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

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.
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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.
 
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??
 
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.
 
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.
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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
 
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
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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.
 
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.
 


In what respect do you think this could be good as it seemingly is a temporary stoppage for 6 months
 
foxylady said:
In what respect do you think this could be good as it seemingly is a temporary stoppage for 6 months
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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"
 
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.
 
foxylady said:
He has stopped while he "awaits promised funding"
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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.
 
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
 

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.
 
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:mad:
 
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