non-refundable deposit.

pinkshoes

I need to pull out of a flat sale for personal reasons, but have paid a £1000 "non-refundable" deposit on a new-build flat. We haven't exchanged yet, and the solicitors are very slow, so haven't done much of their work. The estate agent is refusing to give me the £1000 back, which i've been told by a lawyer friend that they're skating on thin legal ice by doing this.

What are my chances of getting my £1000 back? surely if they have my £1000, then the flat is still reserved for me to buy, so can i just tell my mortgage company and solicitor to do nothing until further notice (i.e delay it for months!!), and then if they want to sell the flat to someone else, they'd have to give me the money back first. I have a receipt for the £1000, and there's no time limit to exchange written on it, so am i within my rights to do this if estate agent won't give me my money back?

I have such a messy life crisis at the moment, that the £1000 is greatly needed!! Any help would be gratefully appreciated.

thanks

Gorgeous_George

I don't know where you stand legally and your solicitor should be able to advise.

Is it a small builder or a large firm of builders? A small builder would be more likely to need to complete the sale.

I like the idea of stalling for months or even years. At least this way you get some pleasure out of the £1000.

I'd prepare a letter asking them to refund your money with interest in return for you releasing them to sell to someone else. Keep the letter on your PC and resend it every month.

Best wishes



GG

ClaireS

I need to pull out of a flat sale for personal reasons, but have paid a £1000 "non-refundable" deposit on a new-build flat.

Im sorry but i think you have answered your own question there! The reason why people ask for a deposit is so people dont pull out like you are doing.

pinkshoes

Im sorry but i think you have answered your own question there! The reason why people ask for a deposit is so people dont pull out like you are doing.

But although they tell you it's non-refundable, i'm not entirely sure they're legally allowed to do that. The block of flats won't even be finished until at least the end of February, so they have more than enough time to find a buyer. The flat is in Oxford, where demand for flats outweighs availablity by a LONG way, so they shouldn't have a problem finding another buyer.

i think i'm just gonna get the solicitor and mortgage company to put everything on hold for now.

The estate agent is just rather slimey and smug i.e. the arrogant and only thinks about the commission type, so this makes me want my £1000 even more :-o

Alan_M_2

I thought the term non-refundable is quite self explanatory. It would be a different conversation if it was simply termed a deposit.

It was made clear from the outset what it was and by paying it you've agreed to those terms.

I'd be very surprised if you have any legal right to claim this money back.

MissMotivation

Unbelievable!! You paid a non-refundable deposit and knowing that it was non-refundable (self explanatory i would imagine) you now want it back?

As per usual the EA gets the blame......priceless!!:rotfl: :rotfl: :rotfl:

clutton_2

i have got a non-refundable deposit back in the past on a new build purchase - but that was only becaue the company concerned feared poor publicity.

real1314

Perhaps you should try to sell-on your "non refundable" deposit.

If demand is as good as you say, and if the other falts are all sold, maybe you could sell the deposit on.
Alternatively you could try stalling just to see if they would settle, but surely the payment terms are pre-set, with penalties for missing?

terrierlady

was it a deposit or reservation fee?

pinkshoes

it was a deposit, but nothing was signed.

bap98189

pinkshoes wrote:

it was a deposit, but nothing was signed.

Hang on, you paid £1000 but didn't sign anything:eek: You must at least have some sort of receipt or documentation for the money.

I would suggest, like everyone else who has replied, that the non-refundable deposit is just that. If you can find someone else who is willing to buy the flat then you may be able to recoup some of your losses. Otherwise I don't think you have a leg to stand on.