Tradefair & Financials
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Anyone familiar with this neck of the woods? Myself and a pal put 10% deposit down on a 5 bedroom detached house after viewing the plans. We put the deposit down in late 2006. The houses were due to be ready in 2008. The plan was to flip the contract and make a modest profit. Similar development were being sold for 350kplus at the time I put down deposit. The contract price I purchased for was circa 260k. Received correspondence to say they will be ready to close in the next six months. When we put the deposit down it was never the intention to close. The developer sold it to us as a flip opportunity (although we would have been able to close at the time) Cant close today. My mate has lost his job and I am clinging to mine but have seen my house fall into negative equity(approx 40% down in the last 3 years.
Anyone see this working out for me? Starting to panic..Are the banks starting to lend in the UK (other than London ) yet?
Any positive thoughts would be appreciated?
Anyone see this working out for me? Starting to panic..Are the banks starting to lend in the UK (other than London ) yet?
Any positive thoughts would be appreciated?
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Similar development were being sold for 350kplus at the time I put down deposit.
The relevant point you have omitted is what they are selling for now. |
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In all seriousness if you can't handle the next 2-3 years of volatility (be it in interest rates rises, job insecurity) I would get rid as soon as possible and take the hit. Things will of course pick up, but it might take 5-10 years, can you handle that? No easy answers if you bought on the top of the curve
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Shab the similar development I mentioned....houses are selling/for sale for 330k having hit 400k. I am not living in UK so can only go by local estate agents.
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MOzzer
You wikll not be able toget the finance to purchase the property any way will you? Seems you do not have any options. you will not be able to complete and will lose your 10% deposit.I presume that you are legally obliged to buy property, because you have exchanged contracts? |
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I havent been to Sowerby Bridge since the early 80's
37226 on 1E57 Blackpool-Sheffield |