Liverpool dockside apt - cut losses?

I've looked at the paper work and it appears that I did exchange contracts so that probably means I won't be able to forfeit the deposit and get out. I also discovered another aspect of the contract that shocks me. I did not purchase a car park space with the property. However, there is clause in the contract that states "Under the Terms of the Contract the Developer is to procure on your behalf an off-site car parking space at a fixed price of £1600 per annum for the first year (with ability to renew). The location will be as near to the development as possible".
 
Bergin,

You have exchanged contracts but you have not 'completed'; big difference. Instruct your solicitor that you are not able to complete (citing a change in your circumstances - no need to provide details) and accept you have lost your deposit, whilst saving yourself even greater and on-going losses.

As for the car parking issue, the lesson there is take time to read a contract carefully before you sign.
 
Get out now, even if it means losing your deposit, you stand to lose far more than your deposit over the next few years. Even if you get £500 a month rent your going to lose at least 10% of this to an agent to rent it for you, once you factor in management charges, vacant periods, internal maintenance and depreciation of fixtures and fittings most of your rent will be gone. I learned this from experience!
 
it's not as simple to walk away from the deposit. there is also the issue of breach of contract, specific performance and loss to the developer. (Irish position) If the developer makes a loss on a resale he has a course of action against the original buyer that pulls out. The best advise is to speak to your solicitor. If you have any doubts about his impartiality contact the English law society for advice.
 
It took quite a while to make contact with the solicitor. Having talked to her I am quite satisfied she is impartial and will look after my interests. She still has to dig out the contract and without seeing it she made the following comments. Firstly, she thinks the agent and developer are wrong to force me to sell at such an inflated price. I should be able to sell at any price that does not drop below the price I purchased at. She said she will ring the agent to query this. Secondly, I will forfeit my deposit but she thinks it is unlikely the developer would come after me for compensation. Apparently, he could claim the difference between the price I purchased it for and the price he sells it for. I asked, what is to stop him selling it for a really low price and claiming the difference from me. She said she would not let that happen and that she would negotiate a fair settlement. I am anxiously waiting for her to check out the contract.
 
From what you have stated, and your conversation with her, it doesn't sound as if the solicitor is impartial, although from her own perspective, she has to make it sound that way that her firm is unconnected.
 
Bergin007 feel for you there. I was close to buying similar in liverpool 2 years ago and not through wise judgement but by circumstance did not complete.

Have you any update? I would possibly go to an irish solicitor with good experience in english law at least for a consultation. There are quite a few in dublin that I think would be able to give you more comfort.
 
Where was / is the Irish Media on these matters? Apart from glossey life-style happy faces in the sun bullsh1t we don't get true objective journalism in respect of property..

I know that people need to do their own research but why is it that we are only reading this on a web site?

I recently steered a colleague away from a property in Turkey. I printed off some of the treads from this site and he was horrified that he had almost been dupped..

I am genuinely sorry for your situation and hope you get out soon.

And I too would suggest that you get advise from another solicitor - any link whatsoever even as a referral from an EA is compromised and will not be your best move at this stage.

Do they have the equivalent of the Citizens Advice Centre in the UK? This may be able to offer free independent legal advice- I'm sure you could drive to newry or train to Belfast and avail of the service. You might also get a better service from a legal firm in the North. I have no doubt that there are Robin Hood types in the profession who would progress your case and get you a favourable outcome.

Best of luck....
 
sidzer. That is 100% accurate and correct. How much property has been transacted with Irish Nationals purchasing properties from glossy advertisements and biased reporting from newspapers, who on one part downplay real economics in a small section of their print run, and print untruths and pure bull in glossy colours receiving advertising revenue for their speel. Unfortunately the truth and realism comes home to roost often when it is too late. Unless property sales are encompassed in a new regulated entity, there will be many hard pressed persons suffer from pathetic vipers. Property is not a One Way bet, for which many many are about to suffer as the lending paths become dried up.
 
No progress made so far. I have been trying since early Feb to get the contract from the UK solicitor but I just keep getting excuses for delays, despite me phoning daily. I can't do anything until I get hold of the contract, which is proving very difficult.
 
Bergin007, Stop wasting your time by telephoning. Do you know that a telephone call is not worth the paper it not written on. Write a formal letter to the Solicitors demanding a copy of the contract immediately, making the point of the number of times you have requested it and your intention of reporting them to the UK Law Society.
 
Bergin

You need to speak to an independent UK solicitor quickly on this.

You need to look for other buyers in the development who are in the same position and maybe get a group together.

If you were misled by the developer, the estate agent or the solicitor, you may well have a good case.

Document every call you made which was not returned. If you have to make a case that the solicitor was not acting on your behalf, then this record will help you.

Brendan
 
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