Is deposit on new build likely to be refundable if I pull out?

Jeffrey_Shaw

robrymond wrote: »

We were told the reservation fee was fully refundable...

But did the Reservation Agreement say so in black and white?

robrymond

No it didn't, the full refund was only if the mortgage or whatever fell through. They take £100 admin charges if you decide otherwise and change your mind.

scarletjim

Sorry yes it was an initial reservation fee. So as a rule what is most common? I'm happy for the developer to have say half, but I could do with the other half back tbh. I have nothing in writing, the fee was taken via a phone call, so formally I could possibly insist on some of it back, as I've never been told (phone or otherwise) that it was non-refundable...

robrymond

I'd argue that case then. We were advised we'd loose £100 if we changed our mind. If it was no fault of our own due to the scheme we've applied for falling through or a survey issue, then we'd get a full refund.

Kendall85

Hi there,

Have you checked the builders customer charter? The rules regarding reservation deposits changed mid last year you certainly could be entitled to a partial refund.

chappers

It will depend on the reservation contract, there is usually a period in which you can pull out and get your deposit back and then after that it is non-refundable.