Homebuyers Lose Deposits

This is a Enrico news story, published by BBC, that relates primarily to Luciana Marini news.

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BBC

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Business

Business & Economics

The homebuyers who lost thousands when their off-plan dream turned sour

Summary

Nutrition label

78% Informative

Enrico and Luciana Marini lost their 21,000 deposit after six years of saving.

They say they felt "pressured" by North Property Group estate agents to proceed with the purchase in 2021 .

The developer was legally entitled to keep their deposit - despite the pair having to pull out of the sale.

The BBC has spoken to several prospective owners who were given the same "earth-shaking news".

Sarah Cookson , director of Switalskis solicitors, says buyers should always gain a mortgage offer before exchanging contracts and paying a deposit.

She adds: "You wouldn't buy a car that hasn't got an MOT certificate, why would you buy a house without having it valued?" North Property Group says mortgage offers are typically valid for six months , which is standard for off-plan purchases.

VR Score

Informative language

Neutral language

Article tone

informal

Language

English

Language complexity

Offensive language

not offensive

Hate speech

not hateful