I am part of an illegal parcially finished development. Some purchasers have acces to their houses, some have paid half and some have gone to court and won – but unable to get any refund, This has been going on for nearly six years. The Town Hall has now just agreed to issue licences and the builder states he has no money to complete the works., or pay the refunds which by law should be forthcoming. (no licence or bank guarantee)
A proposal has now been put forward to some purchasers – pay for the licences, pay the taxes and pay for the road and services and finish off the properties and the builder will hand over the deeds.
Has anyone else heard of such a proposal and would the costs outweigh walking away from the parcialy finished houses which most had paid 50% five years ago.
Unfortunately I cant answer your questions directly – but if you do get some comments from people who have been in similar situations and you need to make a final decision on how to proceed – please make sure you use your Lawyer to go through every bit of documentation relating to the new agreement.
In principal it can be good news when developers want to finally complete and legalise a development – but when you have been through a bad experience already the last thing you need is to go through another one.
Just protect yourself and your money – and take the appropriate legal advice as you would if you were buying anywhere else.
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