purchased an apartment in Lumiere Leeds due to complete in 2011. Now put on hold

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the builder

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I purchased an apartment in Lumiere Leeds due to complete in 2011. I got a letter to say the project is to be put on hold until the market improves.
I have played 5% of the purchase price on the apartment.

On the contract it does not specify a date of completing just says we will notify you 3 months before completion.

Looking for advice on what I should do next I want to pull out can I ?
 
Re: apartments in leeds put on hold

have you asked them for your deposit back yet?
 
Re: apartments in leeds put on hold

We have asked for our deposit back and we were told we no.
 
Re: apartments in leeds put on hold

If you do not have what I call short or long stop dates in the contract (which would allow you to get out of the contract if the contract had not exchanged or completed by a certain date), it seems unlikely that you can get out within the clauses of the contract. However, consult a solicitor, as there may be something in UK contract law which supercedes the contract's clauses.
 
Re: apartments in leeds put on hold

Thanks Propman. I am getting two solicitors to look at it this week one Irish and one English Solicitor.
 
Re: apartments in leeds put on hold

the builder said:
Thanks Propman. I am getting two solicitors to look at it this week one Irish and one English Solicitor.
Click to expand...

Leeds is in a world of pain at the moment - if you cant get your deposit back it might not be a bad idea to ride the market out
 
Hi. I work for a national property magazine and I would like to write an article about your experiences with Lumiere.

Please reply to this post if you are interested in speaking to me.
 
I'm in the same boat as you Builder - I reckon we should ride out the storm and learn that open ended contract don't work .....
 
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