Originally when we signed up to the purchase we were advised by our solicitor in the event of delay we could pursue compensation of 6% interest on money held and out of pocket expenses, such as rent costs because we could not move into the property.
We are on phase 7 with an original completion date Jan 08 but built into the contract a 6 month clause taking us to the end of June 08.
As it is obvious this will not happen we have started dialogue with our solicitor to pursue a compensation claim.
Whilst we were hopeful of this originally, the more we investigate it is clear that the cost of pursing this is expensive we are talking approx 800 euro's in costs and then 10% of the eventual compensation claim.
Our agent has being very good and liaised with their own solicitor who has suggested that we also need to consider the likelyhood of the builder willingly paying the compensation and if this did happen it would be a long drawn out legal matter through the courts which would be expensive and long winded.
We are not at a stage that we think the costs of pursuing v the benefits do not make it cost effective.
In addition to sharing the experience within the forum we would also be intrested in hearing other purchasers experience on the subject.