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The Property Podcast

ASK405: Is this developer scamming me? PLUS: What's an Interest Cover Ratio?

The Property Podcast

Rob Bence & Rob Dix

News, Education, Business, Investing, Business News

4.82K Ratings

🗓️ 7 November 2023

⏱️ 8 minutes

🧾️ Download transcript

Summary

Rob & Rob are back with the latest round of listener questions, and strap in because this week we’ve got some good ones!  (0:43) Jackie bought an off-plan property with an up-front 50% deposit. She was recently due to complete, but the developer isn’t allowing the surveyor access to the property, so her lender won’t release the mortgage funds. Jackie’s hoping Rob & Rob can shed some light on what she can do to ensure she completes and gains access to her property.  (4:42) Tom’s is looking to remortgage and he’s hoping Rob & Rob can explain what ICR (interest cover ratio) actually is?  Links mentioned  Course: Everything you need to win big at off-plan property  Enjoy the show?  Leave us a review on Apple Podcasts - it really helps others find us!  Sign up for our free weekly newsletter, Property Pulse  Send us your question by calling us on 013 808 00035 and leaving a message with your name and question (normal UK call rates apply) or click here to leave a recording via your computer instead.  See omnystudio.com/listener for privacy information.

Transcript

Click on a timestamp to play from that location

0:00.0

Hi, I'm Rob. And I'm Rob. And this is Ask Rob and Rob.

0:07.0

Welcome to Ask Rob and Rob.

0:08.0

Thank you for joining us for two more listener questions and two more answer.

0:13.0

Those questions coming up in just a sec.

0:15.0

But it's so easy, Rob, to send your question our way.

0:18.0

The easiest way to do it is go to Property Hub.

0:21.0

Net. forward slash Ask, where you will find our telephone number that you can leave a message on, or you can leave a message

0:26.5

directly on that page, and you can get a link to where you could submit your question

0:31.7

for the Sunday Times Times because Rob and I

0:34.0

answer your questions each and every week in the home section of the Sunday Times

0:38.4

so make sure you check us out there. Our first question on the show comes in from Jackie.

0:44.0

Hi Robin Rob, my name's Jackie. I love your program.

0:47.0

I've got myself in a pickle. I bought an off-plan property investment with a 50% deposit paid up front to the developer, so put 60,000 pounds down to the developer.

0:59.0

And it was due to complete a week ago.

1:02.0

The balance was to be paid by mortgage. Now the issue I'm having

1:05.8

is the developer hasn't given the surveyor access to actually survey the property and release

1:12.1

the mortgage funds.

1:14.0

So it's been five weeks that there's not allowed access to date,

1:18.0

which means a miscompletion.

1:20.0

I've been given an unofficial extension until next week. The issue is the developer still isn't

1:26.7

allowing the surveyor to access the property to perform a survey so I still haven't got my mortgage funds. Now the developers said if I don't

1:35.0

complete by next week they're keeping my 60,000 pounds and they're keeping the property because

...

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