Submitted by John Taylor on Thursday 10th February 2022
Published on Wednesday 16th February 2022
Current status: Closed
Closed: Tuesday 16th August 2022
Signatures: 79
Create rights to withdraw from buying a property 'off-plan' due to delays
When a buyer has entered into a contract to buy a new build property 'off-plan', when the property hasn't been completed, the seller can hold the deposit indefinitely even if the completion date is delayed repeatedly. This can leave the buyer in uncertainty and at financial risk.
The Government should give buyers of 'off-plan' properties the right to withdraw from a purchase, and receive their deposit back in full, if the property they have contracted to buy is not completed within twelve months of the original completion date. Consideration should also be given to creating rights to compensation for the buyer in these circumstances.
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