they sold a product to a willing public who showed great desire to consume their product which created many wealthy people in the process, while I don't share your jealousy I understand it.
They may well have personal guarantees.
Apparently these dangers were well pointed out to prospective purchasers who nevertheless signed on the dotted line.........I think Solicitors seem to be getting off very lightly here - the dangers of signing a contract without a firm and legally binding completion date should have been highlighted to prospective purchasers.
My clients often say to me that even though they were told about something, that unless the something happened, that, frankly, they were not listening / or reading.
When it did happen, their first reaction tends to be - no-one ever told me that, I never saw that -( as in, patently, someone else must surely be responsible ) and then when the copy letter is produced, they say but should'nt you have made this far more clear to me ( again, someone else must surely be responsible).
What has happened our economy is shocking and, regrettably, consumers are caught in the crossfire. That is what happens in a recession/depression. I don't know that anyone thought things would get quite as bad . I also don't know if it is possible for any solicitor to adequately set out the myriad problems that could potentially arise in your even bog standard conveyancing transaction.
I'm sure there are lots of rubbish solicitors who never pointed out any of the potential pitfalls to any of their clients but, equally, more do.
Does any responsibility lie with purchasers for purchasing off plans? Should they themselves have thought of any of the "what - ifs"?
At least with a second hand property, what you see is what you get.
A 3 year wait for your house thats crazy, I think it's a disgrace they are trying to make you go ahead with it.
When we purchased out house it was also off the plans and i enquired about how long untill it would be ready to move into. In our contract it stated that the builder had 18 months from the date we signed to finish the house, if 18 months had gone by and no house then we were entitled to pull out and receive our full deposit back.
I dont see the builders getting very far with this, how can they force someone to complete on the sale if they have no mortgage approval? I can understand why people with mortgage approval want to get out now and why the builders want them to go ahead,( but still 3 years is way to long ) but whats the point in chasing someone for something they simply dont have.
foxylady are you sure you cant get out of this. Is it just that the builder will let you out of your contract but wont give your deposit back? Or that he wont let you out at all and is saying "when" the property is finished you have to give over the remaining amount left outstanding.
I find it impossible to believe ( although not doubting your story) that any contract could allow for nearly 3 years of a wait and possibly more considering building has stopped. ( if the builders i had thought they could get away with any time frame they never would of put the 18 month limit in the contract)
Mrman made a comment "they sold a product to a willing public" but they haven't actually dont this yet, the house isn't sold. For the house to be sold all transaction have to be complete......this is cleary not the case.
Well then you must be upset with one developer and not developers in general which was where I was coming from. I don't understand the whole 'i'm delighted developers are losing everything' stance because that takes a very narrow view imoYeah Mr Man I am so jealous and thats why I am complaining nothing to do with my life being put on hold for the last 3 years with no end in sight
My comment was about developers in general and it still makes perfect sense to me.Mrman made a comment "they sold a product to a willing public" but they haven't actually dont this yet, the house isn't sold. For the house to be sold all transaction have to be complete......this is cleary not the case.
Well then you must be upset with one developer and not developers in general which was where I was coming from. I don't understand the whole 'i'm delighted developers are losing everything' stance because that takes a very narrow view imo
Just a thought, and it's a long shot, would you have any grounds against the solicitor that didn't point out the risks of what you were getting into. But then again it's buyer beware and personal responsibility to check what you are buying and how would you prove it in any case.Not to me they werent as I wouldnt have signed if they were.