Jump to content
House Price Crash Forum
waitingscot

Property Company Beats Little Guy

Recommended Posts

I see it differently.

A contract has been enforced. Justice prevails.

shame it took 3 years to settle.

Share this post


Link to post
Share on other sites

shame it took 3 years to settle.

Given what has happened to house prices in NI, the purchaser would have been less badly off by settling early rather than trying to finesse the situation.

“Justice delayed is justice denied.”

William E. Gladstone

1809-1898

Share this post


Link to post
Share on other sites

hmm, is not any house purchase contract subject to finance and survey ?

or was this guy really silly ????

Given the outcome, one has to suspect that the attempted repudiation of the contract happened between exchange and completion. The "subject to finance and survey" clauses only apply until exchange as far as I know.

Share this post


Link to post
Share on other sites

Given the outcome, one has to suspect that the attempted repudiation of the contract happened between exchange and completion. The "subject to finance and survey" clauses only apply until exchange as far as I know.

I can only assume he was encouraged to use their solicitor - a mean and nasty thing new build sellers get away with.

Without proper legal advice for himself it had a lot more risk.

My advice:

Don't buy new builds.

Share this post


Link to post
Share on other sites

I can only assume he was encouraged to use their solicitor - a mean and nasty thing new build sellers get away with.

Without proper legal advice for himself it had a lot more risk.

My advice:

Don't buy new builds.

It never ceases to amaze me how little time, effort, research, due diligence etc people devote to buying homes.

Most people seem spend more time and effort on buying a car or a holiday than they do on buying a house.

Share this post


Link to post
Share on other sites

hmm, is not any house purchase contract subject to finance and survey ?

or was this guy really silly ????

how can this be the case on an off plan build...there is no place to finance and survey.

the contract is that you WILL accept to buy the place....he appears to have failed to purchase it.

I guess the time element is what is going on here....there was probably a "time is of the essence" clause in there, so he hasnt been sued for failing to buy, but for the loss of profits the firm suffered having to resell to another party at a lower price.

Share this post


Link to post
Share on other sites

The "buyer" was fortunate that the case never dragged on for another couple of years. The flat must be losing £20K a year

Share this post


Link to post
Share on other sites

Are there any newly built homes that are actually built well?

I know loads are poorly built, but there must be some good ones?

Octagon.

Starting at about 2 mill though and only in the suburbs .....

Share this post


Link to post
Share on other sites

Are there any newly built homes that are actually built well?

I know loads are poorly built, but there must be some good ones?

Well I until about a year ago ( until city money dried up ) I spent about the last 5 yrs on a project building 2nd homes priced from £500k up to about £1.3mil . Even in soem of those there were issues I wasn't happy about. But overall a pretty good build standard to be fair.

I refer mainly of course to the big boys ( house bashers ) whose names I won't of course be mentioning :0) . But let me say this , I look forward to sitting in my rocking chair showing the grand kids my fine photo collection of some of the shockers I've seen lol.

IMHO , I wouldn't pay half what they ask for a new build knowing what goes into them or rather doesn't. My last 3 days b4 xmas was on a house bashing site , well , I'll say no more lol.

D ;)

Share this post


Link to post
Share on other sites
In April 2007, Mr Mulgrew agreed to buy the apartment at College Court off King Street for £186,000.

Poor guy bought just at the peak of madness, no doubt there were similar scenes all over Ireland.

April 2007

While marketing hasn't begun, 6,000 people have already registered to buy one or more of the 475 apartments to be built next year, according to sales agent Thomas O'Doherty.

``Investors have approached us to buy five or more apartments at a time, but we'll ration them to one each,'' said O'Doherty, a sales manager at Eric Cairns Partnership

.

The Belfast shipyard, once a pillar of the region's economy, mirrors the changing face of Northern Ireland as almost four decades of sectarian violence ends at a cost of more than 3,500 lives. Real estate prices have caught up with the rest of the U.K. and are escalating at one of the fastest rates in Europe.

The average cost of a home rose 37 percent last year to 195,751 pounds ($383,183), according to the University of Ulster.

That's at least 5 percent more than the U.K. national average and nine times the gross local average salary. Only London and southern England are more expensive.

http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aUGS2r6YqqgQ&

refer=uk

Share this post


Link to post
Share on other sites

The buyer signed the contract.

More of these and you won't get thousands of gamblers buying off-plan, moreover you won't get developers building investment fodder apartments in order to entice such activity.

Yes you will coz by the time this comes around again 18-20yrs another 'sucker' generation can be had for nothing (who have not experienced or heard of this scam by building companies who are one-way-betting knowing the housing game is up shortly (whilst the scamming media lures the idiots in!)

The building scamming scum did EXACTLY the same thing to worried punters wanting a roof over their heads in the last housing bubbles - tying people in before they burst!

Edited by erranta

Share this post


Link to post
Share on other sites

He's lucky that he wasn't forced to complete the purchase, instead of just paying the difference between the agreed price and the 'value now'. The 'value now' is frivolous until someone actually buys and pays over the dosh.

Let this be a warning to property investors. You can go wrong with bricks and mortar.

Share this post


Link to post
Share on other sites

It never ceases to amaze me how little time, effort, research, due diligence etc people devote to buying homes.

Most people seem spend more time and effort on buying a car or a holiday than they do on buying a house.

Statistically people spend more time uming and ahhing over a new pair of shoes than buying a home.

Good job Barratts don't make pumps then. :lol:

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...

  • Recently Browsing   0 members

    No registered users viewing this page.

  • 311 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%



×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.