can get a mortage is about £150,000...so it will depend on the their revised price. I was going to buy in curzon on the ormeau road at a discount but they sold them to the housing exec...

Mayb i'll wait for the new release...i'm hoping to buy a house through co-ownership i think their maximin is £175,000 and the max i can get a mortage is about £150,000...so it will depend on the revised price. I was going to buy in curzon on the ormeau road at a discount but they sold them to the housing exec...

would any1 be interested in selling their apartment - pre completion?

Would any1 be interested in 'selling' their space in the q for 2 bed apartment in the arc?