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April 16 2024 12.22pm

developer?

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View orpingtoneagle's Profile orpingtoneagle Flag Orpington 29 Aug 21 11.26pm Send a Private Message to orpingtoneagle Add orpingtoneagle as a friend

What does the contract say? I am assuming you signed some sort of agreement before handing over your cash. If it allows a window of say 4 weeks then outside that you are probably scuppered. If it is open ended and they remarket the property then they are breaking the agreement. Let your solicitor sort it as that's what you pay them for.

Developers don't give a s**t for their customers. They simply want to chuck up a property as quickly and cheaply as they can flog it and move on.

 

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View AERO's Profile AERO Flag 29 Aug 21 11.39pm Send a Private Message to AERO Add AERO as a friend

It was done through Estate agents/solicitor as price and agreement it would be taken off market, and conveyancing could commence no time limit was agreed the 2k would be taken off purchase price.We moved quickly 5 weeks as normally would take longer as we were selling to a cash buyer so no real chain .So for that fact alone he should allow us a bit more time to find another buyer.We now have to wait for him to sell to get our money back as if we pull out he will keep our deposit.

 

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BlueJay Flag UK 30 Aug 21 1.22am

Buying anywhere in the current climate is a bit of a nightmare. Sorry to hear about the issues you're facing.

 

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View AERO's Profile AERO Flag 30 Aug 21 7.21am Send a Private Message to AERO Add AERO as a friend

Thanks for your advice guys will stay where I am and wait for the flat to sell ,get my 2k back and move in a couple of years now.

 

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View Forest Hillbilly's Profile Forest Hillbilly Flag in a hidey-hole 30 Aug 21 7.59am Send a Private Message to Forest Hillbilly Add Forest Hillbilly as a friend

Emails are wonderful things. Make sure all correspondence is conducted via email, so you have all your queries (dated) and the developers response.

Good luck with the legal advice

And just for the record, it seems very cntish to keep holding viewings when he has your deposit.

Edited by Forest Hillbilly (30 Aug 2021 8.01am)

 


"The facts have changed", Rishi Sunak

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View AERO's Profile AERO Flag 30 Aug 21 8.09am Send a Private Message to AERO Add AERO as a friend

Thanks yes in a nutshell! he wants it always.My dream scenario now is to get another offer on my place quickly and then offer him 15k less than the original offer.He refuses and I get my money back and he loses me as a potential buyer happy days .Thanks again

 

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View Forest Hillbilly's Profile Forest Hillbilly Flag in a hidey-hole 30 Aug 21 8.42am Send a Private Message to Forest Hillbilly Add Forest Hillbilly as a friend

If this is the way the developer conducts business, then you would have to be concerned about the standard of builders and tradespeople they use.
You would be worrying about loose tiles, water leaks and ill-fitting windows if the sale went through at this stage.
I have worked with some nationally-known and local developers who have made national/local headlines for all the wrong reasons. One built an estate of houses with sub-standard foundations which had houses at risk of sinking. The local developer didn't want to deal with Planning Regs with an existing building, so an attempt at arson was made. And the arson attempt was foiled, which just shows that they couldn't do a proper job of anything.

Maybe you could suggest who a developer might be,...

 


"The facts have changed", Rishi Sunak

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View AERO's Profile AERO Flag 30 Aug 21 8.50am Send a Private Message to AERO Add AERO as a friend

Would not like to share developer details on here but only a small concern.Yes makes you wonder what workmanship could be like .Don't intend to buy now anyway ,just going along with it to get my money back .

 

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View Pierre's Profile Pierre Flag Purley 30 Aug 21 10.52am Send a Private Message to Pierre Add Pierre as a friend

It all depends on the wording within the agreement you signed regarding the deposit (the devil is in the detail).
The developer will have ongoing costs to meet regarding the building which is why he wants to find a buyer asap and not wait (or be prepared to give you more time).
So he could easily lose £2k waiting for you. You could easily lose your £2k if the developer finds a buyer whilst you are waiting for a new buyer.

Or you lose money if you reduce your price in an effort to drum up further interest in your property to find another buyer!
That's how it works I'm afraid.
It's best to this sort of thing when your a cash buyer.

 

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View AERO's Profile AERO Flag 30 Aug 21 11.41am Send a Private Message to AERO Add AERO as a friend

There was no signed agreement on time limit. The deposit was asked for by Estate agent/developer to hold flat and take off the market.The 2 k would come off purchase price.Our cash buyer pulled out .I understand he needs to sell as a developer and is free to do that .But he has increased price and opening flat for viewings and holding our cash .If we pull out he says we don't get money back .It normally takes 2/3 months to complete we were almost there in 4 .So he could in theory given us another month or so.We were as good as cash buyers as no morgage and our buyer was buying ours as a holiday home no chain.Anyway will hold out to see how it pans out .Thanks

 

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View Andy0629's Profile Andy0629 Flag Warlingham 03 Sep 21 4.56pm Send a Private Message to Andy0629 Add Andy0629 as a friend

I’m a Sales Director for a national developer so can help you out on this.
At the point you reserved your new home the developer or their appointed selling agent should have completed a reservation form with you, which you both sign, this confirms the structure of the deal, price and any thing you may have negotiated into the deal. It also states the amount of reservation fee you have paid, that you have X days to exchange contracts (normally 28 days) from the date set out on the reservation form. This takes the property off the market for this exclusive period. If you haven’t exchanged by the agreed date or any extended date that should be confirmed in writing to you, then the developer has the right to remarket the property. They have a right to withhold a % of your reservation fee for aborted legal costs whilst you had an exclusive period in which to exchange.
At any point up to exchange you of course can cancel your reservation for no reason but again the developer can withhold a % of the reservation fee.
You are protected by the consumer code for house buyers / builders. If you purchased and used the Governments Help to Buy scheme then you are entitled to all your reservation fee back as part of the scheme rules. Most reputable developers will have signed up to this, you should have been given information at reservation on the code.
If your developer is a one man band, small developer they may of course not have signed up to the consumer code.
As a note most national developers would return your reservation fee in full as a gesture of good will
Hope this helps.

 

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View AERO's Profile AERO Flag 05 Sep 21 10.37am Send a Private Message to AERO Add AERO as a friend

Thanks Andy for your response and taking the time to reply. The estate agent acting on behalf of the developer instructed us to pay the 2k deposit on the flat as was the Norm on all other flats within the development. This was to remove the property from viewings and would be taken off the purchase price once completion was done .There was no mention of non refundable deposit in the emails .The property was immediately put back on market once our buyer pulled out and he is now holding our deposit. We feel now that he has remarcketed the property at a higher price as well ? We should be intitled to our money back ? Thanks

 

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