St Modwen (New Build) relisting dream home, and keeping my money!

taylor86

Sorry about this, it does sound very stressful.

I am also buying a new build however right from the beginning the builder made it clear that they expect an 8 week exchange, if they can see we’re progressing they will extend that, if not they have the right to remarket. It sounds as though the builder hasn’t been as direct as ours has. 

Perhaps have a read of any documentation you’ve signed to check exactly what’s in there. 

Also wondering can this buyer not be salvaged and exchange pushed through quicker? 

chanz4

lucky escape there houses are dropping like mad in prices

RelievedSheff

darkstryder360 said:

This is the paperwork I signed when I reserved the plot.  It mentions based on their discretion - but I am not the one cancelling the reservation, they are. 

What other industry is there, where you can pay upfront for a service, and the seller can turn around and deny you what you paid for? 

How can they just take the £8,000 from me?  It may be "common", but it not right.  Is there any legal advice I can seek?  

What country are we living in here if that's just common practise?

What other industry is building you a hand built product to your specification that you have agreed to purchase?

It costs the builder additional money to install items that are not part of the standard specification for the property.

When we purchased our new build it was made very clear at the time of reservation that any extras we paid for would not be refunded in the event the sale did not complete. Go back and read all of the paperwork that you have signed. It will be in there somewhere.

You may not feel that it is right but sadly you will have signed the terms and conditions agreeing to it and it is as always a case of buyer beware and making sure you fully understand what you are signing on the dotted line for.

EssexHebridean

OP, what does your solicitor advise on the matter of the new build? Although I would also say that if they are really charging you several thousand pounds for each abortive matter, then perhaps if you do have to start again getting yourself a different solicitor to act for you might be a good plan - as that is far from usual! 

sheramber

What does your reservation say about when exchange  should happen?

You expected completion in August but you have not been able to go ahead with that. How long do you expect the builder to wait ?  He has already been waiting  2 months past the expected date with no date in sight.

loubel

Trying to buy a new build at the same time as selling is never easy. I'm surprised the developer held out this long to be honest. You reserved in April and were due to exchange in June. It's now October and still nowhere near an exchange. It is unlikely that you are due back your money unfortunately.