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newbuild worries - deposit payed

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  • newbuild worries - deposit payed

    We have signed a contract to buy a new build, for 305k, in April. We paid a 5% deposit The house was to be built by August. Now the housebuilder has delayed the build untill December. They did not inform us of this untill we repeatedly asked them. When we negotiated, the asking price was 360K.

    Now similar house is on sale for asking price of 299K. We are currently chain free and renting. We want to walk away from this property if we can. As I have lost my job, we find it hard to afford this place. Our lawyer says we cannot do anything. Please help!
    Last edited by mani; 28-08-2008, 10:19 AM.

  • #2
    Well, assuming your solicitors are independent of the building company, it would be hard for me to denigrate what should be professional advice.

    Still, no harm in seeking a second opinion, especially in terms of how the delay to the property completion affects your contract with the company.


    • #3
      Have you already exchanged contracts on this property? If so then your solicitor is right in saying you cannot pull out.

      However on the other hand if you have not yet exchanged contracts, DON'T and you can pull out, but you may loss you 5% deposit.



      • #4
        Wait untill the property is finished and get the house valued, if its valued less than 305k-deposit, then walk away, speak to your solicitor though!