C
I don't think it states in the contract when the apartment will be complete (I bought it on the understanding that it would be finished this summner) however the contract does expire in June 2009.
I would be prepared to lose my deposit at this stage if I could just get out of the contract however I have been informed that I will be held liable for the full amount if I breach the contract.
Thanks for your reply.
Any Other advice/ input welcome!
If you believe that the property will be worth substantially less than what you are paying for it, you could decide ( for example ) to take a leave of absence from work and thus rendering you unable to complete the contract owning to the bank unwilling to give you a mortgage based on your job status.
Dramatic perhaps, but nonetheless a valid option should it save you over 50K.
So, precise advices of the solicitor employed by OP is the only way to go. Everything else is pure speculation.
mf
i do believe it is a valid and reasonable option.
... you could decide ( for example ) to take a leave of absence from work and thus rendering you unable to complete the contract owning to the bank unwilling to give you a mortgage based on your job status.
Dramatic perhaps, but nonetheless a valid option should it save you over 50K.
Hi,
I signed contracts for the purchase of an apartment in a new development 16 months ago, it was due for completion this summer however building on the block I bought in has not yet commenced and the overall development is way behind. I am being told it will be another year before it is built.
don't think it states in the contract when the apartment will be complete (I bought it on the understanding that it would be finished this summner) however the contract does expire in June 2009.?
There is only one contract - and that is B. There is no other contract ( although you usually have linked/simultaneous building agreements and contracts for the sale of land/airspace - but for our purposes they can be described as one contract).
Before that, anything said is verbal, non binding, "subject to contract/contract denied" and, this is crucial, either side can walk away. Everyone is free to walk away before contracts are signed and they are free to query/tie in anything they want to be inserted in the contract.
mf
I can't see any builder completing an apartment block in 11 months from start to finish. I'm no legal expert but surely his not completeing the apartment before the contract expires renders it void? I would advise to sit tight for the time being and see if this way you get your deposit back?
As you say you are no legal expert and that is completely wrong and to take that adivce a bit mad ! They will only give the deposit back if someone want to pay more for it...probability of that right now is low...
That's right and I'll say it again I'm no leagl expert..but the question still remains if the builder does not complete before the contract expires is the contract still vaild? Can they be forced to complete? I take it from you post that the op has no chance of the deposit back but they seemed resigned to that.
Over to you legal expert
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