How Long does it take to build a house?

[kkontour]

Hello, I bought and signed contracts for a house last Janurary and paid my 10% deposit. The house was to be ready in June. Mid July now and there is a problem with the development. The Developer is unable to tell me when the issue will be resolved. He keeps telling me next week, next week, so on. Is there some point where I can pull out of the deal without losing my 10% deposit. Surely the developer cant keep the project on hold indefinatly. I am worried that if the whole thing does go belly up, and I look for a new house next year, the SSIAs that come out next April will cause an increase in house prices.
Has anyone had this problem? what are my options?
Thanks
KK

 

[muffin1973]

Hi Kkontour,

well I've been waiting for over 18 months now for my apartment and the end is in sight, but not quite yet - the dates have been pushed back already and we still don't have a guaranteed completion date but supposedly snagging will be late August which is something.

When we signed for our apartment, it was totally off the plans, nothing had been built and I wouldn't do it again. Once you've signed and paid your deposit it seems that it's just a waiting game and you've no comeback at all. Recently we've tried to a) sell on the contract and then b) just get out of it (and get our money back) but the builders won't agree to either so we're just sticking with it now.

At least you've only been waiting 6 months so hopefully another couple of months might solve the builder's problem??

 

[kkontour]

Yeah 18 Months is long time alright. The fact that the builder is very hard to reach at the moment is worring me. Still, I'm not the only one who is in the this situation and others are waiting a lot longer than me. Guess I'll have to sit tight and wait.