Literally gutted. Drove down there today to look at flats and there's just nothing half as good. Literally only a few in our price range too. Can't believe it.
Hove. What a ball ache this is. Just got back from a monumental day out. First Portsmouth with my kids u11 team and then along to a Brighton to view 4 flats (all crap) then back up again. Tired.
What a heartbreaker. Literally only waiting for maintenance survey. What a bastard.
His solicitor just kept writing "to follow" this week. Blatantly in discussions with third party over better deal!
To be honest, I had a feeling they were going to pull this stunt when you first mentioned the deadline, and the two week thing was just an excuse, but didn't want to be a prophet of doom. Really sorry you've been pissed about like this - the only consolation is that you've identified a decent solicitor who can get the job done at a decent pace once you find a new place to buy
At the risk of sounding heartless if the flat is worth £15k more than you agreed to pay for it - especially if you held off having the solicitor start until the mortgage was agreed, while house prices were rising, then you, probably, only have yourself to blame.
You could try upping your offer, especially if you are very close to exchanging. If he, genuinely, does have £15k more, and you can't find anything else you like in that price range then it might be your best play, especially as you will probably have to spend the £1k in costs again.
It is, indeed, a minefield buying a property, but it is also a minefield to sell one and it is unrealistic for your vendor to sell to you for £15k less than he gets offered elsewhere as it if, effectively, a £15k gift.
As much as I'm reluctant to contradict those that are suggesting that you will find something better, house prices are rising at the fastest rate for over five years, and it is, for the first time since the credit crunch started, a sellers market. Forget that the bloke has been a little greedy and go back to him while you still can.
Sorry if this doesn't come across as being terribly 'supportive' but I have seen too many people refuse to pay a few quid more and then regret it massively when they pay a lot more for a lot less later on.
Hove. What a ball ache this is. Just got back from a monumental day out. First Portsmouth with my kids u11 team and then along to a Brighton to view 4 flats (all crap) then back up again. Tired.
The new buyers still need to have their valuation done. Could all fall through. By the sounds of it you're best of not dealing with this developer anyway, if he/she screws you around now, no good down the line if any problems arise.
Sorry to hear about your experience, and I think we are going to hear a lot about this type of behaviour.
Developer's are of course in it for the money, they are not running a charity, and the current system seems to encourage this type of behaviour. You can only sell something once, but some people think it is par for the course to have a 'race to completion' . I had heard that the system in Scotland, does not allow for this type of 'gazzumping' . At the very least legal fees and survey fees should be repaid if the other side wants to 'back out'. As the process seems to take 3 months plus, and is no quicker than 30 years ago, despite all the online searches etc, people 'prequalified' for mortgages, one of the issues is for the seller to have a sellers pack, with searches and a basic housebuyers report for the buyer when marketed. This would add to the cost of marketing the property, but I am sure the industry could drive down this cost.
I did my own searches, and enquiries, and was seen as a pain!.( nothing new there!) I even phoned down the chain to the other solicitors, who were very reluctant to speak to myself, but I made it clear that was the 'condition of the sale'. I was a cash buyer, and most mortgage companies want, surveys, chancellory, local searches, land registry, etc. Of course it was on my head if it all went 'tit's up' but buyers report's are pretty worthless, unless it is a full structural with drain and electrical certification, by a qualified RSA surveyor, not a mate's dad?...... Buying indemnity insurance is only valid if the work was carried out within the last 5 years, by 'responsible trades people'. I am told....... In order for the policy to be effective you must not try to remedy the defect or make any representations to third parties since this could invalidate the policy rendering the insurance void. Nor should you disclose the existence of the indemnity policy to any third party except on a sale at which time you must bring to the attention of your buyer.
If you are in the unfortunate position where you have to make a claim under the title indemnity insurance policy then you must contact the insurance company immediately so as not to invalidate the insurance or speak with your conveyancing solicitor straightaway.
I am no different from anyone else, I want to buy a bargain, but do want to pay the minimuim market rate, set by an estate agent, let alone a developer, who have a responsibility to an owner. As I say sorry to hear about your experience, you are not alone, when I worked on glossy house magazine's some of the stories were horror tales! Buyer beware!
Comments
His solicitor just kept writing "to follow" this week. Blatantly in discussions with third party over better deal!
You could try upping your offer, especially if you are very close to exchanging. If he, genuinely, does have £15k more, and you can't find anything else you like in that price range then it might be your best play, especially as you will probably have to spend the £1k in costs again.
It is, indeed, a minefield buying a property, but it is also a minefield to sell one and it is unrealistic for your vendor to sell to you for £15k less than he gets offered elsewhere as it if, effectively, a £15k gift.
As much as I'm reluctant to contradict those that are suggesting that you will find something better, house prices are rising at the fastest rate for over five years, and it is, for the first time since the credit crunch started, a sellers market. Forget that the bloke has been a little greedy and go back to him while you still can.
Sorry if this doesn't come across as being terribly 'supportive' but I have seen too many people refuse to pay a few quid more and then regret it massively when they pay a lot more for a lot less later on.
Developer's are of course in it for the money, they are not running a charity, and the current system seems to encourage this type of behaviour.
You can only sell something once, but some people think it is par for the course to have a 'race to completion' .
I had heard that the system in Scotland, does not allow for this type of 'gazzumping' . At the very least legal fees and survey fees should be repaid if the other side wants to 'back out'. As the process seems to take 3 months plus, and is no quicker than 30 years ago, despite all the online searches etc, people 'prequalified' for mortgages, one of the issues is for the seller to have a sellers pack, with searches and a basic housebuyers report for the buyer when marketed. This would add to the cost of marketing the property, but I am sure the industry could drive down this cost.
I did my own searches, and enquiries, and was seen as a pain!.( nothing new there!) I even phoned down the chain to the other solicitors, who were very reluctant to speak to myself, but I made it clear that was the 'condition of the sale'. I was a cash buyer, and most mortgage companies want, surveys, chancellory, local searches, land registry, etc. Of course it was on my head if it all went 'tit's up' but buyers report's are pretty worthless, unless it is a full structural with drain and electrical certification, by a qualified RSA surveyor, not a mate's dad?......
Buying indemnity insurance is only valid if the work was carried out within the last 5 years, by 'responsible trades people'.
I am told.......
In order for the policy to be effective you must not try to remedy the defect or make any representations to third parties since this could invalidate the policy rendering the insurance void. Nor should you disclose the existence of the indemnity policy to any third party except on a sale at which time you must bring to the attention of your buyer.
If you are in the unfortunate position where you have to make a claim under the title indemnity insurance policy then you must contact the insurance company immediately so as not to invalidate the insurance or speak with your conveyancing solicitor straightaway.
And of course you could refuse to pay for this as a seller anyway?. but you could avoid this happening.......
http://www.thisismoney.co.uk/money/mortgageshome/article-2122262/Should-I-tell-insurer-minor-structural-defect-new-house.html
I am no different from anyone else, I want to buy a bargain, but do want to pay the minimuim market rate, set by an estate agent, let alone a developer, who have a responsibility to an owner.
As I say sorry to hear about your experience, you are not alone, when I worked on glossy house magazine's some of the stories were horror tales!
Buyer beware!