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09/10/2009
Legal warning after property ruling |
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Those who have tried to back out of off-plan property deals in the recession may be legally obliged to pay up, it has been warned.
A number of purchasers who have been unable to find mortgages and whose agreed price was above the value that flats and apartments have fallen to have sought to pull out of deals, believing they would only lose their deposits, the BBC reports.
However, the news supplier noted, court orders could be imposed to ensure that the original contracts are honoured, meaning the buyers would still have to go ahead with the purchases, however difficult this may be for them financially.
Those faced with such a situation may wish to speak to a property lawyer about their options.
One brighter note may be that property prices have started to creep back up again and mortgage lending has been on the increase.
The Halifax house price index for September indicated that prices rose by 1.6 per cent during the month.
Written by Laurence Smith
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