15 Apr 2009 12:00 AM:

I've been checking with my solicitor regarding our contract and he has advised that there is an estimated date for completion in the contract as April 2009, however all licences etc were awarded in September 2007.    Can anybody advised if we can execute our Bank Guarantee as of the 1st May and where would we stand legally regarding this.

Thank you

 

Thread: Question re contract

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02 Feb 2009 7:17 PM:

Thanks Marie    This is very interesting but  would you be kind enough to clarify at what point we notify the builders that we can no longer obtain a mortgage.   Do we need to wait until they are ready to complete or should we let them know as soon as possible.    Also if we provide the rejections for the mortgage will they just refund the deposit or would we need to take legal action.   I know from reading other people's stories that nothing is that simple.

Thanks again

K

 

Thread: Unable to obtain mortgage!

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31 Jan 2009 12:00 AM:

We, like many other people, purchased an off plan property which should be completed before September 2009.   (That's the time the builders have to complete by)  At the time we purchased we had enough equity in our property in the UK to fund the payment of the property in spain.   Unfortunately this is no longer the case as property prices have crashed.   Also with the euro rate being so low we also need to borrow another £40,000 on top of the original amount.   This amount is way too much for us and initial conversations with lenders have confirmed this.

Does anybody know if we will be able to pull out of this deal and get a refund of our deposit or will the builders be able to try to force us to complete.   Also could we pull out just now and lose our deposit or again can the builders try to block that.

Any advice would be gratefully accepted as this is a very worrying time

K

 

 

Thread: Unable to obtain mortgage!

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