developer/builder problems

Law1 | 14:45 Mon 15th Oct 2007 | Civil

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Help! A friend has paid a huge deposit on a new build to the developer. Contracts have been exchanged, the house isnt yet built (hopefully in May). there are rumours the contracted builder is owed money by the developer and is pulling out of the site. What happens to her deposit and how can she make sure it is safe? When will the house now be built-she is not happy her money is held (it may have even been spent) by a developer indefinately, she has a family eager to move into their new home.

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buildersmate

It is beyond the scope of a public website to help - suggest she visits CAB or a solicitor if she isn't clear about what contract has been signed and what happens to any deposit in the event of default by the developer.
Presumably this has been bought off-plan?
You use the term 'contracts have been exchanged'. This usually refers to a binding legal commitment to purchase land/dwelling. It is possible, but very unlikely, that this has happened so far. The 'contract' is probably one to commit to purchase the land only after the house is built.

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