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New Build - Pulling out of Contract

LB25
Posts: 57 Forumite
Hi there!,
We've bought a new build property that's scheduled for completion in June/July and I'm beginning to get worried about what would happen if we had to pull out of the contract.
I know that the builders could sue us but for how much? The entire price of the property?
Thanks!
Lynsey
We've bought a new build property that's scheduled for completion in June/July and I'm beginning to get worried about what would happen if we had to pull out of the contract.
I know that the builders could sue us but for how much? The entire price of the property?
Thanks!
Lynsey
0
Comments
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When you signed paperwork what did the solicitor say? Did they explain anything?
Is the build on time?0 -
Its not due until June/July. I'm beginning to get worried about losing my job and not being able to get a mortgage and therefore not being able to complete.
Being made bankrupt would have a terrible effect on my career.
We have some savings and I'm just wondering if they would sue us for the entire price of the house.0 -
Highly unlikely it'll be the entire price. Impossible to say of course without reading your contract.... which is what you need to do.0
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Have you actually exchanged contracts yet?0
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Yes, they can sue you for the entire price of the house. In practice, they will sell it on a forced sale basis (maybe for say 60%-80% of what you contracted to pay) and pursue you through the courts for the balance of 20%-40%, or whatever figure it comes to, plus their costs.No reliance should be placed on the above! Absolutely none, do you hear?0
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Hi there!,
We've bought a new build property that's scheduled for completion in June/July and I'm beginning to get worried about what would happen if we had to pull out of the contract.
I know that the builders could sue us but for how much? The entire price of the property?
Thanks!
Lynsey
Well if you already bought it, yes I imagine you may have to pay for it?0
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