HELP please! Bought off-plan in Glasgow, VERY delayed, what can I do?

flip-flop_3

Hello all

I did something years ago which I've been regretting for ages. I'm not blaming anyone but myself, I don't want sympathy and I don't want gloating - just a little advice please.

Over 3 years ago I exchanged missives on an off-plan apartment in Glasgow. Those words make me shudder, given the current climate. The completion time was stated as approximately 2 years. Due to constant delays with the developer having difficulty getting services connected over a strip of someone else's land, the latest completion estimate is November 2008 - which will be over 3 1/2 years.

There's nothing in the contract to say when the build has to be complete. Could this give me a legal reason to walk away? Obviously the market has changed considerably in the extra time the build has taken, and finance is going to be much more difficult to come by today than it would have been a year ago. Surely the developer can't have a legal right to delay ad nauseum without any comeback on himself? There's nothing in the contract to stop him taking 20 years to finish the job... Is there such a thing as a "reasonable time" limit?

As for me failing to complete when they eventually say jump, the gifted deposit becomes void, I lose my deposit, and I'm liable for their resale costs. I can find no specific mention of what happens if the resale is for less than my contracted price... Ouch.

Any help gratefully appreciated.

m00m00

you really need to get a contract solicitor to look over this case for you and see what your options are.

no one on this forum can give you advice without actually seeing the contract you have with the builder

especially given it's scottish property law.

SquatNow

I'de be amazed if there wasnt a get-out on this... even if only under the unfair clauses laws.

adr0ck

quick google brought up this

http://www.lawanswers.co.uk/questions/i-bought-a-plot-off-plan-and-paid-a-deposit-completion-is-due-shortly-but-what-will-happen-if-i-cannot-my-existing-house-are-there-any-loopholes-to-get-me-out-of-the-purchase

doesn't really offer much hope

basically just says what moomoo said

SquatNow

I think the big question will be if there is anything ANYWHERE in the paperwork at all that mentions 2 years.

Either way I'de still suspect it comes under the unfair clauses rules...

You could possibly have your solicitor send a letter demanding they complete by x date or its over, but there is a risk they might actually *do* it!

missile

When my new property completion date was delayed, my solicitor said there was very little I could do. My contract did specify a completion date, but there were some weasle words which meant they could extend the date indefinitely. Fortunately I was only a few months late.

Captain_Mainwaring_2

I'd have a guess that 6 years would be the limit of validity.

Because their is no "at the latest" clause the contract could be unfair however looking over a contract I was looking at getting involved with there was no such clause.

Your problem would be that you would be looking to void the contract now that prices are falling, but you didn't try to do it when they were on the rise.

I would read the contract three times cover to cover and see if there is anything that could prevent you completing -

The advertising costs could well be the least of your problems, in a falling market is there a liability between actual value and contract price if they remarket it?

There was another thread here about almost the same situation where the OP wasn't able to complete for financial reasons (albeit they blamed everyone else for their problems) - it might be worth your while having a read of the thread or even contacting that poster (not that I think you will get much sense out of them) maybe they found a way out.

missile

Flip-Flop, If you google / Yahoo hard enough, you may find a prescedent.
I found a link to one who is prepared to offer free advice http://freeconveyancingadvice.co.uk/24.html However his experience is limited to England and Wales. As you are no doubt aware Scotts Law is very different to English.

Trollfever

Have you spoken to the solicitor who advised you to sign the contract?

Paddy_Charlie

Was the solicitor provided by the developer?

If so you may want to get advice from a solicitor who is impartial as although a solicitor provided by the delelopers is supposed to look after your best interest they can sometimes side with the developers to keep a better working relationship with them and get more business on future projects.

Jonbvn

Usually, the contract T&C's have some words regarding completion within a reasonable time. TBH 3.5 years is far beyond reasonable, and deserves to be challenged in the courts. Unfortunately, this would probably cost you too much money in legal costs to consider.