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tellme_why

Pay A Reservation Fee Without Reservation Agreement?

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Good day Forum

New Property under completion in England from small developer.

The developer agreed for the price but later on she asked for a reservation fee of £ 3000 to take the property out of the market.

We replied that we are happy to pay for the reservation fee but we nee a reservation agreement before we pay.

The developer replied that the reservation fee is non refundable If we pull out of the purchase but fully refundable if she withdraw.

The developer do not want to provide a reservation agreement to us. She want us to pay £ 3000 into her account and her solicitor will send acknowledgement of fee received to our solicitor.

Question: Would you accept the developer's request?

Many thanks Forum

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I would ask your solicitor.

Do you have all finances in place?

Is there a time constraint?

What happens if you can't complete on time through no fault of your own?

Is the price definitely fixed?

What if there are construction delays?

What happens if the go bust in the meantime?

etc

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