Help developer gone into liquidation after exchange!

Mcgough221

Tbh we don’t want to buy it now, it just doesn’t seem worth the hassle. We understand we might have to though.

I was hoping the liquidation might speed up terminating the contract. Solicitor has said we can terminate but just had to wait. But I can’t see that time period being any use now since there is no company to carry out the work.

Thanks all for your replies. I will be ringing the solicitors tomorrow and see if anyone will help me.

Just so stressful. We are FTB and getting another deposit together will take years

GDB2222

Mcgough221 wrote: »

Tbh we don’t want to buy it now, it just doesn’t seem worth the hassle. We understand we might have to though.

I was hoping the liquidation might speed up terminating the contract. Solicitor has said we can terminate but just had to wait. But I can’t see that time period being any use now since there is no company to carry out the work.

Thanks all for your replies. I will be ringing the solicitors tomorrow and see if anyone will help me.

Just so stressful. We are FTB and getting another deposit together will take years

It’s very unlikely that the deposit is lost. It’s normally held by a solicitor as stakeholder.

But to get it back you need to end the contract correctly. That’s something that your solicitor can advise, and it may take a little time. I would not worry about losing the deposit, but The exact timetable for getting it back is hard to know.

diggingdude

Just wanted to wish you the best, what a rubbish situation to have to deal with. I hope it gets sorted quickly

Crashy_Time

What pushed them into liquidation?

Mcgough221

From what I can gather, they owed another company money who went into administration. They was then served with a winding up petition, it was granted last week and liquidators appointed.

I only know this because of my own snooping around on the Internet after an news paper did a report about the breech and the council taking them to court and it said they was facing a winding up petition.

Crashy_Time

Domino effect.

Mcgough221

Spoke to another solicitor covering mine today. They have spoken to the developers solicitor and have told me everything is fine because the site is in another companies name. However my contract states it’s between me and the builder who is in liquidation! But solicitors are saying it is all fine and we are still waiting to see the outcome of the issues with the council. I’m not convinced, but I’m not a solicitor :huh:

SmashedAvacado

You might think about asking your solicitor why / how you entered into a contract with a company that didn't own the property you had contracted to buy?

GDB2222

Mcgough221 wrote: »

Spoke to another solicitor covering mine today. They have spoken to the developers solicitor and have told me everything is fine because the site is in another companies name. However my contract states it’s between me and the builder who is in liquidation! But solicitors are saying it is all fine and we are still waiting to see the outcome of the issues with the council. I’m not convinced, but I’m not a solicitor :huh:

You need to make a pretty fundamental decision here. How long are you prepared to wait for this property? If you decide that you just want to be shot of the contract, provided you get your deposit back, and you don't care about the fees you have spent, then you need to communicate that clearly to the solicitor. It's their job to advise you whether you can extricate yourself.

kazwookie

Blimey what a mess, I feel for you.


Other things to consider, if this goes ahead,



Who is backing the snagging list?
and is the 10 year guarantee valid and who is backing that / who do you need to contact.




I wish you well