Off plan property delay

by Readers Question

21:33 PM, 10th June 2015
About 6 years ago

Off plan property delay

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Off plan property delay

We invested in a new build that was due for completion in Feb this year, after a lot of delays they will be completing in the next 3 weeks. Our current circumstances mean that we will not be able to complete then, we would ideally like to delay this by 4-6 weeks – then it will not be a problem. Given that the developer has delayed us by several months, is there anything we can do to delay it by a month or so from our side? The contract is rock solid for them, not so for us. Off plan property delay

Thanks

David


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Nick Pope

17:41 PM, 13th June 2015
About 6 years ago

The contract is likely to give the builder the right to give you a date for completion (usually 28 days) and you are legally stuck with it.

You can fail to complete but then interest is payable, usually at a silly percentage above base so you are stuck both ways I'm afraid.


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