just lost £500 in less than 24 hours cos i am stupid

MrRee_2

You paid £500 in cash!?

I don't know many people who carry around £500 in cash ...... either way, any judge in the land will order that they repay you.

elsien

A word of caution though, it's no use relying on the code of conduct if they're not signed up to it. Which takes me back to one of my earlier questions, have you checked?

Parks

MrRee wrote: »

You paid £500 in cash!?

I don't know many people who carry around £500 in cash ...... either way, any judge in the land will order that they repay you.

no - this is so embarrassing but the sales rep said that cash would be better than a cheque as they would still market the house until the cheque had cleared so cash would be better so I went to the service till!! I know I know, how stupid!! I can't believe i actually did it! Think i was possessed by an alien being or something - so totally out of character for me too

Parks

elsien wrote: »

A word of caution though, it's no use relying on the code of conduct if they're not signed up to it. Which takes me back to one of my earlier questions, have you checked?

not sure how to check? i thought all home builders had to sign up by 2010? Am i mistaken?

ruggedtoast

I think it would just be easier if you buy the house now.

MysteryMe

Parks wrote: »

no - this is so embarrassing but the sales rep said that cash would be better than a cheque as they would still market the house until the cheque had cleared so cash would be better so I went to the service till!! I know I know, how stupid!! I can't believe i actually did it! Think i was possessed by an alien being or something - so totally out of character for me too

That's starting to border on high pressure selling which is contrary to consumer protection regulations.

lessonlearned

It is some time now since I was a new build negotiator and no doubt rules have changed with regard to consumer protection laws, cooling off periods etc.

In my day the reservation fee was[/B technically non-refundable but I did give refunds if the cheque hadn't been banked. Even if it had it was very rare for us to not to refund even when legal work had been initiated and costs incurred.

Obviously if the money goes through on electronic transfers then the banks will make charges so you may have to pay for those.

If it is less than 24 hours I see no reason why you should not be entitled to a refund - the developer will not have incurred any real costs. Paperwork will not have been raised and solicitors will not have commenced searches etc.

The problem is that this is a small builder and he may think he can flout all normal rules and procedures. Stick to your guns.

elsien

This is what it says - "The Code, which came into effect in April 2010, applies to all homebuilders registered with the UK's main new home warranty providers; NHBC, Premier Guarantee and LABC Warranty"

and "In order find out which participating Home Warranty Body is covering the property, please refer to your reservation agreement"


So your reservation agreement would be your first port of call. Or if the developer has a website, look on there to see who they say they are registered with. You can then contact the relevant organisation to see if they're telling the truth and take it from there.

lessonlearned

Parks wrote: »

no - this is so embarrassing but the sales rep said that cash would be better than a cheque as they would still market the house until the cheque had cleared so cash would be better so I went to the service till!! I know I know, how stupid!! I can't believe i actually did it! Think i was possessed by an alien being or something - so totally out of character for me too

That is totally unacceptable. Report the sales negotiator - they have definitely overstepped the mark.

Most developers would not want the negotiator to accept cash….partly for security reasons because there would not be a safe in the office to keep it. The second reason is to do with money laundering rules.

"Waiting for the cheque to clear" is absolute nonsense and standard high pressure tactics.

As I used to tell my trainees "We are helping people to buy houses, we are not dodgy second hand car salesmen so no pressure tactics".

You should most definitely not have been pressured into going to a cash point. The negotiator wants hauling over the carpet for this - personally I think it's a sacking offence or at least a written warning.

Get on to someone higher in the food chain and tell them exactly what has happened.

Parks

elsien wrote: »

This is what it says - "The Code, which came into effect in April 2010, applies to all homebuilders registered with the UK's main new home warranty providers; NHBC, Premier Guarantee and LABC Warranty"

and "In order find out which participating Home Warranty Body is covering the property, please refer to your reservation agreement"


So your reservation agreement would be your first port of call. Or if the developer has a website, look on there to see who they say they are registered with. You can then contact the relevant organisation to see if they're telling the truth and take it from there.

the reservation form & receipt has no details on it except the address of the company and the website and the website just has details of the few homes they are selling and that they are ' Britains Brightest Housebuilder' - absolutely nothing else