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Vendor / developer has pulled out after exchange

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2456

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  • Ultra64
    Ultra64 Posts: 24 Forumite
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    In the contract it says anticipated completion date: 31st March 2017 (it was previoulsy February) So well over a year behind shedule (when I could have been buying a different property).

    It says 'Termination Date June 2017 (11 months ago). I would rather they would have done it then rather that waiting to the week everyone else was moving in to tell me they are stopping the contract.

    They even sent me the lease to sign last week.
  • davidmcn
    davidmcn Posts: 23,596 Forumite
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    edited 14 May 2018 at 3:37PM
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    And what does it say about the Termination Date?
  • Aylesbury_Duck
    Aylesbury_Duck Posts: 13,995 Forumite
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    Answer the questions in posts #10 and #11. Then people may be able to provide a little more help.
  • moneyistooshorttomention
    moneyistooshorttomention Posts: 17,940 Forumite
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    Davesnave wrote: »

    I doubt if you are 'priced out of the market,' but you might now be priced out of the market you aspire to. It has happened to many of us.

    CORRECTION; Priced out of the market they are actually already safely in - until the developer did the dirty on them.

    OP - do you have the legal add-on on your household insurance? Do you have a good campaigning local newspaper that might be interested? Do you know why they are trying to pull this stunt on you?
  • mrschaucer
    mrschaucer Posts: 953 Forumite
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    What are the precise conditions attached to this "termination date"? For example, are the developers permitted to terminate the contract at any time after that date? Before that date? What?
  • moneyistooshorttomention
    moneyistooshorttomention Posts: 17,940 Forumite
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    If I were in OP's position I'd be looking up the company accounts (easy enough online) and seeing if I could get "a feel for" whether the developer is trying this on because they are teetering on the edge of solvency.

    Followed by finding out whether those buyers like myself that were already part-way through buying (ie had already exchanged) would get "first refusal" from insolvency people if they are called in - and at a cheaper price than we were due to pay in the first place.

    I'd be putting something on my local Facebook page saying "They're trying to do this to me. Is anyone else in the same position - and fancy meeting up for a drink?"
  • Ultra64
    Ultra64 Posts: 24 Forumite
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    It says the contract can only be cancelled in the event that notice to complete is not served by 27th October 2017. The developers solicitors have provided a new anticipated completion date of the 29th September 2017 ( originally February 2017). Under the terms of the new agreement, the latest date at which completion can take place is 10th November 2017.
  • Ultra64
    Ultra64 Posts: 24 Forumite
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    moneyistooshorttomention wrote: »
    If I were in OP's position I'd be looking up the company accounts (easy enough online) and seeing if I could get "a feel for" whether the developer is trying this on because they are teetering on the edge of solvency.

    Followed by finding out whether those buyers like myself that were already part-way through buying (ie had already exchanged) would get "first refusal" from insolvency people if they are called in - and at a cheaper price than we were due to pay in the first place.

    I'd be putting something on my local Facebook page saying "They're trying to do this to me. Is anyone else in the same position - and fancy meeting up for a drink?"

    I looked them up a while ago and there isn't much on there. When I spoke to the company they have their warranty under (as there were major snagging issues when I last saw it). They said sorry we took a while to get back to you, but we got confused if they were with us or not, as their name has changed. So they have changed the company name....not a good sign.
  • Cheeky_Monkey
    Cheeky_Monkey Posts: 2,072 Forumite
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    stuco36 wrote: »
    It says the contract can only be cancelled in the event that notice to complete is not served by 27th October 2017. The developers solicitors have provided a new anticipated completion date of the 29th September 2017 ( originally February 2017). Under the terms of the new agreement, the latest date at which completion can take place is 10th November 2017.

    The way I read it, as 27 October 2017 is long gone and you have never received a Notice to Complete, the Contract says that it can therefore be cancelled!
  • Ultra64
    Ultra64 Posts: 24 Forumite
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    Yes I see it that way too. But leaving me having for a year a half is not right. I've lost money on solicitors fees, mortgage fees and I am just not going to accept this.
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