Builder bankrupt -haggle with bank

L

Louise77

Registered User
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Hi,
We have agreed a price for a 4 bed house - was originally on market for 330k, however, eventual price dropped to 265k with 10k pc sum. Haggled them down to "Builders Finish" at 245k without pc sum.
The house is a shell and needs a builders finishe - plumbing electrics, radiators doors etc, which he had agreed to do, but then turns out he went into liquidation a couple of weeks ago so the property is now owned by Ulster Bank.
As we agreed for them to complete the Builders Finish for 245k, the estate agent then sent in 2 builders to quote for the finishing price - they came back with cost of 20k. The bank then came back to say that they would prefer for us to finish it and drop 25k off the asking price - so 220k.
Clearly there are a few difficult issues here - especially regarding what comeback to i have if there are issues with the house after completion - is it with the bank or the builder who finished it....

Would love your thoughts on this and any advice?
L
 
Is there a HomeBond inspector's report / certificate for the property or is it covered by Homebond for structural defects? If the answer is no tread very carefully as you will have no comeback against anyone in the event of structural defects.

If you employ builders to finish the house then any issues that arise are between you and them once you own the property.

What does your solicitor advise? His / her input is key here, not least from a contractual perspective.

Have you had a structural survey carried out?
 
My advice?... walk away
why take on the hassle when there are people out there that would bite your hand off for the same amount..
 
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