Developer fees

Is it common to be charged a fee if you do not complete on your property. I have already put a deposit of 30% down and do not have the funds to complete - is that not enough?

I think that when you agree to buy, you enter into a contract whereby the builder will stipulate what has to be paid and when. If you do not meet these dates, the builder can impose a fine.

When we were buying, we ordered a spiral staircase as an extra and this had to be paid by a set time. We didn't meet the target date and consequently, did not get the spiral.

Even though there was still time enough to install it, we had let the builder down on the payment date and he wasn't happy!

Check with your solicitor, but I don't think you will be getting good news.

Sorry,

 

Fibbys right Gill check with your lawyer - there might be something in the contract (they are all different) that means you either lose your 30% or you might have an escape clause that refunds some of the deposit but really depends on the lawyer used and how canny he has been. Also depends on whether the developer has fulfilled his end of the contract in the eyes of the law in the development being completed on time etc.

It is too general a question to be answered in this forum without knowing specifics.

Rgds

Personally, I would've thought you will just forfeit any monies you've paid. 30% is a lot & I would think that would be that but my opinion hardly counts, you have to speak with your solicitor not us.