Recind - Off Plan Property

puddy

oh, sorry, must have misread.

well it might be legal but it sounds imoral to me

real1314

Would it have been immoral if, having been built, the flat was worth £300k and the OP sold it for that price, paying the builder the remaining £225k and walking away with £75k from a £25k deposit?

The value of investments can go down as well as up .

puddy

well i dont understand, surely one pays the price that something is worth? so if it was worth 300k, shouldnt he pay that?

in any case, what about the huge amount of time between signing a contract and actually finishing the build? why so long

mystic_trev

Basically he was securing a Futures contract i.e. had the value gone up he wouldn't have had to pay more. However, I do think he's been right royally shafted by the builders, who didn't deliver on time.

silvercar

well i dont understand, surely one pays the price that something is worth? so if it was worth 300k, shouldnt he pay that?

That's the point to argue, if they had built on agreed schedule, he would have taken possession of something supposedly worth the agreed price. The delays have meant he will be acquiring something worth less.

For a builder to stand up in court and say it would have been worth XX on day YY if I'd pulled my finger out and finished the build; however I would still like XX even though by the time I finished the build its only worth ZZ, may e considered unfair by the judge.

The judge also has to look at the financial implications to both parties of the contract being honoured.

(There was something about this in the Times a couple of months ago. quoted on here if anyone can find it.)

silvercar

Have a read here:

http://forums.moneysavingexpert.com/showthread.html?t=1218203&highlight=times+friday+article

Sonofa

Suitable analogy.

Go into the Fishmongers on Monday and pay for the kippers you want on Friday.

Come Friday the shop's closed so you don't get your kippers. Next Friday the shop is open and the Fishmonger wants to present you with your week over date kippers and keep your money!:j

neverdespairgirl

silvercar wrote: »

(There was something about this in the Times a couple of months ago. quoted on here if anyone can find it.)

There was, but on a different point. In that case, the failure to complete happened in a rising market. THis is different altogether.

See my post on that thread:

http://forums.moneysavingexpert.com/showpost.html?p=14999653&postcount=22

neverdespairgirl

silvercar wrote: »

I very much doubt the builder wants to stand up in court and demand you honour the contract. After all the 250k was never the value of the property. At the time you signed the contract it was a hole in the ground, now its built its only worth 190k.

IMHO the builders are using this tactic to renegotiate the price. Tell them you will go bankrupt and they get nothing but a property still to sell. Tell them you can afford to buy it at a reduced price and they make their sale.

OH (who does civil law) said a couple of weeks ago that one of his solicitors is getting a lot of instructions from builders / developers to sue for specific performance of such contracts, and / or damages.

OP - you need URGENT, independent, and proper legal advice. Let us know how you get on?

Premier_2

Sonofa wrote: »

Suitable analogy.

Go into the Fishmongers on Monday and pay for the kippers you want on Friday.

Come Friday the shop's closed so you don't get your kippers. Next Friday the shop is open and the Fishmonger wants to present you with your week over date kippers and keep your money!:j

Very suitable.

In your analogy, the fishmonger was in breach of the contract for failing to supply the kippers on Friday as per the contract. The buyer would have been within his rights to go and buy the kippers elsewhere, and presuming he bought them at the best price, could sue the fishmonger for the difference in price, if any.

In this case of the OP, there was no fixed date for delivering up the product bought; normally is is delivered up on 10 working days notice. That notice has now been given and the OP is contractually obliged to pay the purchase price or will be in breach of contract and liable for damages.