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Jamie-Law
Jamie-Law, Solicitor
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Experience:  Solicitor
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If I withdraw from a new build after exchange of contracts,

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If I withdraw from a new build after exchange of contracts, while the house has not been built, what damages can the builder claim?
Assistant: What steps have you taken so far? Have you prepared or filed any paperwork?
Customer: Yes
Assistant: Where is the house located?
Customer: Nottingham
Assistant: Anything else you want the lawyer to know before I connect you?
Customer: I have exchanged contracts, paid the deposit, but the house hasn't been built.

Hello my name is ***** ***** I will help you. I am just reviewing your question. This is an email service so there may be delays when responding.

Customer: replied 6 months ago.
Posted by JustAnswer at customer's request) Hello. I would like to request the following Expert Service(s) from you: Live Phone Call.
Customer: replied 6 months ago.
Let me know if you need more information, or send me the service offer(s) so we can proceed.

What does the contract say about termination?

Customer: replied 6 months ago.
Where is my reply?
Customer: replied 6 months ago.
I do not want to call in. I want the written response.
Customer: replied 6 months ago.
Just a minute
Customer: replied 6 months ago.
My copy hasn't been sent to me yet. What are you getting at? Does it have be specific about damages?

Yes it does.

Unless the contract says you can withdraw then you can not technically.

The Landlord can hold you to the contract.

You will lose the deposit and any interest the builder has to pay from date of completion to resale.

But generally, those are the only losses.

But check the contract, much will be included in there about what you could be liable for.

Can I clarify anything for you about this today please?

If not I would appreciate a 5 star rating for my answer, the button should be at the top of the screen. If you need more help, you can ask follow up questions for free and I would be delighted to assist. Thanks!

Customer: replied 6 months ago.
Interest on which price? On the price I bought it, or on how much it cost him?

How much he is out of pocket.

Does that clarify?

Customer: replied 6 months ago.
No it doesn't. How can I calculate that? Can he declare any amount he wants?

It will be in the contract.

So if he borrowed money to complete the build. You could be liable for that interest on those borrowed sums from the date you were to take the property, to the date it is sold

He would need to evidence that loss.

Does that assist?

Customer: replied 6 months ago.
I am having health issues due to anxiety attacks. Is that a factor in my favour, to clawback some money if I withdraw?
Customer: replied 6 months ago.
Also, if the contract does not state anything about termination, can he still claim interest for the out of pocket money and keep the deposit?

No

Does that assist?

Customer: replied 6 months ago.
Also, if the contract does not state anything about termination, can he still claim interest for the out of pocket money and/or keep the deposit?

Not interest. But he can keep the deposit.

You had agreed to buy the property.

Does that clarify?

Customer: replied 6 months ago.
Thank you for now.

Can I assist with anything else today?

Customer: replied 6 months ago.
No, not for now. Thank you. I assume are conversations are confidential, right?

Its on a public website but your private details are not shown.

Can I clarify anything for you about this today please?

If not I would appreciate a 5 star rating for my answer, the button should be at the top of the screen. If you need more help, you can ask follow up questions for free and I would be delighted to assist. Thanks!

Customer: replied 6 months ago.
No thank you. Bye.

Bye. Please do take a moment to leave a positive rating before you go, otherwise the site doesn't pay me! Thanks

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