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Developer changes mind on amount of deposit - should I ask for compensation?
Jilla
Posts: 1 Newbie
We are just about to exchange on a New Build property. We are essentially cash buyers when our home has completed.
The problem that arose was on exchange the developer wanted the money as Agent. Our solicitor let our purchasers know that their deposit would be protected by the NHBC guarantee.
Our purchaser refused to allow the deposit to be held by the developer as Agent. Our developer refused to be Stakeholder.
The effect was that we had to raise 38k as a deposit from my investment account. That was going to take 10 days and we were all set to exchange with the developer on 13/12. On the 10/12 the developer said they would accept a deposit of just 5k. This could all have been paid 10 days earlier. Now I will have withdrawn funds and lost money on those plus I suspect I am likely to have income tax to pay. Is there anything I can do?
The problem that arose was on exchange the developer wanted the money as Agent. Our solicitor let our purchasers know that their deposit would be protected by the NHBC guarantee.
Our purchaser refused to allow the deposit to be held by the developer as Agent. Our developer refused to be Stakeholder.
The effect was that we had to raise 38k as a deposit from my investment account. That was going to take 10 days and we were all set to exchange with the developer on 13/12. On the 10/12 the developer said they would accept a deposit of just 5k. This could all have been paid 10 days earlier. Now I will have withdrawn funds and lost money on those plus I suspect I am likely to have income tax to pay. Is there anything I can do?
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Comments
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Developer changes mind on amount of deposit - should I ask for compensation?
Well, realistically... the developer has reduced the deposit required from £38k to £5k. If you still want to pay the £38k deposit, I guess you can.
TBH, even if it was the other way round - and the required deposit was increased from £5k to £38k at the last moment, you probably wouldn't have grounds for compensation (just the option to walk away).0
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