ASK405: Is this developer scamming me? PLUS: What's an Interest Cover Ratio?
The Property Podcast
Rob Bence & Rob Dix
4.8 • 2K Ratings
🗓️ 7 November 2023
⏱️ 8 minutes
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Summary
Transcript
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| 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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