Even Footballers Trying To Pull Out Of Property Deals

[Frank Hovis]

Well the game's up now, people with money to burn are shying away from "investing" in property. It's fast becoming the place you don;t want your money. Good.

And those prices, for Stockwell ffs. The only area where I have ever seen two kids having a fight and their mothers joined in.

John Terry forced to pay £1.74million in flat row

By JOHN KAY, Chief Reporter and TOM WELLS

Published: Today

SOCCER'S John Terry has coughed up £1.74million to builders - after they sued him over three flash flats he put a ten per cent deposit on.

The England and Chelsea ace, 30, was accused in a High Court writ of refusing to complete the deal when the balance fell due.

Terry's £174,000 downpayment on the pads in a luxury new development amounted to barely a week's wages. The balance was due in April, according to Galliard Homes - but he allegedly refused to stump up for the apartments, which were priced at £660,000, £555,000, and £527,500.

Last night Galliard had finally got its money - as it emerged fellow England stars Sol Campbell and Shaun Wright-Phillips were sued too.

Campbell, 36, is understood to have also settled but action against Wright-Phillips, 29, is thought to be ongoing.

They each snapped up two flats in the converted printworks in Stockwell, South-West London. Their deals amounted to an eventual £1.2million each. All three players were sued by Kilmorie Investments, a division of Galliard.

http://www.thesun.co.uk/sol/homepage/news/3716579/John-Terry-forced-to-pay-17m-in-flat-row.html

Please merge if already up mods, couldn't see it.

[Pent Up]

Well the game's up now, people with money to burn are shying away from "investing" in property. It's fast becoming the place you don;t want your money. Good.

And those prices, for Stockwell ffs. The only area where I have ever seen two kids having a fight and their mothers joined in.

http://www.thesun.co.uk/sol/homepage/news/3716579/John-Terry-forced-to-pay-17m-in-flat-row.html

Please merge if already up mods, couldn't see it.

What was the reason for them pulling out? I doubt it was the fear of losing a weeks wages in an impending 50% HPC. Probably just lost interest and couldn't be bothered anymore.

[Frank Hovis]

What was the reason for them pulling out? I doubt it was the fear of losing a weeks wages in an impending 50% HPC. Probably just lost interest and couldn't be bothered anymore.

That they could buy one next door for >20% lower so they could see an instant loss presumably, even a premiership footballer can spot that one.

[Bloo Loo]

That they could buy one next door for >20% lower so they could see an instant loss presumably, even a premiership footballer can spot that one.

perhaps they all fell out with each others wives and dont need three flats all next to each other?

[Badhairday]

I don't get this.

My sister put a deposit on a property 2003 and had delays with her mortgage. The delays meant the builder turned around and stated that since she had not completed on time, they were taking her deposit as penalty but were no longer going to sell to her. Eventually, they made her pay 30k extra for the same property.

So, isn't the whole point of a deposit that it is an incentive for the buyer to complete, and he will lose it as a penalty if he fails to do so? I remember in 1995, you could put a 5% deposit down on a property and if you changed your mind even get the deposit money back. That was on some Ballymore flats in E14 !!

[Bruce Banner]

I don't get this.

My sister put a deposit on a property 2003 and had delays with her mortgage. The delays meant the builder turned around and stated that since she had not completed on time, they were taking her deposit as penalty but were no longer going to sell to her. Eventually, they made her pay 30k extra for the same property.

So, isn't the whole point of a deposit that it is an incentive for the buyer to complete, and he will lose it as a penalty if he fails to do so? I remember in 1995, you could put a 5% deposit down on a property and if you changed your mind even get the deposit money back. That was on some Ballymore flats in E14 !!

I don't think the damages for breach of contract are limited to loss of deposit.

[Democorruptcy]

I don't get this.

My sister put a deposit on a property 2003 and had delays with her mortgage. The delays meant the builder turned around and stated that since she had not completed on time, they were taking her deposit as penalty but were no longer going to sell to her. Eventually, they made her pay 30k extra for the same property.

So, isn't the whole point of a deposit that it is an incentive for the buyer to complete, and he will lose it as a penalty if he fails to do so? I remember in 1995, you could put a 5% deposit down on a property and if you changed your mind even get the deposit money back. That was on some Ballymore flats in E14 !!

They looked out of the window and there wasn't a queue of buyers forming.

[TheCountOfNowhere]

Haven't the monied locals renames Stockwell....St. Ockwell ?

[Garf]

Haven't the monied locals renames Stockwell....St. Ockwell ?

Watch this space. It's about to become Discounted Stock Well.

[ken_ichikawa]

I used to act for some footballers in the premier league.

Their tax bills are eyewatering. Pretty much halve the headline figure they receive and take off another 2-3%.

[The Masked Tulip]

We have read a lot about Hollywood stars and US sports people losing out big time in property speculation during the bubble. Why should British sports people be any different?

I guess lots of British celebs have invested in, and lost money on, property in recent years. Just because you earn a fortune for kicking a ball does not mean you are a genius.

[Lagarde's Drift]

I used to act for some footballers in the premier league.

Their tax bills are eyewatering. Pretty much halve the headline figure they receive and take off another 2-3%.

there is a very small violin playing somewhere, I just cannot find it...

[ken_ichikawa]

there is a very small violin playing somewhere, I just cannot find it...

Nah most of them are snookered tbh, as their careers are short there is no off setting and averaging for life earnings (unlike musicians and authors) AND when the Hyper hits they'll be left with very little.

[Lagarde's Drift]

Nah most of them are snookered tbh, as their careers are short there is no off setting and averaging for life earnings (unlike musicians and authors) AND when the Hyper hits they'll be left with very little.

No. Most of them are idiots, if talented idiots, who give their money to other idiots (or take on idiotic advice) to invest on their behalf.

Give me £500k, slash it by 60% tax, and I'll show you what I can do for the rest of my life, not even talking about any larger amount.

Edit: p.s. from what little I recall, there are smarter ones out there, e.g. Le Soux, the Walkers crispman, etc and they don't seem to be in the headlines with financial woes do they?

Edited July 27, 2011 by Cash with Nowhere to Go

[Bloo Loo]

Nah most of them are snookered tbh, as their careers are short there is no off setting and averaging for life earnings (unlike musicians and authors) AND when the Hyper hits they'll be left with very little.

still, 50K a week in the net, aint offside, in my book.

[SarahBell]

I used to act for some footballers in the premier league.

Their tax bills are eyewatering. Pretty much halve the headline figure they receive and take off another 2-3%.

I really struggle not to laugh at that.

Aww bless.

They should all just be paid £20 a match and have less tax to pay.

[Sour Mash]

Normally, she would be forced to complete. But it's a business decision - if they didn't think they'll get more money out of forcing her completion than selling elsewhere, they can let her off and take her deposit.

Or they can sell the property and if it's less than what was agreed when the chump signed an off-plan contract, chase them for the difference.

[tim123]

I don't get this.

My sister put a deposit on a property 2003 and had delays with her mortgage. The delays meant the builder turned around and stated that since she had not completed on time, they were taking her deposit as penalty but were no longer going to sell to her. Eventually, they made her pay 30k extra for the same property.

So, isn't the whole point of a deposit that it is an incentive for the buyer to complete, and he will lose it as a penalty if he fails to do so? I remember in 1995, you could put a 5% deposit down on a property and if you changed your mind even get the deposit money back. That was on some Ballymore flats in E14 !!

If you don't complete in time the vendor has the choice of (a) keeping your deposit and suing for any other losses or ( getting a court order to force you to complete.

If he chooses option (a) he is free to offer to enter into a new contract to sell the, now unencumbered, property to you at whatever price he likes.

[The Masked Tulip]

I keep reading that London property prices are soaring - couldn't Terry have just flipped these for a nice profit?

[Pent Up]

I keep reading that London property prices are soaring - couldn't Terry have just flipped these for a nice profit?

No he would have lost 0.1% plus fees according to the land registry.

[miko]

I used to act for some footballers in the premier league.

Their tax bills are eyewatering. Pretty much halve the headline figure they receive and take off another 2-3%.

When England won the world cup in 1966 Bobby Morre lived in a 3 bed semi in Gants Hill , Essex. Price today about £350k ,

Remember being taken to West Ham football ground as a kid and going to the West Ham shop over the road after the match. A very nice lady served us . According to my Dad that was Bobby's wife , yes she worked part time in the shop. In time they did move to a much bigger house in Chigwell Essex .

Could you imagine the WAGS of today having to work part time for pin money in the club shops.