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Aston Lawyer
Aston Lawyer, Solicitor
Category: Law
Satisfied Customers: 10412
Experience:  Solicitor LLB (Hons) 23 years of experience in Conveyancing and Property Law
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Hello, I was intended to buy a new built 2 bed apartment

Resolved Question:

Hello,
I was intended to buy a new built 2 bed apartment and in the contract it was like, I pay 10% deposit and 15% stage pay. On completion date I pay the rest of 75% money. It is about the completion time of the new built, but I have financial difficulty and cannot afford this apartment. So I can definately get back 15% stage pay from my solicitor but in the contract I may not get back 10% deposit. Is there any way to get all my money back? because the 10% deposit is really a lot to me. Thanks for your advice.
regards
Sara
Submitted: 2 years ago.
Category: Law
Expert:  Aston Lawyer replied 2 years ago.
Hello and thanks for using Just Answer.
My name is ***** ***** am happy to assist you with your enquiry.
When you exchange Contracts, a Buyer is legally obliged to pay a 10% Deposit, and legally the Seller is entitled to retain this full stop. If you do not wish to proceed, I am afraid the Developer is not under a duty to refund you your 10% Deposit, as you will have breached the Contract and this is the penalty you pay.
I am sorry, but I have never heard of a Developer reimbursing a prospective Buyer their Deposit,where they default and do not complete the purchase.
If at all possible, is there any way you can complete, so your deposit is not lost, and then sell the property straight away?
I am sorry this is not the answer you were looking for, but it sets out the legal position.
Kind Regards
AL
Customer: replied 2 years ago.

Dear AL,

Thanks a lot for your reply. So complete the payment is one way, but can you suggest me anyway for loans as I do not have job for applying the mortgage.

Alternatively, can I sell this partially paid property to someone else such as any agencies or other buyers you may think of. So he/she will complete the payment.

kind regards

Sara

Expert:  Aston Lawyer replied 2 years ago.
Hi Sara,
Thanks for your reply.
I'm afraid you won't be able to get any loan to enable you to complete the purchase as any Company will want to see evidence of your income and if you are out of work, they won't lend you any money.
All you have paid is a Deposit so at this stage you don't own any percentage share of the property. You are therefore unable to "sell" anything to a third party.
I am sorry.
Kind Regards
AL
Customer: replied 2 years ago.

Hi AL

Thanks. But I have also paid 15% stage payment in addition to the 10% deposit. So would I be able to transfer this property?

kind regards

Sara

Expert:  Aston Lawyer replied 2 years ago.
Hi Sara,
You will need to check with your Solicitor as regards ***** *****% stage payment as it all depends on what the Contract says- as to whether a transfer will be possible or whether the Developer is only obliged just to refund you this payment.#
Kind Regards
AL
Aston Lawyer, Solicitor
Category: Law
Satisfied Customers: 10412
Experience: Solicitor LLB (Hons) 23 years of experience in Conveyancing and Property Law
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