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EmpiricalBear

Btl Dangers

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I assumed I would just lose deposit (if only!) but it seems I am liable for shortfall between price I've agreed with developer, and price they achieve on sale; plus penalty rate of interest until it's sold, plus damages (and numerous fees for this and that no doubt) - basically just not worth contemplating.

from the wording in this contact, it looks like the developer is factoring in a HPC

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Guest An Bearin Bui
Be kind. The guy is asking for help.

http://boards.fool.co.uk/Message.asp?mid=1...&sort=whole

Looks like there are any number of ways that the credit crunch can upset the best laid plans of chickens before they hatch.

I believed I had mortgage deal as good as arranged (have multi-property BTL deal, putting new property on in the past hasn't been a problem and circumstances haven't changed). However lender seem to have changed their criteria (I should have double checked).

I assumed I would just lose deposit (if only!) but it seems I am liable for shortfall between price I've agreed with developer, and price they achieve on sale; plus penalty rate of interest until it's sold, plus damages (and numerous fees for this and that no doubt) - basically just not worth contemplating.

Famous last words... "I believed" and "I assumed" :P

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from the wording in this contact, it looks like the developer is factoring in a HPC

No, I think this is usual -- the buyer has signed a contract and is liable for losses caused to the seller. At least, that's been the case with contracts I've signed; it generally even stipulates the interest rate to be charged on outstanding monies.

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I reckon his best bet is to burn the development down thus preventing the developer from giving vacant possession and then enforcing his side of the contract :lol:

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  • 296 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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