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Interest on off plan deposit
TwinB1005
Posts: 7 Forumite
I'm looking for some advice please. I invested in an off plan property in November 2022. I put down £34000 using equity I had in my previous property. My block was meant to be finished around March of this year and but it was delayed because of planning around a cable that needs lowering. They have been saying first quarter 2026 and now I've had another update and it's going to be at least another 2 months. Long stop date is June 2025. There is no way it's going to be finished by then and I'm wondered if anyone knows firstly what the chances are of getting my money back before then and secondly whether I'm entitled to the interest as it will have been sitting in their account for nearly 2 years
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If you wanted interest then you should have negotiated a suitable provision in the contract. I expect their argument would be that you're getting it at 2022 prices (if it is ever completed).0
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If the deposit has locked in the price, then your deposit "is" invested in the property, You just can't move in yet.carolyngriffiths1975 said:I didn't want interest when I thought it was going to be invested in the property now it's been sitting in their account for nothing I'm just asking whether I could be eligible to get any of it back based on the fact that by their own admission it's going to be finished at least 2 years later than expected and they have broken the contract
Different story if house prices start falling though.• The rich buy assets.
• The poor only have expenses.
• The middle class buy liabilities they think are assets.0 -
Have they "broken the contract"? Did you get (independent) advice on the contract at the time you were negotiating it?carolyngriffiths1975 said:I didn't want interest when I thought it was going to be invested in the property now it's been sitting in their account for nothing I'm just asking whether I could be eligible to get any of it back based on the fact that by their own admission it's going to be finished at least 2 years later than expected and they have broken the contract2
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