12 Oct

Property investors' legal obligations are "nothing new"

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.

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