Quote:
Originally Posted by dave99
If you have not signed anything yet you have no real contract and that means that BOTH of you can now opt out at a "reasonable" charge - there is no doubt that in the UK 25% charge would never stand up in court.
Do you have any letters from the developer stating the completion date.
Did the agent make any statements on delivery date.
Why do you think that 10% to 15% is fair to cancel, at any stage ???
Did you get any legal advice before sending your money.
Did you get a receipt for all the money paid.
Is there a penalty clause for the developer being late.
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Well its my view that if I was to pull out of the contract on completion day then i would feel ok with paying a canx charge of 10% ish - I would expect to pay something in this region if i pulled out at such a late stage.
Yes I have a lawyer and a contract (i just havent signed it yet!). I had a written statement from the agent confirming the purchase price and a completion date of 31st March 2008. There is a penalty clause written into the contract that states that in the event of delay beyond 1st April 2008 the first party(the developer) are obliged to pay 750EGP for every delaying week which would be deducted from the final payment. If we do decide to cancel I would at this stage accept losing the £1000.00 reservation fee. Obviously, these are only my own personal thoughs and what I would be prepared/expect to loose !