Toronto man loses $44,000 deposit trying to buy an apartment in the U.K.

A Toronto man trying to buy a flat in London in the United Kingdom ended up losing his $44,000 deposit after discovering unexpected costs.

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    1. The apartments for sale in UK have a lease, the value of the apartment is based on how long the lease is…. You have to negotiate a new lease with the building owner if you need to extend it, the lease extension is usually up to 99 years. So if he had to pay for it, he could also pass that cost on to the next buyer. It’s not a condo, it’s a different system in the UK.

  1. A deposit is a deposit, they are non refundable for a reason. If you back out, they get to keep the money! I don’t want to side with the bank, but it has nothing to do with them!

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