12
Oct
Property investors' legal obligations are "nothing new"
It is "nothing new" that property investors who pull out of a
transaction after a contract has been signed are legally obliged to
complete the deal, according to one housing expert.
Richard Bowser, the editor at monthly magazine Property Investor
News, told of how one of his publication's sources met with several
developers a year ago to try and renegotiate on behalf of investors
who had purchased units in Leeds.
His comments follow the publication of a BBC report, which revealed
that many investors are under the impression that they only stand
to lose their deposit if they choose not to compete a property
deal.
"It is obviously at the discretion of each developer and the
lenders have been putting very significant pressure on developers
to clear their books," stated Mr Bowser.
This news comes after the Land Registry's House Price Index
recently indicated that UK property values were at their healthiest
in London and the west Midlands during August.
