Cancellation Charges for the Builders Mortgage

Have you seen the article from the EyeonSpain Magazine regarding the new law passed in December 2006 that we don't have to pay the builders penalties if you don't take out the builders mortgage.  This will save around £700.  Although it is in the Contract that we have to pay this - (and it was explained to me that you have to pay this even if you do take over his mortgage) it is not now legal to charge us for this.  The article is called Consumer Law - Abusive Clauses in your Contract. 

One to check out with your Solicitors!!  If the build had been finished on time we would have had to have paid this.  Perhaps there is some justice after all.

We had our contract changed some time ago because we want to pay for it in full on completion and not have a mortgage, they tried to pass costs on to us but we stood our ground and won. But have been advised this might not be a good move because if the builder decides not to pay the outstanding moneys we might lose our apartment to the bank. we would also like help on this matter.

meeyee