When you cant complet

Hi Taffyboy depends on what is in the contract and how long a delay you are talking about. Most developers are normally pretty cool if you give them an explanation and keep them informed of a proposed timetable. We frequently write letters on behalf of clients who leave arranging their mortgage to the last minute. We work things through and give a specific timetable and explain there is a mortgage being arranged Talk to your lawyer but in theory there could be penalties incurred if you are not ready to complete when the developer is ready unless of course the property is ready much earlier than scheduled.

Rgds

Hi Smiley

The property we bought was almost complete should be around the secound week in Jan 2007

when we gave Atlas our 3000 euro reservation we told them that we could only complete when we have sold our property in the uk as we are relocating, they said that they had talked to the developer and it was ok! then when we got our sales contract it was a real mess all the dates and payments were all over the place. We then tpld Atalas and they changed them we had the contract through the post on the 28th dec. it said that the final payment would be on the 30 of jan 2007 . There is no  way in a million years we can complete on that date,as our buyer has just pulled out of the sale of our house here in the uk, I will be contacting Atlas contract department tomorrow as well as my Lawyer in spain, Am i right in thinking as i havent yet sent my 10% or 30% dep to Atlas I can still pull out if they wont budge on the Dates?

Regards

Terry

Hi Terry if you havent sent them any money then I wouldnt worry too much. They will be eager to keep you onside as a potential buyer. Sorry my impression was that you had sent deposits over as part of a staged payment off plan purchase. If they wont play ball tell them to go whistle - and buy through someone else. You will likely sacrifice your 3000 reservation deposit but if you have made the whole thing conditional on the sale of your UK home then you may have a case for refund or transfer to a different property. If your lawyer is on your side he will be trying to get them to transfer it to another property or delay completion until you are ready.

Atlas have every reason to try and keep you sweet so be assertive with them and explain the position. I would not be inclined to send them any more money (not even another 3k) until you have at least exchanged contracts on your UK home ..... just in case it happens again.

Rgds

Hi Smiley

Been on to Atlas and as you said they are being very helpfull now that i told them i would cancel the purchase. They have now given me the 30th  of March as the date, should have sold by then.

Regards

Terry

Hi Terry I would still recommend that you defer paying any money until you have a definite confirmed buyer for your home in the UK if the Spanish purchase is conditional upon that. Better to do things right than to do things quick.

Rgds

Hi All,

JeansSis and Smiley are spot on Taffyboyo - Atlas are keeping you sweet cos thay dont get a penny in commission until you pay the real deposit (30% for example). The 3000% holding deposit as it is called is not THE deposit, this 3000€ is only so that you can reserve the plot that you have chosen until such time as your 30% is paid to the developer.

So, your in the driving set for now and the most you can loose if all fails is 3000€......that said i cant see Atlas losing you as a potential future client.

I suspect that even if you didnt sell your house for the next 6 months that Atlas would agree to hold your deposit until such time as you were ready to purchase through them.

Good Luck.

Rozain

Thanks guy's all things are now falling into place nicely , house sold in uk completing on 23 rd feb

property in spain not ready till end of March so i have plenty of time .

Regards

Terry