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Ash
Ash, Solicitor
Category: Law
Satisfied Customers: 10915
Experience:  Solicitor with 5+ years experience
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We are buying a house from a lady who is buying a new build

Customer Question

We are buying a house from a lady who is buying a new build property.
The developer (also the estate agent) wants us to exchange this week and compete when the new build is ready (we have managed to set a completion date of 1st June so the seller will have to move out if her house is not ready by then).
However it has just come to light that our deposit money, which we pay on exchange, might be at risk if the developer goes bankrupt or the house does not get built etc. Our solicitor said that this can happen for 1 in 10 properties.
The developer is refusing to let the solicitor hold our deposit as a stakeholder.
What options do we have in this situation? We really want the house and are ready to exchange. The seller does not want to move out before her new house is ready. The developer is putting a lot of pressure on us to complete asap and we are unsure what to do as we don't think it's fair to run the risk of losing our deposit.
Is this really a genuine risk? It doesn't seem like a fair situation to be in and we would like some advice on what to do please and what protection we can get.
Submitted: 8 months ago.
Category: Law
Expert:  Ash replied 8 months ago.
Hello my name is ***** ***** I will help you with this.Will the developer let it to be held in Escrow please?Alex
Customer: replied 8 months ago.
No, they have not agreed to this
Expert:  Ash replied 8 months ago.
Its bad news I am afraid. You only have 2 options:1) Call the bluff and say you wont exchange until completion and highlight the reason why.In fact not agreeing for this to be held or to be put in Escrow seems to suggest the developer is MORE likely to go bust. After all, if they were not what would be problem of waiting?2) Pay the money and take your chance.If it were me then I would call the bluff. This is because I wouldnt risk to lose the money especially where the developer wont agree to have it held - what are they hiding?I am sorry if this is not the answer you want and certainly not the one I want to give you, but I have a duty to be honest.Can I clarify anything for you about this today please?Alex
Customer: replied 8 months ago.
I don't think so. Thank you for your advice
Expert:  Ash replied 8 months ago.
Good luck. If I could invite you to rate my answer before you go today please, otherwise the system does not credit me for time spent with you. Thanks in advance. Alex
Expert:  Ash replied 7 months ago.
If this answers your question could I invite you rate my answer before you leave today.If you don't rate then the site does not pay me for the time I have spent answering your question.Please bookmark my profile if you wish for future help: http://www.justanswer.co.uk/law/expert-alexwatts/

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