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With panoramic views of Leeds, stylish decor and an on-site gym, new parents Enrico and Luciana Marini were dreaming of their future life in their city centre flat.
But after six years of saving, the first-time buyers lost their £21,000 deposit after the new-build apartments were devalued by mortgage lenders they approached.
The BBC has spoken to several prospective owners who were given the same “earth-shaking” news, shattering their finances and plans.
Unable to gain a mortgage and locked into a contract, the developer was legally entitled to keep their deposit – despite the pair having to pull out of the sale.
The couple say they felt “pressured” by North Property Group estate agents to proceed with the purchase in 2021, with a non-refundable £5,000 reservation fee locking in a limited time 10% discount.
“In all the money that we were going to invest on our family, things you want for your children, is just lost,” Mrs Marini adds.
“It’s just devastating.”
Patience Chinogureyi lost £51,000 in fees, deposits and furniture packs on two flats.
Jane Doe successfully bought one of the flats, near the A61, for her son using money from an inheritance, but he never moved in due to building delays.
Carolyn Barraclough was a cash buyer and fears her flat may not be worth what she originally paid.
Sarah Cookson, director of Switalskis solicitors, advises never to exchange contracts before a mortgage offer is in place.
All buyers spoken to by BBC News say they would have obtained mortgage offers before exchanging contracts if they had been advised to do so.
North Property Group says buyers were informed that mortgage offers are typically valid for six months, which is standard for off-plan purchases.
