Soldato
- Joined
- 5 Aug 2006
- Posts
- 11,396
- Location
- Derbyshire
Hey all.
For the last 3 months myself and the girlfriend have been legally proceeding with part exchanging my current house against a new one.
The development is on small development of 8 homes, with 2 already lived in and 6 almost finished.
The new house we are/were buying is 90% complete (i.e. give it a kitchen, 2nd electric fit, boiler and garage doors then it is pretty much done).
Yesterday we have been informed that the developer has gone into administration.
Therefore, the likely scenario is a new developer will buy up the remaining homes, push to finish, then sell.
My thoughts are that even if a new developer moves in quickly to buy them, then they have no obligation to provide warranty for work they have not performed, nor do they have to honour the part exchange deal.
There is a high likelihood that the estate could remain unfinished for several years yet.
We're probably 2k down on solicitor's costs so far. We got as far as getting all the searches done.
There is a meeting with the administrators over the next few weeks where I should find out more, but in reality I think the home is lost.
We lose nothing by keeping our current offer open really, however we may start looking at other houses to move to.
I wondered if anyone here has been in a similar situation?
For the last 3 months myself and the girlfriend have been legally proceeding with part exchanging my current house against a new one.
The development is on small development of 8 homes, with 2 already lived in and 6 almost finished.
The new house we are/were buying is 90% complete (i.e. give it a kitchen, 2nd electric fit, boiler and garage doors then it is pretty much done).
Yesterday we have been informed that the developer has gone into administration.
Therefore, the likely scenario is a new developer will buy up the remaining homes, push to finish, then sell.
My thoughts are that even if a new developer moves in quickly to buy them, then they have no obligation to provide warranty for work they have not performed, nor do they have to honour the part exchange deal.
There is a high likelihood that the estate could remain unfinished for several years yet.
We're probably 2k down on solicitor's costs so far. We got as far as getting all the searches done.
There is a meeting with the administrators over the next few weeks where I should find out more, but in reality I think the home is lost.
We lose nothing by keeping our current offer open really, however we may start looking at other houses to move to.
I wondered if anyone here has been in a similar situation?
Last edited:
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