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Buying Off Plan Can I get out of Contract
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bowhays
Posts: 4 Newbie
This is my first post, please be gentle...........
I like 400 others put down a deposit to buy a flat off plan from developers Urban Splash regenerating the old Tobacco factory in Bristol. At the time I saw it as a good investment, the area was up and coming, they were building a new hospital blah blah blah. I put down my first depost to exhange contracts in 2007. A further deposit was paid in 2008 with a completion expected early 2009. As soon as my second deposit was paid they announced that due to the recession work would now not be completed until the end of 2010 or 2011. Incidently marketing literature stated 2009.
I face another year or more of paying interest on my deposits, house prices are falling and my mortgage offer will have expired.:mad:
I cant believe its going to take 3 - 4 years to complete, if i had known this i wouldn't have put the deposit down in the first place. There is a distinct lack of builders and materials on site which made many people hold their second deposit back. Many of these people are requesting their original deposits back i don't know how they are getting on! But me like an idiot played it by the book and sent it on time. Then they announced their delay!
Does anyone know how I stand if I pull out like i want to, or has anyone received their deposits back?
HELP PLEASE
I like 400 others put down a deposit to buy a flat off plan from developers Urban Splash regenerating the old Tobacco factory in Bristol. At the time I saw it as a good investment, the area was up and coming, they were building a new hospital blah blah blah. I put down my first depost to exhange contracts in 2007. A further deposit was paid in 2008 with a completion expected early 2009. As soon as my second deposit was paid they announced that due to the recession work would now not be completed until the end of 2010 or 2011. Incidently marketing literature stated 2009.
I face another year or more of paying interest on my deposits, house prices are falling and my mortgage offer will have expired.:mad:
I cant believe its going to take 3 - 4 years to complete, if i had known this i wouldn't have put the deposit down in the first place. There is a distinct lack of builders and materials on site which made many people hold their second deposit back. Many of these people are requesting their original deposits back i don't know how they are getting on! But me like an idiot played it by the book and sent it on time. Then they announced their delay!
Does anyone know how I stand if I pull out like i want to, or has anyone received their deposits back?
HELP PLEASE
0
Comments
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I was a little confused by the part where you say 'I face another year or more of paying interest on my deposits'
Does that mean you also borrowed money to pay the deposit as well ?0 -
I think you need to speak to your solicitor mate who can look over the contracts and tell you where you stand.
Can someone tell me though...
You put down a reservation fee of a few hundred pounds straight away?
When are you the contracted to put down the full deposit?
Are there usually any stipulations in the agreement that the house must be completed by a certain date?0 -
I was a little confused by the part where you say 'I face another year or more of paying interest on my deposits'
Does that mean you also borrowed money to pay the deposit as well ?
Yeah me too. /\
You probably have no chance of getting your deposit back. If thats all you lose then feel lucky.
You really need to have the contract looked at by someone with expert knowledge in the field.0 -
It may be you and the 400 other people can take the builder to court on a group basis to get out of the contract either for unfair terms or because by delaying so long that they will have made the contract void.0
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Well sort of - from good old mum with a very very small interest charge!0
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It was a 10% deposit, £1,000 reservation fee paid straight away, 5% one month later in 2007 and the remaining 5% in 2008. Due for completion 2009. Paid the remaining 5% October 2008, a few weeks later they announced completion now 2010/2011!!!!!0
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