New Build - Pulling out of Contract

LB25

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

poppysarah

When you signed paperwork what did the solicitor say? Did they explain anything?

Is the build on time?

LB25

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.

JonnyBravo

Highly unlikely it'll be the entire price. Impossible to say of course without reading your contract.... which is what you need to do.

Pigster_2

Have you actually exchanged contracts yet?

GDB2222

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.

ruggedtoast

LB25 wrote: »

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?