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is it possible to get the deposit back?
skyjumper
Posts: 489 Forumite
having committed a stupid mistake which is going to cost me, i would like to ask for some advice here. i know i should have found about this site earlier and asked this long time back. please don't be judgemental about my situation.
i had made a deposit (£ 10,250) on a new build in August 2007. the building is suppose to finish in Summer 2008. now that was what i was told when i made the deposit. i recently visited the site and i was made aware that Summer this year could mean anytime between August - December 2008 or may be even later sometime. the contract was exchanged in Sept 2007 with a view to complete in 2008. no where it's mentioned about any months- is this deliberate thing or is this how things work in the case of new buids. i'm a FTB and now thinking about re considering my position.
my question is
1. is there anyway i could make the builders to commit about a possible finish date? - anyone know of any ways to do this?
2. if that is not possible- will i be able to pull out of the whole deal and get my deposit back- i'm happy to lose the money i have already spent on valuation and mortgage arrangement
any help and advice would be appreciated
i had made a deposit (£ 10,250) on a new build in August 2007. the building is suppose to finish in Summer 2008. now that was what i was told when i made the deposit. i recently visited the site and i was made aware that Summer this year could mean anytime between August - December 2008 or may be even later sometime. the contract was exchanged in Sept 2007 with a view to complete in 2008. no where it's mentioned about any months- is this deliberate thing or is this how things work in the case of new buids. i'm a FTB and now thinking about re considering my position.
my question is
1. is there anyway i could make the builders to commit about a possible finish date? - anyone know of any ways to do this?
2. if that is not possible- will i be able to pull out of the whole deal and get my deposit back- i'm happy to lose the money i have already spent on valuation and mortgage arrangement
any help and advice would be appreciated
0
Comments
-
1. No
2. No
Sorry. You've exchanged contracts and the developer will have contract watertight at their end. Your completion date won't be set in stone and you have to wait as long as it takes. That is the way it goes with new builds.Everything that is supposed to be in heaven is already here on earth.
0 -
On the basis that you're locked into it, your biggest problem might be getting a mortgage to complete on it.
How much deposit have you got? You should just have a quick chat with your mortgage broker and find out if you can still get a mortgage - and if not, what you need to do (bigger deposit) to be able to get a mortgage.
If you want to try to get out of this in the future, then you'd need to pay for a really good contract lawyer to go through what you signed and see if there's any way to back out.
You won't get your deposit back though.0 -
thanks for the quick replies Doosergirl and PasturesNew
i kinda knew the answers but wanted to explore any possibilities i might have to tackle my position in the future0 -
"Seek professional legal advice"Bankruptcy isn't the worst that can happen to you. The worst that can happen is your forced to live the rest of your life in abject poverty trying to repay the debts.0
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