Finding yourself being sued is a probably the most frightening and stressful experience there is after being diagnosed with a terminal illness.

Most people have never been in a court room and their knowledge of the law is sketchy. Their fear is deepened when legal proceedings are brought against them by a large and powerful company.

• Thousands committed to buy new-build, town-centre flats that have since fallen in value by as much as 50%.
• Mortgages expired before completion with little or no hope of replacing them.
• Even the few who arranged a replacement mortgage have not been able to proceed because the terms are so onerous and the cash required to complete is beyond their reach.
• If you find yourself in this position, your solicitor has almost certainly told you that if you do not complete the developer will keep your deposit, sue you for the difference between the price you agreed and the price for which the property is eventually sold and you will have to pay the developer’s legal and other costs as well as your own.

This is the terrifying prospect for thousands of families who bought off-plan and now face financial disaster and possibly bankruptcy. And the numbers are growing daily.

Some, but not all, bought in expectation of “flipping” to make a quick profit by selling as soon as the development was completed. That dream is long dead. Most buyers were genuine buy-to-let investors planning for their future and their pensions.

Contract law in the United Kingdom governing the purchase of houses and flats, whether existing or new-build, is very clear and specific. If the buyer does not complete the developer can recover costs and damages from the defaulting purchaser.

However, in there may be a solution. The first decision in establishing this is: Fight or Flight? Legal Investigation Services can help you to decide as you work your way through the steps that follow. Click on Fight or Flight for the next step in your decision-making.