Unable to fulfill contract

H

Husband

Guest
About two and half years ago the woman who is now my wife signed a contract to buy an apartment off the plans in Dublin city centre with the intention of living there. She got loan approval.

Then she met me, fell in love, we got married and she moved into my recently bought house where we plan to start a family.

The original loan approval is invalid as it was for her to live in the apartment, not to buy it as an investment. Also she would now have to pay stamp duty which she did not when she was buying to live. The chance of any bank lending her the money to buy the property as an investment property at the contract price is extremely remote. The developer says they will sell it now at the market price and sue her for the difference. This would probably be about €100k which is more than she has.

Oh she paid a €20k deposit, which we accept is gone. If that was the only damage we'd be very happy.
 
There are a great many posts on similar topics that will assist.

In borad terms though: 1. She entered into a binding contract. 2. She does not wish to proceed with it. 3. She would struggle to finance the deal.

She should talk to her solicitor. She should get specific advice on her situation.

mf
 
Check the building agreement to see completion date etc and if the builder missed it and any other possible defences if they sue. Search the site for many posts on this subject.

Also make sure the current house in in your name only and advise wife not to hold property etc.
 
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