Taylor Wimpey reservation fee not fuly refunded

SeanG79

MaDMaX** said:

Yeah 1:51pm  is not 5pm thou is it, 

Would the extra 3 hours and 9 minutes have made any difference to you?

sheramber

Did Taylor Wimpey state 5pm?

Regardkess , exchange was not going to happen on 16th.

AFF8879

When I reserved my new build (albeit with a different developer) I paid £1000 reservation fee. However it said in the contract that £500 was a fully refundable deposit, and the other £500 was a non-refundable admin fee (technically it was part-refundable, there was a scale of how much of it would be refunded based upon the time elapsed since reservation) - I would just double check what you signed didn’t say something similar 

eddddy

AFF8879 said:

When I reserved my new build (albeit with a different developer) I paid £1000 reservation fee. However it said in the contract that £500 was a fully refundable deposit, and the other £500 was a non-refundable admin fee (technically it was part-refundable, there was a scale of how much of it would be refunded based upon the time elapsed since reservation) - I would just double check what you signed didn’t say something similar 

I think the OP has confirmed that's what their contract said as well:

MaDMaX** said:

3. CASH/MORTGAGE FUNDED PURCHASES

3.1 Notwithstanding the provisions of condition 1.4 if the Buyer does not, for any reason, exchange contracts for the purchase of the property on or before the Reservation Expiry Date, the reservation shall automatically expire at 5pm on that date, in which case the Company shall refund the Reservation Fee less the administration fee of £500.00.

I think the OP feels aggrieved because the developer stuck to the letter of the agreement (i.e. the Reservation Expiry Date)  - when to OP would have been ready to exchange just 5 days later.

And people on this forum often report that developers have been 'flexible' - and have given them extra time.

Maybe the developer had got worried in this case, because they felt they weren't getting clear updates on progress. Or maybe the developer was just over keen to re-list the property for £30k more.

deano2099

I think from the developer's point of view, "agreeing to exchange in a few days time" is sort of meaningless because if there's still work to be done before exchange, then there's still the possibility of something going wrong. If all parties are on board, all issues resolved and all ready to go, then you exchange. If it truly was just the matter of a few pieces of paperwork or admin that was stuck in the solicitor backlog then maybe had the developer been told they'd have agreed to it.