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RockyBalboa

Off Plan Property- Failure To Complete

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Hi all,

hoped someone would be able to give some advice. I bought an off plan property in Belfast in 2007 and am due to complete in sep 2009. Since buying it prices have dropped considerably and I can no longer get a mortgage to cover the remainder of what I owe. (have put down 10% deposit, unconditional contract, bank now saying I can only have 75% mortage and value has dropped by about 40%...which means i need about 100k cash to cover the deficit!!!).

I was wondering if anyone had any experience of this i.e anyone who has failed to complete and been taken to court?

did you lose only deposit or were you held liable for more than that? Did they not bother persuing you in court?

I know a lot of people are in the same position..hoping to hear from someone who has been through it and come out the other side!

Thanks

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You describe yourself as a "bear," yet you bought OFF PLAN in BELFAST in 2007.

You twice say you have "bought" it... then it seems you have only paid 10%.

I know a lot of people are in the same position.

A lot of people? Send them my love. My grandchildren - who will have to pay off THEIR debts - would also send their love, only they're not born yet.

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Hi all,

hoped someone would be able to give some advice. I bought an off plan property in Belfast in 2007 and am due to complete in sep 2009. Since buying it prices have dropped considerably and I can no longer get a mortgage to cover the remainder of what I owe. (have put down 10% deposit, unconditional contract, bank now saying I can only have 75% mortage and value has dropped by about 40%...which means i need about 100k cash to cover the deficit!!!).

I was wondering if anyone had any experience of this i.e anyone who has failed to complete and been taken to court?

did you lose only deposit or were you held liable for more than that? Did they not bother persuing you in court?

I know a lot of people are in the same position..hoping to hear from someone who has been through it and come out the other side!

Thanks

What an unfortunate situation to be in. Regardless of my personal views and those of other bears on here, I do sympathise with your situation.

I luckily haven't been in this situation before and cannot offer any advice, other than I think you should go to your local Citizens Advice Bureau for free advice. They are excellent and it is especially helpful if you haven't got money to throw at a good solicitor!

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Hi all,

hoped someone would be able to give some advice. I bought an off plan property in Belfast in 2007 and am due to complete in sep 2009. Since buying it prices have dropped considerably and I can no longer get a mortgage to cover the remainder of what I owe. (have put down 10% deposit, unconditional contract, bank now saying I can only have 75% mortage and value has dropped by about 40%...which means i need about 100k cash to cover the deficit!!!).

I was wondering if anyone had any experience of this i.e anyone who has failed to complete and been taken to court?

did you lose only deposit or were you held liable for more than that? Did they not bother persuing you in court?

I know a lot of people are in the same position..hoping to hear from someone who has been through it and come out the other side!

Thanks

Do you have another house? If not then my advice would be to trade down your car to one worth £1k, get rid of all expensive personal belongings then borrow loads of money, have a good time, then go bankrupt.

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Try money saving expert they have had a few threads same as this

I can never be @rsed to read them though

Search

Missives

Bulgaria

Cape Verde

Egypt

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Do you have another house? If not then my advice would be to trade down your car to one worth £1k, get rid of all expensive personal belongings then borrow loads of money, have a good time, then go bankrupt.

Maybe said in jest but I would agree. You might even be able to use the equity in the flat as security for a loan.

On the basis that you may as well be hung for a sheep I would get some credit cards, use the credit cards to draw out cash, buy some Krugs and hid them.

You could also try renegotiating the price and tell them the 10% you have already paid is now the full amount you are prepared to pay for the flat.

In three years it will all be over. You will have some good memories and learnt a lesson.

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Best Case Scenario you walk away having lost your deposit... Get on with your life.

Worst Case Scenario means you will be pursued through the courts and forced to implicitly comply with every condition in the contract you have signed. That could mean anything from lost deposit to you shelling out the full purchase price on completion (mortgage available or not) or face a bankruptcy proceeding if you fail to do so.

Forget the CAB you need the best legal advice available you must have access to funds look on MSE or about in here for a legal that specialises in this area and get them to run their beady eye over your contract, there just may be a get out of jail card in there but it will need a very experienced eye to see it.

Don't expect any sympathy in here many see what you have done as part of the problem the Country now faces. Be that as it may everyone has the right to buy a place to live. Smart people know their market and when to get in and get out. I would imagine you are not feeling too smart right now!!!

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Hi all,

hoped someone would be able to give some advice. I bought an off plan property in Belfast in 2007 and am due to complete in sep 2009. Since buying it prices have dropped considerably and I can no longer get a mortgage to cover the remainder of what I owe. (have put down 10% deposit, unconditional contract, bank now saying I can only have 75% mortage and value has dropped by about 40%...which means i need about 100k cash to cover the deficit!!!).

I was wondering if anyone had any experience of this i.e anyone who has failed to complete and been taken to court?

did you lose only deposit or were you held liable for more than that? Did they not bother persuing you in court?

I know a lot of people are in the same position..hoping to hear from someone who has been through it and come out the other side!

Thanks

Tough sh1t.

You would not be moaning if prices had doubled in the intervening time period.

Cannot get a mortgage. You should have considered that when you agreed the deal. People like you deserve everything that is coming to them. I hope they take you to the cleaners.

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Original poster, I wish you all the best and hope everything works out ok.

I don't. People like this piece of cr@p have chased prices up and helped cause the problems we have today. Why do they deserver sympathy or pity for taking a gamble that did not come off ?

I hope he loses the lot and suffers for his stupidity and greed.

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I don't. People like this piece of cr@p have chased prices up and helped cause the problems we have today. Why do they deserver sympathy or pity for taking a gamble that did not come off ?

I hope he loses the lot and suffers for his stupidity and greed.

He's going to suffer for years with or without abuse from fellow posters. Don't see any point in kicking him when he is down.

Best advice I can give you mate is to go and speak to the developers. Tell them they can keep your deposit and you will just walk away. Alternative is that you will go bankrupt and they will waste money on lawyers just to get pennies out of you (but don't phrase it as a threat - just you have no option. That's assuming you really don't have the money - if you do, then even my sympathy disappears.

PS. I'm assuming you only became a bear after the train hit you.

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I don't. People like this piece of cr@p have chased prices up and helped cause the problems we have today. Why do they deserver sympathy or pity for taking a gamble that did not come off ?

I hope he loses the lot and suffers for his stupidity and greed.

I don't really think the abuse is necessary. I don't see how I can be held responsible for 'the problem the country now faces'. I have a good job, pay my taxes, saved for years to get a deposit together, researched what sort of mortage I could expect to get and yes stupidly then opted to buy off plan thinking I would be able to save to pay more of a lump sum off when it was finally built. Of course I had no idea and didn't actually make allowances for what would happen if the entire global financial situation when to pot but that was my own stupidity. It's not like I've been on the dole and maxing out credit and store cards for the past few years. Hardly worthy of your piece of crap title. I wish you all the best.

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Thanks Ted,

I wish I hadn't posted now. Now feel like a criminal!

Bit of advice Rocky..... the Main forum Discussion can be harsh, it cuts you down.... stick to the local one! <_<

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Bit of advice Rocky..... the Main forum Discussion can be harsh, it cuts you down.... stick to the local one! <_<

Was beginning to get the picture....heading off home with tail between legs!! Good to hear a familiar voice!!!

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I don't really think the abuse is necessary. I don't see how I can be held responsible for 'the problem the country now faces'. I have a good job, pay my taxes, saved for years to get a deposit together, researched what sort of mortage I could expect to get and yes stupidly then opted to buy off plan thinking I would be able to save to pay more of a lump sum off when it was finally built. Of course I had no idea and didn't actually make allowances for what would happen if the entire global financial situation when to pot but that was my own stupidity. It's not like I've been on the dole and maxing out credit and store cards for the past few years. Hardly worthy of your piece of crap title. I wish you all the best.
I agree. Some posters on this forum are ridiculously harsh. I also wish you the best. I think some of the posts did offer quite good advice. I certainly don't think you should feel like a criminal. Good luck.

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Fact is, you made an incredibly unwise bet that was predicated on rising property prices. It was never an investment - it was always a bet. That you didn't appreciate this at the time is partly to do with your own stupidity and greed and herd-following mentality, and partly to do with the general tone put out by government and just about everyone else vis a vis property prices could never fall.

I don't condemn you - many good and innocent people were caught up in the same racket. As for what you do now, my advice is just extricate yourself any way you can and hopefully lose no more than your deposit. Seek advice from CAB as to how tis can best be achieved. And if you get away with losing no more than your deposit, count yourself lucky. You could have been locked into negative equity for years to come.

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I don't really think the abuse is necessary. I don't see how I can be held responsible for 'the problem the country now faces'. I have a good job, pay my taxes, saved for years to get a deposit together, researched what sort of mortage I could expect to get and yes stupidly then opted to buy off plan thinking I would be able to save to pay more of a lump sum off when it was finally built. Of course I had no idea and didn't actually make allowances for what would happen if the entire global financial situation when to pot but that was my own stupidity. It's not like I've been on the dole and maxing out credit and store cards for the past few years. Hardly worthy of your piece of crap title. I wish you all the best.

You took a gamble. You lost.

Now its your job to get out what you can.

Look at it from the other side, the builder, if you weedle out of this, He's the loser on his gamble.

In investing, the old adage...a bird in the hand is worth two in the bush, is one you have now learned to be so true.

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I agree. Some posters on this forum are ridiculously harsh. I also wish you the best. I think some of the posts did offer quite good advice. I certainly don't think you should feel like a criminal. Good luck.

Its certainly not criminal to lose money.

Avoiding the heavies will make you feel worse than one.

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  • 284 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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