Your Home Is Now Ready...To Bankrupt You ; 'Offplan' Buyers Are Unable to Secure a Mortgage
Mail on Sunday › October 25, 2009
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Summary
BANKRUPTCY looms for many 'offplan' homebuyers who entered into contracts to buy properties before they were built - unless Berkeley Homes relents and drops its legal action against them. But the housebuilder shows no signs of doing that.
Earlier this month lawyers acting for Berkeley, one of the biggest housebuilders, issued demands to an unknown number of buyers, ordering them to pay up or fight it out in court. Recipients had two weeks to reply.See the full content of this document
Extract
Your Home Is Now Ready...To Bankrupt You ; 'Offplan' Buyers Are Unable to Secure a Mortgage
For some homebuyers, like Steven Dowd and his partner Helen Glanfield, that deadline passed last week. The couple now face what seems an unavoidable High Court battle with Berkeley Homes that they fear will end in their bankruptcy.
Buying offplan was not uncommon in 2007 when mortgages were plentiful a...See the full content of this document
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