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Getting deposit back - help to buy
broisatse
Posts: 13 Forumite
Some time ago, we have reserved off-plan new build house in London. Few days after paying the deposit of £500, we received the letter stating the completion date over 6 months later than what we've been told to us while paying the deposit. After many unsuccessful tries to contact the seller, we decided it is not worth the nerves and cancelled our reservation.
This happened mid February 2018. It is not late June and we still haven't received the deposit back. Given that the house was sold under Help To Buy scheme, I understand they are legaly obliged to return the deposit. Any form of contact with the seller ends up with "I can't do anything about this and I cannot redirect you to anyone that can". Is there anything else we can do? Is there a deadline for depoist returns under HelpToByt scheme?
This happened mid February 2018. It is not late June and we still haven't received the deposit back. Given that the house was sold under Help To Buy scheme, I understand they are legaly obliged to return the deposit. Any form of contact with the seller ends up with "I can't do anything about this and I cannot redirect you to anyone that can". Is there anything else we can do? Is there a deadline for depoist returns under HelpToByt scheme?
0
Comments
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Have they
* agreed to return it
* refused to return it or
* not replied to the request?
Is it clear from the paperwork that the deposit was paid on the basis of Completion within a specific timeframe?
Have you written formally to the company/seller/deloper, at their regstered offices, requesting the return of your deposit, stating why, and enclosing a copy of the relevant paperwork?0 -
To clarify, you've paid a reservation fee, not a deposit.
Normally, you would be entitled to a refund of some, all or none of the fee based on the agreement you signed.
However, you are correct that builders who sign up to HTB do commit to repaying reservation fees where the purchase doesn't proceed.
You may wish to contact your local HTB Agent for their view on this.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
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