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

Captain_Mainwaring_2

daverave7 wrote: »

What's OP?!!! Purchaser?

I'm gonna dig out my 'estimated completion dates' as given by the developer. Im sure I have a letter dated June 2007 saying the estimated date of completion is October 2007. BUT still not completed - and I'll put money on them not being completed come October 2008.

That's just it - estimated, no limitation.

If there were penalties due on late completion then this wouldn't have happened, but unfortunately there don't appear to be.

BettiePage

daverave7 wrote: »

What's OP?!!! Purchaser?

I'm gonna dig out my 'estimated completion dates' as given by the developer. Im sure I have a letter dated June 2007 saying the estimated date of completion is October 2007. BUT still not completed - and I'll put money on them not being completed come October 2008.

OP is original poster ie the person who started the thread.

flip-flop_3

Many thanks for your numerous replies.

Again through naivety I really had no idea that when I complain would have any bearing on the outcome. Me nagging won't speed up the development, and the law either says that the contract can or cannot have any time limit on it. Or is the law not so black and white?

The current climate is by no means the only reason to back out from this. I need some certainty in my life. I need to know how much of my own money I have to play with and come up with definite strategies for the future. Whilst this builder is keeping me hanging on indefinitely I can't do any of that. How can I get on with my life, and be making plans and better purchases to mitigate this one, when I don't know when or if this is ever going to complete?

At the time of signing and estimated completion date I was in a much healthier financial position than I am now, having been made redundant a while ago. The state of the market wouldn't have been a problem - I'd still have been able to complete with no problems. The developer's tardiness is giving me many headaches, all completely out of my control. I'm heartily sick of not being able to make future plans through not knowing when I'm going to have to find the funds to complete this deal.

I have been taking positive steps to put myself in a better position - in January I put my own house on the market, knowing I needed to sell by the latest completion estimate of November. Then I can move back in with my mum for a year or so until things settle down, and use the equity from my house to fund this deal and maybe others. Not ideal by any means, but a way around this problem. Except my house isn't selling. It's pitched at around the right price as there's been a fair few viewings, but with so much choice around for buyers it's taking much longer to sell. The next option is a fire sale or an auction, but I need to take this step first - to establish whether I can back out - before going down that route.

Daverave, I'm sorry to hear of your predicament, I'm sure there's many more people affected by this kind of thing and I've been surprised to see so few similar threads.

So I need to get back to my solicitor (who's independent of the builder btw) and get her to go through the contract with a fine toothcomb. I guess I've been reluctant to make it official, if you will, that I could have difficulties with this deal, but it's time to look after myself now.

Re:#31, I'd also be very interested to hear of any precedents.

Thanks everyone for your input so far. I'll let you know how I get on!

daverave7

Good luck flip flop! Keep in touch with any developments. And I'll let you knw how I get on.

BrandNewDay

Wow. What a racket! A developer can market properties from brochures of floor plans and collect deposits. Then, if they hit hard times and can't complete the building, they never have to give back the deposit.

I suppose this could go on indefinitely. At some point, I guess the project/contracts will be sold, perhaps if the developer goes bankrupt. Some other developer buys the project and its contracts at a reduced rate that makes it worthwhile to finish building. This could be years down the road!

daverave7

BrandNewDay wrote: »

Wow. What a racket! A developer can market properties from brochures of floor plans and collect deposits. Then, if they hit hard times and can't complete the building, they never have to give back the deposit.

I suppose this could go on indefinitely. At some point, I guess the project/contracts will be sold, perhaps if the developer goes bankrupt. Some other developer buys the project and its contracts at a reduced rate that makes it worthwhile to finish building. This could be years down the road!

Yet another pointless response which doesn't help me nor flip flop. Why bother posting?

3under3

daverave7 wrote: »

Yet another pointless response which doesn't help me nor flip flop. Why bother posting?

I didn't think it was such a pointless post. I think the point they were trying to make was that the contracts seems to be stacked way too much in favour of the builders with seemingly no ever comeback from those purchasing in the case of these delays. Seems unreal that a builder can take a deposit and delay and delay safe in the knowledge that the buyers they have taken deposits from have no redress.

bluejake

daverave7 wrote: »

Yet another pointless response which doesn't help me nor flip flop. Why bother posting?

Because the universe doesn't resolve around you. These are public discussion boards and discussion is what you get when you post on a public discussion board. Maybe, someone will be helped when the next bubble comes along by your example. Maybe, moderators will not censor those who have lived through many bubbles and subsequent crashes when they warn that this time it isn't different, it isn't a new paradigm, the normal rules of economics do apply. And maybe someone will save some money and not end up !!!!!! creek without a paddle.

Sorry, if only people who can help you posted on this thread it would be empty. Discussion is all your going to get. Things are going to get worse.

Generali

daverave7 wrote: »

Wouldn't say I was sold by the "property !!!!!! tv shows" or "suffering house price inflation bubble delusion" but just wanted to buy my own property in that particular location.

I admit it's been a mistake and it's gonna cost me. How much I don't know - that's why I'm here and looking for a solution. I don't expect to get off totally free but I'm looking to minimise my losses - This is a money saving forum after all... surely not a forum for people to gloat that they were right in their market predictions they made a few years ago. housepricecrash.co.uk is made for the latter.

Gloating doesn't help you but professional help can. Get yourself a decent brief and get out of the contract. If you make your case a big enough pain in the whatsit then the developers may consider you not worth the expense even if you don't have a case.

Generali

bluejake wrote: »

Because the universe doesn't resolve around you. These are public discussion boards and discussion is what you get when you post on a public discussion board. Maybe, someone will be helped when the next bubble comes along by your example. Maybe, moderators will not censor those who have lived through many bubbles and subsequent crashes when they warn that this time it isn't different, it isn't a new paradigm, the normal rules of economics do apply. And maybe someone will save some money and not end up !!!!!! creek without a paddle.

Sorry, if only people who can help you posted on this thread it would be empty. Discussion is all your going to get. Things are going to get worse.

What do you gain by posting this? Everyone (including the OP) can see where the housing market is going. (S)he's after some help not a commentary on the state of the housing market!