Life is messy. So is law.A serious lack of proper regulation exists- procedures that have to be followed by both a buyer and builder - buying off the plans guidlines - fair contracts and building agreements that are regulated not just independently by the CFI - but independently.
Basically the government have allowed Banks and associated Developers to do what they want.
It just not on that a civic matter such as buying a home off the plans, or any newly built home from a builder is unchartered waters...in terms of what can go wrong..etc
FF always look after their buddies. It was builders and developers who bankrolled FF so it's no surprise they didn't regulate the situation as they didn't want to upset their pay masters.Basically the government have allowed Banks and associated Developers to do what they want.
People not understanding what they were doing?? How is anyone expected to buy a house then? Are we all supposed to complete a law degree before buying? No, our solicitors are there for that & we hope that they are covering all angles. In most cases they are but this country has allowed the developers dictate what they can & cannot do."Why is the content in Brochures not legally binding? I mean they exist only to induce people to buy? So if someone buys off the plans what's wrong in using a Brochure as a guide if it comes to Court? "
This, I am afraid, is a very clear example of how people do not understand what they were doing when they were doing it and what has happened now that it has happened. All the whinging and whining in the world is not going to change the fact that purchasers freely, without pressure from anyone, signed contracts and would have signed contracts if it included a clause offering their first born. We have now hit a huge downturn which, while obvious in hindsight, was not obvious enough for people who freely signed their contracts.
You're dead right there Albacore. Believe me, that is a very bitter pill to swallow for solicitors too. Our insurance costs and compensation fund contributions are all going up as a result so the profession is paying for the criminal acts of a few.
Is your builder in liquidation? I would have your solicitor confirm this first. Then you need to find out if any work has been carried out to the property.
The clause might not be much help to you if lots of work was carried out and if you were buying an apartment. The intention behind the clause is that you could get rid of the existing builder, paying him the cost of the work carried out to date only, then hire a new builder to finish the work. If you are talking about an apartment block that is partially completed you will be in a very difficult situation.
If no work at all has been carried out then now might be a good time to talk to your solicitor.