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Guys, anyone know anything about buying houses etc…?
Put a reservation fee down on a house with the intention of moving in when the build was due to finish around Aug/Sep.
They now ring me saying that its being brought forward to July, good you may think, but I am in a rental agreement until Sep and cannot afford to pay both rent and mortgage.
The longer I look at the property the worse the deal seems, so I am thinking of walking, now I am assuming I will lose my reservation fee……or do I?
How legally binding are these? I have not exchanged contracts or anything, just paid the reservation fee and began choosing interiors etc……Anyone?
Cheers!
Me tinks you will lose the fee, I’ve recently remortgaged, paid up the booking fee, and had I fooked off, I’d have lost me monies.. which is a bit of a scam I say.. they are robbing bastards.. I had to borrow the fee, I mean who the hell has £500 lying around ok ok apart from OP and Madmax then?
I dont see why you should lose money, how the hell can they justify it? load of bollox
The fee you will definately lose mate, but as to the build date check the small print to see if it mentions that you have to move in before you quoted finish date, if there’s nothing in there about it I can’t see how legally they can make you move in sooner than you expected to.
I dont think I have to move in as such, but the mortgage will start as soon as the house is handed over, which they are saying must happen once it is complete, rather than in Aug/Sep.
I also think I will loose the fee, but at £750 its a substantial amount and much more than other reservation fees, this is another point, who says how much reservation fees can be, others that I have seen are around £300 mark?
Yea not sure they can just bring it forward like that, but even if the smallprint says “hey yea JuDgE we can” I don’t think for the sake of 2 months they will want to lose your custom. Throw the ball back to them and say I’m moving in September like I was told or I walk I can’t afford both, so take me to court bitches, (of course they won’t, they want to sell the house.) hopefully they will suck it up to September. Alternatively, you said that the payments start when it’s handed over, stall like hell then. Send the paperwork back with loads of post it notes on with questions and shit maybe, they can’t start anything until you sign. All they’ve got is a res fee not a sale so use that power while you still have I reckon.
If your not 100% sure you want the house then walk away IMO, better to lose 750 than stitch yourself up with a deal that is not what you want.
There will always be another house….always.
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