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Buying Flat off plan - Stella Nova Bootle

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  • Buying Flat off plan - Stella Nova Bootle

    18 months ago i decided to buy a flat off plan as an investment, the list price was discounted by 10% and at the time i paid a 10% cash deposit. I know find myself 18 months on with a flat that has dropped in value below the balance that is left to pay and not able to get the mortgage that i require.
    If i walk away from the flat will the developer pursue me for the balance, there are 100 flats in the development and 90% of the other purchaser's are in the same position.
    Any advice would be welcome.

  • #2
    You really should take professional legal advice on the matter, not least to determine your contractual liabilities.

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    • #3
      You really should take professional legal advice on the matter, not least to determine your contractual liabilities.
      Yes, and you should have taken it before you bought!

      Didn't your solicitor advise you that it was trisky buying off plan without a definite offer of mortgage in place that would still be in place when the flat was completed? If he didn't, sue him!
      RICHARD WEBSTERwww.rwco.co.uk
      As a conveyancing solicitor I want to be helpful (England/Wales only) but can't accept liability for this.

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      • #4
        john j

        How are you getting on with your problem, because I am now in the same position and would be greatful for any advice.
        P.S. was you advised to invest in this property by FMG

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        • #5
          Yes, good sound legal advice should be taken from day one as so many unfornutate people find themselves in this position. good luck

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          • #6
            This was covered on the BBC website recently - basically, it looks like a lot of people have been caught out in this way.

            The trouble is, a contract is a contract, so once you've contracted to pay the balance, it seems there are few options to get out, though it may be possible to pay the developer a settlement in order to free yourself of the contract.

            More here:
            BBC NEWS | Business | Legal risk to property investors

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            • #7
              this was on tv recently , the developer may take a cash get out clause or you could take them to court but risk looseing and haveing maybe more dept,

              i would ask if the developer can draw up an agreed payment plan and a small cash payment.

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