jcpricewatcher Posted September 23, 2008 Share Posted September 23, 2008 Here's an interesting question. What happens if you secure yourself a good discount on new build offplan, but the builder (say Barratts) goes bust before they finish building it? Do you lose your deposit? Or would you technically own the half built house/flat and have to finish it off yourself? - Or would you be able to get your money back from the administrators since they breached contract (though I would suspect that deposit money would already be spent) Obviously safest thing is to not buy right now, but was just wondering... Quote Link to comment Share on other sites More sharing options...
blankster Posted September 23, 2008 Share Posted September 23, 2008 (edited) You probably get to keep the brochure! Is anyone still selling off-plan developments? Edited September 23, 2008 by blankster Quote Link to comment Share on other sites More sharing options...
Guest Shedfish Posted September 23, 2008 Share Posted September 23, 2008 Is anyone still buying off-plan developments? Quote Link to comment Share on other sites More sharing options...
howler Posted September 23, 2008 Share Posted September 23, 2008 Had a lady from Crosby call me yesterday to enquire whether I was still interested in buying an off plan city centre flat - in Manchester! I'd gone in a few months ago to see what they were offering She seemed resigned to the answer... Quote Link to comment Share on other sites More sharing options...
jcpricewatcher Posted September 23, 2008 Author Share Posted September 23, 2008 You probably get to keep the brochure!Is anyone still selling off-plan developments? Well Barratts are still selling them and have several new ones 'coming soon' around London. Is anyone still buying off-plan developments? Who knows... but that doesn't stop them trying to sell them! Quote Link to comment Share on other sites More sharing options...
davidg Posted September 23, 2008 Share Posted September 23, 2008 Here's an interesting question. What happens if you secure yourself a good discount on new build offplan, but the builder (say Barratts) goes bust before they finish building it? Shouldn't the deposity bonded/insured in some way? That assumes the insurer doesn't go bust. Quote Link to comment Share on other sites More sharing options...
Nicholas Cage Posted September 23, 2008 Share Posted September 23, 2008 Didn't they show on TV people have been waiting 6 months after they thought the house would be finished. So even before the developer goes bust you have problems. The standard contracts don't give tight completion dates which was fine during the construction boom. Quote Link to comment Share on other sites More sharing options...
Lepista Posted September 23, 2008 Share Posted September 23, 2008 Here's an interesting question. What happens if you secure yourself a good discount on new build offplan, but the builder (say Barratts) goes bust before they finish building it?Do you lose your deposit? Or would you technically own the half built house/flat and have to finish it off yourself? - Or would you be able to get your money back from the administrators since they breached contract (though I would suspect that deposit money would already be spent) Obviously safest thing is to not buy right now, but was just wondering... You get what you deserve. I mean, seriously, why would anybody even think about buying "off plan" - or even on plan - at the moment. There's a reason they are trying to offloadsell these at an apparent "discount". Quote Link to comment Share on other sites More sharing options...
Guest adp Posted September 23, 2008 Share Posted September 23, 2008 What happens if you take one of these percentage share deals with a builder that the govt seems so keen on promoting and the builder who owns 60% of your flat goes bust? Quote Link to comment Share on other sites More sharing options...
bleakhouse Posted September 23, 2008 Share Posted September 23, 2008 You lose your deposit, unless perhaps you have paid with a visa. Same with furniture or holidays et al, if the supplier goes bust before delivery you are just another creditor, unless you have paid with a credit card or visa debit card. I wonder how long the credit card companies can continue to offer this protection? Also I think if you are buying anything to be delivered later you should try to pay with a credit card, cos if they won't accept credit cards it could be because they are considered likely to fail by the credit card companies, and therefore the credit card companies won't deal with them. Quote Link to comment Share on other sites More sharing options...
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