Can I pull out of contract to buy an affordable home

D

Delphi

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I signed a contract in January to buy an affordable apartment. Since signing the contract the apartments have been reduced by €150,000. DCC have reduced the clawback but not the price.

Price of affordable apartment - €240,000
Price of apartment on open market - €250,000

It is valued at €290,000.

Can I pull out of the contract as I am now not getting an affordable apartment? There is now only €10,000 in the difference. I feel very upset that they would make me go ahead and buy this apartment when there is only €10,000 in the difference.

Would I be allowed to buy in the same complex but on the open market?
Could I speak to the developers solicitor and ask if this would be possible?

Would anyone have any advice please? Cant afford to walk away without deposit.
 
I don't know the legalities of pulling out at this stage but it would be wise to run a mile from affordable apartments at the moment.

You've said you can't afford to lose the deposit, well think longer term and how you'll be stuck with a depreciating asset, a clawback for 20-odd years and the loss of your FTB status.

I posted here before questioning why anyone would buy an affordable home when they're cheaper (and dropping like a stone in price) on the open market.

There are no pros to affordable housing at the moment. You're paying for something builders are desperate to get rid of, at an over-inflated price while signing away your freedom to sell when you want.

Obviously affordable buyers need a smaller deposit, but if they can't save the deposit required for a property on the open market then they're mad to get themselves mortgaged in the first place.
 
reds said:
I don't know the legalities of pulling out at this stage but it would be wise to run a mile from affordable apartments at the moment.

You've said you can't afford to lose the deposit, well think longer term and how you'll be stuck with a depreciating asset, a clawback for 20-odd years and the loss of your FTB status.

I posted here before questioning why anyone would buy an affordable home when they're cheaper (and dropping like a stone in price) on the open market.

There are no pros to affordable housing at the moment. You're paying for something builders are desperate to get rid of, at an over-inflated price while signing away your freedom to sell when you want.

Obviously affordable buyers need a smaller deposit, but if they can't save the deposit required for a property on the open market then they're mad to get themselves mortgaged in the first place.
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Unfortunately I paid €20,000 of a deposit. I used my S.S.I.A. money. I wanted to borrow less money to be able to pay the mortgage.
 
Delphi said:
Unfortunately I paid €20,000 of a deposit. I used my S.S.I.A. money. I wanted to borrow less money to be able to pay the mortgage.
Click to expand...

Have you spoken to a solicitor yet? There may be a way out if it, I hope you get sorted.
 
i jsut picked a house the other day . the lady from fcc said i have to go out to them some time next week with my deposit but i can get that back any time up until the contract is signed and then thats it . deposit is theres and i cant have it back
 
Hi guys,

I spoke with solicitor and hopefuly he can help. Time will tell. Anyway thanks for taking the time to reply.
 
Hi Delphi, did you have any luck? We are having trouble to complete the contract and have been told several times that in case of pulling out we can be sued!!!, it would be nice to know that you were able to withdraw.
 
Delphi,
Where are you buying....is it in Royal Canal Park? Im not buying there but in another development within DCC and they reduced the asking price on mine by 15k. I can't understand why they would do it for some developments and not others. I got confirmation of a price reduction in March...which is around the same time that you initially posted so I'd definitely go after DCC again.

Have you contacted your local councillor? I was advised to approach mine in the event I didn't get my reduction, as it was I didn't need to but it might be worth a shot. If you are armed with the information that other people got reductions and in light of all the media attentions the AH scheme got at the beginning of the year etc it might help your case and your solicitors.

Let us know how ya get on, best of luck
FTB1975
 
Hi guys,

Still waiting to hear back from DCC. I'm buying on the south side. Nothing has been sorted out for me yet. As regards getting the price reduced, they are only willing to reduce the price to get people to buy. If you have signed a contract then its a different story. I did contact my local TD, went in and had a chat and explained everything and was told that I would hear from them within a few days. That was weeks ago and have heard nothing. I assumed that she did not agree with my point of view. Anyway, still waiting....... and waiting..... and waiting...... By the time I hear back from DCC I'll be on my pension.
 
Conditions AH is being purchased under are being modified in Docklands

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Hi Delphi,
To be honest I wouldn't say it matters where you're buying..just thought with the major drop in price that maybe you were in RCP. If DCC are reducing the price on any one development in their area then they should be doing it for all!!!! I'd get on the blower and tell them you know for a fact other candidates have got re-valuations AND price reductions. I got mine re-valued twice by DCC and then they dropped the

I'll give ya my apartment details etc if ya need that to strengthen your case, just PM me if ya want.
FTB1975
 
Delphi,​

just to let you know my friend had purchase an affordable property in another area with DCC. The only way she was able to pull out was by obtaining a letter from her employer saying they were relocating her job to the country and would they look favourably on the request. She sent the letter in by solicitor. She didn't get all the deposit back (they kept approx 3,000).... maybe you could try something similar ??​

Good luck !
 
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