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Jo C.
Jo C., Barrister
Category: Law
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Experience:  Over 5 years in practice
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Is there a cool down period a new property in London

Resolved Question:

Is there a cool down period for buying a new property in London ?
My daughter has sighned a contract to buy a new property on plan 3 days ago and she now wants to cancel it. Is it possible ?
Submitted: 2 years ago.
Category: Law
Expert:  Jo C. replied 2 years ago.
Hi.
Thank you for your question. My name is ***** ***** I will try to help with this.
Did she agree a cooling off period?
Customer: replied 2 years ago.

No, she was never asked to have cooling period.

I would wish to know is there law like " right to cancel" to protect the purchaser's right in propery buying ?

Expert:  Jo C. replied 2 years ago.
No.
There is no automatic right of cancellation. Unless you agree one under the contract the law will not imply it.
The distance selling regulations don't apply to property and therefore there is no automatic right to cancel.
If you do cancel you would be in breach. There may well not be a consequence for that beyond possibly admin costs because they do still have the property to sell but nevertheless there would be a breach.
Sorry if that is bad news.
Can I clarify anything for you?
Jo
Jo C., Barrister
Category: Law
Satisfied Customers: 70000
Experience: Over 5 years in practice
Jo C. and other Law Specialists are ready to help you
Customer: replied 2 years ago.

If my daughter really wants to cancel the contract, should she ask the developer if there is a possibility. Will that be the best way ? What would you advice ?

Expert:  Jo C. replied 2 years ago.
She can ask. Anybody can ask anything.
They probably will agree as realistically they are not going to sue her.
There may be an administrative charge.
Jo C., Barrister
Category: Law
Satisfied Customers: 70000
Experience: Over 5 years in practice
Jo C. and other Law Specialists are ready to help you

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