Can we get out deposit back and pull out of buying apartment.
- Thread starter rondon
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David_Dublin
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There was another lengthy post on this topic previously. The considered legal opinion was that not only would you not be able to get your already paid money back, but that you would be obliged to buy the property on completion. ie you wont be able to just walk away with losses of 8k. If you did walk away the builder could sell the property for whatever he wants and pursue you for the difference in the price you agreed and the price he sold for.
It's best to talk to your own solicitor, he has the contract and he can advise best.
It's best to talk to your own solicitor, he has the contract and he can advise best.
David_Dublin
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Good luck with it.
L
Lord Snooty
Guest
Why do you no longer want the apartment?
Being in a v similar situation myself I can tell you from experience that the completion date means diddly and these contracts are all worded in favour of the builders. I am 2 and half years on from purchase that is still not built. feel free to pm me with amy other questions
Due to many reasons we no longer want the apartment, mainly as the prices of houses have come down so much, and now we are hoping to get a house in the area instaed. The builder is still living on the moon as they are not dropping the prices to suit the market. €380,000 2 bed apart??? Same area- a house with garden front and back attic conversion 3 bedrooms etc.....€310,000. What would you want?? No maintainence fees of €2000 a year.
People will say but we knew about these fees etc, true enough but now we feel like we are been forced into negitive equity and want out. We have signed contracts over a year now and got mortgage approved etc.
solicitor has said they will look into it for us but as its our first time doing this we just want to know from other peoples experience what they had to go through,or been succesfull.
thanks for all the replys.
People will say but we knew about these fees etc, true enough but now we feel like we are been forced into negitive equity and want out. We have signed contracts over a year now and got mortgage approved etc.
solicitor has said they will look into it for us but as its our first time doing this we just want to know from other peoples experience what they had to go through,or been succesfull.
thanks for all the replys.
LennyBriscoe
Registered User
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Why would the builder drop the price for you? A price was agreed and both parties were happy at the time. You signed a legally binding contract and paid your deposit.
G
Guest116
Guest
Do some people just love seeing others in difficult positions when it comes to property? Do you own a property yourself?
Thank you, baa humbug id say is his problem. Why should they drop the price?? Hmm let me see? Have you just got back from the moon with them? Negitive equity isnt a road we want to go down, and if your down that road and thats what has you in a twist im sorry to hear it, because i feel for people who have got into that situation.
we signed a contract, thats fair enough. we were also told we would be living in our place by spring time, they've yet to even start building the block yet, do i have a say in this legaly binding contract now, if im stuck out on the streets or having to struggle on and pay rent and wait for another year or two when i could be paying off a mortgage?
G
Guest116
Guest
I hope you find a way out of it if thats what you want. If you do have to go through with the purchase then you might be able to rent it out? It would be a long term investment then.
Hold on a minute - if you had put the deposit on and the value of the apartment had increased by 50K (as would have happened regularly in the earlier years of this decade) would you say it was ok for the builder to increase the price you had to pay on completion? No, I don't think so! So why should it work out for you the other way around? You take a risk when you buy off plans, it used to work out well for buyers and now it doesn't.
Just playing devil's advocate here!
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G
Guest116
Guest
On that arguement then why did developers increase their prices from "phase 1" to "phase 2" etc for the same type of property in the same development. Simple, because everyone follows their own self interest and you or me would try to do the same thing as the OP here.
If there is a way out you can be certain that your €8,000 is gone. In my opinion, this is a VERY SMALL price to pay....
If there is any way out of it, get out. If, as you say, the builder hasn't even layed the first block, then everybody's 'appy....!! He hasn't a load of money tied up in bricks and mortar he can't sell and you get out of a potentially 10 year negative equity trap which will cost you WAY more then €8,000!!
Go down the route of letting him keep the money in order to get out as he is less likely to pursue you to fulfil a contract...
If there is any way out of it, get out. If, as you say, the builder hasn't even layed the first block, then everybody's 'appy....!! He hasn't a load of money tied up in bricks and mortar he can't sell and you get out of a potentially 10 year negative equity trap which will cost you WAY more then €8,000!!
Go down the route of letting him keep the money in order to get out as he is less likely to pursue you to fulfil a contract...
Hold on a minute - if you had put the deposit on and the value of the apartment had increased by 50K (as would have happened regularly in the earlier years of this decade) would you say it was ok for the builder to increase the price you had to pay on completion? No, I don't think so! So why should it work out for you the other way around? You take a risk when you buy off plans, it used to work out well for buyers and now it doesn't.
Just playing devil's advocate here!
Well i highly doubt there was ever going to be a fifty grand increase in prices in the past year or so. (earlier years of this decade i didnt even know what a mortgage was, and im sure if the builder did put his prices up then after signing, surely you could not of been expected to buy it, unless fo course it was affordable to you.)Say back then I might of got approved for €400000, builder puts it up 50k whos to say id be approved for that?
Your obviously another one after been hit by some difficulties along the way. I asked was there a way out for us and explained why. Of course its financial, unfortunatley we havnt got euros to burn,
best off keeping those negitive thoughts to yourself.
after all its christmas.
Thanks for that its probably our best option now, it will be a step back but as you said best off long term, at least there is a few out there with some good things to say
The difference there is that the builders upped the price of unsold units not increase in prices agreed with deposits paid.
Regards the OP, your best bet is to deal with the agent if there is one and tell him that you are unable to complete on this unit and could he see if the you could get your deposit back. This year I have had 2 instances whereby people pulled out after signing contracts and having paid €5,000 deposit and on both occassions the builder just returned their cash even though he wasn't obliged to do so. People are very quick to judge an entire industry but it should always be judged on a case by case basis. You have nothing to lose by asking directly.
I wont get the hopes up but thank you for that, we never even thought about going direct to the agent so its another option for us now. Thanks for the comments left, good and bad
L
Lord Snooty
Guest
It sounds like you want it both ways. You agreed to the price. The point is, if prices were going up would you want to pull out?The builder would still have to sell to you at the price you both agreed on! You took a risk and it didn't pay off. It's not the builders problem if things are tight for you.You don't seem to understand the point that was made to you. You signed the contract, nobody put a gun to your head. It know it's harsh but people have to accept responsibility for their own bad decisions.