Singing Pig

Out of interest guys what developments did you all go for mine is with Pyms Lane crewe the last i heard which was sometime back the developer was going to sell the properties off they where actually being marketed. Now from this according to me and just some general surfing I had exchanged and now its being sold off so I am not the one in blame and a contract has been broken by someone else.   The developer did say that if they sued for the remainder they would aim this at R&B as this is who they exchanged with and not myself.

 Let me know what developments your all referring too.    And also if you someone can post their details  address and Phone number as I only have the old details and would like to call them and see where they think they stand.  I paid fees membership and finders fees and nothing they have said they can do has come off.

 

Also speaking with the developers TIC priced these properties way above what they got it for and not all the deposit was given to the developer so they kept some of this back. My guess is if we pulled out they could use this to make the difference up 10% very dodgy and probably not ilegal. 

I did receive a phone call from them sometime back and they tried to make me exchange on Cardiff bay as I had paid the finders fee and they had exchanged. They said they could source the mortgage but just wanted me to exchange. More like palm off the property

Carolgate - Nottingham - currently between Exchange and Completion.

Fully intending to complete (Mortagage Offer in place) - as it stands it's not bad for a TIC property as rent almost covers mortgage.

As I see it there are several things to consider here.

If you have not exchanged then it might be possible to walk away and forfeit reservation and finder’s fees (though given the developments of the company the receivers might have a different point of view)

If you have exchanged then you still have a legal responsibility to complete. TIC are not responsible for changes in the lending criteria, hence if you are unable to secure a mortgage then it is your problem and not theirs.

There might be some mileage in the following: figures over inflated, the fact that contracts were signed with TIC and not BVG, R&B etc but at the end of the day these are very specialist areas and you need to get legal advice if you are going down this path.

As I said the letter concerning the Agreement to Assign seems to be a blanket ‘salvo’ to everyone and makes the assumption that the purchaser has no intention to complete, which in many instances (including mine) is not the case. For those who intend to attempt to walk away it makes it clear that the R&B intends to recover costs and you will have a fight on your hands and the law will not be on your side if you have exchanged.

TIC has acted as an introducer and normally this would be the extent of their liability. The reason this gets more complicated is that TIC have an obligation with the developer to complete if the deal falls through, hence they are passing on that financial liability to us (the purchaser) and as I said, if you are unable to complete (due to the ‘credit crunch’) that is not their problem, nor would it be whether they were still trading or not.

Also – I am not a specialist in Law, as I see it if you have committed to complete then the onus is on you to complete or be liable for the financial consequences (the cost between the prices the developer gets at auction and the price you committed to pay for the property, plus marketing costs and further incurred costs which could be more than the original gross purchase cost!)

Just my view of the world. Please get advice if you plan not to complete on a purchase.

I think once your have exchanged you are held responsible to complete. 

 

In my case the mortgage offer was on the plate pretty much but then on the last day they pulled out and from the solictors and mortgage broker all I could get was basically they where not happy with the way the deal was structured.With this in mind TIC should be responsible for this.  After all the broker and solictors both decided they no longer wanted to continue with TIC either and I was left in the dark.

In my case the mortgage lender pulled out on the last day as they where not happy with the strcuture of the deal. This new information which they received also meant the broker and solicitors no longer wanted to work with TIC. All I could get from them was not all information was given and  once the lender started asking questions they uncovered info which they where not happy with.

I was left in the dark after this as both broker and solicitors backed out working with TIC and my portfolio manager was no longer employed.

 I had three different mortgage offers throughout the process all fell through with the lenders pulling out on the PYMS lane development.Very strange if you ask me.

From my point TIC have not played there part at all.

Count me in! I waled away from a deal and didn;t complete -  despite their sales director threatening to sue me and using any tactic they had in the book to get me to complete.

 I haven't received any correspondence informing me that i am being sued, however i do understand they are going bust!

 I am very happy to get involved with all the lobbying!

 

J

 

Hi All,

I am a TIC customer as well and have been suffering financial loss. I have been in touch with several  other TIC members and if you would like more info on the lobby / joint legal advice, please send me an email.

Thanks.

Hi David and All

I have just joint this forum today for this very purpose. I also received a letter last week (which for me ruined my sons 2nd birthday) from Key2Law which left me in a right state. I have just put together a letter asking why there had been know contact before the solicitors were bought in? But by the sound of it they are trying it on.

 I would be happy to join any effort to stop this my mobile is 07507 896 158 (Mark). As i understand it they can ask you for 10% if you do not complete but in my case (Bayside Cardiff) i'm not due to complete until December which makes no sense.

 So what are people doing replying to the letter or sitting it out? The last thing i heard from TIC back in April was wait for your mortgage offer and the solicitors they were using changed so often i don't feel i can even ask anyone there.