can i get out of contract to buy

H

hotspur

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I bought an apartment in spencer dock in march 2004 and in the contract the builder had 30 months to complete-i am now trying to back out of buying as my situation has changed. however the builder is disputing this and my slolicitor says that they are allowed reasonable time for over running. is this correct. what are my options for taking them to court if they refuse to refund my deposit?
 
Have you not go an opportunity to make money selling the apartment when completed? Surely the current prices in the area are higher than the 2004 price you bought at ???
 
the value has come right back from what i could have sold for- probably is some value but once costs and stamp are paid-wouldnt leave much if at all- the paper value is higher but its another thing being able to sell in this climate. dont really need the aggravation of it all
 
"what are my options for taking them to court if they refuse to refund my deposit?"

"dont really need the aggravation of it all "

Yes, I know its very aggravating. Have you considered the possibility that your solicitor is correct and that you are tied into the Contract? And probably have to complete?

mf
 
mf1 said:
"what are my options for taking them to court if they refuse to refund my deposit?"

"dont really need the aggravation of it all "

Yes, I know its very aggravating. Have you considered the possibility that your solicitor is correct and that you are tied into the Contract? And probably have to complete?

mf
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Slightly unfair comment I would have said, given that it's now 47 months later and presumably the apartment isn't ready? How long is he expected to wait 200 months?

that they had 30 months from signing of contract to complete
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and if they don't complete in this time frame?
 
hotspur said:
I bought an apartment in spencer dock in march 2004 and in the contract the builder had 30 months to complete-i am now trying to back out of buying as my situation has changed. however the builder is disputing this and my slolicitor says that they are allowed reasonable time for over running. is this correct. what are my options for taking them to court if they refuse to refund my deposit?
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Thats absolutely outrageous. I mean who exactly determins what is a reasonable time frame. There has to be something done about these crooks as otherwise as pointed out you can be tied to them forever. Contracts should be designed to protect both parties as oppose to carte blanche for the greedy builders:mad:
 
"I mean who exactly determines what is a reasonable time frame. "

Presumably a Court? None of us know the reasons for the over run. Perhaps if the OP were to advise?

"There has to be something done about these crooks as otherwise as pointed out you can be tied to them forever."

Crooks? You know this ?

"Contracts should be designed to protect both parties as oppose to carte blanche for the greedy builders"

Sorry? Wide sweeping statement or what? OP signs up to something. Difficulties arise - we don't know what they are. OP admits he wants to back out as his situation has changed. His solicitor advises that a "reasonable" period of over run would be acceptable. Since we don't know the reasons for any over run and what, if any, promises/warranties/subsequent agreements were made..............


mf

PS - in the absence of ClubMan, I feel duty bound to play Devils Advocate!!!
 
If the market wasn't drifting, I would bet you would be very happy to have contracts exchanged.The developers are the big boys of the industry and I can't see them willing to allow purchasers walk away. Saying that it is one of the few apartment developments, I would actually buy into at the moment.
 
Moderator note: insulting post in breach of the posting guidelines removed and infraction issued.
 
You are the one that wanted an opinion. You got it and now I'm an idiot. Lose your shirt I don't care.
 
Alittle unfair of a comment. We all love it when we buy off plans,the price goes up, we still havent paid for the apartment. When its finally completed and its time to pay and its gone up by say 30% then its great. But as soon as the market starts to go the other way you become sour and want out without any penalty. I think you will probadly find that the developers have themselves well covered here. As a matter of interest I also bought in this development in Nov 2002 and its just been completed. Sure I would have loved to have had it 2 years ago and sold it at a nice profit, but hey you got to take the good with the bad.
 
Given that some people bought in to this scheme up to 6 years ago, has anyone tracked the asking prices of similar apartments in the development over that period. I would be very interested if someone had that information to share.

To the op's point, no one seems to be able to declare categorically that you would not be able to get out of the contract based on the length of time it has taken to complete or other possible clauses in the contract. I think that all you can surmise from the answers of the assembled wisdom, is that no one knows of an easy way to do it. I am sure that some of our learned legal participants have in their careers been surprised at the outcome of some of their cases !

Personally I believe that many contract / legal battles are won by the party with the deeper pockets, so how do you fancy yourself against Treasury Holdings?
 
Galwayboy said:
As a matter of interest I also bought in this development in Nov 2002 and its just been completed.
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I was down on Spencer Dock on Monday for the first time and I was amazed at the amount of construction underway. There must be thousands of apartments being built there at the minute.
Do you know the total amount?
 
The posters on the thread seem to be focussing on investors here. What about the people who bought as owner occupiers, in the expectation of moving in within 30 months, and are still waiting & probably renting 4 or more years later? These people didn't buy for capital appreciation - they bought because they wanted to occupy, and at the time the only way to buy a new apartment was off plan. Nothing to do with greed

Do these people have any rights?
 
this is exactly what i bought the apartment for when i came to ireland 5 years ago- i was told to expect it to take 16 months from when contracts were signed and was eagerly awaiting moving in-since then my situation has changed. i bought a house in town and have since moved from there got married and had a baby. The intention was never to make a profit out of it. even if it had been completed a year ago i wouyld have had the chance to get out for nothing. however i feel a little aggrieved that i bought it for a reason- through no fault of my own have not been able to live there and now when i try and get out of a contract that i no longer wish to adhere to as the builders were infact in breach of contract on their part i am told that they have other get out clauses. that is why a couple of the previous comments infuriated me. why should i have to bear the brunt of a slowdown in the market- pay stamp etc( i was originally a first time buyer) and be penalised for the failure of the builders to complete in the required time
 
I had no desire to infuriate you. The fact is that for persons making their largest investment being their home in this country, (and in the UK), it is a non-regulated nightmare. The only point I was making and made by others since, was that those who want out at this point in the purchase programme are against the big boys of development. Ruthless, not just tough business men. (please refer to the dictionary definition). There are buyers out there and you might be lucky to get out without losing any money. I sincerely wish you luck.
 
hotspur said:
dont really need the aggravation of it all
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I would imagine that selling would involve far less aggravation and expense than pursuing legal action against the developer for breach of contract. Especially if you can sell without incurring a loss.
 
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