Pull Out of Buying A House

F

firsttimebuy

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I am basically looking for advice from anybody. My sister and I put a deposit down on a house in June last year it was due to be finished by the end of September but due to delays it was only finished last month. It came to light that the county council have taken an enforcement order out against the developers and our bank will not release the mortgage until all this is resolved which looks like it could take months as it has gone to court. Adding to this now a pipe has burst in the house flooding all the downstairs and ruining the place. I want to know if there is any way we can pull out of buying this nightmare of a house? The contracts have been exchanged and 10% deposit has been paid. Any advice would be great.
 
You've signed your contracts and exchanged the 10% deposit, at the very least you will forfeit your 10% deposit which has been handed over. At the most, you could be obliged to complete the sale.
You need to take sound legal advice on this one.
 
I would seek legal advice if you were to pull out as you stand to loose and not the developer...... The builders however are responsible for the fixing up of the house, the council I think are acting on your behalf making sure the builders complete to the specified standard - but I would not advise you to pull out as this and worse happens in alot of new builds.
 
Did you agree on a date to close? A friend was recently served with a 28 day notice because he hadnt completed the purchase by the due date.
 
No because there is an enforcement order aginst the devloper and its in court we can't close. The County Council advised us that if we did close they could serve the notice on us as well and our solicitor advised us that we could be liable for any costs arising from the court case. It is just a mess and would prefer to get out if I could.
 
Is it possible that your solicitor has a condition written into your contract that the deal is conditional on your mortgage approval? If you cannot get a mortgage due to the condition of the property (which I'm sure that your mortgage provider would not be very happy with, as they could be stuck with it) then this could be a way out for you & get your deposit back
 
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