# Can we get out deposit back and pull out of buying apartment.



## rondon (17 Dec 2008)

Hi,


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## j26 (17 Dec 2008)

*Re: Can We Get Our Money Back*

Is there a completion date in the contract?  If the builder fails to complete in time is probably your only way out.


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## David_Dublin (17 Dec 2008)

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.


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## rondon (17 Dec 2008)

Thanks for that, ill have a proper look at the contract myself and hopefully also hear back from my solicitor. Hopefully there is a completion date but to be honest im sure they have themselves covered just incase.


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## David_Dublin (17 Dec 2008)

Good luck with it.


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## Lord Snooty (17 Dec 2008)

Why do you no longer want the apartment?


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## foxylady (17 Dec 2008)

rondon said:


> Thanks for that, ill have a proper look at the contract myself and hopefully also hear back from my solicitor. Hopefully there is a completion date but to be honest im sure they have themselves covered just incase.


 

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


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## rondon (18 Dec 2008)

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.


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## LennyBriscoe (18 Dec 2008)

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.


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## Guest116 (18 Dec 2008)

LennyBriscoe said:


> 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.


 
Do some people just love seeing others in difficult positions when it comes to property? Do you own a property yourself?


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## rondon (18 Dec 2008)

aristotle25 said:


> 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?


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## Guest116 (18 Dec 2008)

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.


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## moondance (18 Dec 2008)

rondon said:


> 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?




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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## Guest116 (18 Dec 2008)

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.


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## PaulyB63 (18 Dec 2008)

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...


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## rondon (18 Dec 2008)

moondance said:


> 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.


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## rondon (18 Dec 2008)

PaulyB63 said:


> 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...


 
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


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## MrMan (18 Dec 2008)

aristotle25 said:


> 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.



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.


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## rondon (18 Dec 2008)

MrMan said:


> 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


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## Lord Snooty (18 Dec 2008)

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.


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## PaddyW (18 Dec 2008)

Then again, there is the point that the builders know that they have wildly overpriced these houses and apartments. They won't make a loss in reducing the price some. It will simply put less money in their well lined pockets.


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## rondon (18 Dec 2008)

Lord Snooty said:


> 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.


 
Things are tight? wouldnt exactly say that but there is that point of negitive equity and a recession, job losses etc. im thinking of our future here and whats best long term. At the time ok it seemed like a good idea as its our first house/apartment. Have you ever been in that situation??
If the prices were going up so be it, the point is they didnt, why should he drop the price? for starters maybe he could sell a few more and start to build them.
We want out as we cant afford to hang on past the date they told us it would be ready. Early/spring 09.Why should we be bound to that if its not ready on time? i wonder if the builders will ever "accept responsibility for their own bad decisions"


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## roro123 (18 Dec 2008)

Save yourself a lot of hassle and lose your deposit. If you want to avoid negative equity which could be a lot more than 8K even if the builder was prepared to drop his price then walking away a losing your deposit in my opinion would buffer you from negative equity. Although you'd have to live with the loss of 8k, lets assume the builder agreed a price of 100k for the property today and you buy it and next year house prices (hypothetically) drop a further 20% who knows? ... then you are in negative equity of 20k.
Just my point of view if I was in your position. If indeed the builder was prepared to go to court to enforce the contract then you could also face hefty legal costs.


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## rondon (18 Dec 2008)

roro123 said:


> Save yourself a lot of hassle and lose your deposit. If you want to avoid negative equity which could be a lot more than 8K even if the builder was prepared to drop his price then walking away a losing your deposit in my opinion would buffer you from negative equity. Although you'd have to live with the loss of 8k, lets assume the builder agreed a price of 100k for the property today and you buy it and next year house prices (hypothetically) drop a further 20% who knows? ... then you are in negative equity of 20k.
> Just my point of view if I was in your position. If indeed the builder was prepared to go to court to enforce the contract then you could also face hefty legal costs.


 
Thanks again for the decent reply, few people out there with fair enough their own opinions, but ones best kept to themselves. Anyway, yeh id rather lose the €8000 in fairness, but as you said they might look into taking us to court if we walk away. The other side of it all tho is the building looks like its a fair bit down the road from even been started on the site. They are obviously not selling them, hopefully stays that way because im sure im not the only person wanting out of it.


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## mathepac (18 Dec 2008)

Lord Snooty said:


> ... but people have to accept responsibility for their own bad decisions.


It would appear that the bigger and the worse the decision, the greater the chance there is that you won't have to accept any responsibility or just say "yes I was wrong (or We're broke)" and walk away with a golden handshake or a state-backed guarantee.

If OP were a big-deal banker or highly-placed State employee, the builder would have to pay for him not to finalise the contract.

We have a country of laws (and lawyers) but little justice.

I suggest cutting your (potential) losses and losing the deposit - if the developer experiences enough non-completions, it is unlikely they will be in a position to chase all of them.


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## dtwhaler (19 Dec 2008)

I thought there were plenty of threads recently explaining that you need a valid reason to pull out of a contract. Negative equity doesnt seem to be one of these reasons. Personally I dont understand why the OP doesnt have a valid reason ..... the house isnt even started yet !? But by the sounds of previous threads, this means nothing in the eyes of the law. I dont understand it. If you ordered a brand new car for Jan 1st, signed contracts etc, the majority wouldnt be happy to wait until June the following year to receive it would they ?


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## Bronte (19 Dec 2008)

rondon said:


> Thanks again for the decent reply, few people out there with fair enough their own opinions, but ones best kept to themselves.


  Are you saying that you only want opinions that you will like.  Other posters have made a very valid point that you and you alone signed the contract, nobody forced a gun to your head.  What about the builder who has borrowed to purchase the land and the building costs.  He still has to pay them back.  I'm curious when you signed the contracts did it occur to you that the value might drop, did you realise this?  As for your point about building not having commenced and unlikely to be ready by Spring, I think you'll find if you check the contract the builder has a get out clause on that.  Did you read the contract?


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## MrMan (19 Dec 2008)

Bronte said:


> Are you saying that you only want opinions that you will like.  Other posters have made a very valid point that you and you alone signed the contract, nobody forced a gun to your head.  What about the builder who has borrowed to purchase the land and the building costs.  He still has to pay them back.  I'm curious when you signed the contracts did it occur to you that the value might drop, did you realise this?  As for your point about building not having commenced and unlikely to be ready by Spring, I think you'll find if you check the contract the builder has a get out clause on that.  Did you read the contract?




The OP posted looking for specific advice and that is what he was interested in not a lecture on market forces, having your cake and eating it etc. Yes the builder may cost issues and let him post with his queries if thats the case, but its the OP we are concerned with here.


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## rondon (19 Dec 2008)

Bronte said:


> Are you saying that you only want opinions that you will like. Other posters have made a very valid point that you and you alone signed the contract, nobody forced a gun to your head. What about the builder who has borrowed to purchase the land and the building costs. He still has to pay them back. I'm curious when you signed the contracts did it occur to you that the value might drop, did you realise this? As for your point about building not having commenced and unlikely to be ready by Spring, I think you'll find if you check the contract the builder has a get out clause on that. Did you read the contract?


 
Its not a valid point atall two of us signed the contract, and yes i read the contract to the best of my ability with my solicitor.Negitive equity is a horrible situation to be in and knowing you might be walking into it i think is harder starting off than what it would of been if we were settled in and then the prices dropped as we would be paying off what we would of payed for.
The building costs??? well at the moment i think that might be at a very high level of ehh €0 
Is it fair in your eyes if the builder did happen to hold out for another year or more before building starts or pulls the plug on it, we should lose our money?? 
The new 09 car quote is a small one, but it makes an awfull lot of sense to me.


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## MentalNote (19 Dec 2008)

rondon said:


> Its not a valid point atall two of us signed the contract, and yes i read the contract to the best of my ability with my solicitor.Negitive equity is a horrible situation to be in and knowing you might be walking into it i think is harder starting off than what it would of been if we were settled in and then the prices dropped as we would be paying off what we would of payed for.
> The building costs??? well at the moment i think that might be at a very high level of ehh €0
> Is it fair in your eyes if the builder did happen to hold out for another year or more before building starts or pulls the plug on it, we should lose our money??
> The new 09 car quote is a small one, but it makes an awfull lot of sense to me.



Negative equity is not something you will have to worry about. The simple reality is that the bank won't lend you the money to pay the full contracted cost if the valuation comes in under it. 

If the bank won't lend you the money then you could plead inability to pay with the builder (I think that is the angle you should take) and walk away with just the loss of your deposit. I don't think any one here can say how the builder will handle this, he may or may not come after you. I'd say get your solicitor to try and negotiate it with the builder. It's likely that if he hasn't started to build yet he may be happy enough to walk away at this stage, although I'd be shocked if he gave back the deposit. I think a lot of developers simply don't have the money to do this (through their business anyway, what ever about the profits they made over the years).


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## sam h (19 Dec 2008)

I hope I'm wrong, but due to the number of people hoping to pull out of contracts, the developers may have no choice but to persue enforcement of these contract & investors will be the ones they will most likely persue.

There is no point in them persuing first time buyers as they typically have no assets.  It will probably be the investors they will go after as they normally have other assets.  

There is no point in saying to the OP "you should have anticipated things couldn't have gone on the way they did" as hindsight is a wonderful thing.  There are 1000's of people caught in this limbo-land, must be very hard to sign for a property that you KNOW is worth less than you paid for it.

By the way OP, do bear in mind that the developer will have costs, even if they haven't started to build - land cost, interest, architech fees etc.  Your best bet is that he will settle for you walking away from the deposit.


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## Bronte (19 Dec 2008)

rondon said:


> Its not a valid point atall two of us signed the contract, and yes i read the contract to the best of my ability with my solicitor.Negitive equity is a horrible situation to be in and knowing you might be walking into it i think is harder starting off than what it would of been if we were settled in and then the prices dropped as we would be paying off what we would of payed for.
> The building costs??? well at the moment i think that might be at a very high level of ehh €0
> Is it fair in your eyes if the builder did happen to hold out for another year or more before building starts or pulls the plug on it, we should lose our money??
> The new 09 car quote is a small one, but it makes an awfull lot of sense to me.


 I was not attacking you in case you think that, I'm just wondering what possessed you to sign for something without thinking through the repercussions if you would no longer be able to afford it.  You've received plenty of suggestions of how to deal with the builder to which I cannot add anything so there is no point repeating.  If you read other posts I've done you'll see that I think these contracts are too much in favour of the builder but people have to take some responsibility too.


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## Cashstrapped (19 Dec 2008)

Just wondering if this builder is building 3 bed houses with gardens like what you are comparing to?  If so could you not transfer the deposit onto a 3 bed, that way you get what you are looking for albeit in negative equity for the time being but if you can make the house your home perhaps you might not feel so agreived by the whole process.  

I've heard recently where someone who was in a similar situation to you but had put down €45k as a deposit (upmarket estate) was trying to get out of the purchase as the builder went bankrupt, however the liquidators kept the workers on site and completed the houses/ appts and sold them for over 200k less that what they were originally sold for.  This lad was happy to loose the €45k but the liquidators (or their representatives) are bringing him to court for breaking the contract and looking for him to pay the difference between what they eventually sold the unit for and the contract price and he's been told he will do very well to win that one out.

Again check out your contract as alot of time there are clauses within them where if the house/appt is not completed within specified time them there is a reduction in the price to be paid, not sure of the correct termonolgy but your solicitor should be check for you.


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## babyspice (20 Dec 2008)

i suggest you act sooner rather than later, you are prob too late now anyway, a lot more people possibly pulled out thats why he cannot start the project... he might let the first one or two have their money back, but if you are the tenth you have no chance, so get your skates on..


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## Black Sheep (20 Dec 2008)

Many houses in the south east have been reduced by up to 100k so could you find a situation similar to yours that has been greatly reduced. Go back to your bank and check that they are willing to lend you the original amount requested. If not go back to the builder and try negotiating with the reduced mortgage and reduced prices in the area together with the late completion date. I know you probably haven't a legal leg to stand on but why should that stop you trying to negotiate.
I heard a builder in the south east recently say to a potential buyer "make me an offer"
Good luck


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## rondon (7 Mar 2009)

Just an update, we recieved a letter on friday stating that we will be recieving a full refund.


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## JiggetyJig (7 Mar 2009)

Having lived in the US for 13 years and moved back home about 3 years ago, I have to say I never understood this buying off the plans lark.
I would like to think that this will become a thing of the past!


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## mercman (7 Mar 2009)

rondon said:


> Just an update, we recieved a letter on friday stating that we will be recieving a full refund.



Congratulations. Now that's a bit of pressure off your mind.


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## Havana (7 Mar 2009)

Consider yourself very lucky. I wonder have they decided to not go ahead with the development. At the end of the day you signed a contract. And i'm not saying that to be harsh. I'm in a similiar position only the bank revalued before draw down and wouldn't give me the finance. I tried to negotiate on price or see would they transfer the deposit. But at the end i've lost almost 20k deposit and they may come after me for any losses they make though hopefully they won't. But at the end of the day i signed my name to a contract and agreed the price.


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## nadnerB (8 Mar 2009)

rondon said:


> Just an update, we recieved a letter on friday stating that we will be recieving a full refund.


 
I'm happy to hear the situation was resolved positively for you. Now that things are sorted for you, you migth want to keep an eye on the sliding market and buy something only if it won't put you in the same situation again.

Cheers,

nadnerB


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## foxylady (9 Mar 2009)

rondon said:


> Just an update, we recieved a letter on friday stating that we will be recieving a full refund.


 

Congrats on that     Can I ask how you managed it?


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## Flax (9 Mar 2009)

Havana said:


> Consider yourself very lucky. I wonder have they decided to not go ahead with the development. At the end of the day you signed a contract. And i'm not saying that to be harsh.


 
I agree.

OP, you have been extremely lucky. Make sure you think through your next purchase so you don't end up in the same situation.

Read your contract and understand only you are responsible for your decisions. You can't use "negative equity" as an excuse to shun your responsibilities.


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## 345Jabber (9 Mar 2009)

Congrats on getting your situation sorted, like previous I'd say builder has decided not to go ahead with the development.
Just wanted to make a quick point, there has been a lot of mention of contracts and you signed this and if it went up you wouldn't be complaining, and that's fair enough but you also signed a contract to have it built on a certain date. 
Do we still live in an age where developers have there own rules and regulations a contract is legally binding in both directions, if a builder defaults on a completion date then all expenses you incur from that date (rent, storage etc) should be billed back to them. Why do we allow builders dictate which part of the contract is binding or not, do we pay supermarkets today for food we eat in 6 months??


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## rondon (9 Mar 2009)

Lucky we might be,but on the other hand they have failed on their side of the deal and have failed to build the property. Works out well for us now though.


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## foxylady (9 Mar 2009)

rondon said:


> Lucky we might be,but on the other hand they have failed on their side of the deal and have failed to build the property. Works out well for us now though.


 
WE cant even get out of contract while offering hem to keep our deposit and they have gone way over the completion date and I have just learned that building has stopped


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## Bronte (10 Mar 2009)

foxylady said:


> WE cant even get out of contract while offering hem to keep our deposit and they have gone way over the completion date and I have just learned that building has stopped


Well foxylady that could be a very good thing indeed for you.

Rondon you've a very very lucky guy.  Best of luck with your next purchase and be very careful what you sign and my advise would be to never buy anything off plan.  See and know what you are buying.


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## dusmythb (10 Mar 2009)

Fair play to you....glad to hear you got sorted. True, you did sign a legally binding contract and should count yourself lucky, but lets not forget its primarily down to the greedy developer that has driven our economy to the state it's currently in.


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## foxylady (10 Mar 2009)

Bronte said:


> Well foxylady that could be a very good thing indeed for you.
> 
> Rondon you've a very very lucky guy. Best of luck with your next purchase and be very careful what you sign and my advise would be to never buy anything off plan. See and know what you are buying.


 

In what respect do you think this could be good as it seemingly is a temporary stoppage for 6 months


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## Bronte (10 Mar 2009)

foxylady said:


> In what respect do you think this could be good as it seemingly is a temporary stoppage for 6 months


 
Sorry foxylady, I remember from some other thread you were having problems with completion and pulling out of the contract so I 'assumed' when you said the building had stopped that the builder was no longer going to complete the estate.  Very strange to stop in the peak building months.


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## foxylady (10 Mar 2009)

Bronte said:


> Sorry foxylady, I remember from some other thread you were having problems with completion and pulling out of the contract so I 'assumed' when you said the building had stopped that the builder was no longer going to complete the estate. Very strange to stop in the peak building months.


 

He has stopped while he "awaits promised funding"


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## rondon (10 Mar 2009)

Must be waiting on his mate to return from his holidays BANKE*/ POLITICI&N with one of those brown envelopes. "promised funding" Id check that out if you can.


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## Bronte (11 Mar 2009)

foxylady said:


> He has stopped while he "awaits promised funding"


Well actually that's sounds good for you, it's really difficult to get funding, they will probably weigh up how much he owes, plus how much is completed, plus possible sales to see if the estate is viable. I imagine if it's near completion they will go with the funding so they don't lose as much as they otherwise might. The longer the delay the more purchasers now tied up will fall by the wayside as their banks refuse to give them mortgages.

Interesting that a bank will fund the builder to complete, resulting in people purchasing at a way higher value than previously in light of the building delays and forcing ordinary people into negative equity from the off. I wonder would it be different if all the purchasers were applying for their mortgage from the same bank as the builder.


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## krabik (11 Mar 2009)

folks


 same scenario for 2 mates of mine, from the north like myself...


They were sayin that they might not get mortgage aproval this time around fro an apt they paid a deposit on anout 15 months ago, as one of them is contracting and finish date is june 09 for his role.


  SAy they cant get mortgage approval this time around and tell the solicitor/builder this and then say they were planning on moving back to the north again....


what would happen then


thanks kk


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## foxylady (11 Mar 2009)

Bronte said:


> Well actually that's sounds good for you, it's really difficult to get funding, they will probably weigh up how much he owes, plus how much is completed, plus possible sales to see if the estate is viable. I imagine if it's near completion they will go with the funding so they don't lose as much as they otherwise might. The longer the delay the more purchasers now tied up will fall by the wayside as their banks refuse to give them mortgages.
> 
> Interesting that a bank will fund the builder to complete, resulting in people purchasing at a way higher value than previously in light of the building delays and forcing ordinary people into negative equity from the off. I wonder would it be different if all the purchasers were applying for their mortgage from the same bank as the builder.


 
Well as we purchased almost 3 years ago, our mortgage approval obviously lapsed as it doesnt last forever. But since then our broker went into liquidation which meant we had to start all over and the new approval has also lapsed, which builders know and still wont give back deposit or release us from contract.


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## lbournes (11 Mar 2009)

Have you sought legal advise about your current situation? 
Should your contract not expire or become void if after a period of time the builder has not completed? 

_"Well as we purchased almost 3 years ago, our mortgage approval obviously lapsed as it doesnt last forever. But since then our broker went into liquidation which meant we had to start all over and the new approval has also lapsed, which builders know and still wont give back deposit or release us from contract. "_


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## foxylady (12 Mar 2009)

lbournes said:


> Have you sought legal advise about your current situation?
> Should your contract not expire or become void if after a period of time the builder has not completed?
> 
> _"Well as we purchased almost 3 years ago, our mortgage approval obviously lapsed as it doesnt last forever. But since then our broker went into liquidation which meant we had to start all over and the new approval has also lapsed, which builders know and still wont give back deposit or release us from contract. "_


 
Yeah our legal advice is to take them to court , this can take at least a year to get there bringing this whole fiasco to over 4 years.you would imagine a contratc is void alright after non completion but in this country everything sems to be stacked in favour of greedy developers and anyone else who will stick a few bob to the brown envelope brigade


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