Singing Pig

leo bashyam:

 

Hi I am in the same position. I paid 2% followed by 5% in 2006. I signed the contract. The total price after 15% discount is 196,000. The two valuations has come out with 165,000. The mortgage avialble is only 110,000.From paying 0 I have to find 86,000 which is imposible. I am ready to join others for legal action to recover my money nin they dont reduce the price. I cannot afford to loose 19,000 deposit paid. Why not we all meet. I am  travelling overseas till Aug 7th. Could soneone take the lead in finding the Solicitor. We cuold then meet and find  a way foraward.

 

Leo

do you mean that you exchanged contracts at £196k in 2006, and THEN had valuations done which came back with £165k?  if so, you have no recourse at all to MP ... it is up to the buyer to do his own due diligence. 

in addition, even of MP did reduce the purchase price to £165k, as the mortgage market has moved against you, you would need to find £55k, less whatever you have alreadyput in.  can you find that cash?  if yes, why not go ahead with the purchase at £165k?  if you can;t get a reduction in price from MP, you need to consider if the £165k valuation looks right ... and if it is, consider whether you should buy a prop for £31k more than an independent valuation says it is worth.

its difficult to understand what you have to complain about ...

(sorry! .... incidentally, i have bought new-build property myself, and have marvelled at the claims made by sales staff .... who don't know the area for prices and rents ..... who insist that the maximum reduction they would ever give is 5%  (!!) .... who claim that interest has been overwhelming .... etc ..... all cobblers of course ......... but these people are there to sell you a product, regardless of whether you need it, whether its a good investment, what the rental demand is  .............. get the picture?  it is a tough, cynical world out there). 

Has anyone got any further with this? Are going to have to complete?

Hi all,

Can someone please supply me with contact details for the other solicitors as we are thinking of changing our solicitor for various reasons. It would be nice to talk to another legal group experiencing the Morris problem......

thanks

Hi Mark

Have you spoken to Max Gold.. they are also dealing wth investors on the 20/20 development.

Regards

Will do

thanks

Dear ALL 

I am so VERY pleased to have found more people in this very sorry scenario.

We must cosolidate and this is how. I have previously used two other solicitors who have sat on the contractural fence and i have paid hansomely for it! As well as effectivly waisted VALUABLE time over the last year.

This is a breath of fresh air (i have signed up with Robinson & Murphy) and i have now have REAL hope to be rid of this nasty, crippling situation.

PLEASE READ.

 This concerns those of you who have signed up for 20/20 House Skinner Lane, Leeds.

 “Investors” who have entered into contracts for the purchase of properties at 20/20 are coming under increasing pressure to complete. 

 If this does not concern you then please disregard or forward this on to anyone you may know who is affected. 

 There now appear to be possible escape routes, possibly rescission of the contract  and/or a claim against the conveyancing solicitors. 

 We are all acutely aware of the horrendous scenario that has befallen us whether this is your first acquisition or following on from previous purchases.

  The sales pitch that this will earn your money back by “rolling” them over and / or the “Cash Back” Rental Advance Incentives upon completion (typically 15%) that may have been conveniently left out of your contract and now denied that they were ever made (despite verbal confirmations) 

 It also appears that even Pre Credit Crunch, that again properties have been grossly overvalued, allegedly as a result of the business model / practices that we have already experienced.

There are very good / strong premises for rescission and there does appear to be a very reasonable argument albeit not 100% watertight.

Nevertheless, this is lawyer's work and Robinson and Murphy are happy to accept instructions in 20/20 contracts on a Conditional Fee Arrangement. 

 It  also appears that there will be further claims of negligence on behalf of conveyancing solicitors, even in the event that there is no direct right of rescission.   I don't think that it makes a huge amount of difference in either event.

If we all signed Affadavit,s as to the sales misrepresentations then we all stand a stronger chance in any court of law.

 Nigel Robinson of Robinson & Murphy: staff@robinsonmurphy.co.uk  is happy to handle these cases on a conditional fee agreement basis (i.e. no win, no fee) and unless you wish to proceed with the purchase of flats which have lost about 40% of their value since the date of the contract, you should contact them forthwith.' So that your interests can be looked after:

Nigel Robinson/John Probert

Robinson & Murphy Sols

13 Grey Street

Newcastle upon Tyne

NE1 6EE

0191 230 5023

0191 241 4122

Hi All,

Anyone here with Max Gold and on the 20/20 development?
I am thinking of changing to them but have some questions.

Please post or email direct m.hula@blueyonder.co.uk

Hearing some very interesting things! ;-)

Cheers

Hi,

I have also not been able to complete on a studio flat and served notice to complete. This is due to being rejected 3 mortgages because who MP's are, the development and not being able to find thousands for a deposit,

A local surveyor has put me in touch with Robinson & Murphy whom seem confident that I will be able to recind the contract, they are a breath of fresh air to a horrendous situation.