Paid deposit for off-plan and cannot complete...HELP!

If it's a standard new-build contract the OP could be held liable for the difference between the price they agreed to pay and the final sale price, plus advertising costs.

Given that most new-builds are now being advertised for 20% below their peak price from 12 months ago, with big incentives on top of that, the OP is totally and utterly screwed.

This is the next big "consumer rip-off" that will soon be picked up by the press. Not that it will get far.

GDB2222 wrote: »

The OP did ask for help, but I suppose a frank assessment of where he stands is the next-best thing.

No offence to the OP was intended.

I merely refuse to sugercoat things. I'm not into MSE hugs or telling people things will be fine.

Scotish laws may be different to England, but I doubt they are that different.

Chances are, the OP will end up having to declare bankrupcy.

It's crap, but it's how it is.

GDB2222 wrote: »

Oh, I agree with you. Bankruptcy is a great help for debtors, but people on MSE just don't seem to see it like that.

See my footer.

A common misconception is that bankrupcy is the worst thing that can happen to someone.

That's b0ll0cks.

The worst that can happen is that the person is forced to spend the rest of their lives living in abject poverty in order to try to repay their debts, even if that means mearly servicing the interest for the rest of their natural lives.

Bankrupcy was never meant to allow people who made poor property investments or who blew £10k on their credit card to escape their repayment responsibilities, it was to encourage people to start genuine, well planned businesses, safe in the knowledge that if they failed it wouldn't financially cripple them until they die.

It's only a matter of time before the government shuts the bankrupcy door.

Half the country can't declare bankrupcy without collapsing the banking sytem... and the government wont let that happen. The debts must be repaid, and the government WILL close the bankrupcy door by hook or by crook... either by legislation or simply by underfunding bankrupcy court proceedings so they grind to a halt.

Someone has to pay the piper.

I posted earlier this year with the same problem. I reserved a house with Robertson's Homes in June 2007 for November 2007 completion. House is still delayed and can't sell flat. Don't want the house now, it has caused so much stress and bad feeling. Contacted newspapers. MSPs, GMTV and Politics Show. Checked with 2 solicitors who both told me I could be sued should I not complete. Feel this is so unfair - a years delay and I still have no rights.

Would be good to hear how other people are getting on.

I have a similar situation.

We bought off plan for a property that cost £186500
We paid a deposit of £9500

The build was 6 months late so in total we waited for 18 months.

We prepared our finances well in advance along with the deposit we were putting £30,000 down.

Eventually the builders told us the property was ready we had it valued.
The valuation from a very reputable company came back with a value of £155,000 no more and this would have been its peak value ever.

We contacted the builders and they said they could get another valuation done for £174,000 if we wanted. They also told us that the £186,000 wasn't their true value of the property it was to do with market forces.

The £31,500 difference has made it impossible for us to complete.

I know we shouldn't need toilet trained but I think this is very unfair.
Looking through the missives and having been quoted some sort of Latin term. Our hands are tied.

Property is the most expensive item most of us will buy, but seems to be the only thing that isn't covered by consumer protection.
The more you look into a new build missive the prospective home owner has no rights.

A Scottish MSP tried to put this bill through Parliament to give the prospective homeowner equal rights. Alas it was knocked back.
http://www.scottish.parliament.uk/business/bills/pdfs/mb-consultations/MissivesForNew-BuildHousesConsultation.pdf