I signed contracts for a house in April, handed over the deposit, mortgage is sorted everything is good to go our side of it. Turns out that the bank now own the house and they are in a dispute with the architect over his fee to sign off that the house is compliant. Im ringing the builder and my solicitor constantly trying to push things on but nothing is moving. Supposedly once this document is signed it will be closed in a matter of days.Is there anyone with a bit more knowledge of how these things work and what can be done if anything.
So this is a new build.
Who was your deposit paid to?
April to October seems very long to me.
What is your solicitor’s advice?
Given price falls since April can you cite undue delay in closing and demand return of your deposit.
Weasel out of this now.
It will probably be available in fire sale next year.
Is the house compliant? If so, and if this is an exceptional house, you could pay the architect’s fee and be done with it.
If not, is there a big issue with the quality of the house build or, indeed, is it so non-compliant that you may end up being sued should you sell it on at some future stage?
I was once sale agreed for months. The people buying our house were the council and they were waiting for funds to come in from government monies.
From the original post my guess is that the bank now own it, The Builder did not pay the Architect, The Architect wont sign without all fees being paid.
<<< Run Away >>>>
blessing in disguise
either run away or ask for deep discount on agreed price citing market conditions im sure bank are well aware of this
Is it though.
I’d be careful about pulling out. Could I ask if there was a closing date pencilled in. Have they broken the contract. Otherwise it would be worth finding out if you can pull out without fear of retribution. Have you mentioned pulling out to your solicitor. If you want the house give the banks 3 weeks to close or move on if they haven’t.