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FREE landlord softwareTake advantage of our discounted landlord insurance ratesI put down a deposit on a newbuild. Could the developer increase the price? https://t.co/lQVbXerXt3
— Telegraph Property (@TeleProperty) August 1, 2016
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1 comment:
Maybe depending on the wording of the deposit.
Some years ago I put a £100 deposit on a flat in a new development.
the site was advertising £70k properties but the developer did not state the price of the flat being built.
When the flat was finished the price had risen to £100k and was no longer a viable proposition as a rental at the current rates so I dropped out and had my option money refunded.
My deposit was treated as a first in the queue option. I was aware of this at the time.
If you put a deposit on a property at a fixed price this is a different story but remember the property laws state that nothing is certain until the fat lady sings ie completion (maybe exchange in most transactions) I have heard of buyers and sellers pulling out after exchange.
Generally you are reasonably safe on a new development but go through the legal process as you can lock the price and considering valuations etc cost money you don't want to suddenly find an increase.
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