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Builder fails to build

Run DMC · 2008-07-03 09:09:38

I signed contract to buy a new house in development but the builers are now not going ahead with the development. They want to cancel contract and repay my deposit (€100,000). However they have had my money for nearly 2 years. I have paid interest and legal fees amounting to about €5,000. I'm sure they have being earning…

03-07-2008 10:09am

#1
Run DMC

Registered Users Posts: 34 ✭

Join Date: July 2008

Posts: 30
I signed contract to buy a new house in development but the builers are now not going ahead with the development. They want to cancel contract and repay my deposit (€100,000). However they have had my money for nearly 2 years. I have paid interest and legal fees amounting to about €5,000. I'm sure they have being earning interest on my money so why should I take the hit for €5,000 when they are the ones who cannot complete the contract. Can I force them to pay my interest and/or legals?
With the market going downhill I'm sure there must be other similar cases so if anyone could advise I would be grateful.

Tagged:

construction

legal

house

builders

0

Comments

#2 03-07-2008 1:16pm

Rhonda9000

Closed Accounts Posts: 451 ✭✭

Join Date: July 2007

Posts: 435

Check the contract.

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#3 03-07-2008 1:24pm

seamus

Registered Users, Registered Users 2 Posts: 68,317 ✭✭✭✭

Join Date: July 2001

Posts: 67070

Talk to your solicitor.

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