Has anyone successfully made deal with builder

dub1 said:
Hi. A couple I know are in a similar situation. The 18 onths in their contract was up last September. The house was not ready so they assumed(as did their solicitor) that they could return the contacts and be allowed out of it. But apparently in all standard building contracts is something called time of essence, which basically etends the 18 months. This was only noticed when the contract was run by a barrister. Her solicitor knew nothing of this. Anyway she finally had a long meeting with her solicitor and barrister yesterday and was told that her €20k deposit is almost certainl gone and that they will be extremely lucky to be let out of the contract. It all depends on how'nice' the builders decide to be to a first time buyer couple. If the builder issues proceedings and it goes to court the barristers starting fee is approx €10k. Worst case scenario is that the builder will sell the house at a very reduced cost and they will have to pay him the balance between that amount and their contract price. As the house is in Adamstown I'd say the chances of him selling the house are slim, no matter how much he reduces it by. The other issue is that one half of the couple has lost their job so chances are they will now not get their mortgage. Does anybody know what might happen here where someone simply cant get mortgage approval because the whole process has dragged on so long???
Click to expand...


Hmm, my understanding (admittedly of commercial leases not purchasing) is that the includsion of "time is of the essence" means the exact opposite of what you describe above. In a lease, the phrase "tims is of the essence" means that all and any dates specified in the contract are binding and if not complied with have consequences.
 
Hi. Not in the case of a building contract. My friend had a meeting with her solicitor and barrister last Tuesday and was basically told that her deposit is gone and that she will be lucky to get out of her contract. The barrister explained that at this stage it is hoped that the builder will just take their deposit and let them out of their contract. She is so annoyed because of this whole time of essence thing. It akes a mockery of the 18 month time limit in the contract. The barrister said that if they were to go to court his fee would start at €10000.I feel so sorry for her because the following day I got a call from my solicitor who recieved a cheque in reimbursement of my full deposit on my house, allowing me out of my contract. I thought that I was going to have to go to court to get out of it.
 
dub1 said:
Hi. Not in the case of a building contract. My friend had a meeting with her solicitor and barrister last Tuesday and was basically told that her deposit is gone and that she will be lucky to get out of her contract. The barrister explained that at this stage it is hoped that the builder will just take their deposit and let them out of their contract. She is so annoyed because of this whole time of essence thing. It akes a mockery of the 18 month time limit in the contract. The barrister said that if they were to go to court his fee would start at €10000.I feel so sorry for her because the following day I got a call from my solicitor who recieved a cheque in reimbursement of my full deposit on my house, allowing me out of my contract. I thought that I was going to have to go to court to get out of it.
Click to expand...


How on earth did you manage that one, did they just decide not build maybe or had you got a really good solicitor. We are even prepared to let them keep our deposit if they just release us from contract and they are still refusing.
 
You must log in or register to reply here.
Back
Top