Mon, 07 Apr 2025

Mon, 07 Apr 2025 The homebuyers who lost thousands when their off-plan dream turned sour

Enrico and Luciana Marini put money down on a flat in Leeds in 2021, only for it later to be devalued.
First-time buyers lose £21,000 deposits on new-build flats
* Enrico and Luciana Marini had saved for 6 years and were set to buy a flat in Leeds city centre
* However, their mortgage applications were refused by lenders due to devaluation of the property
* The couple was pressured into proceeding with the purchase despite concerns about the property's value
* They lost their £21,000 deposit as they couldn't gain a mortgage Other buyers also affected
* Patience Chinogureyi paid £51,000 in fees and deposits on two flats but had her applications refused due to valuation issues
* Carolyn Barraclough bought one of the flats for her son using inheritance money but has concerns about selling it due to potential devaluation Expert advice
* Property lawyers recommend that buyers should always gain a mortgage offer before exchanging contracts and paying a deposit, especially when buying off-plan properties
* Buyers should have the property valued to assess its worth and avoid losing their deposits Developer's response
* North Property Group denies allegations of high-pressure sales tactics but acknowledges that some buyers were unable to complete their purchases due to valuation issues
* The developer says it can't comment on the agent but expects them to operate at professional standards.
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