FTB dilemma- Cattle Market!

LWils

Thanks for that, very helpful. Always good to have legislation to back up argument, I will look it up.

KateLiana27

Simple answer. Would you have reserved the plot in the first place had you known about the cattle market upfront?

If the answer is no, walk away. £500 is nothing. Don't think of it as wasted. It's probably the best money you ever spent.

GDB2222

lakesman wrote: »

Hi,

I sell new property, different market but the same rules apply. My Co is a stickler for us observing the Property Misdescription Act and as such I`m with the earlier reply which suggested making a stink about getting your deposit back by quoting the PMA.

As it`s a new build the site will also probably be covered by the NHBC, very few new developments aren`t covered. Earlier this year the NHBC introduced a new code of practice, I would also threaten to contact the NHBC.

Good luck,
lakesman

Very good point, Lakesman. The NHBC consumer code says that the deposit must be reimbursed. See para 2.6 of the consumer code here:
http://www.nhbc.co.uk/NHBCpublications/LiteratureLibrary/HomeownerDocuments/filedownload,15896,en.pdf

2.6 Reservation
Home Buyers must be given a Reservation
agreement that sets out clearly the terms of
the Reservation, including, but not limited to:
• the amount of the Reservation fee;
• what is being sold;
• the purchase price;
• how and when the Reservation agreement
will end;
• how long the price remains valid;
• the estimated cost and nature of any
management services the Home Buyer
must pay for.
The Reservation fee must be reimbursed if the
Reservation agreement is cancelled. The Home
Buyer must be told of any deductions that may
be made.
While the Reservation agreement is in force,
the Home Builder must not enter into a new
Reservation agreement or sale agreement
with another customer on the same Home.

The Code applies to all Home Buyers who
Reserve to buy a new or newly converted
Home on or after the 1st April 2010 and which
has been built by a Home Builder under the
insurance protection of one of the Home
Warranty Bodies

DVardysShadow

LWils wrote: »

.... We went back to the developer with the plans (which they denied previous knowledge of) and they are not willing to negotiate the price further. We are considering walking away.

For an issue like this, it is the wrong tack to expect a price reduction. You were lied to and you should expect to get your deposit back in full and the deal cancelled.

If you ask for a reduction, effectively you are saying that the house is acceptable with the cattle market built. So you have moved your position from it being unacceptable to it being capable of being portrayed as whingy whiny - which puts you in a weaker position.

the_flying_pig

I think the OP did a really great job in doing the planning research etc. It's the kind of thing that most people, me included, [irrationally] wouldn't bother to do.

Seems like a no brainer to walk away.