Relationship breakup before closing

D

Dave_Post

Registered User
Messages
14
Hi, Im hoping I can get some advice from you guys.

Myself and my then partner put a deposit (30k) on a property last year 'off-plan'. We have since broken up. The property is due to be completed in a month or two.

Im wondering what our options are now.

Can we approach the builder with a view to getting a refund? Even a partial refund? How likely is this to happen given current market conditions?

Can we sell the property before completion? We are both FTBs, what are the FTB & stamp implications for this?

Should we wait for completion and then put it on the market? Im guessing that with fees, taxes and the market downturn this is going to end up costing close to my 15k anyway and Im better off just walking away.

Should our (joint) solicitor be able to advise on this?

Sorry about all the questions. Any help would be much appreciated.
 
Ummmmmmmmm. Not a good situation.

The best possible scenario is that you approach builder and ask to be released from contract with a full refund of deposit paid. Depending on, as you say,"current market" and whether or not he is a nice person, this could work. Or not.

"Can we sell the property before completion? We are both FTBs, what are the FTB & stamp implications for this?"


Probably not. You would almost certainly need Builders consent which he might give. Is there a market for the property?

"Should we wait for completion and then put it on the market?"
Probably not, if you can get out of it beforehand.

Should our (joint) solicitor be able to advise on this?
Yes - but s/he will remind you that you are contractually bound to the contract and that you will be doing well to walk away without it costing.

mf
 
if the builder refunds your deposit, you will retain your first time buyer status as you will never have 'owned' the house..

email revenue directly on this....they are very good at responding
 
Could either of you go ahead and complete the purchase on your own?

Could either of you find someone else to complete the purchase with? There are lots of people trying to get on the housing market and might be happy to own half a house.

Although the market is quiet, if you bought it last year, it is probably worth more than the agreed purchase price.

Brendan
 
Brendan said:
Although the market is quiet, if you bought it last year, it is probably worth more than the agreed purchase price.
Click to expand...

I disagree. If it was bought last year (2006), I would say it is probably worth less than the agreed purchase price.
 
When working this out you also need to factor in the buying and selling expenses that you incur.
 
When exactly did you agree the sale?
Where is the property located?

The builders response with regard to contract completion is likely to be affected by his/her current market expectations for the development.

Also - if the property should incur stamp duty in a second-hand sale, this would negatively affect it's current valuation relative to the new build price.
 
I have deleted the off topic posts and the responses quoting them.

The OP has a very serious problem and is not interested in squabbling.

Brendan
 
Thanks Brendan.

Whathome, Im afraid I cant be any more specific than I have been, but Im taking all this advice onboard.

Also, just to say to others, I am aware of the debate surrounding future house prices.
 
You must log in or register to reply here.
Back
Top